Currency Daily 2022.09.03

🧠 Dear Readers:

The United States released the non-farm payrolls report for August, which was higher than expected, indicating that the chances of the Federal Reserve raising interest rates by 75 basis points may have increased. Coinbase has a wrong exchange rate, and users exchange assets at a hundred times the exchange rate!

Other headlines today include:

• Sudoswap airdrops 25.12 million tokens to XMON holders.
• Social Media Snap disbands the Web3 team.
• Celsius allows some customers to withdraw funds, and the token CEL rises by 50%!

Today’s big guys’ opinions include: Cryptocurrency analyst PlanC revealed the bottom signal of Bitcoin; dGen Network co-founder Steve found a boring ape T-Shirt in Venice Beach!

✨ The latest news in the currency circle

≣ The wrong exchange rate of Coinbase was redeemed by the user at 100 times the exchange rate

GEL (Georgia's fiat currency)-denominated trading pair on the Coinbase exchange had an error that was supposed to be $2.9, but instead showed $290 due to a third-party technical issue. This wrong exchange rate was caused by users who cashed out their holdings at 100 times the exchange rate , and users said that their bank accounts and related Visa debit cards were frozen shortly after. But Coinbase said it did not ask the bank to do so, and would not disclose the scale of its losses.

Further reading: Nine hundred traders profited a hundredfold on Coinbase exchange rate error, Coinbase is seeking to recover funds from bank accounts .

≣ US non-farm payrolls report: employment and unemployment rate are higher than expected

The U.S. non-farm payrolls report is one of the last major economic data points the Fed will see before the September monetary policy meeting, and it is an important basis for the Fed to measure the national economy and adjust monetary policy. Usually the non-agricultural index is higher than expected, which means that the US economy is improving, which is bullish for the stock market and currency market. However, in the current economic environment where the Fed raises interest rates to control inflation, the higher-than-expected non-farm payrolls will increase the aggressiveness of the Fed's interest rate hikes, so it is considered to be negative for the stock market and currency market.

The United States announced the August non-farm payrolls report on the 2nd, with an employment increase of 315,000, higher than the expected 300,000; the unemployment rate was 3.7%, higher than the expected 3.5%. That could help determine whether the Fed is raising rates for the third time later this month by 50 or 75 basis points.

Minutes after the report was released, bitcoin rose 0.8% and ether rose 3%.

≣ BlackRock uses CF Benchmarks Bitcoin Index to issue cryptocurrency products

BlackRock, the world's largest asset manager, will use the bitcoin index of CF Benchmarks, a subsidiary of cryptocurrency exchange Karken, as a benchmark for a new cryptocurrency offering .

CF Benchmarks is a member of the Crypto Facilities and Payward group of companies. Payward is the owner and operator of the crypto exchange Kraken Exchange.

Further reading: Asset management giant BlackRock will use Kraken’s CF Benchmarks Bitcoin Index to launch its Bitcoin product .

≣ Sudoswap airdrops 25.12 million Sudo tokens to XMON holders

Sudoswap, an automated NFT market maker, airdropped 41.9% of the initial $SUDO supply of 60 million to XMON holders. XMON is the native token behind the 0xmon NFT series, issued by the founder of Sudoswap. Holders of XMON can share 41.9% of the total supply of $SUDO as long as they participate in the lock-up for three months.

According to data from CoinGecko, the price of XMON has risen by 38% in the past 24 hours.

Extended reading: sudoAMM airdrop token SUDO: qualification description, XMON surged, hidden new ways to promote governance .

≣ Celsius returned $50 million to customers, and the token CEL rose 50%

Lending platform Celsius has filed a motion in the U.S. Bankruptcy Court to allow some customers to retrieve crypto assets in their accounts , totaling about $50 million. Its token, CEL, rose about 50 percent after the news.

Simon Dixon, CEO of BnkToTheFuture, an online investment platform, believes that Celsius still has huge debts and the fundamentals are not optimistic, so its tokens are at risk of falling by 40%.

≣ Snap lays off staff, disbands Web3 team

The CEO of social media Snap said second-quarter earnings missed expectations and was unhappy with the results. Finally, under cost pressure, it was decided to lay off 20% of the staff and disband the Web3 team , which dealt a serious blow to the augmented reality AR Spectacles team within the company.

Snapchat's Spectacles AR glasses launched in 2016, three years after the company launched its custom AR filter Lenses. Last year, the company bought WaveOptics, a supplier of AR displays used in Snap glasses, for more than $500 million, its biggest acquisition of 2021.

≣ Huobi Exchange suspends deposits from Chinese users

Huobi said that it has cleared users in mainland China under the safety of user assets, and reminded users in China not to deposit funds . More than 20 working days.

😎 The opinion of the big guy in the currency circle

• Crypto analyst PlanC: " Bitcoin has seen three bottom signals in 12 years ."

The three bottom signals occurred in 2011, 2018 and 18 June 2022 respectively.

• Steve, co-founder of dGen Network: " BAYC T-shirts are now available in Venice Beach stores! "

Although it is an imitation, it means that more and more people are beginning to understand what BAYC is. The store paid the price to print them out, which is the IRL (In Real Life) version of the spin-off project.

• Twitter popular account Patrick | Dynamo DeFi: " Teach you how to prevent impermanent losses! "

After finding your favorite mining pool, be sure to check the correlation between the two coins to avoid impermanent loss. Use Cryptowatch to check the correlation between currencies, usually the higher the correlation, the less impermanent loss.

📈 On-chain data analysis

≣ Etherscan: Sun Que’s wallet has added more than 20,000 ETH in the past 4 days

The personal wallet address of the founder of the public chain Tron, Justin Sun (nicknamed "Sun Que"), has added 20,633 ETH in the past 4 days.

≣ Dune Analytics: Number of $SUDO empty investors

According to Dune Analytics data, there are 3,354 XMON token holders, each with an average airdrop of 5,182 SUDO; 0xmon NFT holders have a total of 532, each with an average airdrop of 5,725 SUDO.

🐶 Daily currency circle memes / memes

📝 Daily Crypto Terms

≣ What is Sudoswap?

The following excerpts from the chain news

Sudoswap started out as an over-the -counter NFT marketplace created by 0xmons and launched last April. Users can conduct a combination transaction of ERC20, ERC721 and ERC1155 tokens on it, and can determine the counterparty, the expiration date of the transaction, and no transaction fees and royalties are charged.

At the beginning of July this year, Sudoswap launched sudoAMM , which is a centralized liquidity AMM protocol specially designed for NFT. The liquidity pool is composed of NFT and tokens (currently only supports ETH), so that users can purchase through the liquidity pool. Or sell NFTs.

In the general mainstream NFT trading market, the trading method is mostly point-to-point, that is, the trading method of order book limit orders. After browsing the listed prices of sellers in the current market, buyers can make quotations for NFTs they are interested in, or buy directly according to sellers' bids.

The biggest disadvantage of this kind of transaction is that the seller cannot make the transaction immediately. If he wants to speed up the sale of the assets in his hand, it will cause a certain loss of price reduction.

📈 Cryptocurrency prices rise and fall

≣ Crypto Fear and Greed Index at 21 (extreme fear)

≣ Cryptocurrency price performance

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