The U.S. stock market experienced significant declines, and the crypto market fell by 5.82% following a disappointing jobs report, sparking concerns about a potential recession. Meanwhile, Coinbase reported $1.4 billion in Q2 revenue, highlighting growth and regulatory progress in the crypto sector. In Zambia, the central bank aims to enforce the kwacha as the sole legal tender for domestic transactions. Bybit launched a digital rupee to facilitate secure INR payments. Lastly, Tyler Winklevoss commented that the crypto industry will “show no mercy” in November after Vice President Kamala Harris declined to attend the Bitcoin 2024 conference.
Markets in Freefall, Coinbase Reports Great Q2 Revenue, and More — Week in Review
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Markets in Freefall: US Stocks Plummet and Crypto Crashes After Shocking Jobs Report
Following a heinous jobs report, questions are arising about whether the United States will experience a soft landing or if a full-fledged recession is on the horizon. All five major U.S. stock market indices saw notable declines on Friday, and the crypto economy fell by 5.82% to reach $2.2 trillion.
Coinbase Reports $1.4 Billion in Q2 Revenue Amid Industry’s Regulatory Advances
Coinbase posted $1.4 billion in total revenue for the second quarter of 2024, marking a period of continued growth and progress in the crypto industry. The company’s earnings report said it also made strides toward regulatory clarity in the U.S., a key development for the broader crypto economy.
Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions
The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws designating the kwacha as the sole legal tender for domestic transactions.
Bybit Launches Digital Rupee for Secure INR Payments
The crypto exchange Bybit has introduced a digital rupee (eRupee) as a new payment method for Indian rupee transactions. The launch aims to provide a secure alternative for INR users on its platform.
Crypto Industry ‘Will Show No Mercy’ in November Says Winklevoss After Harris Snubs Bitcoin Event
Following the announcement that U.S. Vice President Kamala Harris won’t attend the Bitcoin 2024 conference in Nashville, Gemini co-founder Tyler Winklevoss said the crypto industry will “show no mercy in November.”
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