Key Takeaways
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Macro Environment: U.S. August ADP employment came in below expectations, signaling a cooling labor market and reinforcing Fed rate cut expectations. The probability of a cut rose to 99.4%. All three major U.S. indices closed higher, with the S&P 500 hitting a record high; small-cap stocks outperformed large caps. Gold ended its seven-day winning streak.
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Crypto Market: Nasdaq will tighten scrutiny of companies holding cryptocurrencies—buying crypto with IPO proceeds will require shareholder approval. This regulatory tightening may affect listed companies’ financing pace and crypto purchases. Bitcoin fell 0.87% in a day, dragging altcoins lower, with total altcoin market cap down 0.4% WoW.
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Outlook for Today:
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U.S. to release August Nonfarm Payrolls.
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IMX unlock: 1.27% of circulating supply (~$12.8M).
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Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,502.09 | +0.83% |
| NASDAQ | 21,707.69 | +0.98% |
| BTC | 110,723.40 | -0.87% |
| ETH | 4,298.03 | -3.43% |
Crypto Fear & Greed Index: 48 (down from 51 yesterday), Neutral.
Project Highlights
Trending Tokens: PUMP, SOMI, LAUNCHCOIN
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PUMP (+3.21%): pump.fun repurchased over $12M worth of PUMP in the past week, accounting for 98.23% of its total revenue.
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HBAR (-1%): Hedera chosen as the sole additional blockchain for Wyoming’s FRNT stablecoin.
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WLFI (-15%): WLFI blacklisted Justin Sun’s address, alleging token dumping via exchange users. The token only saw a mild rebound, failing to recover from a 15% daily drop.
Macro Economy
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U.S. August ADP employment: 54,000 (vs. 65,000 expected).
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Fed Board nominee Milan: if confirmed, will act independently; opposes giving Fed control to the President.
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Fed’s Harker reiterated no reason to cut rates this month.
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Trump signed an executive order to implement the U.S.-Japan trade agreement.
Industry Highlights
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Nasdaq to tighten oversight of companies holding crypto.
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U.S. SEC released agenda to revise crypto regulations and ease Wall Street rules.
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SEC Chair: Custody and trading of Bitcoin & crypto assets are key priorities.
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Ukraine parliament passed first reading of a Crypto Legalization & Taxation Bill, imposing an 18% income tax and 5% military tax on digital asset gains.
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Publicly listed companies now collectively hold over 1 million BTC.
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Bloomberg: Strategy may become the first S&P 500 company with Bitcoin as its core asset.
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State Street disclosed a $1.8B Bitcoin exposure.
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WLFI blacklisted Justin Sun’s address.
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Stuttgart Stock Exchange launched a pan-European tokenized assets platform.
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