Planet Daily | Feds Collins: It will be the right time to start cutting interest rates soon; BlackRocks IBIT holdings va
Headlines
Feds Collins: It will be the right time to start cutting interest rates soon
Feds Collins said that data will guide the pace of subsequent rate cuts, and it will be the right time to start cutting interest rates soon. Once the Fed is in different policy positions, it may be appropriate to take a gradual and orderly pace of rate cuts.
The number of initial jobless claims in the United States for the week ending August 17 was 232,000, in line with expectations of 230,000. The previous value was revised from 227,000 to 228,000.
The number of people continuing to apply for unemployment benefits in the United States for the week ending August 10 was 1.863 million, in line with expectations of 1.867 million. The previous value was revised from 1.864 million to 1.859 million.
The four-week average of initial jobless claims in the United States for the week ending August 17 was 236,000, and the previous value was revised from 236,500 to 236,750.
BlackRocks IBIT holdings value exceeds $21.5 billion
BlackRocks official updated spot Bitcoin ETF data shows that as of August 21, the IBIT market value exceeded US$21.5 billion, rising to US$21,502,399,095.4 billion, and the holdings rose to 351,591.068 bitcoins.
Company X (formerly known as Twitter) has released a list of shareholders, revealing that multiple cryptocurrency and AI-related companies participated in the investment when Elon Musk acquired the platform for $44 billion in 2022. These shareholders include Binance Capital Management, Andreessen Horowitz (a16z), which has invested in crypto companies such as Coinbase and Anchorage Digital, and ARKInvest, which holds shares in Robinhood and AI developer Anthropic. In addition, the list also includes nearly 30 entities related to Fidelity. The list was made public in response to a court order, and the identities of most shareholders have not been disclosed before.
Industry News
Grayscale Launches AVAX Trust Fund Grayscale Avalanche Trust
Grayscale announced the launch of the Grayscale Avalanche Trust, which aims to provide qualified investors with investment opportunities in the cryptocurrency AVAX.
PayPal announces partnership with crypto bank Anchorage Digital to offer stablecoin rewards
To boost adoption, PayPal announced a partnership with Anchorage Digital, the only U.S. cryptocurrency company with a banking license, to offer stablecoin rewards to Anchorage Digital’s user base of accredited investors who hold PYUSD at its U.S. bank, its Singapore subsidiary, or through its non-custodial wallet Porto.
FTX and its affiliated debtors said in the announcement that the revised reorganization plan submitted to the U.S. District Court for the District of Delaware has received majority support from all creditor classes eligible to vote, including customers of FTX US and FTX Dotcom. FTX cited unofficial voting reports that more than 95% of creditors who have submitted votes support the plan. FTX also said that it will submit the final voting results to the bankruptcy court before the confirmation hearing on October 7.
Project News
Babylon: The first phase 1000 BTC pledge limit has been reached
Babylon announced that the first phase of the staking limit of 1,000 BTC has been reached.
According to the data from the Babylon staking platform, the currently confirmed staking TVL is 1000.04549438 BTC, and there are approximately 12,700 users participating in the staking.
Magic Eden launches ME token and allows eligible users to claim airdrops
NFT trading platform Magic Eden announced the launch of a token called ME to replace the previously planned NFT token. It is reported that the ME Foundation will issue the token through the Magic Eden Wallet official wallet.
Matt Szenics, director of the ME Foundation, said the decision to change the name stems from the expansion of Magic Edens business scope, which is no longer limited to the NFT market. ME tokens will only be available to eligible users through Magic Eden mobile and desktop wallets. Although the specific issuance time and distribution method have not yet been determined, it may include airdrops to Magic Eden traders who receive Diamond rewards.
Magic Eden expands beyond NFTs and now allows token swaps through its mobile app
NFT marketplace Magic Eden launched its first mobile wallet app on Thursday, allowing trading of NFTs and swaps for cryptocurrencies such as Bitcoin, Ethereum, and Solana. The platform will also begin using tokens issued by foundations that support the ME ecosystem. Magic Edens new app will support the exchange of digital assets across five blockchains: Bitcoin, Ethereum, Solana, Polygon, and Base. Magic Eden is also considering expanding into categories such as staking tokens, a service that provides yield to holders.
Decentralized stablecoin platform Reserve purchased 6.45 million CRV through GSR in the past 6 days
On-chain analyst Yu Jin monitored that the decentralized stablecoin platform Reserve purchased 6.45 million CRV through market maker GSR Markets in the past 6 days, which is equivalent to 2.03 million USDC. Reserve transferred 2.03 million USDC to GSR Markets through the 0x0cD…a13 address, and then received 6,450,704 CRV from the GSR Markets address, with a purchase cost of $0.314. In addition, Reserve was also one of the buyers of Curve founders OTC selling coins in August last year. It is reported that it purchased 2.5 million CRV from Curve founder at a price of $0.4. At present, Reserve holds a total of 19.41 million CRV (worth about $6.38 million).
Aethir, a platform focusing on GPU solutions, has released a roadmap for the next six months, aiming to transform AI, games and decentralized infrastructure, promote innovation and expand the scope of services. Through this plan, Aethir hopes to achieve more efficient business integration and enhanced AI capabilities, and introduce governance mechanisms and ecological funds.
Binance Labs announced that it has invested in the four best performing projects in the seventh season of the BNB Chain Most Valuable Builder (MVB) Program. They are:
Aggregata: unifies AI data, models, and compute into a seamless one-stop platform.
-Opinion Labs: Building dynamic opinion and continuous prediction markets;
-SideKick: An integrated hub for social, gaming and more;
-Vooi: A cross-chain Perp DEX aggregator that supports EVM and non-EVM chains.
Puffer Finance releases new roadmap, TGE scheduled for Q4
LSD protocol Puffer Finance updated its roadmap and plans to launch the Puffer UniFi testnet and validator reward mechanism in September. Puffer V2 and TGE will be launched in early Q4. Later in the same quarter, AVS and UniFi mainnet will also be launched.
Investment and Financing
SatLayer, a Bitcoin re-staking platform based on Babylon, announced the completion of a $8 million Pre-Seed round of financing, led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Arkstream Capital, Mantle Ecofund, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings, etc. SatLayer co-founder Luke Xie revealed that the projects initial goal was to raise $4 million, but when it started raising funds in April, the round was oversubscribed within a month.
Crypto lending platform Arch announced the completion of a $5 million seed round of financing, which was co-led by Morgan Creek Digital and Castle Island Ventures. At the same time, Galaxy provided it with $70 million in debt financing. The funds will be used to serve institutional clients and individual investors. Arch was founded in February 2022 by financial industry veterans Dhruv Patel and Himanshu Sahay to revive the crypto lending industry, which has been hit by the collapse of companies such as BlockFi and Genesis.
Web3 oracle service provider Stork Network has completed a $4 million seed round of financing, led by Lightspeed Faction, with participation from Lattice, CMS and Wintermute. The new funds will be used to enhance its product offerings.
Blockchain security audit provider Zellic announced the acquisition of smart contract audit platform Code 4 rena, which is Zellics first acquisition. The acquisition aims to provide customers with more comprehensive security review services. Zellic CEO Luna Tong said that the companys Audits+ service combines Zellics deep expertise with Code 4 renas breadth of competitive audits to set new standards for project audits. Code 4 rena CEO confirmed that it will continue to operate independently.
Paradigm invested $6 million in tokens into Code 4 rena DAO in March last year to incentivize independent auditors to search for vulnerabilities.
Polygon PoS on-chain private credit fund Credbull raises $5.2 million, led by GnosisVC
Credbull, a compliant private credit fund based on the Polygon PoS chain, has completed a US$5.2 million financing round, led by GnosisVC, with strategic participation from Outlier Ventures, HODL Ventures, XBTO, LucidBlue Ventures, CryptoHedge, and Marcello Mari of SingularityDAO.
TON ecosystem blockchain fantasy sports platform Fanton Fantasy Football announced the completion of a US$1 million seed round of financing, with participation from Animoca Brands, Delphi Ventures, Kenetic Capital, Hashkey x TON Accelerator, PAKA Fund and Sign VC. The specific valuation information has not been disclosed yet.
Miami Bitcoin Lightning Network payment startup TMRW has completed a $1.3 million Pre-Seed round of financing, led by Maple VC and participated by angel investors such as Brad Mills.
Web3 security company Nucleus Security receives strategic investment from Dcode Capital
Web3 security company Nucleus Security announced that it has received a strategic investment from Dcode Capital, which is backed by JPMorgan Asset Management. The specific amount and valuation have not been disclosed yet.
Humans.ai acquires blockchain engineering studio Starfish Technologies
AI and blockchain technology provider Humans.ai announced the acquisition of blockchain engineering studio Starfish Technologies for an undisclosed amount. The acquisition aims to further advance AI in the blockchain industry.
Regulatory trends
NYSE issues low share price warning to listed blockchain service provider SOS Limited
Blockchain service solutions provider SOS Limited has received a violation notice from the New York Stock Exchange (NYSE) due to poor stock performance. SOS’s American Depositary Receipts (ADSs) have traded below $1 for 30 consecutive trading days.
According to NYSE regulations, all listed securities must maintain an average closing price of $1 or more. SOS now has six months to raise its share price and average share price to more than $1, otherwise it may face the risk of suspension and delisting.
Bithumb wins second trial in corporate tax case, Seoul High Court overturns 130 million won verdict
Bithumb won the second trial of a 130 million won (about $97,000) corporate tax lawsuit. On August 20, the Seoul High Court overturned the first-instance verdict and ruled that Bithumb won. The case originated in 2019, when the tax authorities imposed 180 million won (about $134,000) in corporate taxes on Bithumb due to changes in the valuation method of virtual assets, which was later reduced to about 130 million won.
The second-instance court held that there were no clear accounting regulations at the time, and that Bithumb’s choice of the “grand average method” to value virtual assets was legal, and that the virtual assets it held should not be considered inventory assets, so there was no need to declare a change in the valuation method.
Wyoming plans to launch USD stablecoin in Q1 2025 and plans to launch CEX
Wyoming Governor Mark Gordon recently spoke at the Wyoming Blockchain Symposium, discussing how the state is embracing blockchain innovation and highlighting the state’s plans to issue a dollar-pegged stablecoin by 2025.
Gordon said the state is currently working to back the stablecoin through U.S. Treasury bills and repurchase agreements, and plans to contact trading platform partners to discuss the launch sometime in the first quarter of 2025.
Character Voice
Analyst: Powell is expected to calm the market and support U.S. Treasury yields
U.S. Treasury yields could rise slightly as Federal Reserve Chairman Jerome Powell is likely to strike a calm tone in his much-anticipated Jackson Hole speech tomorrow, said Felipe Villarroel, portfolio manager at TwentyFour Asset Management. A cooling U.S. labor market has fueled bets on aggressive rate cuts, which Powell is likely to counter. The market is pricing in 100 basis points of rate cuts this year, and that seems a bit over the top given the data right now, said Villarroel, who expects a 50 basis point cut in September instead of a 25 basis point cut. The economy and the labor market are decelerating, but theyre still in good shape.
Economist El-Erian: Markets exaggerate the magnitude of the Feds rate cut
Traders are currently pricing in a 100 basis point rate cut by the end of the year. Economist Mohamed El-Erian said they are overstating the odds of a big rate cut by the Fed before the end of the year: The fact that the market has priced in so many rate cuts right now is problematic in my opinion. In recent days, traders have solidified bets in the swaps market that the Fed will cut rates by up to 100 basis points by the end of the year, with a 25 basis point or even 50 basis point cut possible in September. Minutes from the Feds July meeting showed several officials saw a rate cut as a possibility next month, while the latest employment data showed job growth was far less robust than previously reported, further suggesting a rate cut is all but certain. According to El-Erian, the Fed will cut rates by 75 basis points by the end of the year. There is a view that a soft landing needs to be reconciled somehow with a hard landing policy, he said. The market will have to adjust at some point.
BlackRocks chief investment officer: Fed should cut rates by 50 basis points in September
BlackRock Chief Investment Officer Rick Rieder said the Federal Reserve needs to cut interest rates at its September meeting to re-stimulate economic growth and ease consumer debt pressure, and said the Fed should cut interest rates by 50 basis points in September.
Feds Harker said that it is impossible to say whether to support a 25 basis point or 50 basis point rate cut now, and more data is needed. He did not comment on the markets pricing of the Feds actions, and the direction of the Feds actions is more important than the magnitude of the actions. As long as the data performance meets his expectations, he supports a rate cut in September.
Greeks.live macro researcher Adam posted on the X platform that this weeks macro events and data did not cause much waves, the historical volatility RV of cryptocurrencies continued to decline, and the options markets expectations for future volatility also gradually decreased.
The most noteworthy macro event this month is the upcoming Jackson Hole Central Bank Annual Meeting. News related to the Federal Reserve’s interest rate cut is particularly worthy of attention. Judging from the options data, market expectations are relatively consistent.
Franklin Templeton CEO: Traditional finance underestimates the huge scale of Bitcoin
Franklin Templeton CEO Jenny Johnson said at the Wyoming Blockchain Symposium in Jackson Hole that 30% of her day job is spent researching disruptive technologies because her main focus is positioning the company for the next generation, which includes digital assets, which Johnson believes is one of the two clear trends she doesn’t want to miss (the other is artificial intelligence).
“What’s crazy to me is that in traditional finance, they don’t know the amount and volume (of Bitcoin),” Johnson added.
In 2023, Bitcoin processed more than $36.6 trillion in transactions, far exceeding Mastercard ($9 trillion) and Visa ($14.8 trillion). Johnson believes that the traditional financial sector knows almost nothing about Bitcoin and its huge transaction volume, and the entire ecosystem has almost ignored a parallel, huge ecosystem.
Vitalik Buterin responded to the Layer 2 network Optimisms support for the standardization of asset transfers within the Ethereum ecosystem on the X platform, and said that Optimisms work on REMOTESTATICCALL is great.
Vitalik Buterin also mentioned that the next step is to standardize on-chain specific addresses, on-chain specific ENS, and ERC-3668 light clients. In addition, he said that Ethereum’s fundamentals are actually very strong.
This article is sourced from the internet: Planet Daily | Feds Collins: It will be the right time to start cutting interest rates soon; BlackRocks IBIT holdings value exceeds US$21.5 billion (August 23)
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