Ndax Weekly TL;DR September 9th

• Trump Pledges to Make US a Hub for Crypto and AI in 2024 Agenda 
• Hedera and Cardano Join DeRec Alliance to Enhance Crypto Asset Recovery
• Bitcoin Wallet Tied to Terraform Labs Moves $62M
• Avalanche Unveils Largest Upgrade Since Mainnet Launch with Avalanche9000
   

Former President Donald Trump has pledged to make the US the global capital for cryptocurrencies like Bitcoin if re-elected, as part of his broader economic agenda for a second term. In a speech at the Economic Club of New York, Trump briefly mentioned his intention to embrace "industries of the future," including digital assets, while also positioning himself as a "chief crypto advocate" for a new project connected to his family. He criticized current regulatory approaches and vowed to reduce government red tape that he argues is stifling innovation in emerging sectors. Trump's economic plans also include slashing regulations, boosting domestic energy production, and maintaining technological competitiveness with countries like China. Additionally, Trump suggested appointing Elon Musk to lead a new government efficiency commission aimed at reducing federal spending and eliminating waste. CoinDesk

Hedera and Cardano have joined the Decentralized Recovery Alliance (DeRec Alliance) as founding members, alongside Algorand Foundation, Ripple, Hashgraph, and XRPL Labs. The DeRec Alliance, launched in January 2024, aims to develop a standard protocol for digital asset recovery, addressing the need for improved security and accessibility in the crypto space. The Alliance, established by Hedera co-founder Leemon Baird, brings together web2 and web3 companies to create a platform that simplifies crypto recovery for users. The initiative aligns with efforts by other blockchain networks like BNB Chain and Polygon, which also focus on enhancing asset protection through smart contract-based solutions. crypto.news

A Bitcoin wallet linked to Terraform Labs and its founder, Do Kwon, transferred 1,075 Bitcoin, worth approximately $62.8 million, to a new address on September 2. This transaction occurs amidst Terraform Labs' ongoing dissolution and Kwon's extradition disputes. The wallet's movement comes as Terraform Labs is required to close its operations as part of a settlement with the U.S. Securities and Exchange Commission. The Terra blockchain’s collapse in 2022 led to widespread financial damage estimated at over $60 billion, and Kwon faces potential imprisonment for his role in the debacle. crypto.news

Avalanche has announced its most significant network upgrade since its mainnet launch in September 2020, introducing Avalanche9000. This upgrade, set to debut on the testnet soon, aims to enhance the scalability and flexibility of the blockchain by enabling more efficient deployment of Avalanche subnets. Avalanche9000 will support the creation of customizable layer-1 chains, facilitating faster project launches and providing developers with new tools and incentives. The upgrade is part of Avalanche's broader strategy to expand its multi-chain network and attract more decentralized application development. crypto.news

Ndax's new news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

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News Nuggets

• CryptoPunk Sells for $1.5 Million Despite NFT Market Downturn and Regulatory Concerns crypto.news
• Ethereum Foundation's Main Wallet Drops to $650M from $1.3B Since March 2022 CoinDesk
• Spot Bitcoin ETF Outflows Surge, While Ether ETFs Show Slower Decline crypto.news
• Canadian Authorities Launch $96,000 Challenge to Tackle Crypto Fraud cryptonews
• Ripple Co-Founder Chris Larsen Endorses Kamala Harris Amidst Ripple's Political Contributions Divide CoinDesk
• Samsung Partners with Sony to Back Soneium Blockchain Incubator crypto.news
• Polygon Upgrades MATIC to POL, Enhances Token Utility and Community Engagement Cointelegraph
• Bitcoin Network Hashrate Hits Record High, Intensifying Mining Challenges Cointelegraph
• Ripple to Introduce Smart Contracts on XRP Ledger, Enhancing Programmability crypto.news

As of 09-09-2024 at 8:00 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has decreased to approximately CA$2.66 trillion from CA$2.78 trillion.
• Bitcoin's market dominance stands at 55.7%, while Ethereum's share is 14.2%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$75,569 and CA$74,314, registering a 5% change over the past week and a market cap of CA$1.5 trillion. At Ndax, the weekly movers are QNT, which saw a 16% increase in the last seven days, reaching a market cap of CA$1.4 billion, and AAVE, which experienced a 11% rise, with a market cap of CA$2.7 billion (at the time of writing).
• Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
   

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Mark your calendars!

• Sept 11: US Core CPI Announcement
• Sept 17: Canada Inflation Rate Announcement
• Sept 25: EOS Spring 1.0 Hard Fork

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The team at Ndax