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The US labor market might finally be cooling down!
A recent by the Bureau of Labor Statistics revised new job projections downward by 306,000 positions.
In the wake of those signs of weakness, we must assume it will be more difficult for the Fed to warrant further rate hikes. Of course, the job markets are still displaying great numbers for the year, so time will tell if the recent fade is enough for the Fed to hold back.
China’s Economy Faces Strong Headwinds
China, the world's second-largest economy, is in ; last week, the Chinese yuan slid to its lowest level in 16 years, while the Hang Seng Index (HSI) has declined 20% from its January peak.
These woes can be attributed to several factors, including:
The Chinese consumer economy is slowing down after a period of heightened activity earlier this year when COVID restrictions were fully lifted.
China's property market continues to face significant challenges, with Evergrande recently for bankruptcy.
Local government debt is soaring due to property-related investments that are now underperforming.
As one could expect, several major banks have downgraded China's growth forecasts to below 5% for this year, casting doubt on the country’s 5.5% target.
Bitcoin Volatility is Back!
After months of static price action between $29K and $31.4K, BTC broke to the downside on Thursday and fell almost 10% on that day alone.
Usually, such strong moves demand equally strong narratives or news to support them but in times where liquidity is thin and uncertainty high that becomes less of a requirement.
And so, BTC dumped heavily in the wake of an announcement by SpaceX that they sold their ~$300M BTC holding.
Spectators should note that there’s a big difference between wanting to sell and having sold but oh well…. Here we are!
Noteworthy Mentions
The Intersection Between Gaming and Crypto
As the digital realm transforms, crypto and gaming are intersecting to introduce a new era of entertainment meeting value through commerce. In our latest research piece, we dive into the potential of merging these two industries, a synergy that could lay the foundation for more advanced economic models based on incentives. For more insights, here is the link to the full
Industry Shakers
Friend.tech Rakes in Over $2.8M in Fees Amid Mounting Criticism
Unveiled in its beta phase on August 11, Friend.tech enables users to turn their social presence into "shares" for sale to followers. Once bought, these followers become shareholders with direct messaging access to the users. DefiLlama data shows it raked in $1.12 million in fees within a day and $2.8 million since its debut. However, despite this early momentum, Friend.tech long-term potential has come under scrutiny due to data privacy concerns, obligatory Ethereum deposits on signing up, and a vague developmental path.
Binance Woes Continue as BNB token falls to 1-Year Low
BNB, the native token of Binance, dipped to its lowest in a year due to concerns over Russia's sanctions and growing regulatory hurdles. The token hit around $204, levels last seen during June 2022's market downturn. Furthermore, BINANCE is mulling legal action against Checkout after they terminated their partnership as a payment service provider to the exchange.
Shopify Rolls Out USDC Payments with Solana Pay
Canadian e-commerce giant Shopify (NYSE: SHOP) has integrated Solana Pay, allowing users to instantly transact with cryptocurrencies like USDC. Starting with USD coin stablecoin payments, the platform plans to expand its support for more crypto assets. This initiative reflects Shopify's commitment to broadening crypto payment options for businesses on its platform, as by TechCrunch.
