Golden Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
Harris leads with 44% support to Trump's 42%.
According to the Reuters/Ipsos poll, Democratic presidential candidate Harris leads Republican candidate Trump with 44% support among registered voters to 42%, within a 3 percentage point margin of error. 56% of registered voters think Harris is "clear-headed"; while 49% of voters think Trump is performing well.
▌US spot Ethereum ETF officially approved for listing and trading
The U.S. Securities and Exchange Commission (SEC) has notified at least two of the eight companies that have applied to launch the first U.S. spot Ethereum ETFs that their products can begin trading on Tuesday (July 23). Products from BlackRock, VanEck and six other companies will begin trading on three different exchanges on Tuesday morning: the Chicago Board Options Exchange (CBOE), Nasdaq and the New York Stock Exchange, all of which have confirmed that they are ready to start trading. Bloomberg ETF analyst Eric Balchunas said: "The spot Ethereum ETF has gone into effect with the SEC. Form 424(b) is being submitted in succession. This is the last step, which means everything is ready and trading can start at 9:30 a.m. on Tuesday (9:30 p.m. Beijing time tonight). Game on."
▌ Kakao founder Kim has been arrested
According to market news, a South Korean court has issued an arrest warrant for Kakao founder Kim. According to Yonhap News Agency, Kakao founder Kim has been arrested.
▌Telegram user number exceeds 950 million
The number of Telegram users around the world is surging as interest in games on the platform surges. Telegram founder and CEO Pavel Durov announced on Monday that the messaging platform has reached 950 million monthly active users. He wrote: "This spring, the number was 900 million. Now it is expected to reach 1 billion!"
▌Musk : The US dollar is becoming like the Zimbabwean dollar
Musk said the U.S. dollar is becoming like the Zimbabwean dollar.
policy
▌The U.S. House of Representatives passed the Fintech Protection Act targeting illegal use of cryptocurrencies
Members of the U.S. House of Representatives voted in favor of legislation to establish a working group to study the illegal use of digital assets. A majority of members of the House of Representatives approved the Fintech Protection Act by voice vote. The bill, introduced by Rep. Zach Nunn and Jim Himes in April 2023, aims to address how "rogue states and foreign countries" use cryptocurrencies to evade sanctions by having members of multiple federal agencies coordinate efforts. Rep. Nunn said, "This bipartisan bill will help ensure that the United States is prepared to address security risks and prevent illegal money laundering while protecting the consumer choice of all Americans. We must do both at the same time to ensure the long-term integrity of digital assets."
▌Bitcoin mining company Marathon Digital faces $138 million fine for violating non-circumvention agreement
Bitcoin mining company Marathon Digital has been fined $138 million for violating a confidentiality or non-circumvention agreement. Michael Ho, former co-founder of US Bitcoin Corp and chief strategy officer of mining company Hut 8, has won a unanimous jury verdict in a breach of contract lawsuit against Marathon Digital Holdings.
▌Indian Finance Minister: Controversial Crypto Tax Rules Remain Unchanged
Indian Finance Minister Nirmala Sitharaman said in a speech announcing the 2024-2025 national budget on Tuesday that the cryptocurrency tax rules remain unchanged. The main demand of the Indian crypto industry is to reduce the controversial tax deduction (TDS) policy on crypto transactions from 1% to 0.01%, and presented evidence from multiple sources, including a think tank study, to government officials. The industry also asked the government to impose a progressive tax on gains instead of a flat rate of 30% and allow losses to offset gains. It also tried to promote multi-agency supervision.
▌The U.S. House of Representatives passed a bill on illegal cryptocurrency financing, but it may be vetoed by the Senate
The U.S. House of Representatives passed the Cryptocurrency Illicit Financing Act, which would establish a federal panel to assess the role of cryptocurrencies in terrorism and illicit finance and make recommendations to prevent such behavior, but the bill is not expected to be approved by the Senate.
▌Hong Kong Monetary Authority: Stablecoin issuer sandbox participants will not raise public funds or provide investment products, please beware of scammers
The Hong Kong Monetary Authority posted on social media that as the Hong Kong Monetary Authority promotes the development of digital assets through initiatives such as the Stablecoin Issuer Sandbox, please be wary of scammers. Explore digital assets safely, understand their nature and risks, carefully assess your personal risk tolerance, and make informed decisions. If you feel suspicious, please verify with the Hong Kong Monetary Authority. Stablecoin Issuer Sandbox participants will not raise public funds or provide investment products.
Blockchain Applications
▌138th Ethereum ACDC Meeting: Pectra Devnet 1 is now online
Christine Kim, vice president of research at Galaxy, published a summary of the 138th Ethereum Core Developer Consensus (ACDC) conference call. This week, developers discussed the launch of Pectra Devnet 1, changes to the main structure of the beacon block and the engine API, the inclusion of Ethereum Improvement Proposals (EIPs) into Pectra (EIP 7688 and EIP 7495), and the update of PeerDAS and its implementation schedule on the mainnet. Among them, Pectra Devnet 1 was launched on July 23, but the network was not stable. EF Developer Operations Engineer Parithosh Jayanthi said that the Erigon client encountered problems in the early days after the Devnet was launched. The EIP 7702 transaction broadcast on Devnet subsequently caused the network to split into three states. Developers are debugging the client and resolving the chain split problem.
▌ Jupiter releases ecosystem token API and standards, plans to deprecate old API by the end of August
Jupiter released the ecosystem token API and standards on the X platform. The new API enhances trading capabilities and can immediately display tokens from new markets. The relevant tokens are verified every day, enter the trusted list, and undergo rigorous testing by the Jupiter community and users. It is reported that the new API is built on the Metropolis infrastructure. Jupiter said that it will identify counterfeit tokens that impersonate popular token names and symbols and remove them from the API. It will also ban certain tokens based on community reports. The symbols of the head ecosystem tokens are protected and will continue to improve over time to ensure community safety. Jupiter said that it will deprecate the old API within a month before the end of August 2024. The new API response is roughly similar to the old API, so it is hoped that it will be an easy migration.
Coinbase plans to launch tokenized money market fund to enter the RWA field
According to Coindesk, citing people familiar with the matter, Coinbase Asset Management is creating a tokenized money market fund to enter the RWA field.
Polymarket partners with MoonPay to support bank and credit card transactions
The U.S. presidential election has brought a large influx of money to cryptocurrency betting site Polymarket, so it is upgrading its platform to handle the surge in betting funds. Polymarket will begin using software from Miami-based MoonPay to allow users to pay for transactions using bank transfers and credit cards. Currently, bettors buy the stablecoin USDC on cryptocurrency exchanges and transfer it to Polymarket before placing bets.
▌Lightning Labs: Lightning Network supporting multiple assets has been released on the mainnet
Lightning Labs announced on the X platform that it has released Taproot Assets on the Lightning Network, the first multi-asset Lightning Network protocol on the mainnet. With Taproot Assets, users can mint assets on Bitcoin and transfer assets instantly and at low cost through the Lightning Network.
Cryptocurrency
▌17 key points of Trump's speech at the 2024 Bitcoin Conference
Summary of the key points of the speech by US presidential candidate Trump at the "2024 Bitcoin Conference": 1. The reason for participating in the 2024 Bitcoin Conference is to keep the United States at the forefront of the cryptocurrency field. The United States will become the global cryptocurrency capital and the world's Bitcoin superpower. 2. Bitcoin is a "miracle of cooperation and human achievement." If we do not embrace cryptocurrency and Bitcoin technology, other countries will dominate. Bitcoin represents freedom, sovereignty, and currency that is not forced and controlled by the government. 3. In order to facilitate mining in the encrypted digital field, efforts will be made in the power supply field to develop fuel power generation, nuclear power, and other environmentally friendly power generation methods. After being elected, the United States will become the country with the lowest energy and electricity costs. 4. I hope that cryptocurrency will be mined in the United States. 5. Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), will be fired on the first day of his election. 6. After being elected president, a Bitcoin/Cryptocurrency Presidential Advisory Committee will be appointed. 7. If elected, there will never be a central bank digital currency (CBDC) during his presidency, and the Treasury Department will be ordered to stop creating CBDC. 8. Bitcoin will not threaten the US dollar, and the actions of the current US government are threatening the US dollar. 9. Billions of people will deposit their savings in Bitcoin. Never sell your Bitcoin. 10. If elected, the government will retain 100% of the Bitcoin it owns and will prevent the US government from selling seized Bitcoin. 11. The market value of Bitcoin will surpass gold in the future. Since its birth, the market value of Bitcoin has been increasing. It has become the ninth largest asset in the world by market value. It will soon surpass silver and gold in the future. 12. If elected, a national strategic Bitcoin reserve will be established. 13. Once again promised to commute the sentence of Ross Ulbricht, the founder of Silk Road. 14. If elected president, Bitcoin and cryptocurrencies will soar in an unprecedented way, and Bitcoin will "fly to the moon." 15. Assure the Bitcoin community that the day he is sworn in, Joe Biden and Kamala Harris' anti-cryptocurrency campaign will end. 16. Will become the president who supports innovation and Bitcoin that the United States needs. 17. If elected, all Bitcoin jobs in the United States will be retained. In addition, people familiar with the matter said that Trump has discussed cryptocurrency policy with Musk. Note: The cryptocurrency market fluctuates greatly, please do a good job of risk control.
▌Snowden : Beware of the privacy risks of Bitcoin, its transactions are not anonymous
Edward Snowden highlighted the pitfalls of political allegiance and privacy issues surrounding Bitcoin in his keynote address at the Bitcoin 2024 conference. He urged individuals to participate in voting but warned against blindly following political ideologies. Snowden also raised significant concerns about Bitcoin's privacy. He noted that Bitcoin transactions are not anonymous and can be traced back to individuals, which poses a risk to personal privacy. Despite a common misconception that Bitcoin transfers offer complete anonymity, Snowden clarified that most transactions can be linked through various entry and exit points, such as exchanges that meet regulatory requirements. This linking makes it possible to trace transaction histories, which can reveal sensitive information about users' lives and relationships.
▌ MEME coin Neiro deployer earns 15,500 SOL with 3 SOL
According to Lookonchain monitoring, the deployer of Neiro earned 15,508 SOL ($2.85 million) with only 3 SOL ($552), with a return of 5,169 times. When deploying Neiro, he spent 3 SOL ($552) to buy 97.5 million Neiro. He then sold 68 million Neiros for 15,511 SOL ($2.85 million) through multiple wallets, realizing a profit of 15,508 SOL ($2.85 million). He also sent 10 million Neiros to a wallet, and currently has 19.5 million Neiros ($1.8 million) left, with an unrealized profit of $1.8 million. Neiro is a MEME coin on the Solana chain, named after the newly adopted dog of the owner of DOGE (Kabosu).
▌ Coinbase CEO: Bitcoin can prolong Western civilization
Coinbase CEO says Bitcoin is a check on deficit spending and will prolong Western civilization.
▌ 50 million USDC minted in the USDC Treasury
According to WhaleAlert monitoring, 50 million USDC (50 million US dollars) were minted in the USDC treasury at around 10:41 am Beijing time on the 23rd.
Important economic developments
▌The market expects the Fed to cut interest rates three times before the end of the year due to recent improvements in inflation data
Markets currently expect the Federal Reserve to cut interest rates three times by the end of the year due to recent improvements in inflation data.
▌ The probability of a September rate cut in the CME Fed's forecast has risen to 85.7%
According to the Chicago Mercantile Exchange's (CME) FedWatch tool, the probability of a rate cut in September has been raised to 85.7%.
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 97.4%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 97.4%, and the probability of a 25 basis point rate cut is 2.6%. The probability of the Fed keeping interest rates unchanged in September is 6.8%, the probability of a cumulative 25 basis point rate cut is 90.8%, and the probability of a cumulative 50 basis point rate cut is 2.4%.
▌Wells Fargo: The Federal Reserve is expected to open the door to interest rate cuts this month
Investors are holding on to their bet that U.S. interest rates will fall this year despite heightened political turmoil in the U.S. CME Group data shows the odds of the Fed staying on hold next week and cutting rates on Sept. 18 are both above 90%, with the odds of a total of three rate cuts this year approaching 50%. That's little changed from before Biden dropped out of the race. Wells Fargo economists said in a note that they expect the Fed to keep policy unchanged this month, opening the door to a rate cut. They added that the Fed's track record suggests it won't shy away from cutting rates at its last meeting before an election.
▌The Fed statement may delete the wording of "high inflation"
On July 22, Reuters reported that the Federal Reserve may delete the wording of "high" inflation at its policy meeting next week. If this is the case, it will be the strongest signal so far that the Fed plans to cut interest rates as early as September and start its easing cycle. The adjustment of the description of inflation from high to milder words may also lead the Fed to revise another key sentence in the current policy statement: the Fed will not cut interest rates until officials are more confident that inflation will continue to move toward 2%. Bostic, a 2024 FOMC voting member, indirectly hinted at the end of June that if the inflation rate reaches 2.5% or below, it can be used as an indicator to consider adjusting the description of inflation. Many economists believe that the June PCE data released on July 26 will fall to or below this threshold.
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.
