On September 8, COINOTAG reported that on-chain analyst Ai Yi (@ai_9684xtpa) observed Amber Group withdraw a further 4.68 million WLD from Binance after a three-month interval, representing approximately $4.92 million
XRP ETF approval odds are skyrocketing, setting the stage for 2025 to ignite a massive shift in crypto investing as regulatory momentum and institutional demand align. Soaring Approval Odds for XRP ETF Put 2025 on Track as Breakout Year XRP is gaining momentum in financial markets as optimism grows over potential approval of a new
The UK’s new hire wage growth has slowed to its weakest pace in over four years, marking the sharpest drop in pay since the pandemic began. The figures offer the clearest sign yet that Britain’s labor market is losing steam. The slowdown reflects growing caution among businesses, which are increasingly reluctant to raise wages to attract staff. After years of worker shortages , the balance is shifting: employers are pulling back, while the number of job seekers rises rapidly. For the Bank of England, the easing wage growth provides some relief. The central bank has been wary of rising pay fueling persistent inflation. Softer wage pressures reduce the need to maintain high interest rates and could even open the door to rate cuts in the coming months. But from a broader perspective, that‘s a good-news portrait that‘s less rosy. The prime minister, Keir Starmer, has vowed to increase living standards and deliver growth for working families. Sluggish pay increases undercut that vow, especially since households are still burdened with stubbornly expensive food prices, pricey mortgages, and increasing tax bills. The figures are from the most recent study of the jobs market by the Recruitment & Employment Confederation (REC) and KPMG, which is closely watched by policy makers. It indicated that starting salaries in August had increased slowly since March 2021. At the time, the economy was weighed down by tight COVID-19 restrictions. Employers cut hiring as candidate supply rises According to the survey, employers are being cautious with their hiring. Escalating costs and a brittle economy are to blame. Many companies have put off expansion plans, such as hiring, until they see more signs that the economy is in clearer territory. At the same time, the ranks of job seekers have swelled. There was a pickup in the availability of candidates at the quickest pace since 2020. Job losses, hiring freezes, and concern over job insecurity have prompted more people to enter the labour market. Vacancies fell sharply for a sixth consecutive month. Job postings in the retail and hospitality sector saw the sharpest decreases. Construction was the only industry to report a greater demand for permanent staff, providing a rare bright spot. Permanent job placements dropped again, with cost pressures and company caution holding back hiring. But the decline was the slowest in three months, suggesting the worst of the downturn may end. Modest pay growth reduces inflation risk but increases political pressure The news is some relief for the Bank of England. Policymakers have worried that workers will seek higher wages as inflation has surged lately. To date, those fears have not come to pass. Slower pay growth reduces the risk of “second-round” effects, which might otherwise entrench inflation. But for the government, it’s more complicated. Weak wage growth and increasing unemployment further complicate Starmer’s promise to improve living standards. Families are already squeezed by soaring food prices and energy bills. And the threat of more tax hikes in the autumn budget may only increase the pressure. Jon Holt, group chief executive and UK senior partner at KPMG, said the trading environment continues to be “complex”, with many chief executives holding off on further investment and hiring. Neil Carberry, chief executive of the REC, said there was still life in the jobs market but noted that with fewer jobs available and more people seeking work, the overall picture remained subdued. He cautioned that businesses would closely watch the Autumn Budget in the hope that the Chancellor would avoid measures increasing the cost of hiring staff. The slowing of payroll gains bolsters the case for the Bank of England to weigh interest-rate cuts in the months ahead. When unemployment rises and inflation pressures abate , pleas for monetary support will become increasingly louder. However, sluggish wage growth is a reality for families: Incomes are falling behind growing living costs. Once more, the gap between pay and prices is at the center of Britain’s economic debate. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.
BitcoinWorld Bitcoin Solo Mining: One Miner’s Astonishing $347K Triumph! Imagine hitting the jackpot against astronomical odds. That’s precisely what happened to one fortunate individual who achieved a remarkable Bitcoin solo mining triumph recently. This incredible feat saw a single miner successfully find a Bitcoin block, securing a substantial reward of 3.129 BTC, valued at approximately $347,980 at the time of the report by Cointelegraph. This story isn’t just about money; it’s a testament to the unpredictable, yet thrilling, nature of cryptocurrency. What Exactly is Bitcoin Solo Mining? At its core, Bitcoin solo mining involves an individual attempting to validate a block of transactions on the Bitcoin blockchain entirely on their own, without joining a mining pool. When a miner successfully validates a block, they are rewarded with newly minted Bitcoins and transaction fees. In a world dominated by large mining farms and pools, going it alone is like buying a single lottery ticket when everyone else is buying millions. Here’s a quick breakdown: Solo Mining: One miner, one chance. They keep the entire block reward if successful. Pool Mining: Many miners combine their computational power. Rewards are shared proportionally based on contributions. The vast majority of Bitcoin mining today occurs in pools because the network’s difficulty is incredibly high. This makes the solo miner’s success exceptionally rare and truly noteworthy. The Incredible Odds: Why This Bitcoin Solo Mining Feat is So Rare The probability of a single miner with a modest amount of hash power finding a block is minuscule. Bitcoin’s network difficulty adjusts approximately every two weeks to ensure blocks are found, on average, every ten minutes. As more miners join and computational power increases globally, the difficulty rises. This means a solo miner needs an extraordinary stroke of luck to be the first to solve the complex cryptographic puzzle. Consider these challenges for Bitcoin solo mining : High Hash Rate Requirement: The global hash rate is enormous, requiring immense computational power to compete effectively. Electricity Costs: Running powerful mining equipment consumes significant energy, which can quickly outweigh potential earnings without consistent block rewards. Hardware Investment: Specialized Application-Specific Integrated Circuit (ASIC) miners are expensive, making the initial investment substantial for solo operations. This recent success highlights that while the odds are stacked, the possibility, however remote, still exists for the determined individual. A Glimpse into the Miner’s Journey: How Did They Achieve This Bitcoin Solo Mining Win? While the specifics of this particular miner’s setup remain private, their success is a testament to perseverance and, undeniably, immense luck. They were likely running a powerful mining rig, dedicating its entire hash power to the solo endeavor. For a solo miner to find a block, their equipment must be running efficiently, constantly searching for the correct hash value that validates the next block. The reward for this successful block validation was a significant 3.129 BTC. This amount includes the standard block subsidy (currently 3.125 BTC after the recent halving) plus any transaction fees associated with the block. For this individual, it represents a life-changing sum, turning a speculative venture into a lucrative windfall. Beyond the Block: What Does This Bitcoin Solo Mining Success Mean? This remarkable event serves as a powerful reminder of Bitcoin’s decentralized nature and the potential for unexpected rewards within the crypto ecosystem. It inspires many, showcasing that even in an industry dominated by institutional players, individual contributions can still lead to monumental outcomes. It reinforces the dream for many enthusiasts who dabble in crypto, proving that the ‘little guy’ can indeed win big. The story of this successful Bitcoin solo mining effort resonates deeply within the community, sparking conversations about the future of mining and the enduring appeal of Bitcoin. It underscores the unique blend of technology, economics, and chance that defines the world of digital assets. This rare triumph in Bitcoin solo mining stands as a beacon of hope and a fascinating anomaly in the cryptocurrency landscape. It reminds us that while the odds are long, the potential for extraordinary success remains, captivating the imagination of miners and enthusiasts alike. This single event adds another captivating chapter to Bitcoin’s rich history, demonstrating that sometimes, against all expectations, the solo journey can lead to the greatest rewards. Frequently Asked Questions (FAQs) 1. How difficult is it to solo mine Bitcoin? It is extremely difficult. The global Bitcoin network hash rate is immense, meaning a solo miner has a minuscule chance of finding a block compared to joining a mining pool. 2. What is the reward for mining a Bitcoin block? After the April 2024 halving, the base block reward is 3.125 BTC, plus any transaction fees included in the block. This miner received 3.129 BTC in total. 3. Is solo mining Bitcoin profitable? For most individuals, solo mining is not profitable due to high electricity costs and the low probability of success. Mining pools offer more consistent, albeit smaller, payouts. 4. What equipment do you need for Bitcoin solo mining? You need specialized hardware called ASIC (Application-Specific Integrated Circuit) miners, which are designed specifically for Bitcoin mining. These can be expensive and consume significant power. 5. What does ‘halving’ mean in Bitcoin mining? Halving is a programmed event that cuts the reward for mining new blocks by half. It occurs approximately every four years and reduces the rate at which new Bitcoins are created, contributing to its scarcity. If this astonishing story of a solo miner’s success has captivated your interest, share it with your friends and fellow crypto enthusiasts on social media! Let’s spread the word about the incredible possibilities within the world of digital assets. To learn more about the latest Bitcoin mining trends, explore our article on key developments shaping Bitcoin’s price action. This post Bitcoin Solo Mining: One Miner’s Astonishing $347K Triumph! first appeared on BitcoinWorld and is written by Editorial Team
BitcoinWorld Crucial New South Korea Crypto Real Estate Reporting Requirements Unveiled The world of digital assets is constantly evolving, and with it, the regulatory landscape. A significant development concerning crypto real estate reporting has emerged from South Korea, signaling a new era of transparency for property transactions involving virtual assets. This crucial move aims to bring more clarity to how digital wealth integrates with traditional asset classes like real estate. Why is South Korea Implementing Crucial New Crypto Real Estate Reporting Rules? The South Korean government has a clear objective: to increase the transparency of funding sources for property transactions. This new requirement, as reported by Digital Asset, directly targets the potential for illicit funds to enter the housing market. Concerns about money laundering, tax evasion, and other financial crimes have prompted authorities worldwide to tighten their grip on virtual asset transactions. South Korea’s initiative is a proactive step to ensure that the rapid growth of the crypto market does not inadvertently create loopholes for illegal activities within its vital real estate sector. What Does This New Crypto Real Estate Reporting Requirement Entail? Going forward, anyone who converts virtual assets into traditional currency to purchase a home must declare this transaction. This declaration becomes a mandatory part of their financing plan for the property. It is not just about owning crypto; it is specifically about the moment crypto funds are used for a real estate acquisition. Who is affected? Individuals purchasing real estate using proceeds from the sale of virtual assets. What needs to be done? Declare the crypto-derived funds in the property’s financing plan. When does it apply? For all real estate purchases made with cashed-out crypto funds going forward. This measure ensures that the origin of funds is transparent, aligning with global efforts to combat financial crime and maintain market integrity. How Will This Impact Individuals and the Broader Crypto Market? For individuals holding cryptocurrencies and considering property investments, these new rules mean increased scrutiny. They will need to maintain meticulous records of their crypto transactions, including proof of origin and sale, to comply with the reporting requirements. On a broader scale, this development could: Increase confidence: Legitimate investors might see this as a positive step towards a more regulated and trustworthy crypto environment. Deter illicit activities: The increased transparency makes it harder for criminals to use crypto to launder money through real estate. Create compliance challenges: Some individuals might find the new reporting process complex, requiring professional guidance. Ultimately, this regulation strikes a balance between fostering innovation in the crypto space and ensuring financial stability and security. Navigating the New Landscape: Tips for Crypto Holders on Real Estate Reporting If you are a crypto holder in South Korea, or planning to be, understanding these new regulations is paramount. Compliance is key to avoiding potential legal issues and ensuring smooth property transactions. Here are some actionable insights: Stay informed: Keep up-to-date with the latest regulatory changes from the South Korean government. Consult experts: Seek advice from financial advisors or legal professionals specializing in crypto and real estate. They can guide you through the specific requirements for crypto real estate reporting . Maintain records: Document all your virtual asset transactions, including acquisition, sales, and transfers. This will be crucial for declaring your financing plan accurately. Proactive preparation can save you time and potential headaches when it comes to utilizing your crypto wealth for property purchases. Beyond South Korea: The Global Trend in Crypto Real Estate Reporting South Korea’s move is not an isolated incident. Many countries and international bodies, such as the Financial Action Task Force (FATF), are actively developing and implementing stricter regulations for virtual assets. This trend reflects a global push towards greater transparency and accountability in the digital finance sector. As cryptocurrencies become more integrated into mainstream finance, we can expect more nations to introduce similar crypto real estate reporting requirements. This evolution is a natural part of the maturation of the crypto market, ensuring its long-term viability and legitimacy within the global financial system. The new mandate from South Korea marks a significant step in regulating the intersection of virtual assets and traditional property markets. By requiring detailed crypto real estate reporting , the government aims to enhance transparency, combat illicit finance, and build a more secure economic environment. This development serves as a crucial reminder for crypto enthusiasts and investors worldwide: the era of anonymous transactions is rapidly giving way to an age of accountability and clear financial oversight. Frequently Asked Questions (FAQs) 1. What exactly is the new South Korean requirement for crypto users buying real estate? Individuals in South Korea must now declare any real estate purchases made using funds derived from the sale of virtual assets as part of their property financing plan. 2. Why is the South Korean government implementing these new crypto real estate reporting rules? The primary goal is to increase transparency in property transactions and prevent illicit funds, such as those from money laundering or tax evasion, from entering the housing market via virtual assets. 3. How does this impact crypto holders looking to buy property in South Korea? Crypto holders will face increased scrutiny and must provide clear documentation and declaration of their crypto-derived funds when purchasing real estate, requiring careful record-keeping and potentially professional advice. 4. Is this a unique regulation to South Korea, or is it a global trend? While specific to South Korea, this regulation reflects a broader global trend where governments and international bodies are increasingly seeking to regulate virtual assets to ensure financial transparency and combat illicit activities. 5. What happens if someone fails to report their crypto-funded real estate purchase? Failure to comply with these new reporting requirements could lead to legal repercussions, including fines, penalties, or even investigations into the source of funds, depending on the severity of non-compliance. If you found this insight into South Korea’s new regulations helpful, consider sharing this article with your network. Stay informed and help others understand the evolving landscape of crypto and real estate. To learn more about the latest crypto regulations trends, explore our article on key developments shaping virtual asset markets globally . This post Crucial New South Korea Crypto Real Estate Reporting Requirements Unveiled first appeared on BitcoinWorld and is written by Editorial Team
According to Token Unlock data, this week several projects have scheduled one-time token unlock events. Notably, Sonic (S) will release about 150 million tokens at 08:00 UTC on September 9,
Markets appear shaken, with Bitcoin and Ethereum sliding sharply and altcoins facing heavy liquidations. On the surface, it looks like a classic breakdown. Yet economist and trader Alex Krüger argues the opposite: that panic selling is not the end of the bull cycle, but the start of the next major bullish wave. His analysis has caught the attention of investors who are now looking for signs that the downturn may be setting up the next rally. Interestingly, whale trackers have also flagged growing accumulation in emerging plays like MAGACOIN FINANCE, suggesting that smart money is moving in while retail investors exit in fear. Capitulation Clears the Path Krüger highlights recent waves of liquidations that flushed out overleveraged positions across major exchanges. He argues this “capitulation” creates healthier market conditions by removing weak hands. Historically, these events often precede rebounds. For Bitcoin, he sees strong support around $95,000, with potential to rebound toward $120,000 in the months ahead. Ethereum, now near $4,300, could retest $5,500 by early 2025 if sentiment improves. The Fed Factor Much of the volatility ties back to U.S. Federal Reserve policy. Markets are watching the next meeting closely, where a rate cut is partially priced in. If the Fed delivers, liquidity could rush back into risk assets. Krüger warns that short-term swings are likely, but he sees the macro environment still favoring crypto through 2026. No Blow-Off Top in Sight Unlike previous cycles, Krüger does not expect a parabolic blow-off top. Instead, he envisions steadier advances with shallower corrections. Solana, he noted, could be an exception, as demand continues to build aggressively. SOL could revisit $350–$400 during the next leg up. Investors Flock to New Opportunities As fear grips the market, whales have turned contrarian. Whale trackers confirm growing MAGACOIN FINANCE buys, showing fresh investor bullishness even during panic. Large wallets often buy into weakness, positioning early for outsized gains. With MAGACOIN FINANCE raising over $13 million already, its early-stage upside has become a target for those betting on recovery. Analysts speculate that this accumulation trend could set the stage for a 40x run if listings align with broader market momentum. Conclusion While retail traders panic, seasoned investors see opportunity. Krüger’s analysis suggests the bull cycle remains intact, with the current turbulence acting as a reset rather than a collapse. From Bitcoin and Ethereum’s resilience to whale confidence in projects like MAGACOIN FINANCE, the message is clear: the best time to prepare is when fear dominates. To learn more about MAGACOIN FINANCE, visit: Website: https://magacoinfinance.com Access: https://magacoinfinance.com/access Twitter/X: https://x.com/magacoinfinance Telegram: https://t.me/magacoinfinance Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice. Times Tabloid is not responsible for any financial losses. The post Economist Sees Panic Selling as the Beginning of a Major Bullish Move appeared first on Times Tabloid .
The Ethena-Pendle-Aave DeFi engine helped explain the rapid TVL growth for Pendle.
Decentralized finance (DeFi) has gone through multiple waves of innovation, with each wave defining efforts to create new rules governing the movement of funds on a chain. Compound (COMP) was one of the original protocols of DeFi lending during its infancy and established open markets where users could deposit, borrow, and earn interest without relying on banks or intermediaries. However, by 2025, Compound continues to be a big player, but its growth opportunities appear limited. This has made possible new projects such as Mutuum Finance (MUTM) , a token that is both low-cost and innovative and which is already being touted as potentially becoming the successor of the original giants of DeFi. Compound (COMP) When Compound was created in 2018, it was one of the first protocols to show that decentralized lending was possible. It was a creative concept then that enabled one to borrow against their cryptocurrency holdings, earn interest and place the cryptocurrency assets in the liquidity pools. Following its introduction as a token of governance in 2020, COMP was a catalyst for the broader DeFi boom and became linked to yield farming. When it soared up to more than $850 in May 2021, COMP gave early adopters life-altering returns. The token has a market worth in the billions, and it is currently trading close to $43. Though it remains among the most popular DeFi tokens, its ability to go many times has faded since the breakout years. As a matter of fact, Compound has grown to be a popular protocol. Its market value has little to no room to go up 20x or 30x, it has a well-established user base and its mechanics have been replicated. It is likely that the explosive growth days of COMP are already behind them, thus the emphasis is being laid on earlier-stage projects that have a growth potential. Mutuum Finance (MUTM) Mutuum Finance (MUTM) is a decentralized lending protocol currently in presale and will redefine DeFi lending. Phase 6 has a token price of only $0.035; the actual price at launch is $0.06. More than 16,100 holders have attended the presale and have already raised more than $15.4 million to date, suggesting high early adoption and growing investor confidence. Besides this momentum, the project has already been CertiK audited and received a score of 95/100, one of the highest in a presale-stage protocol and significantly contributes to trustworthiness. Investors like both low expense and expansion prospects. A current example of this is that an investment of $550 at a current price of $0.035 would give the investor approximately 15,700 MUTM tokens. Such an allocation would be worth nearly $950 at the official launch price of 0.06, and gain nearly 100%. That same $550 investment could go up to approximately 5,500 when MUTM reaches its first short-term goal of $0.35. By 2026, the same tokens could be valued at nearly $19,650, based on longer-term estimates which suggest that MUTM can increase to $1.25 as adoption scales. This model, which used to define early success stories such as Compound (COMP), is all-affordable, momentum-based, and security-proven. Lending and Borrowing Under the P2C model, users transfer assets (ETH, BNB or USDT) into smart contract-run liquidity pools operated by Mutuum Finance. In return, users are paid in mtTokens that can be seen as a symbol of the deposits and generate interest over time. By holding these mtTokens as stakes, depositors have the ability to earn a variety of revenue streams through supplementary MUTM rewards. As an example, 10 BNB might be delivered, leading to a value increase in mtBNB, which can be staked with more MUTM incentives. The P2P model provides direct relationships between the lenders and borrowers. P2P also allows tailored borrowing terms as opposed to P2C which uses protocol-defined terms. Borrowers are more empowered since they can negotiate loan values and choose among many interest rates. This is beneficial to both sides: lenders will be able to price their loans based on borrower risk tolerance and liquidity requirements, and borrowers will be able to get tailored solutions. With variable-rate borrowing, the interest rate depends on the utilization rate of the pool, the proportion between the available capital and the amount actually being borrowed. When there is a lot of liquidity, rates are low and this encourages borrowing. But the rates go up when there is scarcity of liquidity and this calls repayments and attracts more lender deposits. This dynamic system will benefit the suppliers of liquidity and balance supply and demand. Stable rates offer the borrower a choice of fixed costs in repaying the loan, preparing them against the unforeseen increases in variable rates. These are usually charged a little more than variable rates at the time of borrowing because they offer the added safety of stability. Nonetheless, stable rates can be rebalanced when market fundamentals change radically, such as when the variable rates become significantly higher than the fixed stable rate. This makes the protocol fair to the lenders and long-term solvent. Mutuum Finance, similar to Compound relies on overcollateralization to keep the system afloat. To borrow, the users have to pledge assets that exceed the value of the loan. The collateral should fall below a certain level in value and then the position can be liquidated. Here, the liquidators buy the collateral at a discount and repay a fraction of the debt of the borrower whilst maintaining the protocol unchanged. Besides interfering with the ability of the protocol to withstand losses in the system, this liquidation mechanism promotes risk management. COMP vs. MUTM: The Future of DeFi? The Compound and Mutuum Finance resemble each other in a number of ways. Compound created a new form of lending by proving that decentralized lenders could borrow and lend cryptocurrency assets at scale, and offered the earliest users returns of phenomenal scale. Mutuum Finance is currently taking a similar route with improvements to match the current DeFi environment: dual lending markets, an evolving overcollateralized stablecoin, Layer-2 on the roadmap, and a buy-and-distribute framework that explicitly ties token value to platform activity. Mutuum Finance is positioning itself as a future-looking protocol, but Compound represents the first step in the growth of DeFi. The growth story of MUTM can no longer be compared with that of COMP because of its low pricing, high initial penetration, and readiness to adopt. For more information about Mutuum Finance (MUTM) visit the links below: Website: https://www.mutuum.com Linktree: https://linktr.ee/mutuumfinance
Tech CEOs, investors, analysts, and even bankers descending on San Francisco this week for one of the industry’s biggest gatherings are buzzing about the possibility that 2025 could become a record year for deals. That optimism marks a sharp reversal from just six months ago, when President Donald Trump’s Rose Garden tariff announcement rattled markets and stoked recession fears. The occasion is Goldman Sachs Group Inc.’s Communacopia & Technology Conference 2025, opening Monday at the Palace Hotel. The tech event has long served as both a stage for companies to lay out priorities and a proving ground for executives seeking to defend or drum up support for major mergers . Dealmakers flood San Francisco as optimism returns Roughly 260 firms are slated to present, including Meta Platforms Inc., fresh off its $14.3 billion bet on Scale AI Inc.; Salesforce Inc., which in May struck its biggest deal since 2020 with Informatica Inc.; and Nvidia Corp., which just last week snapped up startup Solver Inc. in a multimillion-dollar agreement. According to Bloomberg data, such transactions have pushed technology dealmaking to $645 billion year-to-date, the strongest pace since 2021’s post-pandemic boom that generated nearly $1 trillion in deals. Counting communications and media, the broader sector has already notched $822 billion in activity. Big-ticket moves this year include Palo Alto Networks Inc.’s $25 billion takeover of CyberArk Software Ltd., Thoma Bravo’s $12.3 billion buyout of Dayforce Inc., and CommScope Holding Co.’s $10.5 billion asset sale to Amphenol Corp. The driving force now is the artificial intelligence arms race. Meta and Elon Musk’s xAI Corp. are pouring billions into data centers. At the same time, major software companies face mounting pressure to use M&A as a defensive strategy against AI-driven disruption, according to dealmakers. “There will be transactions that defy our imagination within the broader AI spectrum,” said Andrew Woeber, Barclays Plc’s head of M&A. “Don’t be surprised to see a $100 billion-plus deal within the next year. Big platforms are going to make big bets.” Goldman forecasts that the momentum won’t stop at tech: it expects 2026 to deliver record-breaking global dealmaking, with activity climbing as high as $3.9 trillion, eclipsing the $3.6 trillion set in 2021. The firm has recently added a recruit that doesn’t eat, sleep, or draw a paycheck: an AI engineer called Devin. According to reports, the AI software engineer was created by Cognition, a startup founded in 2023 and backed by billionaire investors like Peter Thiel and Joe Lonsdale. Devin was unveiled last year in demo clips that showed it completing real software engineering tasks, full stack, from start to finish, with little need for human input. Goldman’s Chief Information Officer Marco Argenti says the bank is preparing to roll out hundreds of Devins across its workforce. Goldman warns of AI’s growing impact on jobs Still, Goldman’s chief economist, Jan Hatzius, highlighted the broader shifts AI drives in the labor market. In a recent report, he noted that the tech sector’s share of U.S. employment peaked in November 2022—the same month ChatGPT was released, before slipping back below its long-term trend. Young tech workers in particular bore the brunt of the downturn. The unemployment rate for workers aged 20 to 30 in the industry has shot up by almost three percentage points since early 2024; that is more than four times the increase in the overall unemployment rate. The spike is interpreted as a sign that generative AI is starting to replace white-collar jobs, with those early into their careers bearing the brunt of this transition. Goldman estimates that generative AI could eventually replace 6–7% of the U.S. workforce, with the transition playing out over the next decade. The firm estimates that the peak unemployment effect will be limited to about half a percentage point, as workers displaced from other industries will likely find jobs in other fields. The report comes amid increased concern about weakness in the labor market. According to recent data from the Bureau of Labor Statistics, the U.S. economy added just 73,000 jobs in July, well below the 106,000 that economists expected. May and June’s job growth was also significantly revised downward. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites