Eric Trump Backs $1 Million BTC Call: Crypto News Update

In today's edition of The Daily, we cover significant movements in the crypto world, originally featured in The Block's newsletter. U.S. PCE data met expectations, yet cryptocurrency prices dipped slightly. However, a recent soft jobs report may provide the Federal Reserve with the flexibility to ease policies, potentially benefiting Bitcoin, which could see valuations reach between $150,000 and $200,000 during this cycle, as highlighted by 21Shares' analyst Matt Mena. Eric Trump, during a discussion with David Bailey at the Bitcoin Asia event, called China a formidable force in cryptocurrency, reaffirming confidence in his Bitcoin price prediction of $1 million. In Ethereum news, its monthly onchain transaction volume has soared past $320 billion in August, marking the highest level since May 2021, as the ecosystem enjoys significant activity and ETH approaches new all-time highs. Furthermore, IREN reported $187.3 million in revenue for the quarter ending June 30, showcasing its annualized Bitcoin mining revenue exceeding $1 billion based on current market conditions. In legal news, Eliza Labs, a crypto AI firm, has filed a lawsuit against Elon Musk's X, claiming the platform engaged in anti-competitive behavior by using proprietary information to create competing AI products while subsequently banning Eliza from the platform. In other updates, NFT brand Pudgy Penguins has partnered with Mythical Games to introduce Pudgy Party, a lively web3 mobile game loaded with mini-games, collectibles, and customizable penguins. Don’t forget to check out The Funding, a biweekly update on crypto venture capital trends. It's informative and, like The Daily, is free to subscribe!