Daily Crypto Roundup - 29 Aug
Today’s Market Update
Cryptocurrency markets are trading lower ahead of the release of new inflation data.
As Bitcoin broke below $110,000, More Crypto Online remarked that it seemed to have "clocked out early" and entered weekend mode.
Crypto Caesar noted BTC's struggle to reclaim the $112,000 zone, suggesting the coin is only trying to convince traders the cycle is over. He is watching two key levels: $100,855 and $116,347.
Michael van de Poppe expects Ethereum to dip below its daily 20-EMA as markets stay shaky, but views this as a setup for a potential Q4 altcoin rally.
Crypto Dynamics Roundup
Coinbase Becomes Crypto Infrastructure Partner for U.S. Economic Data On-Chain
According to an official Coinbase statement, the company has become a crypto infrastructure partner for on-chain U.S. economic data. Coinbase notes that on-chain data will enhance transparency and accessibility.
U.S. Government Begins Publishing GDP Data on Blockchain, Initially Covering Nine Blockchains
Bloomberg reports that the U.S. government started publishing Gross Domestic Product (GDP) data on public blockchains on Thursday, marking the latest support for the crypto industry under the Trump administration.
Commerce Department officials stated that this opens an additional channel for releasing economic data but will not replace existing methods. Initially, the initiative will cover nine blockchains, including Bitcoin, Ethereum, and Solana, with encrypted hash values of the data placed on these networks.
Officials indicated the Trump administration plans to expand the program’s scope in the future. They clarified that the blockchain initiative is unrelated to the dismissal of the Bureau of Labor Statistics director. Commerce Secretary Howard Lutnick is cited as the driving force behind this move, having earlier this year expressed plans to revise GDP reporting to exclude government spending impacts.
GDP data is released by the Bureau of Economic Analysis under the Commerce Department.
Tether to Launch USDT on RGB, Expanding Native Bitcoin Stablecoin Support
According to its official blog, stablecoin issuer Tether announced plans to launch USDT on RGB, a next-generation protocol for issuing digital assets on Bitcoin. Tether stated, “The RGB mainnet version 0.11.1 recently went live.
By introducing USDT to RGB, Tether is helping pioneer new monetary frontiers for Bitcoin. Users will be able to hold and transfer USDT and Bitcoin in the same wallet, enjoying privacy and sovereign transaction benefits, even enabling offline value transfers. The combination of Bitcoin’s security and Tether’s stability marks a significant step toward truly integrating stablecoins into the Bitcoin ecosystem.”
21Shares Applies for Sei ETF, Plans to Explore Staking; SEC Reviews Altcoin ETFs
21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a Sei ETF, indicating in the prospectus a desire to explore staking some SEI tokens for rewards.
The SEC has not yet approved ETF staking features. Earlier, staking proposals for spot Ethereum ETFs by Grayscale, BlackRock, and 21Shares were also rejected. The SEC recently suggested that some liquid staking activities may not involve securities, potentially creating room for ETF staking.
The SEI ETF will directly track the price of SEI, the native cryptocurrency of the Sei network, while the SEC continues to review other altcoin ETF applications, including those for Litecoin, Solana, Dogecoin, and XRP.
CryptoQuant: Stablecoin Liquidity Growth Slows, Market May Enter Consolidation
CryptoQuant monitoring shows stablecoin liquidity growth has slowed, with weekly market cap expansion dropping to about $1.1 billion, significantly less than the $4 billion to $8 billion during Bitcoin’s late 2024 rally. USDT’s 60-day growth is around $10 billion, down from a peak exceeding $21 billion.
Despite the slower issuance, total exchange stablecoin reserves hit a record $68 billion on August 22, with USDT at $53 billion and USDC at $13 billion. While stablecoin market cap growth remains positive, the slowdown suggests weaker liquidity support, potentially signaling a consolidation phase rather than a parabolic rally.