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Matter Labs, the company behind Ethereum scaling network ZKsync, announced on Tuesday that it laid off over 16% of its staff, in the latest contraction to shake up the crypto industry.  Alex Gluchowski, the company’s co-founder and CEO, announced the move publicly, calling it “the hardest change” he’s had to implement in Matter's six-year history. “Our market environment and business needs have changed significantly over the course of this year,” Gluchowski tweeted, explaining the decision. “We...

Polygon Labs is making major strides toward the future of its network on Wednesday. On September 4‌‌, the Ethereum scaling network will complete a migration from its longstanding MATIC token to POL, which will then become the native token of its network. The migration forms an integral part of the Polygon 2.0 roadmap. Ahead of the shift, here’s a look at what to expect from the migration—and what you need to do if you’re a MATIC holder. What is the “MATIC” to “POL” migration?  The POL migration...

As the cryptocurrency market anticipates potential Federal Reserve interest rate cuts, analysts are cautioning that Bitcoin (BTC) might experience a short-term decline, challenging the conventional wisdom that rate cuts are universally bullish for risk assets. According to a September 2 report by Bitfinex, Bitcoin prices have surged by as much as 32% since the August 5 lows, with global open interest for BTC/stablecoin perpetual pairs increasing by nearly 30%. However, the size of the Bitcoin pr...

Toncoin’s price slipped below $5 on Tuesday, hitting a four-month low following the arrest of Telegram founder and CEO Paul Durov in France late last month. The Telegram-linked cryptocurrency, which powers The Open Network (TON), is officially separate from the messaging app. Still, TON has roots with Telegram’s CEO, and it serves as the backbone for Telegram’s crypto features, such as in-app, digital wallets. Over the past day, Toncoin’s price had fallen 4.1% to $4.95, showing a 26% loss over t...

The first trading day of September was awash in red, with the Dow Jones Industrial Average down more than 600 points and the technology sector hard hit. Once high-flying Nvidia (NVDA) led the losses, although Apple, Microsoft, and Google were also down for the day. Nvidia (NVDA) suffered the most during the Tuesday bloodbath, with its stock plunging 9.53% to $108 from its open at $116.02. The drop brought a massive contraction in the company's total market cap. The $270 billion fall from $2.92 t...

From Bitcoin starting September with a dip to Coinbase revealing AI crypto traders, here is a 2-minute breakdown of everything important that happened in crypto today.

Metaplanet said it was adopting bitcoin as a reserve asset to hedge against the volatility of the yen in May and had accumulated a total of 360 BTC by mid-August.

Metaplanet said it was adopting bitcoin as a reserve asset in May and had accumulated a total of 360 BTC by mid-August.

FTX promised to repay up to $16.3 billion to users, but the SEC is concerned about refunds made through stablecoins.

The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 2 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.