Spot trading volume across crypto exchanges increased in August, with the Crypto.com Exchange ranking as the top USD-supported crypto exchange. Qatar released a regulatory framework for digital assets
US spot Ethereum ETFs saw a US$91 million net outflow last week (past five trading days), while spot Bitcoin ETFs had a weekly net outflow of $882 million.
On the macro side, Canada reduced interest rates by 0.25% to 4.25% last week, the third consecutive cut this year. The US released a mixed jobs report. Unemployment rate decreased 0.1% to 4.2% in August, in line with expectations; however, nonfarm payrolls expanded to 142,000 in August, higher than 89,000 in July but lower than Dow Jones’s consensus of 161,000, suggesting a labour market slowdown. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US.
Notable updates: Sky (formerly MakerDAO) and Aave shared details about a partnership called ‘Sky Aave Force’, Polygon Ecosystem Token’s (POL) Polygon Miden alpha testnet v4 went live on 6 September; the Crypto.com App listed Neiro Ethereum (NEIROETH).
Notable events in the coming week: ECB interest rate decision, US presidential debate and Consumer Price Index
Weekly Market Index
Price and volatility indices decreased by -7.82% and -32.60%, respectively. The volume index increased by +0.69% last week. This coincided with a broader decrease in the equities market with concerns of a US labour market and economy slowdown.
Chart of the Week
Monthly spot trading volumes across cryptocurrency exchanges increased to $1.2 trillion in August, 7% higher than July 2024 and 179% higher than August 2023, according to the Block.
The Crypto.com Exchange was the leading crypto exchange with USD support by spot trading volume in August, claiming the title for the second consecutive month.
Weekly Performance
BTC and ETH decreased by -7.0% and -9.4%, respectively, in the past seven days. Price action for most other selected top market capitalisation tokens was also down. AVAX (+1.6%) and OP (+1.0%) increased while ATOM (-16.7%) led the drop.
Key categories were all down in market capitalisation in the past seven days. The Layer-1 (L1) category led the drop.
Libre, a joint venture between WebN Group and Nomura’s Laser Digital, is bringing tokenised investment funds to Aptos. Funds deployed include the Brevan Howard Master Fund, Hamilton Lane’s Senior Credit Opportunities Fund, and BlackRock’s ICS Money Market Fund.
Regulations
Qatar Financial Center’s regulators released a regulatory framework for digital assets. The rules include legal recognition of property rights in tokens and underlying assets, as well as smart contracts. It also sets a framework for asset tokenisation.
Travel marketplace Skyscanner integrated with crypto-native travel platform Travala. This enables Travala to access Skyscanner’s 110 million monthly users and helps Skyscanner reach potential customers who prefer alternative payment methods, including cryptocurrencies.
Others
German industrial company Siemens AG issued a €300 million digital bond on blockchain rails. This is part of a European Central Bank trial, with major German financial institutions invested in the bond.
Japan’sthree major banks, MUFG, SMBC, and Mizuho, will trial a cross-border stablecoin transfer platform in a pilot test named Project Pax. The stablecoins used are issued by Progmat, a blockchain startup backed by the three banks, SBI Holdings, and Japan Exchange Group.
What Is Maneki (MANEKI) and How to Buy MANEKI: Learn why Maneki, a cat meme coin based on the maneki-neko of Japanese folklore, is attracting attention in the cryptocurrency community.
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📈 Spot trading volume across crypto exchanges increased in August, with the Crypto.com Exchange ranking as the top crypto exchange with USD support
Spot trading volume across crypto exchanges increased in August, with the Crypto.com Exchange ranking as the top USD-supported crypto exchange. Qatar released a regulatory framework for digital assets
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