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The Block Letter – Sep 04

by Drop Gorn
September 5, 2024
in Business, Crypto, NFT
A A
The Block Letter – Sep 04
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It has been a busy day in terms of news, so let us catch you up on the latest and greatest.

Today’s Agenda:

  • Market Watch
  • Highlights of the Day
    • ApeChain Team Releases a “Blueprint” for their Vision for ApeChain
    • CFTC Issues Enforcement Action Against Uniswap Labs
    • Bored Ape Bimmer Club: BAYC x BMW
  • Project of the Day
  • Crypto Corner
  • Market Sentiment & Predictions
  • Business & Political Insights 

Market Watch

Top Gainers

  • Starknet ($STRK): +11.8%
  • Injective ($INJ):  +10.5%
  • Helium ($HNT): +8.9%

Top Losers

  • Toncoin ($TON): -3.2%
  • Notcoin ($NOT): -3.1%
  • Polygon ($MATIC): -1.8%

Trending Crypto Sectors/Categories

  • Lending/ Borrowing
  • Yield Farming
  • Zero Knowledge (ZK)

Total Crypto Market Cap – 2.1165 Trillion

Fear and Greed Index – 29

Top NFT Sale

  • BITBULL LASER EYES BULL#28 Sold for 39.7 ETH 

Highlights of the Day

ApeChain Team Releases a “Blueprint” for their Vision for ApeChain

The ApeChain team has introduced a forward-looking plan called “The Blueprint” to guide the future development of their platform. This new strategy is generating buzz among community members and developers alike, highlighting the team’s commitment to evolving their ecosystem.

Unpacking The Blueprint

The Blueprint focuses on three primary areas:

  • Content: Enhancing user experience for easier navigation.
  • Tools: Providing accessible developer kits for streamlined application creation.
  • Gasoline: Supporting creative endeavors with protocol-level assistance.

In addition to these core areas, The Blueprint includes the integration of Arbitrum’s latest features for advanced dApp development and the launch of the “Banana Program”. This program aims to foster partnerships and offer incentives to accelerate ecosystem growth and support creators.

CFTC Issues Enforcement Action Against Uniswap Labs

The Commodity Futures Trading Commission (CFTC) has imposed a $175,000 fine on Uniswap Labs for facilitating leveraged digital asset transactions without proper registration. The CFTC’s enforcement order revealed that Uniswap’s protocol enabled the trading of margined commodity tokens, breaching the Commodity Exchange Act (CEA) regulations. The company has been instructed to cease such activities and comply with the CEA moving forward.

Uniswap Labs Response

In response, Uniswap Labs has not issued a formal public statement. However, Katherine Minarik, the company’s Chief Legal Officer, noted that the settlement pertains to a minor aspect of their trading operations. The fine was settled under a no-admit-no-deny agreement, meaning Uniswap Labs neither admitted nor denied the CFTC’s allegations.

Bored Ape Bimmer Club: BAYC x BMW

In an exciting development for both the automotive and digital art worlds, BMW and BAYC have announced a unique partnership to create a one-of-a-kind ApeCar. This initiative brings together BMW’s automotive expertise and BAYC’s vibrant community of digital artists.

Partnership Details

This partnership will see five talented BAYC community artists to reimagine the exterior design of a special 2025 model. The final design will be unveiled at ApeFest Lisbon. Members of the BAYC community, including Apes and Mutants, are invited to participate in the decision-making process by voting for their favorite artist’s design.

Project of the Day

Injective

Injective ($INJ) distinguishes itself in the blockchain world with its focus on finance. As an interoperable, eco-friendly layer 1 blockchain, Injective supports advanced DeFi applications, including spot and derivative exchanges, and lending protocols. Its infrastructure features a decentralized MEV-resistant on-chain order book, aimed at democratizing financial application development.

With a market cap over $1.65 billion and a price exceeding $17.25, $INJ is experiencing volatility within its support and resistance levels. Currently, the price is supported at $15, but analysts are cautious due to a broader market downturn, suggesting a potential decline if this support is broken. Nevertheless, long-term forecasts remain optimistic, with analysts anticipating the price to surpass the previous all-time highs.

Crazy Day in Crypto

  • Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank with $235 billion in assets, now offers 24/7 trading and storage of Bitcoin and Ether.
  • River Financial reports that business Bitcoin holdings have surged by 587% over the past four years.

Market Sentiment & Predictions

  • Coinbase CFO Alesia Haas stated that Kamala Harris is using Coinbase Commerce for campaign crypto donations.

Business Talks & Political Insights

  • Nvidia ($NVDA) has denied receiving a subpoena from the U.S. DOJ regarding antitrust issues and confirmed its willingness to cooperate with regulators.

U.S. job openings fell to 7.67 million from 7.91 million, with 1.1 openings per unemployed worker, the lowest level since 2021, raising concerns about a potential slowdown in August job gains due to cooling labor demand.

Tags: ApeChainBored Ape Bimmer ClubCoinbaseInjectivenvidiaThe BlueprintUniswap
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