Analyst Anna Wong said that in our opinion, Powell's statement sounded quite dovish. So far, he has not stopped the bet on a 50 basis point rate cut in September, has not indicated that rate cuts should be gradual, and has not used the phrase "methodical" like his colleagues to describe possible rate cut paths.

Federal Reserve Chairman Jerome Powell's announcement of rate cuts in the coming months has led to a rise in the price of Bitcoin, which briefly surpassed $62,000. Powell stated that the central bank is pleased with cooling inflation but is more attentive to growing weakness in the labor market. Ethereum and Solana also saw price increases of 2.7% and 2.1%, respectively. Traders are confident that the Fed will ease up in its inflation fight, with a 67% chance of a 0.25% rate cut in September according to CME Fedwatch. This is a developing story and will be updated with additional details.

WazirX has issued an important announcement regarding the next steps for Indian rupee and cryptocurrency withdrawals. For cryptocurrency balances, users will not be able to withdraw cryptocurrency from their platform accounts for a period of time due to network attacks and a large amount of balance loss caused by ERC-20 token theft. WazirX does not have enough token assets to repay the debt generated by the platform users' owed token balances. Subsequently, a bankruptcy restructuring application will be submitted to the Singapore High Court in order to obtain fair distribution of cryptocurrency assets according to the bankruptcy plan and user approval.For Indian rupee balances, WazirX will lift the suspension on INR balance withdrawals on August 26, 2024, and will gradually enable INR withdrawal functions. WazirX will reduce the withdrawal fee by 60%, from 25 rupees to 10 rupees.

Harker of the Federal Reserve said that we need to start cutting interest rates. This process should continue to move forward.

The Block's report on Sun Yuchen's withdrawal of BTC collateral from USDD, Sun Yuchen responded on Platform X: "USDD is a decentralized stablecoin protocol that has nothing to do with anyone's name, just like Satoshi Nakamoto created Bitcoin, but Bitcoin does not belong to Satoshi Nakamoto." Earlier, Tron DAO Reserve withdrew about $750 million worth of Bitcoin on Wednesday, which was previously used to support the USDD stablecoin. Tron founder Justin Sun said users don't need to worry and explained that this move was to improve capital efficiency, as the previous long-term collateralization rate for USDD exceeded 300%.

Karl Schamotta, chief market strategist at forex company Corpay, said that the key sentence in Powell's speech was that they will "make every effort to support a strong labor market while making further progress in price stability." In my opinion, this does indicate that Powell acknowledges the increasing concerns of policymakers about the direction of the labor market. Powell did not mention the possibility of a 50 basis point rate cut in September, which to some extent also aligns with market expectations.

March, El Salvador has purchased 162 bitcoins and currently holds 5,851 BTC.

According to an official announcement on August 23rd, Gate.io, as one of the official sponsors, once again focused global attention at the Coinfest Asia 2024 event. Mai Ngo, Gate.io's Southeast Asia representative, participated in the first panel discussion. She pointed out that Web3 is not only a technological advancement, but also a revolutionary change in the way brands interact with customers. She emphasized that the decentralized nature of Web3 provides brands with new interactive channels, allowing customers to participate and influence the direction of brand development. Mai Ngo also called on the industry to ensure the true decentralization of Web3, avoiding domination by big brands, and looked forward to the potential of AI technology in Web3, believing that AI will further enhance the interaction experience between brands and customers. She emphasized that brands need to use AI with caution to ensure that the technology application does not undermine the decentralization advocated by Web3.

Sony Group has partnered with Web3 infrastructure provider Startale to develop Soneium, an Ethereum layer-2 blockchain that prioritizes scalability, security, and decentralization while remaining user-friendly. The network will initially operate on a testnet in collaboration with Astar Network and is expected to be based on the Superchain ecosystem platform utilizing Optimism's OP Stack technology. Sony plans to use its parent company's distribution channels and existing user base to make Web3 technology more accessible to everyday consumers. Soneium will release technical documentation and tools for developers in the coming weeks, offering a testnet that aims to support high-volume applications and drive blockchain technology adoption.

AscendEX (formerly BitMax) will launch EUROVEGAS COIN (EVC) on August 23 at 21:00, opening the EVC/USDT trading pair and recharge is now available. The Meme Research Institute team under AscendEX (formerly BitMax) platform selects high-quality memes based on on-chain data and project background for online launch, with a high initial launch rate of 80% for Memecoin on the platform.

DappOS announced yesterday that it has integrated with Layer 1 blockchain Monad. Monad stands out in the blockchain field with an amazing throughput of 10,000 transactions per second.This integration will enhance the ability of dappOS to execute network intentions and launch new user experience products. At the same time, this integration will also promote the migration of applications and transactions to Monad, attracting more Web3 users to join the Monad ecosystem.

Langxin Group and Ant Financial recently completed the first domestic RWA (Real Asset Tokenization) based on new energy physical assets in Hong Kong, with an amount of about RMB 100 million.The project combines artificial intelligence, blockchain, and AIoT technology, and the funds will be used in the energy storage and charging pile industry in the new energy field, supporting thousands of small and medium-sized operators.As the platform operator, Langxin's subsidiary, New Electric Road, will anchor some charging piles as RWA assets and issue digital assets on the blockchain.AntChain provides technical support to ensure the security and transparency of asset data.

Trader Eugene Ng Ah Sio stated in a post on X platform that during this bull market cycle, ETH's performance has been inferior to SOL and BTC. Pessimists believe that ETH's lack of a user-friendly architecture and selling points are key reasons. Although this is largely correct, the market does not always move in one direction. He believes that the most important factor is still the current position of the ETH market.

ECB committee member Kazaks said that there is currently no reason not to continue with the plan to lower interest rates twice this year as previously forecasted, as the inflation trend in the euro area is consistent with expectations of further gradual rate cuts.

Floki officially apologized to the community on the X platform for the "car crash" incident during the Simon's Cat presale. It is reported that Floki stated that it had caught evidence of some attackers trying to take advantage of Launchpad's violation of the rules. To solve the problem, Floki revoked the purchase shares (totaling $223,815.20) of these bad actors during the initial presale period and then created a second presale specifically for TokenFi Champion-level users who were negatively affected by their behavior. However, the attackers became more aggressive and tried to buy the second presale with robots. Therefore, the official believes that canceling the presale completely is the fundamental solution.

Sony Block Solutions Labs, a joint project between Sony Group and Singapore's Startale Labs, announced on Friday that it will launch a new 2-layer network called Soneium on the Ethereum blockchain. Soneium is expected to go live on the test network in the coming days and will utilize Optimism Rollup technology, which allows users to transact on the Ethereum network at lower costs. It will be built using the OP Stack of the Optimism blockchain ecosystem, a customizable toolkit that allows developers to create their own networks using Optimism's technology and connect to other networks in the ecosystem through "superchains".

OKLink data shows that 300,000 ETH was transferred from addresses starting with 0x701c and 0xfd89 to Coinbase deposit address 27 minutes ago, worth $791,082,004.

Lookonchain monitoring shows that after Binance announced the launch of POPCAT perpetual contracts, a whale withdrew 39,816 SOL ($5.73 million) from Binance to purchase 10 million POPCAT tokens.

According to on-chain analyst Yu Jin, decentralized stablecoin platform Reserve purchased 6.45 million CRV worth $2.03 million through market maker GSR Markets in the past 6 days. Reserve transferred $2.03 million USDC to GSR Markets' 0x0cD...a13 address and received 6,450,704 CRV at a buying cost of $0.314 per token. In addition, Reserve was also one of the buyers when Curve founder sold coins OTC in August last year. Reserve spent $1 million to buy 2.5 million CRV at a price of $0.4 per token from the Curve founder. Currently, Reserve holds a total of 19.41 million CRV ($6.38 million).

In an interview with Global Finance, former St. Louis Fed Chairman Brad stated: "The FOMC's last meeting and Powell's press conference were very clear that unless something dramatic happens, Fed officials are ready to act at the September meeting. I think they have expressed their intentions as central banks as clearly as possible. I think they will start cutting interest rates by 25 basis points in September. The question then is how quickly they want to reach a new monetary policy stance. Even if they slightly lower the policy rate, the rate will remain at a restrictive level. They need to continue to lower rates from that point. I think it may be a 25 basis point rate cut at each meeting, for several consecutive meetings, until the policy rate is lowered to a lower level, at which point they can decide whether inflation continues to move towards the 2% target and whether to continue normalizing policy rates. It is expected that there will be a 75 basis point interest rate cut from now until December."