Bitcoin Falls on Rate Hike Expectations
Bitcoin's price declined following the release of a US jobs report that strengthened the case for Federal Reserve interest rate hikes. The report revived bets that the Fed may tighten monetary policy, which typically pressures risk assets like cryptocurrencies.[S1]
President Trump responded to the rate hike speculation, arguing that interest rates are already too high. He stated that the US should have the lowest interest rates globally and dismissed the idea of raising rates as 'ridiculous.'[S1]
Altcoin Derivatives Activity Surges
In a notable market development, open interest in altcoin perpetual futures has exceeded that of Bitcoin for the first time since December 2024. This shift indicates growing trader interest in alternative cryptocurrencies, with Zcash derivatives activity reaching a record high.[S1]
The expansion of the altcoin market comes as new projects launch, including Hunter Biden's LAPTOP memecoin on the Base network, scheduled for September 9. The token will reserve 200 million units for airdrops, including to eligible investors who lost money on the TRUMP token.[S1]
Liquid Network Recovers Stolen Funds
The Liquid Network has successfully recovered 3,400 Bitcoin from the hackers responsible for its $320 million exploit. However, approximately 598 Bitcoin, valued at around $47 million, remains outstanding as security fixes continue to be implemented.[S1]
