Ethena expands USDe’s supported assets to include basis trading based on stock perpetual contracts.

The U.S. dollar held near a one-week high against major currencies on Friday, with investors staying on the sidelines ahead of remarks by Federal Reserve Chair Walsh at the Jackson Hole Economic Symposium. With U.S. inflation remaining above the 2% target, traders are now pricing in at least one 25-basis-point rate hike from the Fed this year, a development that has supported the dollar’s performance in recent sessions. Markets widely hope to glean more details on monetary policy and the U.S. Treasury’s efforts to lower long-term borrowing costs from Walsh’s remarks, given recent volatility in the bond market. However, analysts note that given Walsh’s reluctance to provide clear forward guidance, he is more likely to update on the progress of five special task forces on Fed operations he established early in his tenure. Commerzbank FX and commodities analyst Volkmar Baur said in a report that Walsh has repeatedly stressed in recent weeks that the Fed’s 2% inflation target is non-negotiable, but he has never explicitly referenced the PCE price index in this context. He added that the Fed may at least be considering adopting a different inflation gauge. If Walsh signals as much, it could undermine market expectations for further rate hikes and be interpreted as a dovish signal, putting pressure on the U.S. dollar.

According to Bitget's market data, the spot palladium price rose nearly 5% to $1,417.75 per ounce.

UK police recently announced that its financial investigation unit has recovered 20.21 Bitcoin, plus additional crypto assets and bank account funds, totaling $1.4 million (equivalent to ￡1,032,487.86). The suspect in the case had prior money laundering convictions and has since died. With assistance from the police’s cyber team, investigators traced the assets to darknet markets operating between 2016 and 2019. The police said the now-shuttered websites facilitated crimes such as drug trafficking and human trafficking, but did not disclose their specific names.

According to Bloomberg, citing people familiar with the matter, a consortium formed by private equity firm Advent and payment processor Stripe has decided to abandon its acquisition of fintech pioneer PayPal Holdings Inc. The potential deal was set to be one of the largest leveraged buyouts in history. The sources said the group is no longer moving forward with the PayPal acquisition. Earlier, those familiar with the matter stated the consortium had offered more than $500 billion. The relevant parties requested anonymity because the information has not been made public.

Barclays stated that despite the ongoing sell-off in global bonds, the assets remain too expensive to attract investor purchases. Stubborn inflation and governments' unwillingness to cut spending continue to weigh on the bond market. The bank added that while current bond trading levels are closer to fair value than at any time in recent years, "the forces pushing yields higher have not yet been exhausted".

JPMorgan announced it is raising Marvell Technology (MRVL.O)’s price target from $240 to $305.