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TGIF, Zingernation! $16 million in profit sounds quite nice. That is how much one whale trader pocketed on two popular meme coins not named DOGE or SHIB.

Today, we look at what the latest payroll data means for the Fed and Bitcoin, what the Coinbase CEO said about crypto’s prospects and more.

Plus, our partner shares a free CRM solution.

MARKET SNAPSHOT

TOP STORY

Bitcoin Tanks On Weak Payroll Data: Experts Weigh In How A Fed Rate Cut Would Impact Crypto

Briefly: The latest U.S. employment data has significantly shifted market expectations for the Federal Reserve’s monetary policy, potentially influencing the cryptocurrency landscape.

So Basically: Fresh figures show weaker-than-anticipated payroll growth, prompting a dramatic increase in the probability of a substantial rate cut by September.

So Then: According to market data, the likelihood of a 50 basis point cut in September has surged from 22% to 71.5%, reflecting growing concerns about economic stability.

So What: Ruslan Lienkha, chief of markets at YouHodler said that while the market anticipates a higher probability of a 50 basis point cut, it is too early to draw definitive conclusions.

Read the full scoop here.

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FIVE ZINGERS

Massive: One shrewd whale trader pulled off a few massively proftiable trades, pocket $16 million on PEPE and MOG meme coins.

Opportunity: Former Twitter CEO Jack Dorsey thinks Bitcoin mining is a “massive opportunity” for his current company Block.

Honey Trap: Anthony Scaramucci issued a warning to cryptocurrency enthusiasts about the potential impact of a Donald Trump administration.

Get Ready: A Hong Kong broker has launched retail cryptocurrency trading in Hong Kong and is offering Nvidia stock as incentive to start trading.

Happy Birthday: Pseudonymous trader CrediBULL Crypto predicts a more severe "meme wipeout" than initially expected for Bonk.

FINTECH FOCUS

Coinbase CEO Brian Armstrong Was Asked If Another Democratic Administration Would Prove Difficult For Crypto Industry, Here's What He Said

Briefly: Brian Armstrong, highlighted a notable shift in political support for cryptocurrencies, ruling out disproportionate support from any one particular party.

What Happened: On the Q2 earnings call, he said cryptocurrency is a non-partisan issue, and advocates from both sides of the political spectrum have championed its cause.

What Else: Coinbase reported its Q2 earnings Thursday, which revealed a revenue beat despite a fall in transaction revenue.

Why It Matters: Armstrong’s comments come after investment bank Citi upgraded shares of the cryptocurrency exchange, from neutral to buy last week.

Read the full scoop here.

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