Market Update - August 25, 2023

Prices stabilize following last week’s drop: After losing over 10% and almost hitting USD, bitcoin (BTC) gradually pared some losses to regain 26k this week as prices stabilized. Ether (ETH) received a boost from reports that the SEC might be preparing to approve an ETH futures ETF.

New Friend.tech platform makes waves in crypto world: Friend.tech is a decentralized social media platform that allows users to monetize chat groups with crypto, and is being run on the layer-2 Base network. The hype around the project has led to more daily transactions on the newly created Base network than on Ethereum, though questions have been raised about their legitimacy.

Fed Chair Jerome Powell speaks at Economic Symposium: On Friday, Powell spoke in Jackson Hole, Wyoming, in a highly anticipated keynote address. Speaking on Friday morning, Powell indicated that more interest rate hikes may be necessary to stem rising inflation if the US economy continues to grow at a fast pace.

Nvidia continues to show strong growth beating earnings expectations: Nvidia released its second-quarter earnings report on Wednesday, beating analyst expectations by a wide margin as its push into AI continues to pay off. AI-focused crypto projects also saw a boost following the earnings release.

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