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5 Things to Know in Crypto This Week 💡

Crypto Investment Products See Largest Inflows In 5 Weeks - BTC Hits $64k 🔥

• Record Inflows: Crypto investment products saw their largest inflows in five weeks, with $533 million entering from Aug. 18 to Aug. 24, driven by anticipation of potential US interest rate cuts in September 2024.

• Bitcoin Dominates: Bitcoin-related exchange-traded products (ETPs) led the surge, attracting $543 million, with BlackRock's iShares Bitcoin Trust (IBIT) alone pulling in $318 million.

• Ethereum Outflows: Ether (ETH)-related products experienced $36 million in outflows, primarily due to the Grayscale Ethereum Trust (ETHE) offloading $118 million, despite new ETH ETFs seeing $3.1 billion in inflows since July 23.

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Russia-France Tensions Flare Following Telegram CEO’s Arrest: Reports 📧

• Russian officials are outraged by the arrest of Telegram Founder & CEO Pavel Durov in Paris, with the Russian Embassy in France demanding clarification and consular access.

• Pavel Durov was detained at Paris's Le Bourget airport, potentially facing charges related to Telegram's operations, including money laundering and inappropriate content.

• French authorities are expected to address the arrest on Monday, while Telegram asserts compliance with EU laws and claims Durov has nothing to hide.

• Prominent crypto figures, including Elon Musk and Vitalik Buterin, have expressed support for Durov. Telegram affiliated blockchain, ‘TON’'s price dropped by 25% to $5.24 following the arrest

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Why Crypto x AI Startups Are So Hot With VCs 💥

• Crypto-AI Boom: Crypto-AI startups are attracting significant venture capital, with some achieving billion-dollar valuations in early stages. Notable examples include PIP Labs ($2.25B valuation) and Sentient ($85M seed round).

• VC Insights: VCs like Jed Breed and Rajiv Patel-O'Connor attribute the surge to AI's transformative potential and the combination of AI and crypto's optimistic narratives.

• Decentralization Appeal: Investors believe decentralized tools can address the downsides of centralized AI models, ensuring permissionless access similar to Bitcoin's impact on currency.

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Stablecoin Market Cap Hits New All-Time High, Beating Early 2022 Record 🔼

• The total stablecoin market cap, excluding algorithmic stablecoins, reached an all-time high of over $168.1 billion, surpassing the previous March 2022 peak of around $167 billion, according to DefiLlama data.

• The market cap had previously hit a low of around $122 billion in October 2022 but has been growing steadily since the beginning of 2024.

• Crypto analyst Rachael Lucas suggests that the rising stablecoin market cap may indicate increased interest from institutional investors, viewing stablecoins as a safe haven in uncertain market conditions.

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Interest Rates Are About To Fall. Should The $2B Tokenized Treasuries Market Worry? 🕊️

• Fed Chair Jerome Powell confirmed that interest rate cuts are imminent, though they won't be deep in real terms.

• Issuers of tokenised treasuries, such as BlackRock, Franklin Templeton, and Superstate, are not overly concerned about the impact of these cuts.

• Tokenised treasuries have seen significant growth, with investments rising from $750 million in March to over $1.9 billion today.

• High interest rates have benefited projects investing in treasuries, but a cooling labor market and reduced inflation may prompt the Fed to adjust its strategy.

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