BlockBeats News, August 29th, according to GMGN market data, the Solana ecosystem Meme coin Trump Digital Gold (GOLD) saw its market cap plummet over 95% in 1 minute, and the current market cap has dropped to $1.8 million.

This Meme coin, themed after "Trump Digital Gold," was launched by @realtrumpcoins1. This account is dedicated to promoting and selling official Trump-related collectible coins/medals and is an official partner of The Trump Organization. As more details have not been disclosed yet, the community widely questions the authenticity of this Meme coin, suspecting that this official account may have been compromised.

Community members remind everyone that the project's association with websites/links does not constitute official confirmation. They refer to Eric Trump's previous statement that "no one is launching a coin, otherwise it's a scam," urging everyone to wait for a clear endorsement before taking action. The Chinese community and multilingual communities in general caution against "blind FOMO" and advise to "wait for confirmation before considering any action."

BlockBeats reminds users that Meme coin prices are highly volatile and mostly lack practical use cases, so please avoid FOMO.

Insightful Beating AI News, Cursor's Co-Founder and CEO Michael Truell wrote that OpenAI has issued a notice planning to block Cursor users' access to the OpenAI model in 3 months. Truell stated that currently the OpenAI model accounts for about 5% of Cursor's user traffic, and Cursor is in communication with the OpenAI team to address this issue.

Truell noted that Cursor was one of the earliest users of OpenAI, and the two have been collaborating for many years. Cursor has always trusted OpenAI to provide its platform as a "neutral infrastructure" service. At this juncture of changing the partnership, Cursor is facing intensified competition in the AI programming tool market and the dual pressure of model suppliers building their own applications.

Previously, two weeks after SpaceX completed its $60 billion acquisition of Cursor, OpenAI announced the end of the nearly four-year collaboration. Future new models will no longer be integrated into Cursor, and the direct supply of existing models is scheduled to stop on November 12, 2026. The contract between the two parties allows OpenAI to terminate the agreement with Cursor after the acquisition. OpenAI almost directly targeted Musk this time. It stated that Musk, after acquiring Twitter, violated the agreement with OpenAI. This year, Musk also admitted in court that xAI had improperly used the OpenAI model.

BlockBeats News, August 29, after Fed Chair Powell sent a hawkish signal at the Jackson Hole Symposium, Bitcoin surged and then retreated. On Friday, it briefly dropped to $76,877, a significant pullback from the overnight high of $81,455, ultimately closing at $77,557, down 3.39% for the day. Earlier this week, Bitcoin saw a double-digit increase, but the $81,000-$82,500 resistance zone once again suppressed the rally.

Powell stated that the pace of U.S. inflation decline is still inadequate, and the Fed has "work to do" before achieving the 2% inflation target, leading the market to significantly raise expectations of a September rate hike. CME FedWatch data shows that the probability of a rate hike in September increased from 35.4% the previous day to 55.7%. The hawkish impact also triggered a concentrated unwinding of leveraged positions in the crypto market, with approximately $481 million in liquidations in the past 24 hours, where long liquidations exceeded $360 million.

However, the market's long-term bullish sentiment has not significantly reversed. Predictive market data shows that traders currently give a 77% probability for Bitcoin to reach the next major target of $84,000, and a 23% probability of dropping to $55,000, a ratio that has not changed despite Friday's pullback.

On the fundamental side, the U.S. spot Bitcoin ETF has seen net inflows for 8 consecutive trading days as of Wednesday, with total investments of around $2.8 billion, marking the longest run of inflows since April. From a technical perspective, Bitcoin's RSI is around 69.7, not yet in the extreme overbought territory that previously triggered a correction; if it falls further, the $73,670-$75,157 range will be a key support area for the bulls, while reclaiming the $81,000-$82,500 level is crucial for opening up new highs.

In the short term, Powell's softened forward guidance implies that the market lacks a clear policy path before the next rate decision meeting, and Bitcoin may still experience significant volatility in response to inflation data and interest rate expectations.

BlockBeats News, August 29th: This week, the global market saw a mix of long and short positions. Federal Reserve Chair Powell delivered a hawkish signal at the Jackson Hole symposium, stating that the potential trend of U.S. inflation has not yet shown "meaningful improvement." If underlying inflation does not fall back to 2% quickly enough, the Fed still has work to do. Following the speech, market expectations for a September rate hike significantly increased. The U.S. dollar index rose by 0.85% this week, gold plummeted over 3% in a single day, with a total weekly decline of 3.24%, and silver fell by 3.82% for the week.

On the geopolitical front, the prospects of U.S.-Iran negotiations fluctuate. The U.S. initiated an "economic orphan action" against Iran and expanded the scope of sanctions. Iran, on the other hand, engaged in coordination with Oman to reopen the Strait of Hormuz, planning to establish a temporary navigation channel and conduct joint mine clearance. However, the full opening of the strait still depends on Iran's conditions, including the U.S. lifting blockades and sanctions, unfreezing Iranian funds, and ceasing Israeli hostile actions in Lebanon. Meanwhile, Trump announced that the U.S. has acquired a "controlling interest" in over 65 billion barrels of oil reserves in Venezuela. The oil market traded on expectations of Middle East supply recovery, leading to a significant price weakening this week.

AI trading surged again this week. NVIDIA released a strong earnings report, with a second-quarter revenue of $96.2 billion, a 106% year-on-year increase, and data center revenue of $89 billion, a 117% year-on-year growth. The company expects third-quarter revenue to reach $108 billion. The earnings report boosted NVIDIA's stock price by 8.7% in a single day, increasing the market value by about $442 billion, approximately 3 trillion RMB. OpenAI revealed the progress of its self-developed Jalapeño inference chip testing and plans to deploy it by the end of 2026, while continuing to increase investment in AI infrastructure.

On the macro policy front, the U.S. Treasury expanded its long-term Treasury repurchase plan, sparking discussions in the market about "fiscal dominance" and the Fed's independence. According to reports, Japan has cumulatively intervened in the forex market with 15.4 trillion yen, setting a monthly historical record. Domestically, multiple departments simultaneously rolled out real estate policies, extending the maximum term of individual housing loans from 30 years to 40 years. Policies supporting the development of real estate in the capital market also came into effect simultaneously.

Market focus also included Alibaba's placement of approximately 80 billion HKD for AI infrastructure and model research, with senior management continuously increasing their holdings of company stock. Apple released a new Mac product featuring the first 2-nanometer M6 chip and is scheduled to hold a fall event on September 9th, where the first foldable iPhone is expected to be unveiled.

Tech PR firm EZPR's founder and prominent AI skeptic Ed Zitron, during an appearance on the podcast The Diary Of A CEO, stated that he believes generative AI is fundamentally a "scam." He argued that the entire industry has greatly exaggerated what AI can currently do, what it will be able to do in the future, and the true financial situation behind it. He feels that AI has been packaged as a kind of "magic" that will replace all jobs, even solve cancer, but the reality is more like a very expensive, unproven profitable, and unstable cloud software. More importantly, he believes that the revenue of the current AI industry chain heavily relies on a few companies still in massive losses like OpenAI and Anthropic, which themselves depend on ongoing funding from tech giants like Microsoft, Amazon, Google.

Zitron also questioned that large tech companies rarely disclose true AI revenue individually, instead using vague metrics like "annualized run rate" to describe growth. In his view, AI is certainly a real technology, but the commercial narrative, revenue expectations, and capital cycles around it have far outpaced actual profitability.

BlockBeats News, August 29th, Federal Reserve Chair Jerome Powell said on Friday at the Jackson Hole Global Central Bank Symposium that despite better-than-expected inflation data this summer, it is not yet sufficient to demonstrate a "meaningful improvement" in the underlying inflation trend. The Fed still needs to confirm that inflation can fall back to the 2% target quickly enough, otherwise, "there is more work to be done."

Powell emphasized that controlling inflation remains the Fed's top priority, while noting that the U.S. economy appears to be strengthening, but he did not directly reveal the policy decisions for the September meeting.

Following the speech, Treasury yields rose, gold prices plummeted, and the market's expectations for a September rate hike by the Fed increased. CME FedWatch data shows that traders now see a 45.7% probability of a rate hike in September, a significant increase from the previous day.

BlockBeats News, August 29th, according to Coinglass data, in the past 24 hours, a total of $488 million was liquidated across the entire network. Long liquidations amounted to $362 million, while short liquidations reached $126 million. A total of 97,829 people were liquidated globally.

BlockBeats News, August 29th - Jiang Zhuo'er, founder of BTC.TOP mining pool, stated in a post that both BTC and ETH have fallen below the upward channel. With no ETF buying pressure over the weekend, it is a bearish time for the bulls, which may lead to a downward trend. Currently, he has sold 50% of his ETH spot position at an average price of $2430.