Planet Daily | The US non-farm data in August recorded the largest increase since June this year; Durov: The French gove
Headlines
The seasonally adjusted non-farm payrolls in the United States in August were 142,000, in line with expectations for 160,000. The previous value was revised from 114,000 to 89,000.
The seasonally adjusted non-farm payrolls in the United States increased by 142,000 in August, the largest increase since June this year.
Durov published a long statement on the X platform, the core points of which include:
1. I was questioned by the police for four days after arriving in Paris last month, and they told me that I could be personally liable for the illegal use of Telegram by others because the French authorities had not received a response from Telegram. However, Telegram has an official representative in the EU with a public email address to receive and respond to requests from the EU.
2. French authorities have multiple channels of contact with Telegram, and Telegram assisted the French consulate in setting up a Telegram hotline to respond to terrorist threats.
3. States usually resolve dissatisfaction with Internet services through legal proceedings rather than simply holding the CEO responsible for the actions of third parties.
4. Telegram strives to strike a balance between privacy protection and law enforcement requirements, local and EU laws, technological limitations, and cooperates with regulators.
5. Telegram sticks to its principles and rejects unreasonable requests, such as surveillance requests from Russia and Iran, even at the risk of being banned.
6. But some media claims that Telegram is some kind of anarchist paradise are absolutely wrong. Telegram is not perfect, but it is committed to improvement, deleting a large amount of harmful content every day, publishing transparency reports, and working with NGOs to handle urgent review requests.
The US unemployment rate in August was 4.2%, expected to be 4.20%, and the previous value was 4.30%.
The U.S. unemployment rate in August was 4.2%, in line with market expectations, the lowest since June this year and the first decline after rising for four consecutive months.
Industry News
Wall Street Journal: The extent of the Feds rate cut remains unclear
According to the Wall Street Journal, U.S. job growth rebounded slightly in August, but the Federal Reserve is still expected to start cutting interest rates at its interest rate meeting in two weeks. Data from the U.S. Bureau of Labor Statistics showed that the U.S. economy added 142,000 jobs, up from July. The increase in jobs in July raised concerns about an economic slowdown and shook global financial markets. At the same time, the unemployment rate fell slightly to 4.2% in August. The latest non-farm report did not clearly eliminate the uncertainty of whether Fed officials will cut interest rates by a more traditional 25 basis point margin or a larger 50 basis point margin.
Jeffrey Rosenberg, senior portfolio manager at BlackRock, said the danger is that if the Fed eases by 50 basis points this month, it could signal concerns about the economy rather than reassuring that policymakers are acting in time to avoid a recession.
Feds Goolsbee: The general consensus within the Fed is that there will be multiple rate cuts
Feds Goolsbee said that todays employment data is a continuation of what we have been observing. The job market is slowing down. Every months inflation data is lower than expected. The policy has just been tightened, which raises some serious questions for this meeting and the next few months. We must ensure that the labor market does not deteriorate. The content of the Feds Beige Book is relatively pessimistic, suggesting that there are warning signs in the economy. The general consensus within the Fed is that there will be multiple interest rate cuts. (When asked about a larger interest rate cut) Goolsbee said please pay attention to the dot plot. The dot plot does not show that inflation is falling so fast or unemployment is rising so high. (When asked whether there will be a 50 basis point interest rate cut in September) Goolsbee said that the result of the next meeting itself is not the most important, and the path of interest rate cuts in the next few months is more important.
Fed Governor Waller signals willingness to start with 50 basis points rate cut
Fed Governor Waller said on Friday that the time has come to begin a series of rate cuts this month, adding that he was open to the size and pace of the cuts. If the data supports a series of rate cuts, then I think a series of rate cuts would be appropriate. If the data indicates that a larger rate cut is needed, then I would also support it. Fed Chairman Jerome Powell said at the annual meeting of global central banks two weeks ago that the time has come to ease policy given progress in inflation and a cooling labor market. Waller used the same language, but his remarks were more hawkish and suggested he was willing to start with a sharp 50 basis point rate cut. Data released earlier on Friday showed that the average monthly number of new jobs in the three-month period was 116,000. Waller said that data, together with other recent data, reinforces the view that the job market is continuing to slow.
Fed Governor Waller: If appropriate, we will support an early rate cut
Fed Governor Waller said that maintaining the economys forward momentum means the time has come to start lowering the policy rate at the upcoming meeting. Data from the last three days show that the labor market is slowing but not worsening; this judgment is critical to the upcoming policy decisions. If appropriate, it will support an early rate cut.
El Salvador’s Bitcoin program marks three years since adoption, with over $31 million in profits
El Salvador has been dollar-cost averaging its Bitcoin since 2021, buying 1 Bitcoin per day as part of its adoption plan. According to the Nayib Bukele Portfolio Tracker website, the country’s wallets currently hold more than $31 million in profits.
Three years ago, on September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender. The country aims to promote financial inclusion, facilitate more efficient remittance payments, and attract financial innovation.
This week, the U.S. Bitcoin spot ETF has a cumulative net outflow of US$706.1 million
According to Farside Investors data, the U.S. Bitcoin spot ETF had a cumulative net outflow of $706.1 million this week, including:
-Fidelity FBTC had a net outflow of $404.9 million;
-Grayscale GBTC net outflow of $160.7 million;
-BITB had a net outflow of $59.8 million;
-ARKB had a net outflow of $40.8 million.
Elon Musk pinned a picture with the word DOGE and captioned it Department of Government Efficiency
Elon Musk posted a picture with the word DOGE on Twitter on X, and captioned it Department of Government Efficiency (DOGE).
Earlier news, Trump said on Thursday that if he wins the election in November, he will set up a government efficiency committee led by Musk. Musk said on the social platform: If I have the opportunity, I look forward to serving the United States. No compensation, no title, no recognition.
Grayscale: Ethereum Mini Trust received $235 million in inflow in the first month
Grayscale announced the first month performance of the Ethereum Mini Trust ETH on the X platform, which disclosed:
1. The fund has traded more than $1.25 billion since July 23;
2. The Ethereum Mini Trust received $235 million in inflows in the first month;
3. The Ethereum Mini Trust offers the lowest bid-ask spread among similar #Ethereum ETP products, averaging 0.010 cents per share.
Market Forecast
Placeholder Partner: Although BTC and ETH are in a consolidation period, the future is bright
Chris Burniske, former head of crypto at Ark Invest and current partner at Placeholder VC, said on X platform, While BTC and ETH are in a consolidation period and market sentiment feels as if Satoshi Nakamoto has passed away, the long tail market is showing signs of strength. At the same time, blockchain technology is gradually being integrated into all aspects of society, although for those who are impatient, all this progress is not fast enough. But I have no doubt that the future is bright. The mainstream coins are still in the same range as the first quarter of 2024, the infrastructure is maturing, and the application experiments are expanding (both in terms of type and geographical scope), but the market sentiment is the exact opposite of the first quarter – its wonderful. Whats wrong with this? Dont be scared.
Julien Bittel, head of macro research at Global Macro Investor, a financial advisory publication, wrote in an article on X: “This year’s Bitcoin price structure is beginning to look strikingly similar to that of 2019. Bitcoin has been in a consolidation phase, and interestingly, just like in 2019, this consolidation has lasted for 175 days (so far).
We are now approaching a critical juncture where significant developments are likely and will be well worth watching next week.
As we reach this potential inflection point, all eyes are on Bitcoin’s response — does it follow the 2019 script, or does it deviate? We’ll have to wait and see.
If the current market trend holds, we could see some major upside momentum.”
Arthur Hayes: Closed BTC short position and made 3% profit, BTC may rise next week
Arthur Hayes, co-founder of BitMEX, posted on X: BTC short position has been closed, with a profit of 3%, enough to pay my KBW food and bar bills. Yellen is watching the market and made a statement over the weekend that if market conditions continue next week, Bitcoin may rise because it is expected that US dollar liquidity will increase.
On-chain data analyst @ai_ 9684 xtpa monitoring pointed out that when the market fell, a Smart Money address that built a WBTC position at an average price of US$42,518 between November 2023 and August 2024 seemed to be planning to liquidate its position.
This address deposited 195.48 WBTC worth $10.49 million to FalconX in the past 6 hours. If all are sold, a profit of $2.18 million will be made.
Su Zhu: Already long ETH at $2240
Su Zhu posted on X that he has gone long on ETH at $2,240, and Kyle Davies (another co-founder of Three Arrows Capital) has been liquidated, so some kind of bottom may be formed.
Project News
EigenLayers first season airdrop claim has ended, with a claim rate of about 78.6%
The claim window for EigenLayer Season 1 airdrop closed at 23:59 PST on September 7 (14:59 Beijing time on September 8).
Dune data shows that in the end, approximately 87.89 million EIGEN were claimed in the first quarter airdrop, with a claim rate of approximately 78.6%.
UniSat: Issues with balance calculation on Fractal testnet found, actively working on solutions
UniSat posted on the X platform that a minor issue affecting the balance calculation of the Fractal test network was discovered, resulting in the exclusion of a small number of eligible addresses. The team is actively working on this issue and will update the status of the eligibility check soon, and will keep you informed of further updates.
Fractal Bitcoin launches Bootstrap program to distribute 1 million FB to UniSat and OKX users
Fractal Bitcoin launches Bootstrap program to distribute 1 million FB. This community reward program is designed to recognize users who actively use UniSat and OKX wallet services on the Bitcoin mainnet. Users can directly query through the relevant website without registration and claiming.
This article is sourced from the internet: Planet Daily | The US non-farm data in August recorded the largest increase since June this year; Durov: The French government should sue the platform rather than the CEO for its dissatisfaction (9.9)
Original author: YBB Capital Researcher Ac-Core TLDR Cross-chain asset transfers vary due to the different architectures and consensus mechanisms of different blockchains, and lack of unified standards, leading to a complex and expensive verification process that restricts asset mobility. Existing third-party bridges face trust and security challenges, and centralized bridges need to maintain liquidity and pass on costs to users. One-click chain issuance is like solving the triangle problem and is a compromise asset bridging solution. Market maturity: OP Stack and Superchain were the first to seize the market, and Base has become a successful representative; AggLayer is more easily accepted due to its native compatibility with Ethereum, but the security and reliability of the aggregation process must be ensured; Elastic Chain needs to judge the development of ZKsSync itself.…
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