Daily Market Wrap | Aug. 29

Hot Topics

• U.S. jobless claims fell to 229,000 for the week ending August 23, 2025, with low layoffs but tepid hiring, potentially raising unemployment to 4.3%.
• American Bitcoin, backed by Trump's sons, plans to start trading on Nasdaq in September via merger with Gryphon Digital Mining.
• KindlyMD filed for a $5B equity offering to expand its Bitcoin treasury after buying 5,744 BTC, but its stock fell 12% to $8.07.

Market Updates

• Binance restored futures trading after a brief Unified Margin system outage, impacting its $40B open interest market.
• Bitcoin fell to $111,800, down 0.7%, while gold rose 0.8% to $3,477, nearing a record high, as macro factors favor gold over crypto.
• Kanye West’s YZY token crashed 70%, with 74% of traders losing $74.8M; 11 wallets took 30% of $66.6M profits.