Sep 1, 2023

"CoinDesk Daily" host Jennifer Sanasie breaks down the hottest stories in crypto, as the markets react to the August jobs report and the SEC's move to delay the decision on spot bitcoin ETF applications.

Video transcript

Robin Hood buying back stock from Sam Bank and Fried and new accusations against bankrupt crypto lender Genesis. You're watching Coindesk Daily, I'm your host, Jenna. Let's take a look at the markets. The Coin de Bitcoin price XX index is currently falling below $26,000 giving back all weekly gains. Two factors impacting the markets. The US Labor department released the August report showing 187,000 jobs were added last month higher than expected, but the unemployment rate rose 3.8%. The price of Bitcoin was a little changed in the minutes following that news. Meanwhile, spot Bitcoin ETF aspirations have been sidelined yesterday. The sec pushed off decisions on all applications. Crypto bulls are hoping an employment slowdown and lower interest rates could provide a positive catalyst. Robin Hood has agreed with the United States Marshal Service to buy back more than $605 million in stock previously owned by Sam Bank and Fried. The US government seized the 55 million Hood shares owned by the FTX founder and his co-founder, Gary Wang. The share repurchase agreement was approved by the court earlier this week, Genesis creditors have hit out at a proposed $175 million deal with the defunct Exchange FTX. They are accusing the bankrupt crypto lender of vote buying to manipulate the bankruptcy process. The Thursday filings present another headache for Genesis. Earlier this week, a tentative deal between Genesis and DC G was opposed by a sizable grouping of creditors. DC G is also Coin Desk's parent company, a stable coin backed by one of the world's most volatile currencies has become one of the leading non us dollar pegged stable coins. Tryb is backed by Turkey's lira and its second only to tether's zero pegged stable coin in market cap for quadrupling in just three weeks. Data from coin gecko shows the market cap of tryb surging by 325%. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.

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