ChainCatcher message, Coinbase analysts David Duong and David Han stated, "Despite the lackluster price movement of Bitcoin this week, market sentiment has remained largely unchanged, as evidenced by the stable perpetual contract funding rates and open interest over the past week." Coinbase analysts pointed out that the macro factors influencing cryptocurrency performance are shifting from monetary policy to the results of the U.S. elections. Despite the recent rise in CPI and core PPI, market expectations for interest rate cuts remain broadly stable.

ChainCatcher news, Coinbase Institutional recently released the "Takeaways from Token2049" report, summarizing the key insights from the Token2049 and Solana Breakpoint conferences held in Singapore.The report stated: "We expect Q4 2024 to be constructive, driven by U.S. rate cuts and significant fiscal and monetary stimulus from China, which will enhance market liquidity and support Bitcoin's performance." The report focuses on Bitcoin and high beta crypto assets, maintaining an optimistic outlook on the overall market in the coming months.The report also discussed Ethereum's recent predicament, particularly its rising transaction fees: "On-chain activity is increasing with the rise in DEX trading volume and Ethereum Gas fees." However, despite the recent launch of a spot ETH ETF in the U.S., it has not had the same effect as Bitcoin. The report described: "While many market participants are bullish on BTC, we encountered some industry personnel who are skeptical about ETH, as the token does not seem to have benefited from the spot ETH ETF launched in the U.S. over two months ago."

ChainCatcher News, Hemera Protocol has officially launched the hackathon Grant Factory in collaboration with Taiko. The total prize pool for this competition is as high as $100,000, with Hemera setting up a special reward of $3,000 to recognize developers who successfully apply Hemera UDF technology within the Taiko ecosystem to create unique functional products.This hackathon encourages all developers to combine Hemera technology to develop innovative applications within the Taiko ecosystem, jointly promoting the rapid development of Web3 technology.It is reported that Hemera is committed to building an Account-Centric Index (ACI) network, providing developers with powerful UDF tools, enabling them to create personalized "features" covering diverse areas such as on-chain transactions, social interactions, and gaming achievements.

ChainCatcher news reports that Bitcoin has fallen below the $60,000 mark ahead of widespread expectations that the Federal Reserve will cut interest rates later this week. The upcoming policy adjustments from the Fed have left global markets on edge.The first interest rate cut in over four years in the U.S. signals a more accommodative financial environment, which is typically a positive backdrop for riskier assets like cryptocurrencies. However, investors are uncertain about the magnitude of the rate hike on Wednesday, as well as how the market will react to the latest forecasts from Fed officials (the so-called dot plot) and Fed Chair Powell's briefing.Bitcoin's price rose 10% in the seven days leading up to last Sunday, marking the largest weekly gain since July, which may reflect a resurgence in bets on a 50 basis point rate cut by the Fed.Caroline Mauron, co-founder of digital asset derivatives trading liquidity provider Orbit Markets, stated that in the Bitcoin options market, traders are "pricing in a weight that is significantly greater than what we've seen recently" regarding the Fed meeting.It can be said that the outlook for monetary policy has become the main driver of Bitcoin's short-term movements, overshadowing (at least for now) the impact of the U.S. presidential election. (Bloomberg)

ChainCatcher news, the Taiko Global Flagship Hackathon Grant Factory has officially launched today on DoraHacks.io, with a total prize pool of $100,000, divided into three tracks. This hackathon aims to explore innovative and sustainable projects within the Taiko ecosystem.Taiko, as a truly decentralized, permissionless Rollup equivalent to Ethereum, has now achieved proposer-prover autonomous profitability, marking a further realization of Ethereum's scaling technology.DoraHacks.io is a developer incentive platform and hackathon infrastructure, with the number of early-stage developer startup teams exceeding 10,000+.

ChainCatcher news reports that the market suddenly dropped after the Friday employment report was released, with over $220 million in cryptocurrency long positions being liquidated. Presto Research analysts Peter Chung and Min Jung stated in today's report, "Bitcoin is severely undervalued, and recent macro factors have dominated the price discussion of BTC, while the market has overlooked one of the key fundamentals supporting Bitcoin's value—network security." "Hashrate has reached a historic high of 679 EH/s, making it the most secure network to date."They added, "If you believe this trend will continue (in fact, the emergence of spot ETFs means our environment is much better than ever), then BTC currently seems to be severely undervalued."Metalpha senior analyst Lucy Hu stated, "It seems that the lower-than-expected employment data is currently dominating market sentiment, as broad assets have declined since the data was released on Friday." "We expect the cryptocurrency market to remain highly volatile before the next Federal Reserve meeting."

ChainCatcher news, Morgan Stanley economists said in a report that in the coming months, U.S. economic growth, Federal Reserve policy, and other factors will be key influences on the macroeconomic outlook for Asia.Their basic forecast is a soft landing for the U.S. economy, with the Federal Reserve expected to cut interest rates by 175 basis points by mid-2025. The institution anticipates that GDP growth in Asia will remain around 4.3% over the next four quarters, and holds an optimistic view on India, Japan, Indonesia, and South Korea. (Jin Ten)

ChainCatcher news, according to The Block, despite Nvidia's stock price rising in pre-market trading, the prices of major AI-related cryptocurrencies have still declined in the past 24 hours. Leading AI cryptocurrencies such as Near Protocol, Internet Computer, Artificial Superintelligence Alliance, and Bittensor fell by 8%, 5%, 9%, and 8% respectively.CoinGecko data shows that the market capitalization of AI tokens has dropped to $23.9 billion, a decline of over 6%. The market is closely watching Nvidia's upcoming earnings report, which is expected to be released after the market closes on Wednesday Eastern Time. Analysts say that Nvidia's strong earnings report could drive the market to new highs, while any signs of weakness could trigger a significant pullback.

ChainCatcher news, Coinbase stated in a blog post that young voters played a decisive role in the 2020 U.S. election and are expected to be a decisive factor again in 2024.It is reported that Generation Z and millennial voters make up 40% of all eligible voters and are expected to become the majority of voters by 2028. These voters largely represent the crowd that supports cryptocurrency and innovation, and they want to support candidates who contribute to improving and updating the system. Any candidate looking to win in 2024 must take into account the young voters who support cryptocurrency.

ChainCatcher news, Solana edge data intelligence network 375ai announced on the X platform that it has completed a $5 million seed round financing, with participation from 6thManVentures, Factor, arca, EV3ventures, primalcm, and Auros_global.According to the Web3 asset data platform RootData, 375ai is an edge data intelligence network built on Solana, providing advanced real-time data collection and analysis to support a smarter and more connected world.

ChainCatcher news, according to Jinshi reports, Japan's Finance Minister Shunichi Suzuki stated that they are closely monitoring the volatile stock market dynamics, but are not currently at the stage of taking actual action.He pointed out that algorithmic trading is one of the multiple factors leading to the market's sharp decline, and not the sole reason. The stock market is influenced by economic conditions, foreign exchange, corporate activities, and various other factors. Shunichi Suzuki refrained from commenting on the remarks made by Bank of Japan Deputy Governor Uchida and emphasized that the specific details of monetary policy are determined by the Bank of Japan.

ChainCatcher news, Bitfinex released a report indicating that Bitcoin failed to hold the key support level of $65,580, with a total liquidation amount of $1.16 billion in the past 24 hours, primarily affecting long positions. Despite the bearish market sentiment and significant declines in Japanese and U.S. stock markets, prices are still expected to rise slightly to the $55,000 region. However, the overall market direction will depend on macroeconomic factors.Widespread market instability influenced by economic and political developments is affecting both cryptocurrency and traditional financial markets. Recent turmoil in the Japanese stock market and losses on Wall Street highlight the interconnectedness of global markets. The correlation between Bitcoin and traditional financial markets is increasing, and if the stock market continues to decline, Bitcoin is expected to face ongoing downward pressure.Meanwhile, the U.S. labor market is showing clear signs of slowing down, with the unemployment rate rising to 4.3%, up from the historic low of 3.4% set in April 2023. This increase marks the highest unemployment rate since October 2021. Job growth has significantly slowed, with only 114,000 positions added this month. Despite these signs of market cooling, the June job openings report showed a slight decline, and the previous month's data revision indicates that the slowdown is steady but not alarming.Against the backdrop of these labor market concerns, the Federal Open Market Committee (FOMC) decided to maintain the federal funds rate in the range of 5.25% to 5.5% on July 31, suggesting a possible shift towards easing its tightening monetary policy. Adding a positive aspect to the economic narrative, there was a surge in labor productivity in the second quarter, reflecting the ongoing strength and resilience of the economy despite challenges in the labor market.