Market Overview and Latest Developments 📈
The crypto market has risen slightly by 3%, with a total market cap reaching a record $4.14 trillion.
Bitcoin (BTC) has risen by 1.2%, steadily climbing to $120,000.
Ethereum (ETH) has performed impressively, surging by 8.5%, breaking through the $4,600 mark.
Multiple sub-industries have grown by 1%-5%, creating an overall optimistic atmosphere.
The latest CPI data from the U.S. meets expectations, easing tariff concerns and increasing the likelihood of a rate cut in September, boosting investor confidence.
In the traditional market, the Russell 2000 Index has also surged nearly 3%.
Circle Launches Arc Chain, Accelerating New Use Cases for USDC 🪙
Circle has launched Arc Chain, a Layer 1 blockchain focused on stablecoin finance, with USDC serving as the native gas fee token to achieve dollar pricing at a lower cost.
Arc features an institutional-grade foreign exchange engine, using the ultra-fast Malachite consensus, with transactions settled in seconds and compatibility with Ethereum smart contracts (EVM).
Aiming at cross-border payments and on-chain credit markets, the public testnet is expected to launch this fall, with the mainnet set for 2026.
Circle also plans to issue 10 million shares to raise funds, causing a brief drop of 6% in stock price, but is expected to strengthen the USDC ecosystem in the long run.
BitMine Immersion Makes Major Investment in Ethereum 🚀
BitMine has been approved to raise up to $20 billion through public market issuance to continue its investment in Ethereum.
Currently holding 1.15 million ETH, approximately 1% of the total supply, with plans to increase it to 5%.
Supported by several investment moguls, including Peter Thiel's Founders Fund, ARK Invest, Galaxy, and Pantera.
Chainlink Cooperation and Buyback, Token Soars 🔥
Chainlink (LINK) has surged nearly 10% in 24 hours, with a weekly increase of 42%!
Major positive news: Partnering with the Intercontinental Exchange (ICE) to introduce authoritative foreign exchange and precious metal pricing data, enhancing oracle service capabilities.
Simultaneously launching a token buyback program, expressing confidence in future long-term value.
Significant Progress in the TerraUSD Crash Case ⚖️
Terraform Labs co-founder Do Kwon has officially pleaded guilty in New York Federal Court, admitting to wire fraud and misleading investors.
Will forfeit nearly $20 million in assets, potentially facing up to 12 years in prison, with the court hearing scheduled for December 11.
This event has far-reaching implications, having shaken $40 billion in market assets, but the industry has gradually recovered and attracted more institutional investment.
Overall, the market is steadily improving, with innovative projects and institutional entry driving the continuous development of the crypto world! 🚀
