#market

Fidelity, an investment company, reports that the value of X has plummeted by 4х since Elon Musk's purchase. Musk bought the social platform for $44 billion, utilizing personal funds, loans, and other resources, before taking the company private—removing it from the stock market.

The decentralized exchange dYdX is set to list perpetual futures on prediction markets. This new offering will allow users to place leveraged bets on event outcomes. This move is expected to attract investors who currently rely on centralized platforms.

As detailed in The Crypto Wealth Report 2024, the number of crypto billionaires has risen by 27% over the last year, now totaling 28, while the number of millionaires has soared by 95% to 172,300. This increase closely aligns with the overall market capitalization, which climbed by 89%.

Chipmaker AMD plans to acquire ZT Systems, a provider of advanced computing systems, for $4.9 billion to bolster its position in the AI chip market. The primary goal is to challenge the industry leader, Nvidia.

BitGo is set to launch its own yield-bearing stablecoin, USDS, in early 2025. The stablecoin will be backed by cash and short-duration Treasury bills that generate returns. The initial market capitalization is expected to reach approximately $10 billion within the first year.

On September 6, the US Bureau of Labor Statistics released its August employment report. The unemployment rate dropped to 4.2%, in line with market forecasts. However, non-farm payrolls grew by 142,000, falling short of the expected 164,000.

South Korean tech giant Naver has partnered with blockchain platform Chiliz to launch its first cryptocurrency wallet—Naver Pay Wallet. According to the company, this new non-custodial wallet could potentially provide over 33 million users with access to digital assets.