Weekly Market Insight: September Week 3

English

Market Updates

17 Sep 2024

Headline News

- Bitcoin's price increased by 7.8% last week, driven by optimism surrounding potential higher than expected rate cuts at the upcoming FOMC meeting. In contrast, Ethereum continues to lag behind, recording a net outflow of $12.92 million from ETFs, while Bitcoin saw a significant net inflow of $403 million. Additionally, the ETH/BTC trading pair reached its lowest level since April 2021.
- Key events this week include the highly anticipated Token2049 and Breakpoint conferences in Singapore, along with the FOMC meeting scheduled for Thursday.

- The U.S. headline inflation data in August came at 2.5%, below expectation of 2.6% and a substantial drop from the previous 2.9% in July. The monthly inflation rate was within expectation of a 0.2% increase, but the monthly core inflation rate increased by 0.3%, slightly above the expectation of 0.2%.
- The U.S. August PPI increased by 0.2%, higher than the estimation of 0.1%.
- Despite the data released being in line with expectation, they did not show a remarkable improvement. However, the market estimated 59% probability that the Fed will have a 50bps cut in the upcoming FOMC meeting this Thursday, given 25bps will have minimum effect on the market and some market participants argue that making sense for the Fed to cut 50bps given the long run rate should be well below 4%.

- Microstrategy acquired another 18,300 BTC and currently holds 244,800 BTC.
- Standard Chartered was approved by the Dubai Financial Services Authority to offer crypto custody solutions in the UAE.

- Grayscale announced the creation of Grayscale XRP Trust, available to eligible accredited investors.
- Soneium was reported planning to launch Japanses Yen stablecoin with Sony Bank.
- Nuffle integrated with EigenLayer, enabling stakers to restake and receive rewards from any other chain.

- Coinbase launched cbBTC on BASE and soon on other EVM chains.
- Pendle introduced Corn's LBTC yield market, unlocking yield opportunities from Babylon, Lombard and Corn. LBTC is launched on Morpho as well.
- Ethereum Name Service is now supported by Paypal and Venmo, enabling sending crypto with just ENS names.
- Nillion, a privacy tool for developers, launched on the NEAR network.
- Azuki introduced Anime.com, their new domain for "a new way to anime". More detail soon.
- Chaos Labs introduced Edge, a highly accurate and resilient pricing oracle.
- TADA, a ride-hailing platform, launched on Telegram mini-app, enabling booking in TON and USDT.
- Pancake Swap launched Prediction Telegram Bot, enabling traders to bet on the price of BNB every 5 minutes.
- Bitget announced selecting LayerZero as the official interoperability provider for WBTC.
- The Osmosis team introduced Polaris, a token portal for users to trade all tokens across all chains.
- Kujira announced to merge with Levana, combining KUJI, FUZN, WINK and NSTK into RUJI. The announcement sparked concern about the further dilution of protocol revenue shared to token holders.
- Eclipse introduced tETH, a Unified Restaking Token that enables stakers to earn rewards from Nucleus, Ether.fi, Renzo, Swell, Dinero and Puffer with their ETH.

- Token2049 will be held in Singapore from September 18th to 19th.
- Solana Breakpoint will be held in Singapore from September 20th to 21th.
- Binance announced the launch of Catizen and Hamster Kombat on Launchpool starting from September 16th and 23rd respectively. Both protocols are games on Telegram mini-app platform.
- TreasureDAO proposed to launch its Treasure Chain on ZKsync's Elastic Chain instead of Arbitrum Orbit.
- Artificial Superintelligence Alliance proposed integrating CUDOS into the alliance, merging CUDOS token into ASI token with CUDOS 112.427:1 FET.

- APE token unlocked on September 17th, amount representing 2.29% of the token supply.
- MANTA token unlocked on September 18th, amount representing 1.91% of the token supply.
- MERL token unlocked on September 19th, amount representing 16.8% of the token supply.
- OP token unlocked on September 30th, amount representing 2.71% of the token supply.

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