A record-breaking US jobs revision set the stage for the Federal Reserve to cut rates, a move which could supercharge the next Bitcoin price breakout. Key takeaways: The US Labor Department revised payrolls down by 911,000 jobs, the largest cut in history, signaling deep labor market weakness. The revision strengthens expectations of a Federal Reserve rate cut even though inflation is still elevated. Read more
The era of memecoin exchange-traded funds has begun in the United States, according to Bloomberg’s Eric Balchunas. The United States’ first memecoin exchange-traded fund (ETF) is set to debut on Thursday, marking the latest step in the expansion of regulated crypto products after the successful rollout of Bitcoin and Ether funds last year. In a social media post on Tuesday, Bloomberg ETF analyst Eric Balchunas said the Rex-Osprey Doge ETF (DOJE) is set to debut Thursday. “Pretty sure this is the first-ever US ETF to hold something that has no utility or purpose,” Balchunas said. Read more
BNP Paribas and HSBC are the latest institutions to join the Canton Foundation, signaling growing institutional adoption of real-world asset tokenization. Two major global banks — BNP Paribas and HSBC — have joined the Canton Foundation, the development organization of the tokenization-focused Canton Network, underscoring continued institutional interest in real-world asset applications of blockchain technology. The foundation announced Tuesday that BNP Paribas and HSBC are now members, alongside recent entrants Goldman Sachs, Hong Kong FMI Services and Moody’s Ratings. With more than 30 members, the Canton Foundation provides governance and strategic direction for the network while advancing blockchain-based financial use cases. Canton Network is a blockchain designed for institutional finance, with a core focus on real-world asset (RWA) tokenization, regulatory compliance and interoperability. Read more