August remains on a downtrend with NCI dropping 0.6% last week, driven by bitcoin (BTC) decreasing 0.1% while ether (ETH) declined 1.4%. Most of the bearish mood was caused by Jerome Powell’s hawkish Jackson Hole speech. Powell stated that the Fed is “attentive to signs that the economy may not be cooling as expected," which could ”warrant further tightening of monetary policy." This morning, our CIO Samir Kerbage spoke about these topics on CoinDesk TV.
Hashdex’s bitcoin ETF application
The NYSE filed a form with the SEC on Friday to allow the Hashdex Bitcoin Futures ETF to invest in spot BTC, which was covered widely by several publications and on Twitter. Read more about the spot bitcoin ETF process here.
JPMorgan sees 'limited downside' for crypto markets over the near term
JPMorgan predicted the recent crypto market dip is ending, seeing limited downside in the near term. They note that crypto corrected as positive news faded, and that the unwinding of long positions in futures markets reduces the risk of further sell pressure. This insight is crucial for investors as it suggests the correction phase is concluding, potentially indicating a more stable market ahead.
USDC coming to several new blockchains and e-commerce giant Shopify
USDC is expanding to major Layer-1 and Layer-2 networks as part of a trend of stablecoins utilizing multiple networks. Solana Pay teamed up with Shopify, leveraging USDC for purchases, bridging digital assets and payments. These events are helping frictionless payments become reality, bolstering DeFi and enabling broader stablecoin use.
Friend.tech generates over $1M fees in 24h, surpassing Uniswap & Bitcoin
The crypto community on Twitter erupted with excitement over a crypto application on Coinbases’s Base network named "Friend Tech." The app enables users to acquire ownership stakes in linked Twitter accounts, granting them access to exclusive private chat rooms hosted by the account holders.
Our Chief Investment Officer, Samir Kerbage, discusses key details surrounding the request for a spot BTC ETF in the US, including timing and regulatory process.
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