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[AXIOS: Several senior Democratic officials believe that Biden may decide to withdraw from the 2024 presidential race as early as this weekend]
According to AXIOS, several senior Democratic Party officials believe that US President Biden may decide to withdraw from the 2024 presidential election as early as this weekend. These Democrats said that US President Biden privately acknowledged the increasing pressure and unfavorable poll results.
[White House official: Biden is ready to re-enter the campaign next week]
As Biden faces growing calls from prominent Democrats to drop out of the race, a member of his inner circle flatly denied reports that the president is now more open to ending his campaign and said Biden is ready to re-enter the campaign next week, ABC News reported.
A senior White House official reportedly said: "Anyone who has spoken to Biden in the past 24 hours can tell you that this is not true." The official said there has been no change in Biden's candidacy and campaign, except that the new crown infection confirmed yesterday kept him at home. The senior official expressed anger and frustration at the criticism Biden has received from his Democratic colleagues. He acknowledged that calls for Biden to withdraw have already caused damage and may cause the polls to fall further.
[US SEC Chairman warns investors of five common types of crypto scams]
Gary Gensler , chairman of the U.S. Securities and Exchange Commission, issued an investor alert on the X platform today, warning that scammers may lure victims into crypto asset securities scams in five ways. The U.S. Securities and Exchange Commission said that scammers often use emerging technologies such as cryptocurrencies to commit investment fraud.
Investor.gov detailed the alert, outlining common types of cryptocurrency scams:
1. Promises of high returns with low risk. 2. Unlicensed sellers. 3. False recommendations and endorsements. 4. Manipulative trading strategies. 5. Phishing scams.
Gemini Donates $1 Million in Bitcoin to Senator Elizabeth Warren ’s Rival
Gemini co-founders Tyler and Cameron Winklevoss said they have each donated $500,000 in Bitcoin to Republican candidate John Deaton, who is running against Senator Elizabeth Warren for the U.S. Senate seat in Massachusetts. Tyler Winklevoss called Senator Warren cryptocurrency’s “public enemy number one.”
Deaton accepts cryptocurrency donations on its official website.
Earlier this week, Ripple Labs donated $1 million to a newly formed super PAC aimed at helping Deaton defeat Warren in the upcoming election.
South Korea’s first crypto regulatory framework takes full effect
South Korea’s first cryptocurrency regulatory framework is now fully effective, The Block reported. Following the catastrophic collapse of Terra -Luna and FTX in 2022, the new rules were introduced quickly, with a focus on ensuring a safety net for cryptocurrency investors.
The new law, the Virtual Asset User Protection Act, was officially approved on July 18, 2024, and was given a one-year grace period to refine regulatory details. The bill imposes stricter requirements on digital asset exchanges. Service providers in South Korea are now legally obliged to store at least 80% of user cryptocurrency deposits in cold storage separate from their own funds.
Exchanges must also entrust users' cash deposits to local licensed banks for safekeeping and maintain cryptocurrency reserves equal to the amount and type of customer deposits. In addition, crypto services in South Korea must now take out adequate insurance or establish reserve funds to deal with hacker attacks or liquidity crises.
In addition to measures to protect user funds, the bill also requires exchanges to establish real-time monitoring systems to report irregular trading activities that may violate the law. Companies that fail to comply with the new requirements may face penalties or suspension of services from the Financial Services Commission (FSC), South Korea’s top financial regulator.
[ CryptoQuant analyst: Bitcoin may have reached a local bottom, and the positive momentum will further increase]
CryptoQuant analysts say Bitcoin prices may have found a local bottom as large sellers have "exhausted" their selling capacity. Thursday's CryptoQuant Weekly report noted that Bitcoin's price fell to a low of around $55,000 last Wednesday, causing the digital asset holders to suffer the largest real losses so far in 2024. Last week, holders lost $2.5 billion in two days, and profit-taking was still insignificant compared to March. Large losses are usually a sign of seller capitulation and are associated with price bottoming.
The report added that various valuation indicators of Bitcoin have recently rebounded from key levels, indicating that the price has bottomed and portends further positive momentum for the price. However, the report added that the liquidity of stablecoins is still not enough to drive a full-blown bull run. "A necessary condition for the continued rise in Bitcoin prices is the liquidity of stablecoins," the analysts said.
Kraken ’s institutional arm has begun offering custody services to clients in the UK and Australia
Kraken’s institutional business unit, Kraken Institutional, has begun offering custody services to clients in the UK and Australia, Bloomberg reported.
The unit was launched in the U.S. in March this year, mainly targeting hedge funds and exchange-traded fund issuers. Kraken plans to expand to more markets, including the European Union, Switzerland, the Cayman Islands and the British Virgin Islands in 2024. Kraken's retail trading services are already available globally, and its newly launched institutional services provide more control and functionality for large users.
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