Another exciting week in crypto!

Here are the top five stories … 👇💡

Crypto Markets Plunge After August Jobs Report Misses Expectations 📉

• Market Reaction: Cryptocurrency markets experienced a significant drop on Friday following the release of the August jobs report, which fell short of analyst expectations.

• Price Movements: Bitcoin (BTC) and Ethereum (ETH) both plunged by 4%, trading at $54,200 and $2,280, respectively. Solana (SOL) dipped 2.5%, while Polkadot (DOT) remained flat.

• Jobs Report: The U.S. Bureau of Labor Statistics reported an increase of 142,000 jobs in August, below the forecasted 161,000. The unemployment rate slightly decreased to 4.2%.

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Ripple Labs Co-Founder Chris Larsen Backs Kamala Harris 🗳️

• Former Ripple Labs CEO Chris Larsen has endorsed Kamala Harris for the 2024 presidential race, joining 88 other business executives in a joint letter.

• Current Ripple CEO Brad Garlinghouse has also expressed his views on Harris’s campaign, urging her to adopt a pro-crypto stance and distance herself from anti-crypto voices.

• Ripple Labs has a contentious history with regulators, including a multi-year legal battle with the SEC over XRP tokens, resulting in a $125 million fine.

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Ethereum Foundation's Main Wallet Down to $650M, Top Official Says 🔻

• The Ethereum Foundation's main wallet currently holds about $650 million, down from $1.6 billion in March 2022.

• Justin Drake, an Ethereum Foundation researcher, revealed the organization spends roughly $100 million annually, giving it a 10-year runway based on current ETH prices.

• The price of ETH has dropped about 30% since March 2022, contributing to the decrease in the Foundation's funds.

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CZ Banned for Life from Binance Operations 🚔

• Lifetime Ban: Changpeng Zhao (CZ), former CEO of Binance, is permanently banned from managing or operating the crypto exchange as part of a plea deal with U.S. authorities.

• Shareholder Influence: Despite the ban, CZ retains significant influence over Binance through his voting rights as the largest shareholder.

• Jail Sentence: CZ will complete his jail sentence for money laundering charges on September 29th.

• Leadership Dynamics: CZ’s shareholder rights allow him to nominate new board members or a CEO, maintaining his influence over Binance’s future direction.

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Coinbase, Robinhood Upgraded by Barclays Analyst, Citing 'Matured' Business Models 💸

• Barclays upgraded Coinbase (COIN) and Robinhood (HOOD) from underweight to equal weight, citing matured business models and product expansion.

• Both stocks initially rose but later dropped over 3% as the broader crypto market declined.

• Barclays analyst, Benjamin Budish, highlighted Coinbase's potential benefits from a friendlier regulatory environment and diverse income sources, despite ongoing risks like the SEC lawsuit.

• Robinhood's positive outlook is driven by new products, expansion in the UK and Europe, and potential new customers from the pending Bitstamp acquisition.

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