Headlines
▌Polls show Trump's approval rating leads Biden by 6%
According to a poll by the New York Times and Siena College, Trump leads Biden by 6 percentage points among potential voters, which will put more pressure on Biden.
It is reported that the New York Times/Siena College poll is one of the most watched polls in American politics.
The poll released on Wednesday showed Trump's approval rating at 49% and Biden's at 43%, and the survey showed that concerns about Biden's age were the main reason for the reversal of the election. Nearly three-quarters of voters (about 74%) believed Biden was too old, a 5 percentage point increase from last week's poll results.
▌Bitcoin ’s correlation with the S&P 500 has dropped sharply, which may indicate a potential bottom
The correlation between Bitcoin (BTC) and the S&P 500 (SPX) has dropped to 0.05, indicating a divergent market. Over the past five years, the two have been highly positively correlated during the pandemic and between late 2021 and 2022. In early 2024, both rose significantly. However, while SPX continues to hit new highs, BTC hovers around $60,000, occasionally falling below this level. Since 2019, BTC and SPX have been negatively correlated four times, each time indicating a local low in Bitcoin prices.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $60,226.03, with a daily change of -2.9 % ;
ETH's latest transaction price is $3294.82, with a daily change of -3.6 % ;
BNB's latest transaction price is $556.89, with a daily change of -3.8 % ;
SOL's latest trading price is $140.56, with a daily change of -8.6 % ;
DOGE's latest trading price is $0.1183, with a daily change of -5.4 % ;
XPR recently traded at $0.4663, with a daily change of -3.7 % .
policy
▌US judge calls cryptocurrencies OHM and Klima “commodities” in Jafia LLC fraud case
The U.S. Commodity Futures Trading Commission (CFTC) announced today that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois issued an order for a summary judgment in the Jafia LLC fraud case. The judge ordered Sam Ikkurty of Oregon and his company Jafia LLC, etc. to pay partial compensation of more than $120 million to the victims of what the agency called a "Ponzi scheme."
Notably, Judge Rowland also stated that “not only does the order find that Bitcoin and Ethereum commodities fall under the jurisdiction of the CFTC, but that OHM and Klima, two virtual currencies, qualify as commodities,” noting that these virtual currencies fall into the same category as Bitcoin and involve regulated futures trading. OHM and Klima are both smaller cryptocurrencies than Bitcoin and Ethereum, but the determination of which assets are securities (subject to the jurisdiction of the U.S. Securities and Exchange Commission) or commodities (subject to the jurisdiction of the CFTC) has been controversial.
▌U.S . Congresswoman Cynthia Lummis: The United States will become a Bitcoin country
U.S. Senator Cynthia Lummis said the United States will become the nation of Bitcoin.
▌Opinion : MiCA brings clarity, but stablecoin restrictions need to be improved
Jason Allegrante, chief legal and compliance officer of Fireblocks, wrote that the EU's Crypto Asset Market Regulation (MiCA), which will be implemented this summer, is an important milestone for the crypto industry. While MiCA wisely excludes decentralized smart contracts and NFTs, there are problems with the issuance and trading restrictions on stablecoins such as USDT, USDC, and BUSD. The current limit is 1 million transactions or 200 million euros, which is far from enough to support the current level of activity. The total market value of global stablecoins is $162 billion, of which 75% is USDT, USDC, and BUSD. These EU restrictions could lead to major disruptions in the crypto ecosystem, especially in non-speculative use cases.
Blockchain Applications
▌ Taurus partners with UAE’s first digital bank Zand for digital asset custody and tokenization
Blockchain technology company Taurus has signed an agreement with Zand, the first digital bank in the UAE, to cooperate in digital asset custody, tokenization and blockchain connectivity. Zand is the first digital bank in the UAE to hold a full banking license. It was established in 2022 and mainly serves corporate, institutional and wealth clients. Chairman Mohamed Alabbar is the founder of Emaar Properties, which is famous for developing the Burj Khalifa and Dubai Mall. Zand plans to launch digital asset services covering cryptocurrencies, NFTs, tokenized securities and digital currencies, and will use the Taurus-PROTECT wallet solution to provide institutional-grade digital asset custody services.
Cryptocurrency
▌Bloomberg ETF Analyst: Bitwise Submits Revised S-1 Form, Spot Ethereum ETF May Be Listed in the Near Future
Bloomberg ETF analyst James Seyffart wrote on the X platform that seeing Bitwise Invest submit another revised S-1 form for its Ethereum ETF, more other issuers are expected to submit the form during the rest of this week. We believe that the spot Ethereum ETF product may be listed later next week or during the week of July 15.
Another Bloomberg analyst, Eric Balchunas, commented: "No one really knows why the SEC is taking so long to process these forms, given that there are so few comments, the listing should be quick, but it may be that a 'problem' issuer slowed down the process, or it may just be summer laziness/people are on vacation, not sure. That being said, all signs point to the listing happening this month, with more details to be revealed next week."
▌DeFi tokens fell 10%-20% this week, with Pendle leading the decline
This week, the decentralized finance (DeFi) market has experienced significant fluctuations, and Pendle's governance token has fallen by 20%, which has attracted market attention. The market is volatile, so please do a good job of risk control.
The Pendle protocol’s locked asset value (TVL) dropped by $3 billion, with many users choosing to withdraw funds after the June expiration rather than continue to hold. Tokens of major DeFi platforms such as Aave (AAVE) and Lido (LDO) also fell by 10%-15%.
In addition, a large investor transferred millions of dollars of tokens to Binance Exchange for sale, exacerbating market panic and liquidity changes. Mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) also performed poorly, further exacerbating the instability of the DeFi market.
▌Over 88 million USD was liquidated in the past 12 hours, mainly due to long orders
Data shows that in the past 12 hours, the entire network has liquidated $88.3238 million, of which long orders have liquidated $72.1212 million and short orders have liquidated $16.2026 million, mainly long orders. Among them, BTC liquidated $21.02 million and ETH liquidated $20.16 million.
Carbon emissions from large tech companies exceed total Bitcoin mining
Since 2019, carbon emissions from large tech companies have exceeded the total emissions from Bitcoin mining. Amazon emits more carbon dioxide per year than Bitcoin mining worldwide. In 2021, Amazon reported 71.54 million tons of carbon dioxide emissions, while Bitcoin mining's annual emissions were estimated at 65.4 million tons. Other large tech companies such as Google and Microsoft have annual emissions of 14.3 million tons and 15.3 million tons respectively, making these companies' total emissions far exceed Bitcoin. Data shows that since 2019, the carbon emissions of large US technology companies have exceeded the total emissions of Bitcoin mining worldwide since 2014.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 91.2%
According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in August is 91.2%, and the probability of a 25 basis point rate cut is 8.8%. The probability of the Fed keeping interest rates unchanged in September is 27.4%, the probability of a cumulative 25 basis point rate cut is 66.5%, and the probability of a cumulative 50 basis point rate cut is 6.1%.
▌ECB Governing Council member Stournaras: Two more rate cuts this year seem reasonable
ECB board member Stournaras said that two more rate cuts this year seemed reasonable; recent data strengthened the case for further rate cuts; even if there were two more rate cuts, the central bank's interest rate would still be at a restrictive level; service inflation should not be over-interpreted.
▌ "Federal Reserve Megaphone": Fed officials hinted that they are not in a hurry to cut interest rates
Nick Timiraos, the "Fed mouthpiece," said that as rising inflation has made Fed officials lack sufficient confidence in rate cuts, some policymakers called for close attention at last month's meeting for signs that the job market may be weakening faster than expected. The minutes of the Fed's June meeting showed that "several participants said that monetary policy should be ready to respond to unexpected economic weakness." Officials also cited several economic developments, including slower wage growth, reduced corporate pricing power, and increased consumer sensitivity to price increases, to support their expectations that inflation will continue to fall over the coming year. The minutes showed that officials were generally satisfied with their wait-and-see stance on interest rate changes and highlighted a range of views that could prompt the Fed to raise or lower interest rates. Combined with recent public statements by Fed officials, the minutes suggest that they are unlikely to cut interest rates at their meeting later this month.
Golden Encyclopedia
What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the DPoS concept in 2014 as an enhancement to the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
