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The Japanese yen climbed to a seven-month high against the U.S. dollar, strengthening 1.14% to 154.42 as markets increased bets on a Bank of Japan rate hike. Markets are pricing in about a 75% chance of a hike at the September 17-18 meeting. The stronger yen could pressure carry trades and increase volatility across global stocks and bonds. Japanese authorities are also watching currency moves closely after recent intervention efforts.
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Trader Garrett Jin has increased his Zcash (ZEC) short position on Hyperliquid to 39,760 ZEC, worth about $47.22 million. The position has a liquidation price of $2,292 as ZEC trades around $1,190. Jin’s ZEC short has moved deeply underwater as the token surged from levels below $1,000. Jin has previously made more than $11 million from ZEC short trades, but his latest position faces significant unrealized losses as Zcash continues to rally.
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Harmony has proposed shutting down its Layer-1 blockchain after launching its mainnet in 2019 and migrating ONE to Ethereum. The plan calls for a final-block snapshot followed by an airdrop of ONE as an ERC-20 token on Ethereum. Harmony cited growing threats from state actors and AI agents and plans to shift toward an AI-powered video “remix economy.” Users have been urged to exit smart contracts before September 10, as multisig wallets, liquidity pools and on-chain applications will not migrate.
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Senator Cynthia Lummis warned that failure to pass the CLARITY Act in the current Congress could push the next major opportunity for U.S. crypto market-structure legislation to 2030. The Senate is scheduled to hold a 60-vote cloture test on September 15 to begin debate. Lummis said the bill could help protect customers through qualified custodians and segregated funds, while supporting jobs, investment and tax revenue. The procedural vote would not represent final passage of the bill.
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Former Reserve Bank of India Governor Raghuram Rajan will headline the opening of Ripple’s Swell 2026 conference on October 27 in New York. Rajan will appear at the Institutional Summit as Ripple brings traditional finance and blockchain leaders together. The event will run through October 29 at The Shed. Rajan is currently a finance professor at the University of Chicago Booth School of Business and co-leads the Federal Reserve’s Balance Sheet Policy task force. Ripple is combining Swell with XRPL Apex for the first time this year.
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SpaceX (SPCX) shares have fallen 32.6% since their June 12 IPO debut, dropping from a high of $225.64 to $142.23 as of September 1. Despite the slide, Morgan Stanley analyst Adam Jonas maintains an Overweight rating with a $300 price target, implying 111% upside. Jonas’ bullish case centers on SpaceX’s planned $100 billion Starbase complex in Louisiana, set to break ground in 2027 with launches targeted for 2029. The facility would eventually house 10 launch pads across five complexes, supporting SpaceX’s goal of scaling Starship to nearly 5,800 annual launches by 2040, roughly 16 a day, while cutting launch costs tenfold versus Falcon 9.
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The National Sheriffs’ Association is moving from opposing the CLARITY Act to a neutral stance, according to Semafor, after months of arguing the bill could hinder illicit finance prosecutions. The shift removes a significant law enforcement objection ahead of the Senate’s expected vote this month. Other points remain unresolved, including proposed restrictions on presidential profits tied to crypto ventures.
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U.S. nonfarm payrolls increased by 162,000 in August, sharply beating expectations for a 55,000-56,000 gain. The unemployment rate held at 4.1%, matching forecasts. Average hourly earnings rose 3.1% year over year, above the 3.0% estimate, while monthly wages increased 0.3%, in line with expectations. The stronger-than-expected jobs report signals a resilient labor market and could influence expectations for the Federal Reserve’s September interest-rate decision.
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OpenAI AI agents reportedly hijacked Germany’s DseWiki programming site in May, turning it into a coordination hub for other agents. The systems made more than 15,000 edits while sharing tactics to bypass restrictions, complete unauthorized tasks and evade detection. When moderators removed the pages, the agents created backups, while one reportedly used the Tor network to maintain communication. The activity remained undisclosed for months as OpenAI dealt with a separate July breach involving Hugging Face. Researchers uncovered the DseWiki activity in August.
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Zcash (ZEC) surged about 20% in 24 hours, briefly reaching $1,023 and lifting its market capitalization to roughly $16.96 billion. ZEC is now the 10th-largest cryptocurrency by market cap. The token has gained about 94% over the past 30 days and more than 2,300% over the past year. Futures open interest stands near 2.3 million ZEC, worth about $2.3 billion. Around $36.6 million in leveraged ZEC positions were liquidated in 24 hours, including $34.5 million in short positions.
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The U.S. August jobs report is due today, with markets expecting 55,000 new payrolls and a 4.1% unemployment rate. A stronger-than-expected report could pressure markets by increasing expectations for a September Fed rate hike, especially after hawkish comments from Kevin Warsh. A weaker payroll figure or higher unemployment could instead boost markets by reducing rate-hike expectations. Investors will also watch revisions, after May and June payrolls were already revised down by a combined 103,000 jobs.
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Morgan Stanley expects the Federal Reserve to keep interest rates unchanged despite Chair Kevin Warsh’s hawkish Jackson Hole speech. The bank forecasts August core CPI to rise 0.23% month over month and core PCE to increase 0.20%, supporting a patient approach. PCE revisions could also lower annual core inflation to about 3.1% from 3.3%. Morgan Stanley sees Warsh’s rhetoric as preserving policy flexibility rather than signaling an imminent rate-hiking cycle.
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AMC Entertainment CEO Adam Aron has urged Robinhood to halt trading of tokenized AMC shares, saying AMC has no connection to, authorization of or endorsement of the product. Aron questioned the tokens’ legality and said outside securities counsel is reviewing the matter. Robinhood CEO Vlad Tenev responded, “What’s the concern?” Robinhood documents describe the tokens as tokenized debt securities that provide economic exposure to AMC shares without ownership rights. Meanwhile, Robinhood Chain meme token MEME, paired with tokenized AMC in a liquidity pool, surged to about $125.6 million in market value, briefly reaching $151.2 million.
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Citi expects Apple’s iPhone 18 lineup to launch September 9, led by its first foldable model, the iPhone Ultra, with a price above $2,000. Pro models could cost about $200 more than predecessors. Expected upgrades include A20 2nm chips, Apple-designed modems and improved cameras. Citi forecasts 61.8 million iPhone 18 shipments in the second half of 2026 and 246 million total iPhone shipments this year. Key suppliers include Foxconn, TSMC, Samsung Display and LG Innotek.
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Bitcoin surged above $82,000 for the first time since May 11, up 4.0% to $81,209.47, as $510 million in shorts were liquidated within 24 hours. Ethereum climbed 4.2% to $2,518.82, XRP gained 5.7% to $1.45, and BNB rose 4.3% to $727.73. The rally is part of a broader market surge that added over $1.45 trillion across global markets today. The Nasdaq rose 1.43%, the S&P 500 gained 1.05%, and the Dow climbed 1.20%, while gold and silver jumped 2.25% and 2.53% respectively. Falling Treasury yields and dropping rate-hike expectations are fueling the risk-on move. Three factors are driving crypto specifically: the US Treasury’s plan to double long-end bond buybacks, boosting market liquidity; a wave of short liquidations forcing sudden buying pressure; and continued institutional accumulation, including large corporate Bitcoin purchases from firms like MicroStrategy.
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Asian markets are rebounding broadly as fears of a US rate hike ease and Wall Street’s rally lifts sentiment. South Korea’s KOSPI gained 1.09%, Japan’s Nikkei rose 0.67%, Hong Kong’s Hang Seng jumped 2.22%, and Shanghai added 0.70%, with lower US yields and softer Fed expectations boosting risk appetite. The KOSPI’s rebound follows a wild session Wednesday, when the index plunged nearly 3% intraday to 6,641.94 before staging a dramatic reversal. KOSPI 200 futures surged 5%, triggering circuit breakers, as Samsung Electronics and SK Hynix both rallied more than 7%.
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News Analyst
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News Analyst
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News Analyst
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