Ndax Weekly TL;DR August 26th

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

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Top Stories

Happy Monday, Ndaxers— Here’s what happened last week:

Sony Unveils Soneium Blockchain to Drive Mainstream Web3 Adoption
Fetch.ai Launches $10M Innovation Lab for AI Startups in San Francisco
Fed Chair Jerome Powell Signals Impending Rate Cut
Grayscale Launches Avalanche Trust, Expanding Its Crypto Investment Product Line

Sony has announced the launch of its blockchain, Soneium, developed in collaboration with Singapore-based web3 infrastructure provider Startale. The Soneium testnet, set to go live soon, will use Optimism's rollup technology and integrate Startale’s Astar zero-knowledge Ethereum virtual machine. Aimed at decentralizing the internet and addressing the limited adoption and lack of meaningful use cases in web3, Sony plans to onboard core web3 users in Soneium's first year. In the second year, the company will integrate Sony products like Sony Music and Sony Pictures, eventually opening the platform to other enterprises and decentralized applications. Sony also aims to use Soneium to protect content rights and develop new profit-sharing models for creators, pushing towards "internet-level scalability" for broader adoption. crypto.news

Fetch.ai, a decentralized machine learning platform, is launching an Innovation Lab in San Francisco to support early-stage startups developing AI agent solutions. The lab will allocate $10 million in annual funding, with up to $1 million per project, for startups using Fetch.ai's platform to build AI agents. Startups must be in the initial stages of development and have a scalable business model or a clear vision for product refinement. The initiative aims to bridge the gap between research and market application, fostering advancements in AI technology. Cointelegraph

Federal Reserve Chair Jerome Powell announced at the Jackson Hole conference that the time has come for a policy adjustment, suggesting an upcoming rate cut in September. Powell's remarks indicated confidence in inflation trending back to 2% and acknowledged a cooled labor market. Following his speech, Bitcoin rose by over 1% to $61,900, and traditional markets saw notable gains, with the Nasdaq up 1.7% and the S&P 500 rising 1.2%. Powell’s dovish tone led to speculation about whether the Fed will implement a 25 or 50 basis point cut, with markets currently favoring a 25-basis point reduction. The upcoming economic reports will play a crucial role in the final decision. CoinDesk

Grayscale Investments has introduced the Grayscale Avalanche Trust, providing investors with exposure to the AVAX token, used for transaction fees and securing the Avalanche blockchain. This new trust is part of Grayscale's broader expansion into digital assets, following its recent launch of decentralized AI token funds and other single asset trusts. CoinDesk

Weekly Moves

As of 08-25-2024 at 9:00 PM EST

Market Summary

Over the last seven days, the global cryptocurrency market cap has gradually increased to approximately CA$3.06 trillion from CA$2.8 trillion.
Bitcoin's market dominance stands at 56.2%, while Ethereum's share is 14.7%.

Performance

Over the past 24 hours, the price of BTC has fluctuated between CA$87,332 and CA$86,500, reflecting a 8% change over the past week, with a market cap of CA$1.7 trillion. At Ndax, the weekly movers include FET, which saw a 66% increase over the last seven days, reaching a market cap of CA$4.6 billion, and RENDER, which experienced a 38% rise, with a market cap of CA$3.3 billion (at the time of writing).

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market.
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From Ndax Lighthouse

This week's blog, "A Brief History of Cryptocurrency," takes you on a journey through the origins and evolution of digital currency. From early digital cash attempts to Bitcoin's groundbreaking launch and the rapid developments that followed, you'll gain a deeper understanding of the core principles that shaped the crypto world we know today. Explore the key milestones, cryptographic innovations, and cultural moments that have defined cryptocurrency's path. To learn more click here.

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Upcoming Events

Mark your calendars!

August 30: US Core PCE Announcement
September 4: Canada Interest Rate Announcement
September 4: MATIC to POL Migration
September 25: EOS Leap 6 Hard Fork

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Happy trading,
The team at Ndax

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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.