Cryptocurrency investment products experienced a significant outflow of $305 million in the last week of August, according to CoinShares. This sharp decline comes amid robust economic data from the United States. Germany and Sweden reported smaller outflows of $7.3 million and $4.3 million, respectively, while Switzerland and Canada saw modest inflows of $5.5 million and $13.2 million. CoinShares anticipates that the asset class will become increasingly sensitive to interest rate expectations as the Federal Reserve approaches a policy shift. The US Commerce Department’s Personal Consumption Expenditures (PCE) price index rose by 0.2% for the month and 2.5% year-over-year, contributing to market volatility.
Cardano’s Chang Hard Fork Enhances Decentralised Governance
The Cardano blockchain has successfully implemented its much-anticipated Chang hard fork, marking a significant step in its transition to decentralized governance. On September 1, at 21:44 UTC, Cardano executed the upgrade at block 10764778, initiating the “Conway ledger era.” This upgrade is a part of Cardano’s “Voltaire” phase, which aims to empower any ADA holder to participate in governance decisions. The Cardano Foundation celebrated this milestone, stating that the Chang hard fork fulfills the promise of a self-governing and decentralized network, enhancing the blockchain’s voting mechanisms and smart contracts.
Crypto investment flows by country from Aug. 24 to Aug. 31. Source: CoinShares
Brazilian Judge Suspends Social Media Platform X
On August 30, Brazilian Supreme Court Justice Alexandre de Moraes ordered the suspension of social media platform X in Brazil. The suspension follows Elon Musk’s refusal to appoint a legal representative for X in the country. Moraes’ action was triggered by X’s non-compliance with orders to censor political content, with the justice investigating the platform for spreading misinformation about former President Jair Bolsonaro. Musk has publicly criticized Moraes, labeling him as “evil” and a “dictator” for alleged political censorship. Despite the suspension, Brazilian users have reported continued access to the platform.
