U.S. equities are relatively flat on the final day of trading for August, with the ^SPX 1.32% oscillating around $5,600 and the NDQ trading near $19,400. Rates and the dollar are gaining today despite PCE and Consumer Confidence data providing more assurance that inflation is receding. Crypto is underperforming, with BTC 0.82% falling to $58.5k and ETH 0.10% at $2,450, as ETF flows and spot volumes have been muted this week. Through yesterday, Bitcoin ETFs saw approximately $102 million in weekly outflows, and Ethereum ETFs saw outflows of about $18 million. After appreciating ahead of Nvidia’s earnings release this week, AI tokens have taken a hit, giving back much of their gains. TAO 0.47% , RNDR, and FET -4.35% have all lost approximately 20% this week.
HKMA Initiates New Tokenization Sandbox
The Hong Kong Monetary Authority (HKMA) has initiated a new sandbox program for Project Ensemble, a wholesale CBDC project, as they prepare to test new tokenization use cases within traditional capital markets. Wholesale CBDCs are designed for financial institutions for large interbank settlements or large-value transactions compared to retail CBDCs, which are designed for everyday payments and transfers. The sandbox program will focus on four key areas: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply finance. The sandbox should pave the way for tokenization experiments for both interbank payment-versus-payment and delivery-versus-payment settlement. Banks and companies participating in Project Ensemble include the Bank of China, HSBC, Hang Seng Bank, Standard Chartered, Blackrock, and Franklin Templeton, among others. Project Ensemble was established in March as part of Hong Kong’s digital currency pilot, and the HKMA said it is seeing encouraging results and is excited to expand into new tokenization use cases to help transform the financial industry.
SafeDAO Proposes Fee Switch on Native Swaps
The Safe Ecosystem Foundation (SEF) has submitted a governance proposal to introduce a new licensing fee for any protocols utilizing Safe Wallet’s Native Swaps feature.Safe offers one of the premier multi-sig wallets within crypto, securing over $55.5 billion in assets and deploying over 10 million accounts. Native Swaps is a feature that allows for in-wallet swapping without needing to navigate to decentralized exchanges. The proposal suggests charging a fee on Native Swaps transactions, varying on the size of the swap. Fees would be used to purchase SAFE tokens on the open market and put into the DAO’s treasury. SEF projects that the fee would generate about $2.5 million in yearly fees for the DAO, also representing the DAO’s first revenue stream, enhancing SAFE utility, and improving the project’s economic sustainability.
Technical Strategy
Weakness over the past few days has resulted in a break of the minor August uptrend for Solana, and likely could drive prices down to challenge important support at $121 which has been tested three separate times since it was established back in April of this year. Trends remain near-term bearish over the last month as part of a neutral trend from March of this year. Until/unless 121 is violated, it’s right to consider the trend for SOL -0.82% to be neutral, not bullish or bearish. To reignite the SOL uptrend, a move back above $162 will be necessary which served as strong resistance last weekend. Overall, traders would look to buy dips near support at 121 and sell gains to 162, then 185 until evidence of this having been surpassed.
Daily Important Metrics
Crypto Size
Bullish signal is tied to the crypto market growing
Market cap 2.07T
$-58.9B(-2.77%)
BTC Dominance
56.28 % (0.07%)
Stablecoins
Increase in circulating stablecoins is a Bullish signal
In Circulation +$118B
(0.10%)
In Exchanges +$21B
(0.05%)
BTC Metrics
A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage
# BTC Exchanges +$3.0M
(-0.69%)
Funding Rates
Positive funding rates indicate traders are Bullish
Aggregate
-0.2478(-0.3758)
Binance
-1.3690(-2.1944)
Bitfinex
+1.7199(1.7199)
Bitmex
+0.0551(0.0928)
ByBit
-0.9781(-1.2680)
Deribit
-0.1194(-0.0864)
Huobi
-0.3623(-0.3623)
Kraken
-0.5139(-0.5848)
Mean
-0.2478(-0.3758)
OKex
+0.2726(-0.0303)
Sentiment
BMI : 48 (100.00%)
Futures
A positive spread between Futures Prices and Spot Prices is Bullish
CME Price $59,190(-2.37%)
Spot Basis +$296(0.50%)
Volume 565,804(-26.67%)
Open Interest 287,779(0.83%)
Options all exchanges
Higher open interest change in a bull market is bullish for the sector
A federal judge threw out a $258 billion lawsuit that had accused Elon Musk of orchestrating a racketeering scheme to manipulate the price of Dogecoin, a win for the billionaire in a high-stakes legal fight. Related Reading: Australia Loses $122 Million To Crypto Scams — Young Investors Hit Hard The class action suit, according to […]
Based on the latest data, Ethena’s yield-generating stablecoin, USDE, has experienced a dramatic contraction in supply since July 4, 2024. Over the span of less than two months, its market capitalization has decreased by $770 million. Ethena’s USDE Supply Plummets as Competition Heats Up From Aug. 23 to Aug. 30, the stablecoin economy expanded from […]
Bridge seeks to build a global stablecoin payment network to rival traditional systems like Swift and credit cards. Bridge, a global stablecoin payment network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, has reportedly raised $58 million in funding. Bridge, which aims to develop a global payment network around stablecoins and rival traditional payment systems like Swift and credit cards, received funding from Sequoia, Ribbit and Index, among other investors.According to a Fortune report, Bridge secured $58 million in previous undisclosed funding, which includes a recent $40 million investment by Sequoia and Ribbit. Bridge’s current customer base comprises Coinbase and SpaceX. Explaining the strategy in an interview with Fortune, Abrams said:Read more
The New York-based digital asset manager, Parafi Capital, has secured $120 million to invest in general partner stakes of crypto funds. These funds focus on specific market segments, strategies, or geographic locations. With this funding, Parafi Capital aims to build a portfolio of 30-50 general partner stakes in crypto funds. Parafi Capital Prioritizes General Partner […]
A solo Bitcoin miner has independently solved a BTC block to earn a reward of 3.275 BTC, roughly equivalent to $200,000. On Aug. 29, Con Kolivas, a software engineer and administrator of the solo mining pool ckpool, announced on X that the miner had successfully solved the 291st solo block in Bitcoin’s history. He congratulated […] The post Solo Bitcoin miner earns $200,000 reward amid growing centralization concerns appeared first on CryptoSlate.
South Korean internet search giant Naver is launching a non-custodial crypto wallet, adding the Chiliz blockchain as its first. South Korean tech conglomerate Naver is launching its first-ever crypto wallet, Naver Pay Wallet, in partnership with the sport-focused blockchain Chiliz.Chiliz, a layer 1 blockchain built around supporting fan tokens, said in an Aug. 29 X post that it was chosen as the inaugural blockchain for the wallet, which is available to what it reported was over 33 million Naver users.Naver — known as “the Google of South Korea” — runs the country’s most used search engine. It was the most visited website in South Korea last month with 1.7 billion visits, according to Similarweb.Read more
On Thursday, the first Solana spot exchange-traded fund (ETF) product raised over $2.75 million during its public offering on B3, the Brazilian stock exchange. The product, previously approved for trading by the Brazilian securities regulator (CVM), is offered by QR Asset, which also has a bitcoin-based ETF product. The offering managed to raise only 15% […]
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