The younger generation, who should be the most receptive to crypto, are actually quite skeptical of it. As a college sophomore, I have seen this firsthand. This skepticism seems to stem from a lack of trust in the system and a belief that the incentives are too good to be true. Unfortunately, social media platforms like Instagram and TikTok are not helping the situation, as much of the content related to crypto is disingenuous or even malicious.

Bitcoin (BTC) experienced a sharp drop to $55,500, its lowest level since August 8, erasing almost all of its gains from the past month. The Institute for Supply Management's manufacturing index for August declined for the fifth consecutive month, remaining below the 50 threshold despite a rebound from July. Following significant losses in US and Asian equity markets that caused some major stocks to plummet by nearly 10%, Bitcoin dropped to its lowest level since early August during Asian morning hours on Wednesday. The CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization, fell by almost 6%, with major tokens such as solana (SOL) and ether (ETH) experiencing losses of over 7%.

The traditional binary view of Asia as either America's or China's to win is not reflective of the region's realities. Many large and capable powers in Asia are setting diverse and sometimes competing rules on market and regulatory matters without looking to Washington or Beijing. This creates a challenge for businesses as they navigate the differing regulatory regimes of Asia's democracies. Despite expectations that China would fill the vacuum left by the United States in Asia, a number of countries have instead formed agreements without either superpower present, leading to a fragmented landscape in emerging industries like digital assets.

Next month, the financial-services committee of the U.S. House of Representatives will address various crypto issues, such as DeFi and Securities and Exchange Commission matters. SEC Chair Gary Gensler is expected to discuss digital assets with the entire committee in September. The U.S. House Financial Services Committee plans to hold a series of crypto hearings, covering topics such as DeFi, the SEC's oversight of digital assets businesses, and the consequences of "pig butchering" scams, according to a source familiar with the planning.

According to a recent study by the University of Toronto and the University of Miami, individuals who own cryptocurrency are more likely to display traits of narcissism and psychopathy. The study surveyed 2,001 American adults, with 30% of respondents reporting owning cryptocurrency. Additionally, crypto ownership was linked to belief in conspiracy theories, use of alternative and fringe social media, and an aversion to authoritarianism. However, the authors of the study cautioned against drawing strong political conclusions from these findings. Another study found that while many cryptocurrency enthusiasts are known for their libertarian views, those polled tended to identify as Democrats and hold more liberal political views. The researchers suggest that future studies should examine global trends in distrust, populism, and cynicism towards established institutions to better understand their causes.

Sony Group has partnered with Web3 infrastructure provider Startale to develop Soneium, an Ethereum layer-2 blockchain that prioritizes scalability, security, and decentralization while remaining user-friendly. The network will initially operate on a testnet in collaboration with Astar Network and is expected to be based on the Superchain ecosystem platform utilizing Optimism's OP Stack technology. Sony plans to use its parent company's distribution channels and existing user base to make Web3 technology more accessible to everyday consumers. Soneium will release technical documentation and tools for developers in the coming weeks, offering a testnet that aims to support high-volume applications and drive blockchain technology adoption.

Malaysian authorities have destroyed 985 Bitcoin mining rigs as part of a crackdown on electricity theft, which is often associated with crypto miners. The heavy-duty steamroller was used to attempt to destroy the rigs, but many appear to have survived at least the first round. Over a five-year period, Malaysia saw $776 million worth of electricity stolen by crypto mining groups. This is not the first time such action has been taken, with 1,069 Bitcoin miners similarly crushed in 2021.

The CNBC Crypto World show offers daily updates on digital currency markets, including interviews and unique stories from the crypto industry. In the latest episode, Bobby Zagotta, CEO of Bitstamp USA and the exchange's global chief commercial officer, discusses how the upcoming U.S. presidential election may affect crypto prices. Viewers can stay informed on the ever-changing world of crypto through this informative program.

Jack Mallers, CEO of Bitcoin wallet and payments app Strike, believes that the US government will take actions that will benefit the price of Bitcoin. Mallers argues that the US cannot afford a strong or weak dollar following the recent stock and crypto wipeout caused by the unwinding of the yen carry trade. Mallers predicts that Bitcoin will outperform other asset classes once fresh dollars are injected into the system, as investors seek liquidity and protection against currency debasement. At the time of writing, Bitcoin is trading at $60,503, up 3.31% in the past day.

Users on Polymarket placed bets worth almost $5 million on predicting the words and phrases that former President Donald Trump would use during his two-hour Twitter Spaces interview with Elon Musk. Top betting options included MAGA, Tesla, censorship, and crypto, but Trump did not mention crypto at all, disappointing some bettors. Interestingly, the word "tampon" had the biggest win of the night, with the "Tampon bros" on Polymarket celebrating their victory. During the Republican National Convention, illegal immigration, China, and Bitcoin received high mention rates, while cryptocurrency only received a 16% mention rate and was not mentioned by President Trump. It appears that the relevance of degens has been called into question.