Nvidia received a subpoena from the U.S. Department of Justice. Coinbase has links to both party campaigns.

Headline

▌Nvidia receives subpoena from U.S. Department of Justice, antitrust investigation escalates

It is reported that the U.S. Department of Justice has issued subpoenas to Nvidia (NVDA.O) and other companies to seek evidence that Nvidia has violated antitrust laws, reflecting the escalation of the investigation. According to people familiar with the matter, the Department of Justice previously only issued questionnaires to relevant companies, but now has issued a legally binding request for the recipient to provide information. This means that the government's investigation is one step closer to formally filing a lawsuit. People familiar with the matter said that antitrust officials are worried that Nvidia is making it more difficult for customers to switch to other suppliers and punishing buyers who do not exclusively use its artificial intelligence chips. Representatives of the Department of Justice and Nvidia declined to comment.  

In addition, Nvidia (NVDA.O) closed down 9.5% on Tuesday, with a market value of nearly $280 billion evaporated, and a total market value of $2.65 trillion.

▌Coinbase Chief Legal Officer: Has been in touch with Trump and Harris’ campaign teams

Coinbase’s chief legal officer said, “Coinbase has been in touch with Donald Trump and Kamala Harris’ campaign teams as they are developing crypto policies.”

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 57,623.93 US dollars, with a daily increase or decrease of -2.4%;

ETH's latest transaction price is 2,434.10 yuan, with a daily increase or decrease of -2.9%;

BNB's latest transaction price is 519.64 US dollars, with a daily increase or decrease of -1.2%;

SOL's latest transaction price is 127.82 US dollars, with a daily increase or decrease of -5.4%；

DOGE's latest transaction price is $0.09697, with a daily change of -2.0%；

XPR's latest transaction price is $0.5588, with a daily change of -1.3%。

Policy

▌U.S. CFTC recovers $18 million worth of cryptocurrency from a commodity pool Ponzi scheme

According to an announcement released by the CFTC, the commission has recovered $18 million worth of digital assets related to an alleged commodity pool Ponzi scheme. Oregon man Sam Ikkurty is accused of defrauding investors from a so-called "crypto hedge fund" by promising to return "net profits" to investors but failing to do so, not even telling them that the fund's performance had fallen 98.99% in a few months. U.S. District Court Judge Mary Rowland of the Northern District of Illinois ordered Ikkurty and several other related entities to pay a total of $209 million in penalties, including nearly $84 million in customer restitution, approximately $37 million in disgorgement of illegal proceeds, and approximately $110 million in civil penalties. Ikkurty was also ordered to pay more than $14 million in contempt of court penalties.

Blockchain Applications

▌World Liberty Financial, a Trump-backed crypto project, may be based on Dough Finance code

World Liberty Financial, a Trump-related crypto project, will be based on the decentralized financial platform Aave and the Ethereum blockchain, using a non-transferable governance token WLFI and a credit account system. The project is said to be inspired by the DeFi protocol Dough Finance, although it has not yet been confirmed whether its codebase will be used. Dough co-founders Zachary Folkman and Chase Herro are also involved in the operation of the project. Trump family members, including Donald Trump Jr., Eric Trump and Barron Trump, are involved in the planning of the project. The Trump family has alerted the public to potential scams and said that official announcements will be released through their channels.

▌Polygon launches MATIC to POL token upgrade with 2% annual issuance

Polygon will officially launch the upgrade of its long-used MATIC token to the new POL token on Wednesday. The upgrade is part of the "Polygon 2.0" roadmap, which aims to enhance the flexibility of token issuance and make POL the native token of the Polygon PoS chain and other chains in its ecosystem. The annual issuance rate of the new POL token will be 2%, and part of the supply will be used to reward validators of Polygon PoS, and the other part will go into the community treasury to support the sustainable development of the ecosystem. Polygon Labs CEO Marc Boiron said that the upgrade was due to the technical limitations of the MATIC token, and the new token issuance method will provide support for the development of the community and decentralized network.

▌Offchain Labs Launches Arbitrum Stylus Mainnet

Offchain Labs, the original developer of the Arbitrum blockchain and Stylus, announced the launch of the Arbitrum Stylus mainnet, a backwards-compatible virtual machine designed to remove common barriers to Web3 decentralized application (DApp) development.  

Stylus allows developers with different coding skills to build on Arbitrum using familiar WebAssembly (WASM) compatible languages. The convergence is expected to drive the launch of powerful Web3 applications and use cases with low fees. Ed Felten, co-founder and chief scientist of Offchain Labs, said Stylus unifies the two main ways to write smart contracts on the blockchain: the Ethereum Virtual Machine (EVM) and traditional programming languages ​​such as Rust, C, and C++. Offchain Labs also plans to integrate other popular protocols such as ZK-proofs into Arbitrum.

Cryptocurrency

▌Binance to launch Solana liquidity staking token BNSOL by the end of September

Binance will launch Solana liquidity staking token "BNSOL" by the end of September. BNSOL will enable users to stake SOL tokens to earn a portion of network payment fees and mint a liquid staking token that can be used when the underlying token is locked.

▌DeFi protocol Penpie was hacked, and about $27 million in crypto assets have been stolen

The decentralized finance (DeFi) protocol Penpie, built on the tokenized yield platform Pendle, was hacked on Wednesday. Blockchain data shows that hackers have stolen about $27 million in crypto assets from the protocol, including various types of staked Ethereum, Ethena's sUSDE and wrapped USDC stablecoins. Pendle confirmed that it had discovered a security vulnerability in the Penpie protocol and would maintain close communication with the team. Pendle added that investors' funds are safe on Pendle, but as a precautionary measure, all contracts have been temporarily suspended. Data shows that Penpie (PNP) plummeted 40% after the attack. Pendle (PENDLE) fell nearly 8% in the past 24 hours.

▌Sky: Starting September 18, eligible users can upgrade DAI to USDS at a 1:1 ratio

Sky Ecosystem announced on the X platform that starting September 18, eligible users can upgrade DAI to USDS at a 1:1 ratio, or exchange supported cryptocurrencies for USDS.  

USDS is a decentralized stablecoin with native rewards that unlocks access to Sky token rewards in the form of SKY tokens and Sky savings rates.

Important Economic Dynamics

▌The probability of the Fed cutting interest rates by 25 basis points in September is 61%

According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 61.0%, and the probability of cutting interest rates by 50 basis points is 39.0%. The probability of the Fed cutting interest rates by 50 basis points by November is 48.5%, the probability of cutting interest rates by 75 basis points is 43.5%, and the probability of cutting interest rates by 100 basis points is 8.0%.

▌The three major U.S. stock indexes all recorded their largest single-day declines since August 6

The U.S. stock market opened lower and fell, and the three major indexes closed lower, all recording their largest single-day declines since August 6. The Nasdaq fell 3.26%, the S&P 500 fell 2.12%, and the Dow fell 1.51%. The Philadelphia Semiconductor Index fell nearly 8%. Large technology stocks fell across the board, with Nvidia falling more than 9%, the largest single-day drop since late April; Intel fell more than 8%, Google and Netflix fell more than 3%, Apple fell more than 2%, Meta, Amazon, and Microsoft fell more than 1%. Boeing fell more than 7%, the lowest level since November 2022.

▌Weak data once again raised concerns about economic slowdown, and US stocks "started black" in September

New economic data once again raised concerns about the health of the economy. The US stock market started off badly in September, and technology stocks fell collectively. The Dow fell more than 650 points, a drop of 1.6%, during the session. The S&P 500 fell more than 2.2%, and the VIX index soared 30%. The Nasdaq fell 3.3%, the worst day since the global stock market crash on August 5. Nvidia (NVDA.O), the darling of artificial intelligence that has been the focus of investors for more than a year, saw its share price fall by more than 9%, leading semiconductor stocks to put pressure on the stock market. Earlier data showed that the final value of the S&P Global Manufacturing PMI in August in the United States declined, and the US ISM Manufacturing Index in August was also lower than economists' expectations. "The market seems to be very sensitive to any data at the moment," said Larry Tentarelli, chief technical strategist at Blue Chip Trend Report. "We have become a very data-dependent market."

Golden Encyclopedia

▌What is an inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a drop in price. The nature of inverse futures contracts is nonlinear. When traders go long on BTC/USD inverse futures contracts, they are shorting the U.S. dollar. Because the contract is inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher its value relative to the U.S. dollar.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.