Ethereum gaming network Xai claims Elon Musk’s AI firm xAI has caused market confusion and reputational harm. Ethereum-based gaming network Xai has filed a lawsuit against Elon Musk’s artificial intelligence company xAI, accusing it of trademark infringement and unfair competition. The complaint, lodged in the Northern District of California on Thursday, claims Musk’s xAI company has created widespread market confusion, damaging Xai’s brand. Ex Populus, the Delaware corporation behind Xai, said it has used the XAI trademark in US commerce since June 2023, including through its blockchain gaming ecosystem and the $XAI token. “This is a classic case of trademark infringement that requires the Court’s intervention to remedy,” the filing said. Read more
Since 2016, whenever Ether’s price has gone up in August, it has historically fallen in September, data shows. Ether’s price has climbed 25% since the beginning of August, but historical data suggests the cryptocurrency could lose steam in September. Only time will tell if Ether (ETH) plays out differently this year, with billions flowing into spot Ether ETFs and treasury companies. Crypto trader CryptoGoos said in an X post on Friday, “ETH seasonality in September during post-halving years is typically negative. Will this time be different?” Read more
Mentions of Federal Reserve-related keywords and the anticipated interest rate cut have reached an 11-month high, according to Santiment. The surge in social media chatter around the highly anticipated US Federal Reserve September interest rate decision could be a warning sign for crypto, says sentiment platform Santiment. It comes after the crypto market rallied on Friday and market sentiment returned to greed following Fed Chair Jerome Powell’s dovish remarks at the annual Jackson Hole economic symposium. He hinted that the first rate cut of 2025 could come in September. “Historically, such a massive spike in discussion around a single bullish narrative can indicate that euphoria is getting too high and may signal a local top,” Santiment said in a report on Saturday. The firm said that social media mentions of keywords tied to the Fed and interest rate cuts have jumped to their highest level in 11 months. Read more
All eyes are on Ether as it hits new highs for the first time since 2021, while Coinbase ramps up workplace security: Hodler’s Digest The total US dollar-pegged stablecoin market is projected to swell to $1.2 trillion by 2028, spurred on by comprehensive crypto regulations in the United States, according to crypto exchange Coinbase. Coinbase said the projections mean the US Treasury issuance would have to be $5.3 billion per week over the next three years to satisfy demand from stablecoin issuers, who use short-term US Treasury bills as backing collateral for their digital fiat tokens. This issuance schedule would cause a minor and temporary drop in three-month Treasury yields of about 4.5 basis points, contrary to analyst predictions that demand from stablecoin issuers will significantly reduce the interest on US government debt. Coinbase wrote in a market report: Read more
All eyes are on Ether as it hits new highs for the first time since 2021, while Coinbase ramps up workplace security: Hodler’s Digest The total US dollar-pegged stablecoin market is projected to swell to $1.2 trillion by 2028, spurred on by comprehensive crypto regulations in the United States, according to crypto exchange Coinbase. Coinbase said the projections mean the US Treasury issuance would have to be $5.3 billion per week over the next three years to satisfy demand from stablecoin issuers, who use short-term US Treasury bills as backing collateral for their digital fiat tokens. This issuance schedule would cause a minor and temporary drop in three-month Treasury yields of about 4.5 basis points, contrary to analyst predictions that demand from stablecoin issuers will significantly reduce the interest on US government debt. Coinbase wrote in a market report: Read more
Caitlin Long said mismatches between legacy financial systems and blockchain protocols, which settle in real-time, may impact TradFi firms. Institutional investors from the traditional finance world lack the updated risk tolerance models to deal with crypto and may face trouble during the next bear market, according to Custodia Bank CEO Caitlin Long. “Big Finance is here in a big way, and that seems to be driving this cycle. I suspect it will continue to drive this cycle,” Long told CNBC at the Wyoming Blockchain Symposium on Friday. Long said that legacy financial institutions are comfortable taking on large amounts of leverage due to fail-safes built into the system, like discount windows and other “fault tolerances.” Read more
Rumors on social media about a World Liberty Financial governance proposal from October 2024 drove the Aave token down by over $30. The price of the Aave (AAVE) token tumbled by over 8% on Saturday, following rumors that the decentralized finance (DeFi) protocol would receive a different token allocation from World Liberty Financial (WLFI), a DeFi platform backed by members of US president Donald Trump’s family. “The WLFI team told WuBlockchain that the claim that ‘Aave will receive 7% of the total WLFI token supply’ is false and fake news,” blockchain reporter Colin Wu said, sparking a debate about the rumor and the token arrangement on social media. Wu was referencing a WLFI community proposal from October 2024, outlining an arrangement in which the Aave decentralized autonomous organization (DAO), responsible for governing the protocol, would receive 7% of the WLFI governance token’s circulating supply and 20% of protocol revenues generated by the WLFI deployment on Aave v3. Read more
Bitcoin accounts for an ever-greater share of global money as central banks continue to print currency and reduce purchasing power. Bitcoin (BTC) grew to account for about 1.7% of global money, a figure that includes aggregate M2 money supply data for all major fiat currencies, the largest minor currencies, and gold’s market cap, according to River, a Bitcoin financial services company. “In 16 years, Bitcoin went up to 1.7% of global money,” River said. The company weighed Bitcoin’s market cap against a $112.9 trillion basket of fiat currencies and $25.1 trillion in hard money, which excluded silver, platinum, and exotic metals like palladium. The data assumes Bitcoin has a market capitalization of $2.4 trillion, which it topped earlier in August. However, BTC’s current market cap is approximately $2.29 trillion, which brings its total share of global money down to around 1.66% at the time of this writing. Read more