Headlines
▌Barclays upgrades Coinbase and Robinhood ratings, calling their business models “mature”
British banking giant Barclays upgraded its ratings on Coinbase (COIN) and Robinhood (HOOD) to Hold from Underweight, citing the companies' better business models. Barclays analyst Benjamin Budish said both companies have "matured significantly," especially due to product expansion and a more positive financial outlook. Coinbase in particular could benefit from a friendlier regulatory environment, given that both presidential candidates have taken an increasingly friendly approach to the digital asset industry and have received approval for multiple spot cryptocurrency exchange-traded funds (ETFs), Barclays said in the report. "The factors driving our Underweight rating are waning, and we now view the risk/reward of both stocks as more balanced," Barclays said.
▌ CMC shows that the total market value of cryptocurrencies has fallen below $2 trillion, while Coingecko shows that it has not fallen below
According to CoinMarketCap (CMC) data, the total market value of cryptocurrencies has now fallen below $2 trillion, now at $1.92 trillion, a 24-hour drop of 2.5%. According to Coingecko data, the total market value of cryptocurrencies is now at $2.007 trillion, a 24-hour drop of 5.2%.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $53,874.16, with a daily change of -4.2% ;
ETH's latest transaction price is 2226.37, with a daily change of -6.3% ;
BNB's latest trading price is $486.09, with a daily change of -3.4% ;
SOL's latest trading price is $124.74, with a daily change of -3.6% ;
DOGE's latest transaction price is $0.09189, with a daily change of -6.8% ;
XPR's most recent trading price was $0.5226, with a daily change of -3.6% .
policy
▌WisdomTree requests to withdraw the Ethereum Trust S-1 registration document submitted to the US SEC
Asset management company WisdomTree has requested to withdraw its S-1 registration document for the Ethereum Trust filed with the U.S. Securities and Exchange Commission (SEC), while requesting that the fees be credited as "for future use." The registration statement was originally filed on May 27, 2021. In its filing with the U.S. Securities and Exchange Commission (SEC) on September 6, the company stated: "The Company confirms that no securities have been and will not be issued or sold pursuant to the registration statement." WisdomTree acknowledged that it would not refund the fees paid to the U.S. SEC for filing the registration statement, but requested that the amount be credited as "for future use."
▌New York judge orders SEC to provide some documents in Coinbase case, but does not include Gensler's documents
A New York judge approved part of the cryptocurrency exchange Coinbase's motion for the U.S. Securities and Exchange Commission (SEC) to turn over documents, however, the exchange's motion to subpoena SEC Chairman Gary Gensler was rejected. "For the reasons stated in the minutes of the September 5, 2024 conference call, the court partially grants and partially denies the defendant's motion to compel," U.S. District Judge Katherine Polk Failla said in the order. Coinbase had asked the court to compel the agency to provide certain documents related to the tokens in the SEC's complaint, documents related to the SEC's consideration of Coinbase becoming a public company in April 2021, and statements made by Gensler on personal and professional matters during his tenure at the SEC.
Blockchain Applications
▌ZK Nation: ZKsync governance contract is ready to go live on mainnet
ZK Nation stated that after several weeks of extensive testing on the testnet, the ZKsync governance contract is ready for the mainnet, and is confident in its integrity and reliability. Completing the testnet phase is crucial to the decentralization of the ZKsync protocol and its full community management.
Solana Foundation Seeks Proposals to Build Solana Open Source Data Tools
The Solana Foundation has published a Request for Proposals announcement on the X platform. The Solana Foundation is looking for proposals to promote the development of Solana open source data tools, with up to $160,000 in funding. The two RFPs include: Solana Indexer Tool and Solana Discriminator Directory details and applications. The former has a total funding of $100,000, which supports helping developers by building end-to-end open source infrastructure solutions to access real-time and historical data from Solana programs and accounts; the latter has a total funding of $60,000 and aims to create an open source discriminator database that enables developers to interact with unknown deployed contracts and parse instructions. It is reported that both RFPs will help improve the developer experience and data tools on the Solana blockchain, and the submission deadline is October 4, 2024.
▌Ethereum social graph protocol efp.eth has been released on the test network
ETH Daily published an article stating that the Ethereum social graph protocol efp.eth has been released on the testnet and is open to all users. The protocol allows users to log in with their Ethereum wallet, follow others, block wallets, and check their leaderboard rankings. EFP enables users to create and manage watchlists through EFP list NFTs. The protocol integrates data from ENS records and displays profile information such as profile pictures, personal profiles, and social links. Users can also import watchlists from Farcaster and Lens protocols. The test version is designed to stress test the protocol, and actions taken during the test will not be carried over to the mainnet. Users can also use the protocol to claim EFP Beta Tester POAP NFTs.
Cryptocurrency
▌Carrefour Express in Rouen, France becomes the first French supermarket to accept Bitcoin payments
HODL15Capital posted on the X platform that Carrefour Express in Rouen, France is the first French supermarket to accept Bitcoin payments, and customers can use the Lightning Network to pay through the Bridge Wallet application of the Swiss platform Mt Pelerin.
▌ Founder of Base Chain: This week, three current or potential members of Congress have accepted on-chain donations on Base
Base chain founder @jessepollak posted on the X platform that this week he has allowed three current or potential members of Congress to accept on-chain donations on Base.
▌ James Fickel, a "dead bull" on the ETH/BTC exchange rate, sold 3,000 ETH again in exchange for 124 WBTC to repay his loan
According to the monitoring of on-chain data analyst Ember, James Fickel, a "dead bull" of the ETH/BTC exchange rate, sold another 3,000 ETH in exchange for 124 WBTC to repay his loan after the decline last night. His long position in the ETH/BTC exchange rate has been reduced a lot as the ETH/BTC exchange rate continues to decline: at its peak, he borrowed and sold as many as 2,981 WBTC at the end of May, and now it is 2,316.
▌ Blur founder: The on-chain ecosystem is much better than the bear market in 2019, and leading projects are often born in bear markets
Blur and Blast founder Pacman posted on social media that the 2019 bear market was actually depressing. There was no heat anyway, and crypto had no users at the time. Today we have DeFi, Perp DEXs, NFTs, stablecoins with income, and most importantly, there are still quite a lot of users on the chain, and they are very active (in terms of transaction volume and scale). Although it is difficult to predict whether the price of the currency will rise or fall in the next few days or weeks, this field will continue to exist. New category leaders emerge in every cycle, and these new leaders are almost always established in a bear market (Blur was also established in a bear market). This is not intuitive, but times like this are where the best opportunities are.
Important economic developments
▌The three major U.S. stock indexes closed down collectively, with the S&P 500 and Dow Jones both recording their largest weekly declines since March 2023
The three major U.S. stock indexes closed down collectively, with the Nasdaq down 2.55%, a cumulative decline of 5.77% this week, two consecutive weekly declines, the largest weekly decline since January 2022; the S&P 500 fell 1.73%, a cumulative decline of 4.25% this week; the Dow fell 1.01%, a cumulative decline of 2.93% this week. Among them, the S&P 500 and the Dow both recorded their largest weekly declines since March 2023, and ended their three consecutive weekly gains. The Philadelphia Semiconductor Index fell 4.52, a cumulative decline of 12.22% this week, the largest weekly decline since 2020. Large technology stocks fell across the board, with Tesla falling more than 8%, Google and Nvidia falling more than 4%, Amazon and Meta falling more than 3%, Netflix and Intel falling more than 2%, Microsoft falling more than 1%, and Apple falling slightly. Coinbase fell nearly 8%, and MicroStrategy fell more than 4%.
▌Former U.S. Treasury Secretary: Weak employment brings the Fed one step closer to a 50 basis point rate cut
Former U.S. Treasury Secretary Lawrence Summers said that while the August nonfarm payrolls report was not particularly bad, it does make it more difficult to predict the extent to which the Federal Reserve may cut interest rates this month. "The data does not show very obvious weakness, but if you are worried about the recent statistical trends, then these data certainly do not give you assurance of economic health," Summers said in an interview. "Compared with my guess a month or two ago, the probability of a 25 basis point and a 50 basis point rate cut in September looks closer." Summers said that in the final analysis, the size of the Fed's first move is not important. Officials will closely monitor the development of the economic outlook and adjust policy accordingly. "If the economy weakens significantly, they will cut interest rates significantly," he said. "If the economy does not really weaken significantly, they may cut interest rates at a rate of about once per meeting."
▌U.S. stocks continued to fall, with the S&P 500 index falling 1.68%
U.S. stocks continued to fall, with the Dow Jones Industrial Average down 1%, the Nasdaq down 2.48% and the S&P 500 down 1.68%.
Golden Encyclopedia
What is an inverse futures contract?
An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a drop in price. The nature of inverse futures contracts is non-linear. When a trader long a BTC/USD inverse futures contract, they are short the SHORT dollar. Because the contracts are inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher its value relative to the U.S. dollar.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
