Ethereum Drops Below $2,500

BitMEX co-founder Arthur Hayes has stated that if a gap in AI computing power demand emerges, the final resort will be money printing. The so-called "AI safety first" framework currently boils down to only two possible paths: The first is the U.S. government stepping in to take over the roles of Anthropic, OpenAI, and SpaceX, continuing as a major purchaser of computing power to sustain data center and chip orders. The second is these buyers vanishing, triggering a blowup in AI-linked debt—with insurance companies absorbing the losses first, and if they cannot withstand the burden, the Federal Reserve will step in to bail them out via money printing. Hayes concludes that either path results in the same outcome: money printing is unavoidable, whether through fiscal or monetary channels, liquidity will be released, and risk assets will ultimately benefit.

According to GMGN market data, the Chinese Meme coin Lobster saw its market cap briefly surge past $180 million today, hitting an all-time high. It has a 24-hour price increase of 12.7%, with a current market cap of $146 million and 24-hour trading volume of $16.3 million. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.

White House economic advisor Kevin Hassett said, "Trump and I both see no reason to raise interest rates, and it’s important for the Federal Reserve to maintain the status quo ahead of the election. Trump fully respects Kevin Warsh’s independence."

Next week, global markets will enter a central bank "super week". The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release its interest rate decision and economic projections summary in the early hours of Thursday Beijing time, followed by a monetary policy press conference from Fed Chair Walsh. The Bank of England and Bank of Japan will also announce their respective rate decisions on Thursday and Friday respectively. Meanwhile, the U.S. Senate will hold a key procedural vote on the CLARITY Act (officially the Cryptocurrency Market Structure Act) on Tuesday local time, and the U.S. Securities and Exchange Commission (SEC) will host a roundtable meeting the same day to discuss 24-hour crypto trading. Below is a breakdown of key upcoming events: - Tuesday: Key procedural vote on the Cryptocurrency Market Structure Act (CLARITY Act); weekly change in U.S. ADP employment for the week ended August 29; September New York Fed Manufacturing Index. - Wednesday: Weekly API crude oil inventory for the week ended September 11; U.S. August retail sales month-over-month rate, U.S. August import price index month-over-month rate, September NAHB Housing Market Index; U.S. July business inventories month-over-month rate; weekly EIA crude oil inventory for the week ended September 11. - Thursday: FOMC announces interest rate decision (2 a.m. Beijing time Thursday) and economic projections summary; Fed Chair holds monetary policy press conference; weekly initial jobless claims for the week ended September 12; Bank of England announces interest rate decision and meeting minutes; SEC roundtable on 24-hour trading. - Friday: Bank of Japan announces interest rate decision; BOJ Governor Kazuo Ueda holds monetary policy press conference.

Cross-chain protocol Chainflip has disclosed that its TRON USDT integration was hacked, resulting in total losses of 736,442 USDT. The platform stated that remaining funds are unaffected and it will compensate affected users. The vulnerability fix plan has been finalized, and the network is expected to resume operations as early as Monday.

On September 10, in his speech on the first night of the Republican National Convention, Donald Trump made a series of remarks, including: He stated that the U.S. should have the lowest interest rates in the world, noting that the promised $5,000 post-election subsidy would be easy to pass through Congress, and that he always keeps his promises. Trump also pledged that if the Republican Party wins control of both the House of Representatives and the Senate, he will send a $5,000 bonus to every adult in the U.S. During the speech, after previously proposing renaming Lake Ontario "Lake American", Trump put forward a new renaming idea: suggesting changing New Mexico to the "State of New America". When discussing the Strait of Hormuz shipping lane, Trump said, "I think we should call the Strait of Hormuz the 'Strait of Trump'."