Table of Contents
In the world of crypto, nothing is permanent. One year everyone and their uncle praised Sam Bankman-Fried as a revolutionary visionary but the next year, the FTX founder became the enemy of the people.
Crypto fans rapidly switched their loyalty to Binance's Changpeng Zhao (CZ), whose FTT sell-off caused the first FTX domino to fall. This didn't last long either, as CZ was arrested not too long after and was most recently banned for life from Binance.
Similarly, the markets behave just as erratically, with Bitcoin constantly teasing its all-time high and all-time low, at the same time. But this volatility and unpredictability in the crypto market is what keeps the industry alive, serving as a driving force behind the market's astronomical returns.
This rollercoaster of emotions might be too much for some to handle but is one that all of us must ride if we want to be involved in the market. This week, job cuts have been a topic of discussion as two notable firms have sent employees packing despite a relatively strong bull market.
Very DeFi firm ZKsyc maker Matter Labs and very CeFi firm Custodia Bank have both announced sizeable layoffs this week but for very different reasons. It's safe to say that the reasons behind the cuts aren't market-induced, but we can't rule out the possibility that other firms might face similar obstacles, especially since the industry has been badly burned by severe job cuts in the past.
Speaking of ghosts coming back to haunt us, Donald Trump has once again overtaken the Democrats in the polls on Polymarket. Just days after Kamala Harris gave her first significant media interview, Trump's popularity pushed him into the lead for the US President.
And Polymarket isn't just for degens anymore. In a significant development for political forecasting and market analysis, Bloomberg Terminal has data from Polymarket, the crypto-based prediction markets platform.
Over in the markets, Bitcoin and Ethereum have had a relatively boring week with the former falling around 2.8% and the latter slipping close to 3.2%. Pretty much a snoozefest as crypto markets go.
Perhaps slightly more excitingly, risk appetites on the Fear & Greed Index place current sentiment in the "Extreme Fear" zone at 22, down from last week's 34,
"Fear".
The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But (extreme) fear not, BRN has you covered. "Volatility for both Bitcoin and Ethereum has been increasing since mid-June," BRN's Valentin Fournier explained.
"This heightened volatility might create opportunities for a trend reversal, potentially allowing these crypto assets to reclaim previous price levels," he said.
A thread🧵(1/7)
— BRN (@thebrn_co) September 6, 2024
In a quiet market with limited news, #Bitcoin ETFs are experiencing a continuous outflow, totaling $900 million over the past week.
Japan Mulls Lower Crypto Tax Rates in 2025 Overhaul
Japan's financial regulator, the Financial Services Agency (FSA), has proposed a significant overhaul of the country's tax code for fiscal year 2025. A key component of this reform is a potential reduction in the tax rate for cryptocurrency assets.
In a recent request submitted to the government, the FSA advocated for treating cryptocurrencies as traditional financial assets, aligning them with publicly traded investments. This move could pave the way for a more favorable tax environment for crypto holders in Japan.
Blockhead
How Blockchain is Bridging Samsung With Tech Rival Sony
We're often told that blockchain brings people together by enabling trust, transparency, and collaboration in decentralized networks. But how about bridging companies?
Tech rivals Sony and Samsung have found a common interest in the form of blockchain. Sure, the two competitors have put down their swords to create LCD panels together in the past but now the electronic giants have further bolstered their unexpected relationship through a shared vision of Web3.
Blockhead
“It’s Time” for the Fed, But Not Cryptos Yet
Cryptocurrencies had an August to forget. Coinciding with a broader retreat in crypto values, Bitcoin marked its worst decline last week since the chaos engulfed global markets in early August, and its slide continues this week.
From above $64,250, Bitcoin crashed to $56,660 even as global stocks turned the corner to mark significant gains. Ethereum, the second-ranked token, also saw a steep decline.
Blockhead
Ripple Agrees With SEC to Pause $125M Penalty, Potentially Signalling an Appeal
Ripple has requested a pause on the $125 million penalty brought about by a legal case filed by the US Securities and Exchange Commission (SEC).
A 4 September filing shows that Ripple lawyers said the SEC agreed to the request for a delayed payment after 6 September.
Blockhead
ZKsyc Maker Matter Labs, Custodia Bank Announce Job Cuts - Are Crypto Layoffs Back?
It's almost been half a year since the word "layoffs" appeared on Blockhead. Back then, the latest casualty of the job market was Binance.US but the 200-employee cut was more of a reflection of Binance's unique situation with law enforcement.
Indeed, industry-wide layoffs haven't really been a trend since 2023 and are nowhere near the scale seen in 2022, which saw swarms of crypto employees ushered through the exit door.
Blockhead
Crypto Investors Eye Election Impact as Harris Slips in Polls, Trump Regains Momentum
Over the weekend, Kamala Harris gave her first media interview since becoming the Democratic presidential candidate. As a result, her popularity in the polls seems to have taken a toll, at least on Polymarket.
Harris overtook Donald Trump for the first time in the polls slightly over one month ago but now the sentiment has reversed.
Blockhead
Bloomberg Terminal Integrates Polymarket Election Data
This integration, announced on September 3 by Polymarket CEO Shayne Coplan in a post on X, is expected to thrust Polymarket’s data into the spotlight of mainstream political discourse, just as the platform experiences unprecedented growth.
"What once was a fringe, sci-fi idea for transforming the flow of information is now becoming the new normal, as 10s of millions of people build habit around relying on Polymarket forecasts as a source of truth, to make sense of what’s going on in the world," Coplan tweeted.
Blockhead
Former Mt. Gox CEO Mark Karpeles to Launch New Crypto Exchange This Month
Former Mt. Gox CEO Mark Karpeles will launch his new crypto platform, EllipX, later this month in Europe.
Karpeles made the announcement in an interview with The Block during Korea Blockchain Week in South Korea.
Blockhead
Pump.fun is the Fastest-Growing Crypto App Ever
Pump.fun has recently crossed over $100 million in revenue since its launch in January, setting a new record for any project in the cryptocurrency ecosystem despite experiencing a decline in revenue in the past weeks.
Achieving this milestone in seven months is 34 days less than it took for the next fastest-growing protocol, Ethena to hit the same metrics according to Ryan Watkins of Syncracy Capital.
Perion Lim
Metaplanet Partners SBI VC Trade for Bitcoin Custody
Metaplanet has joined up with SBI VC Trade to provide Bitcoin custody services.
The Japanese investment adviser's partnership with SBI is part of its "Bitcoin First, Bitcoin Only" strategy, through which it has accumulated 360 BTC. Now partnering with SBI VC Trade, a unit of Tokyo-based SBI Holdings, Metaplanet plans to offer access to a compliant corporate custody service.
Blockhead
What Does Central Banks' Increasing Gold Bets Mean for Crypto?
Gold is being purchased by central banks at an unprecedented rate. ''Is it over for the USD or not?'' is a very simplistic and limiting question.
Investors ought to be more concerned with the "when" than the "if" quandary. In other words, it's quite unlikely that this will happen in the near future.
Ashrith Rao
Bitcoin's Fall in Focus
According to a report from research firm Kaiko, creditors have started receiving tokens from the defunct Mt. Gox digital asset exchange, and government wallets for the United States, China, the United Kingdom, and Ukraine are possible destinations.
A potential overhang of $33 billion in Bitcoin supply includes that.
Blockhead
Blockcast EP 38 | Coinfest Special: Blockhead Goes to Bali (Again)
Ready to bask in the SOL, it's that time of the year for the Blockhead team to put on their shades, sunscreen, and slides. Returning to Bali for the third year in a row, the Blockhead team headed down to Coinfest to see what the industry's most exciting/chill conference had to offer this year.
With a swathe of institutional money flooding into crypto in 2024, the Blockhead team feared this year's Coinfest might be drier than the conference's notorious degen-fuelled antics but we needn't have feared.
Blockhead
OKX Wins Full License in Singapore, Appoints Former MAS Official as CEO
OKX's Singapore entity, OKX SG, has received a full Major Payment Institution license (MPI) from the Monetary Authority of Singapore (MAS).
The exchange was awarded In-Principle Approval (IPA) by the Singapore regulator in March, which allowed it to provide digital payment tokens and cross-border money transfer services in Singapore.
Blockhead
Events
All Day Crypto Bash (Singapore, 17 September 2024)
Blockhead is partnering with Draper Startup House to bring you an exclusive, action-packed day at on 17 September, during Token 2049 week in Singapore.
This event, co-organized alongside Draper Nation, Hyperglade, SUN ZU Lab, Metacamp and Clubout, is an opportunity to connect, learn, and chill with the best in the blockchain, crypto, and web3 community!
Apart from panel discussions, fireside chats and workshops, there'll be food, drinks, and lots of time for networking. Bring a change of clothes if you're keen on participating in the ice baths and other wellness activities!
The event will run from 9 am to 8 pm on Tuesday, 17 September. Find a rundown of activities and registration details here.
Daemon Day (Singapore, 17 September 2024)
Join Blockdaemon on 17th September 2024 at Pan Pacific, Singapore for a day of groundbreaking discussions and networking opportunities with key players in the space. Event partners include AWS and Zodia Custody, while the event supporters include Liquid Collective, M2, MU Digital, Titanium Ventures, and Xangle.
For more info, click here.
Token2049 (Singapore, 18-19 September 2024)
Don't miss out on early bird ticket prices, until July 31! Use Blockhead's exclusive discount code BLOCKHEAD10 for a further 10% off.
All That Matters (Singapore, 16-18 September 2024)
The 19th All That Matters is the gateway to the APAC Music, Sports, Gaming, Marketing, Web3, Arts and Entertainment industries.
Conference by day and live music festival by night, ATM is Asia’s premiere ‘Business 2 Business 2 Fan’ event experience bringing together world class speakers with more than 2,000 senior executives.
Get your tickets now with Blockhead's 15% off code: ATM24BLOCKHEAD15
GeckoCon (Bangkok, 11 November 2024)
GeckoCon returns, and this year we're diving into the revolutionary world of Web3 Gaming! Discover how the fusion of blockchain and traditional gaming is creating a whole new entertainment layer.Don't miss out—visit CoinGecko now to secure your spot in our first ever Hybrid Conference set to take place in Bangkok, Thailand. Or from the comforts of your home!
Get your tickets now with Blockhead's 40% code: BHGC24
[Limited to 30 redemptions, expires 12 September 2024]
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