Glassnode: BTC Price Above Short-Term Holder Cost Range, Strong Support Expected on Pullback

On August 1st, the Nasdaq-listed company The9 Limited announced that its wholly-owned Hong Kong subsidiary, Vast Ocean International Limited, has launched the Web3 gaming platform the9bit. The9bit has formed a strategic partnership with the blockchain gaming guild Yield Guild Games (YGG). It is reported that the9bit will be integrated into YGG's official onboarding channel and blockchain gaming guild activities. It is reported that from 2005 to 2009, The9 Limited was the exclusive operator of World of Warcraft in mainland China.

On August 1st, according to the crypto data platform Kiyotaka, there has been a persistent discount of Ethereum on Coinbase. This marks the first time since April of this year. During this period, Ethereum has surged by more than 150%.

On August 1st, the Nasdaq-listed company Cemtrex (stock code: CETX) announced that it had acquired $1 million worth of SOL as the initial step in its digital asset reserve strategy. The company purchased 5500 SOL at an average price of $181 per coin and intends to gradually expand the size of its cryptocurrency reserves to $10 million.

On August 1st, the financial institution Jefferies issued a report indicating that it had reduced Coinbase's target price from $405 to $375. (Securities Times)

On August 1st, as per AASTOCKS, Zi Yuan Shi, the Head of Proprietary Investment at Huaxing Capital, stated that "The company will continuously and actively embrace Web3.0 and the digital asset industry. By leveraging its professional capabilities and high-quality resources through investment banking services, strategic funds, and direct investments, etc., it aims to empower the Hong Kong digital industry ecosystem. The company has applied to expand its Hong Kong Securities and Futures Commission Type 1, 4, 9 licenses to cover digital asset business. And it looks forward to collaborating with industry partners to enhance investment and construction efforts in digital asset financial infrastructure, on-chain ecosystems, and RWA assets, jointly promoting industry innovation, stable development, and assisting Hong Kong in becoming a global digital asset hub."

On August 1st, the July employment report, which is scheduled to be released at 8:30 p.m. Beijing time on Friday, is anticipated to indicate an addition of 110,000 jobs, a notable decline from June's 147,000. The unemployment rate is expected to increase from 4.1% to 4.2%, and the average hourly earnings are predicted to rise by 0.3%, which is higher than June's 0.2%. If the forecast proves accurate, it will strengthen the perception of a decelerating job market, although it may not necessarily call for a response from the Fed. Earlier this week during the interest rate meeting, Powell did not offer guidance on the September rate decision, suggesting that there is a significant amount of data to be disclosed before then. Friday's July nonfarm payroll report will be a part of the puzzle that will assist in shaping expectations for a September Fed rate cut. Analysts note that if the nonfarm payroll data is below 100,000 and the unemployment rate rises, it may imply a weakening job mark