Key Takeaways
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Macro Environment: The U.S. S&P Global Manufacturing PMI for August unexpectedly hit a three-year high. Meanwhile, Fed’s Harker stated he does not support a September rate cut, driving market expectations for a September cut down to 75%. With increased uncertainty over monetary easing, markets are awaiting signals from Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium. U.S. equities broadly declined, with the S&P 500 logging five consecutive losses and the Nasdaq hitting a two-week low, while Treasury yields moved higher.
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Crypto Market: Bitcoin tracked the U.S. stock market lower, once again testing the $112K support level. The daily candle fully engulfed the prior rebound, closing down 1.54% and reflecting sustained risk-off sentiment. The ETH/BTC ratio and Bitcoin dominance remained steady, while sentiment in the altcoin market stayed relatively stable.
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Outlook for Today: Powell to deliver a keynote at the Jackson Hole Symposium.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,370.18 | -0.40% |
| NASDAQ | 21,100.31 | -0.34% |
| BTC | 112,496.50 | -1.54% |
| ETH | 4,225.28 | -2.56% |
Crypto Fear & Greed Index: 50 (unchanged from 24h ago), reflecting neutral sentiment.
Project Highlights
Trending Tokens: OKB, BIO, YZY
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YZY: Kanye West launched the meme coin YZY on Solana; market cap peaked above $3B before retracing.
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BIO: Announced the first BioAgent Launch project “Aubrai.”
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AVAX: Toyota unveiled the MON blockchain framework on Avalanche, advancing vehicle asset tokenization.
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AERO: Upbit to list AERO.
Macro Economy
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Fed’s Harker: Does not support a September rate cut.
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Fed’s Collins: If labor market outlook worsens, a short-term rate cut may be appropriate.
Industry Highlights
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The latest U.S. House version of the National Defense Authorization Act includes a ban on CBDCs.
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DOJ officials clarified after the Tornado Cash case that “simply writing non-malicious code does not constitute a crime.”
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Acting CFTC Chair Pham announced a new “crypto sprint” initiative to advance the Trump administration’s digital asset strategy.
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Hong Kong’s Ming Cheng Group signed a Bitcoin purchase agreement, committing $483M to acquire 4,250 BTC.
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Grayscale: Offering actively managed crypto income strategies to financial professionals via iCapital Marketplace.
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State Street integrated JPMorgan’s digital debt service, advancing blockchain-based debt securities custody.
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Bloomberg: Arthur Hayes made significant investments in a human longevity company and has been undergoing periodic stem cell IV treatments over the past year.
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Strategy now meets the criteria for inclusion in the U.S.’s largest index fund, the S&P 500.
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UBS: Chinese family offices plan to allocate 5% of their assets to Bitcoin.
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MetaMask launched its native stablecoin, mUSD.
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