Bitcoin Faces Volatility Amid ETF Outflows & U.S. Jobs Data

DAILY MARKET OVERVIEW
Market Remains Cautious ⚖️ 

👋 Hey there Crypto Enthusiasts! This is a condensed version of our newsletter. We'll be fully back and ready to roll on Monday.

📉 Bitcoin Dips to $55K Amid ETF Outflows & U.S. Jobs Report

Bitcoin saw a quick jump from $55,500 to nearly $57,000 after the U.S. jobs report came out today.

The report showed 142,000 new jobs added in August, which was less than expected, but the unemployment rate dropped slightly to 4.2%. This has increased the chances of the Federal Reserve cutting interest rates by 25 basis points at their September 18 meeting.

• Despite this brief rise, Bitcoin is still facing volatility due to recent ETF outflows, which totaled $211 million over the past week.
  

The market remains cautious, with the Crypto Fear and Greed Index showing "extreme fear". Analysts say Bitcoin may continue to fluctuate, but institutional interest could help steady things in the near future.

Stay tuned for more updates!

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

TON Foundation Invests $24 Million to Boost DeFi
The TON Foundation has injected $24 million into its DeFi incentive program, aiming to reward liquidity providers on major protocols to attract more users.

CZ Banned from Managing Binance for Life
Former Binance CEO Changpeng Zhao is permanently barred from managing the company but retains his shareholder rights, according to current CEO Richard Teng.

Japan's Top Banks to Test Stablecoin Transfer Platform
Japan's three largest banks—MUFG, SMBC, and Mizuho will trial a cross-border stablecoin platform, aiming to improve international settlements for businesses.

Trump's New DeFi Project Raises Security Concerns
Experts worry that Trump's DeFi project could be a target for money-motivated or politically-driven hackers, given the lack of blockchain expertise within its leadership.

CRYPTO MEMES