IBIT iShares Bitcoin Trust ETF

Bitcoin rises 5% after Jerome Powell’s speech at Jackson Hole

Jerome Powell, Fed Chairman, delivered a speech at Jackson Hole that boosted Bitcoin, gold, and stocks. Bitcoin (COIN:BTCUSD) surged 4.9% to $63,360 at the time of writing, while the S&P 500, Nasdaq, and Dow Jones gained 0.89%, 1.21%, and 0.86%, respectively. The revision of U.S. employment data, revealing 818,000 fewer jobs than reported, pressures the Fed to cut rates, possibly in September.

Sony launches Soneium blockchain to boost Web3 innovation

Sony Group (NYSE:SONY) announced the launch of its blockchain, Soneium, to accelerate Web3 innovation. Developed by Sony Block Solutions Labs (SBL), a joint venture between Sony Group and Startale Labs, Soneium will be built on Ethereum (COIN:ETHUSD) with a new layer 2 network using Optimism’s (COIN:OPUSD) OP Stack technology. The goal is to simplify Web3 experiences, offering applications in gaming, finance, and entertainment, and expand Web3’s reach to new audiences through Sony’s vast network.

JPMorgan cuts Bitcoin miners’ price targets

JPMorgan (NYSE:JPM) assessed the value of the remaining 1.3 million Bitcoins to be mined at about $74 billion. In response to changes in Bitcoin’s price and hash rate, the bank revised price targets for miners such as CleanSpark (NASDAQ:CLSK) from $12.50 to $10.50 and Marathon Digital (NASDAQ:MARA) from $14 to $12. Riot Platforms (NASDAQ:RIOT) saw its target cut from $12 to $9.50, and Iris Energy (NASDAQ:IREN) from $11 to $9.50. However, JPMorgan sees buying opportunities in Iren and Riot Platforms, highlighting recovery potential due to improved operations.

Bitcoin ETFs maintain positive inflows with $64.8 million in gains

Bitcoin ETFs recorded their sixth consecutive day of inflows on August 22, totaling $64.8 million. BlackRock’s ETF (NASDAQ:IBIT) led with $75.5 million, reaching $20.6 billion in net inflows. Other ETFs also attracted significant capital, ranging from $3.4 million to $9.2 million. On the contrary, Grayscale (AMEX:GBTC) and Bitwise (AMEX:BITB) ETFs saw outflows of $28.4 million and $11.5 million, respectively.

Ethereum ETFs continued to face net outflows, with a total loss of $0.8 million on Thursday. Grayscale (AMEX:ETHE) led the decline with a $19.8 million outflow, while Fidelity (AMEX:FETH) partially offset the losses with a $14.3 million inflow. Cumulative outflows for Ethereum ETFs now total $459.3 million, highlighting the difference in investor sentiment compared to Bitcoin ETFs.

Solana experiences sharp decline in user activity and transactions

In August, the Solana network saw a significant drop in demand, reaching the lowest number of transactions and active addresses of the year. Active user count fell 67% from July, drastically impacting the network’s fees and revenue, which plummeted by over 50%. Despite the launch of new platforms like Pump.fun, overall interest in Solana has waned, negatively affecting its financial ecosystem. The SOL (COIN:SOLUSD) token price is down -13.60% monthly.

MakerDAO launches NewGovToken to boost governance participation

MakerDAO, a cryptocurrency lending platform and creator of the DAI stablecoin (COIN:DAIUSD), introduced NewGovToken (NGT) to enhance governance participation. MKR (COIN:MKRUSD) holders can convert each token for 24,000 NGT, offering a larger number of voting tokens. With MKR currently trading at $2,138 and a limited supply, the conversion aims to increase user engagement. Additionally, MakerDAO announced NewStable (NST), a stablecoin pegged to DAI, as part of its expansion plan.

Tether abandons plans for its own blockchain, citing market saturation and strategy

Tether, the issuer of the USDT stablecoin (COIN:USDTUSD), decided not to launch its blockchain due to market saturation and the presence of established blockchains. CEO Paolo Ardoino told Bloomberg News that with several effective blockchains available, Tether prefers to remain “agnostic” to technology, using existing blockchains to ensure USDT’s security and sustainability. The company will continue to focus on expanding its stablecoin on established platforms.

Justin Sun faces backlash after removing BTC from USDD reserve without DAO approval

Justin Sun, founder of Tron (COIN:TRXUSD), is facing criticism for withdrawing $700 million in Bitcoin from the USDD (COIN:USDDUST) reserves without the Tron DAO Reserve’s consent, raising concerns about the stablecoin’s centralization. Sun defended the action, stating that USDD’s mechanism allows this withdrawal if the reserve exceeds a certain value. However, the community questions the lack of transparency and compliance with the stablecoin’s stated principles.

Fetch.ai opens innovation hub in San Francisco to advance AI technology

Fetch.ai (COIN:FETUSD) is launching the Innovation Lab in San Francisco to promote AI technology. The hub will support early-stage startups developing AI agents, allocating up to $10 million annually to fund promising projects, with a limit of $1 million per project. The goal is to bridge research and market, supporting initiatives that integrate AI agent technology, potentially revolutionizing industries. Fetch.ai also introduced internship and ambassador programs to strengthen the AI community.

AMOS malware threatens Mac users by cloning crypto wallet apps

The “Atomic macOS” (AMOS) malware has returned with new capabilities to clone wallet apps like Ledger Live, stealing cryptocurrencies from users. Detected by Moonlock Lab, AMOS is being distributed disguised as popular programs in Google AdSense ads. The technique allows the malware to replace legitimate apps with malicious versions, deceiving users and compromising their crypto wallets.

WazirX resumes fiat withdrawals after cyberattack

WazirX, an Indian cryptocurrency exchange, will resume fiat withdrawals on August 26 after a hack that suspended operations for a month. The plan will allow withdrawals of up to 66% of balances in Indian Rupees (INR) in phases, while the exchange seeks to legally restructure its crypto deficit. Police investigations still keep 34% of funds frozen.

China extradites leader of $14 billion crypto pyramid scheme from Thailand

The Chinese government announced the extradition of Zhang, the mastermind behind a $14 billion crypto pyramid scheme, from Thailand. Zhang, who led the MBI Group, attracted investors since 2012 with promises of high returns. The scheme involved over 10 million people. After a four-year investigation, Zhang was arrested in Thailand in 2022 and extradited in August 2023, marking a joint effort between China and Thailand.

DMM Group partners with Progmat to launch stablecoin integrated with Seamoon Protocol

DMM Group, in partnership with Progmat, is developing a stablecoin under Japanese regulations. Integrated with the Seamoon Protocol, the stablecoin aims to stabilize the network’s SMP token and strengthen the treasury fund. The launch will occur in three phases, starting with SMP stabilization, followed by usage in the DMM ecosystem, and finally offering an alternative to credit card payments.

El Salvador continues to accumulate Bitcoin with daily purchases

El Salvador, the first country to adopt Bitcoin as legal tender, has been aggressively accumulating the cryptocurrency, purchasing one Bitcoin daily since March 16. As a result, the country has increased its reserves by 162 BTC, totaling 5,851 BTC, valued at approximately $356.4 million. President Nayib Bukele, a strong advocate of Bitcoin (COIN:BTCUSD), uses this strategy to integrate the cryptocurrency into the national economy, promoting economic independence and financial innovation.

Kraken criticizes regulatory clarity after court ruling in Australia

Kraken blamed the lack of regulatory clarity in Australia after losing a court case involving its local operator, Bit Trade Pty Ltd. The federal court ruled that Bit Trade failed to comply with Section 994B of the Corporations Act, which requires a “target market determination” before launching financial products. Kraken agreed to comply with the ruling but emphasized the urgent need for clear cryptocurrency regulations in the country.

Simplification of Web3 wallets is essential for mass adoption, CASA expert argues

The complexity of Web3 wallets, especially the use of seed phrases, is one of the biggest barriers to mass cryptocurrency adoption. Bumblefudge, from the Chain Agnostic Standards Alliance (CASA), highlighted at the Web3 Summit 2024 that to attract mainstream users, the industry needs collaborative standards that eliminate these barriers. The lack of interoperability and usability hinders the integration of new users. He argues that the focus should be on creating simpler and more accessible solutions aligned with user expectations to drive global adoption.

Impact of CBDCs on financial well-being questioned

Although central bank digital currencies (CBDCs) are promoted as tools for financial inclusion, recent studies indicate that where they have been adopted, well-being has decreased. Studies from 2019 to 2023 indicate that where CBDCs have been implemented, financial well-being has declined, particularly among young people and low-income individuals. These groups reported greater financial insecurity, contradicting the narrative that CBDCs are beneficial. The lack of significant economic growth and potential risks of financial instability may be contributing to these negative effects.