Monday – Labor Day 

• U.S. stock markets will be closed. Low liquidity may increase sudden price swings in crypto markets. 
• Tether ends support for Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand networks, marking a significant change in the stablecoin ecosystem. 
• Conflux (CFX) will implement its hard fork update. 
• Starknet (STRK) will release its mainnet upgrade. 

Tuesday 

• Eurozone Annual Inflation Rate (CPI) will be released. Inflation data may impact ECB policy and demand for crypto via the Euro. 
• U.S. ISM Manufacturing Data will be published. Lower-than-expected results could boost global risk appetite and crypto inflows. 

Wednesday 

• Turkey Annual Inflation Rate CPI will be announced. Movements in TRY may affect USDT/TRY and local crypto pricing. 
• U.S. JOLTS Job Openings and Factory Orders. Slower employment growth may affect Fed policy expectations, creating volatility for Bitcoin. 
• Fed Beige Book Report will be released. Signals on economic outlook are critical for risk assets. 

Thursday 

• U.S. ADP Nonfarm Employment Data release. Weak jobs growth may strengthen expectations of Fed rate cuts and positively impact crypto. 
• Weekly U.S. Unemployment Claims will be monitored. 
• Fed officials John Williams and Austan Goolsbee will speak. 

Friday 

• U.S. Nonfarm Payroll report. This could be the most critical data for crypto markets this week. Weak numbers may increase inflows into risk assets. 
• U.S. Unemployment Rate and Hourly Earnings will directly impact Fed rate expectations. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Crypto Markets This Week: Key Data & Updates September appeared first on Coin Engineer.

Conflux(CFX) Drops Below $0.4

Conflux started the week with an uptrend and increased up to $0.46, making their asset holders question whether it will go up to $0.5. This question does not last long, as the CFX closed the day below $0.4.

By the end of the week, the price had dropped by $0.36. Also, upon analyzing the chart, AMBCrypto observed a consistent drop in volume simultaneous with the price loss. The volume was over $74 million at the start of the week and reached a peak of over $300 million in the week.

Wormhole(W) Couldn’t Hold Above $1

Wormhole is a new token launched on April 3rd. On the token’s release, the price went up to $1.6, and the market capitalization was around $3 billion. However, by the end of the day, the price dropped down to its initial price and continued its downtrend for the whole week.

By the weekend, Wormhole saw $0.95 and managed to end the week barely at $1. Additionally, this decline reduced its market capitalization to around $1.825 billion at the time of writing. Although the Wormhole token’s introduction marked an important turning point for the platform, its first week of trade saw a huge setback.

In this ambiguous week, these two coins couldn’t maintain a good performance on the market. However, it shouldn’t be forgotten that prices can shift rapidly because of the volatile nature of the market.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Conflux and Wormhole: Unsuccesful Coins of the Week appeared first on Coin Engineer.

Q2 Launch Targeted, Subject to Regulations

Fan Long, Conflux CEO, expressed optimism about the launch timeframe, stating, “We hope they [HKMA] could push it as soon as possible. If it’s going fast, maybe in Q2, people will be able to get them from exchanges, which is the fastest possibility.” However, he acknowledged that the final timeline depends on the progress of the regulatory sandbox.

The HKMA’s sandbox provides guidance for firms seeking to issue stablecoins in Hong Kong. This follows a consultation document released by the HKMA on February 29th regarding regulations for stablecoin issuers. The Financial Services and Treasury Bureau proposed that stablecoin issuers pegged to fiat currencies require HKMA licenses.

Addressing Market Demand for HKD Stablecoin

The dominance of US-dollar pegged stablecoins has led some financiers to question the ability of authorities to maintain local currency pegs. Alessio Quaglini, CEO of Hong Kong-based Hex Trust, expressed his doubts about the necessity of an HKD stablecoin, stating, “I am also thinking if we really need HK dollar stablecoin.”

The Conflux-AnchorX partnership aims to address this potential market demand by introducing AxHKD. This Hong Kong dollar-backed stablecoin will maintain a 1:1 peg through a 1:1 trading band with the HKD. The entire system will be backed by reserves of highly liquid assets.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post Conflux and AnchorX Collaborate to Launch HKD-Pegged Stablecoin in Q2 appeared first on Coin Engineer.

This exciting news led to a positive price movement for the Conflux (CFX) coin.

In the announcement, DWF Labs stated:

We are excited to announce that we have launched a Proof-of-Stake (PoS) Node on @Conflux_Network to further our belief and support in the long-term value of the project’s BTC asset innovation. This launch of the PoS Node will especially support Conflux’s mission to innovate in the Bitcoin ecosystem with the upcoming launch of its BTC Layer 2 (L2) solution.

According to this announcement made on the X (Twitter) account, Conflux will be able to take innovative steps in the Bitcoin ecosystem with the BTC Layer 2 (L2) solution.

Thrilled to announce that we have launched a Proof of Stake (PoS) Node on the @Conflux_Network to further our belief and support for the project’s long-term value in BTC-asset innovation.

This launch of the PoS Node will support Conflux’s mission to innovate within the Bitcoin… pic.twitter.com/P7MiufB4bL

— DWF Labs (@DWFLabs) February 6, 2024

What is Conflux (CFX)?

It is a protocol for finance, Web 3.0, and new open-source dApps. Conflux combines Proof-of-Work and Tree-Graph structures and defines itself as a fast and secure blockchain.

The post DWF Labs Launches PoS Node on Which Altcoin Network? appeared first on Coin Engineer.