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Cardano gets a makeover
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Bitcoin could soar or plummet based on these upcoming US economic data
Key points:
Bitcoin's price is always influenced by the U.S. dollar's strength.
A weaker dollar could benefit Bitcoin due to increased liquidity and reduced capital costs.
News - Bitcoin experienced a 7.42% decline over the last week. This reversal followed a previous week of price recovery, coinciding with a pause in the dollar index's downward trend.
The upcoming release of US economic data will likely determine whether the dollar resumes its weakening trend. Thus, potentially providing a boost to risk assets like cryptocurrencies.
Key data to expect - The economic calendar kicks off with the Institute of Supply Management's manufacturing purchasing managers' index (PMI) for August on Tuesday. A weaker-than-expected reading could strengthen the case for interest rate cuts, which would generally benefit Bitcoin.
Other key economic releases this week include the JOLTS job opening data, ISM services PMI, ADP employment report, and weekly jobless claims. The most anticipated event is the August nonfarm payrolls report on Friday.
Conclusion - A stronger-than-expected jobs report could reinforce expectations for a smaller rate cut, while a weaker report could lead to a further decline in the US dollar.
Cardano introduces on-chain governance with Chang Hard Fork
Key points:
Cardano's "Chang" upgrade introduces decentralized governance.
ADA token holders will have a say in the network's future.
News - Cardano activated its highly anticipated “Chang” upgrade on 1 September.
This upgrade will empower ADA token holders to directly influence the network's future by electing governance representatives and voting on development proposals.
The new governance structure involves three user-led bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs). With this shift, the founding entities of Cardano will no longer have the authority to trigger chain upgrades.
What’s more? The Chang hard fork, implemented in two phases, is a crucial milestone in Cardano's roadmap toward full decentralization.
The first phase of the upgrade introduces an Interim Constitutional Committee to temporarily oversee governance. The second phase, expected in 90 days, will grant full power to the new governance bodies. This marks the beginning of the Voltaire era, a phase focused on achieving complete decentralization.
Qatar introduces a comprehensive framework for digital assets
Key points:
Qatar's QFC introduces a new regulatory framework for digital assets.
The framework covers tokenization, property rights, custody, and smart contracts.
News - The Qatar Financial Centre (QFC) has unveiled a new regulatory framework aimed at fostering a robust digital asset ecosystem. The goal is to ensure security, transparency, and adherence to international standards within the digital asset ecosystem.
This comprehensive regime covers tokenization, legal recognition of property rights, custody arrangements, and smart contracts.
More details - The QFC, operating independently from the rest of Qatar, offers a favorable business environment with 100% foreign ownership and a competitive corporate tax rate.
The newly launched framework aligns with Qatar's Third Financial Sector Strategy, which seeks to unlock the country's economic potential through digital transformation.
Qatar's introduction of a comprehensive digital assets framework positions the country as a leader in the region and could attract significant investment and talent to its financial sector.
NFT sales plummet to lowest level of 2024, investors shift focus to memecoins
Key points:
NFT sales in August reached the lowest monthly level of 2024.
The decline began in April and has continued despite occasional surges.
News - Non-fungible tokens experienced a significant decline in sales volume during August, and marked the lowest monthly total for the year on 2 September. This downturn continues a trend that began in April and has persisted despite occasional surges.
Data from CryptoSlam reveals that August's sales volume of $374 million represents a 76% drop from the peak in March. While the first quarter of 2024 showed strong performance, the subsequent quarters have witnessed a steady decline.
Despite a surge in weekly sales towards the end of August, NFTs have been unable to break the downward trajectory. The average NFT sale price increased in August, but the total number of transactions declined.
Analysts suggest that the shift in investor interest towards memecoins has contributed to the decline in NFT sales. As the NFT market continues to evolve, it remains to be seen whether it can regain its momentum or if the focus will shift entirely to other digital assets.
More stories from the crypto ecosystem
Interesting facts
On 3 January 2009, the first blockchain was launched with the first "block" called the genesis block.
In 2013, Forbes crowned Bitcoin as the best investment of the year, while Bloomberg took an opposing stance in 2014, dubbing it the worst investment of that year.
Surprisingly, the concept of cryptocurrencies can be traced back to the 1980s. The idea of untraceable peer-to-peer digital money was first proposed by an American IT named David Chaum in 1983 — long before the creation of Bitcoin.
Top 3 coins of the day
Polygon (MATIC)
Key points:
Long-term holders are accumulating MATIC at a discount.
It has been down by about 22% in the past week.
What you should know - MATIC is currently trading at $0.4002, near its recent lows and at a significant discount compared to its previous levels. The RSI is hovering around 37.95, which is close to the oversold level, suggesting a potential buying opportunity as it indicates that the selling pressure may be overextended. The next resistance levels lie around $0.60 for short-term traders, while long-term resistance is seen at $0.9444. With MATIC trading at a lower range, any positive news or market recovery could provide a strong upward movement, making this a potentially profitable entry point for buyers aiming for future gains.
Shiba Inu (SHIB)
Key points:
SHIB has been losing its popularity to other memecoins.
Trading volume has been low as compared to April levels.
What you should know - Shiba Inu is trading at $0.00001352, currently at its lowest level in the last 25 days. The price has been mostly moving sideways, indicating a lack of strong momentum in either direction. The Awesome Oscillator (AO) is close to the zero line, reflecting weak market sentiment and low trading volume. Despite this, there is potential for a recovery to the previous level of $0.00002326, where SHIB could face resistance. The recent low levels might present a buying opportunity for traders looking to capitalize on a potential rebound. However, caution is advised, as the current market environment suggests that any upward movement may be met with resistance unless accompanied by a significant increase in volume and buying interest.
Litecoin (LTC)
Key points:
At press time, LTC was trading at $64.33.
It corrected only by 0.22% in the past week.
What you should know - Litecoin’s Bollinger Bands indicate that LTC is consolidating, with price movements remaining within the $62 to $68 range. This range-bound trading suggests a lack of strong directional momentum. The MACD indicator is slightly bullish, with the MACD line crossing above the signal line, indicating potential upward movement. However, the trading volume remains moderate, implying that a breakout may require stronger buying pressure. If LTC breaks above the $68 resistance, it could target the next resistance level around $75. Conversely, a breakdown below $62 may see LTC retesting support near $55.
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