August 14 · Quick Overview of the Latest Web3 Developments

1️⃣ Ethereum ($ETH ) price has experienced a significant drop, falling to a low of $4460, with an intraday trading range between $4,492.16 and $4,783.32. ETH encountered strong resistance around $4,750, failing to effectively break through, leading to a lack of confidence among bulls.

2️⃣ The MyStonks platform is suspected of misappropriating user funds, with approximately $6.2 million missing, causing widespread concern in the community. Currently, an investigation is ongoing, and the platform has not released an official statement.

3️⃣ USD.AI has completed a $13 million Series A funding round, led by Framework Ventures, with participation from Bullish, Dragonfly, and Arbitrum, among others. This indicates a continued growing interest from institutional capital in the stablecoin lending market, which may drive innovation and development in this sector.

4️⃣ Projects such as Starknet, Sei, and Avalanche have unlocked a large number of tokens, including approximately 160 million Starknet (STRK), 220 million Sei (SEI), and about 1.66 million Avalanche (AVAX). These unlocks may impact market liquidity and price volatility, and investors should pay attention to the developments of related projects.

5️⃣ Bitcoin's ($BTC ) market capitalization has reached $2.457 trillion, surpassing Google for the first time, making it the fifth-largest asset in the world by market value, only behind Apple, Microsoft, Saudi Aramco, and Amazon.

Today, Bitcoin and Ethereum both experienced a brief decline after a rapid surge, which is attributed to a combination of technical adjustments and macroeconomic pressures. We should pay attention to the upcoming U.S. Consumer Price Index (CPI) data and the monetary policy direction from the Federal Reserve’s September meeting, as these may have significant impacts on the cryptocurrency market.