Headlines
▌Fed mouthpiece: Inflation is no longer an obstacle to the Fed's rate cuts
Nick Timiraos, the "Fed mouthpiece", quickly commented on the Fed's FOMC statement, saying that there was no clear signal from this meeting that interest rates would be cut in September, but there were some very meaningful changes in the first half of the statement: the dual mandate was back, and inflation was reduced from "high" to "high to some extent."
Nick Timiraos, the "Federal Reserve mouthpiece": The Fed statement said, "The committee is concerned about both aspects of its dual mandate." The statement deleted the wording that policymakers have described as "highly concerned" about inflation risks in the past two years. This shift is significant because it suggests that inflation may no longer be an obstacle to rate cuts, especially if the labor market continues to cool.
▌ Telegram officially launches in-app browser and mini-program store
Telegram launched an in-app browser with support for decentralized web pages, a mini-app store, and other improvements in a July 31 update.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $64,660.28, with a daily change of -2.3 % ;
The latest transaction price of ETH is 3232.43 yuan, with a daily fluctuation of -1.4 % ;
BNB's latest trading price is $576.57, with a daily change of -1.9% ;
SOL's latest trading price is $171.92, with a daily change of -4.0 % ;
DOGE's latest trading price is $0.122, with a daily change of -2.8 % ;
XPR's most recent trading price was $0.6236, with a daily change of -0.6% .
policy
▌U.S . Congressman Cynthia Lummis formally proposed the Bitcoin Strategic Reserve Act
Senator Cynthia Lummis of Wyoming formally proposed the Bitcoin Strategic Reserve Act on July 31, local time. The bill will instruct the U.S. government to begin establishing a reserve fund for scarce decentralized assets. More specifically, the bill will establish a "decentralized secure Bitcoin network treasury" controlled by the U.S. Treasury Department. The bill also instructs legislators and bureaucrats to develop strict network security parameters and other physical security measures to ensure that Bitcoin funds are not stolen. The bill also proposes a goal of gradually accumulating 1 million bitcoins.
▌Biden adviser joins Harris PAC, it is unclear whether it involves cryptocurrency
Anita Dunn, a senior adviser to US President Biden, is about to leave the White House and join Future Forward, a political action committee (PAC) organization supporting 2024 Democratic presidential candidate Kamala Harris. The PAC plans to invest at least $300 million to support Harris' campaign.
Anita Dunn has previously met with cryptocurrency industry representatives in a personal capacity to discuss digital asset regulation, but it is unclear whether cryptocurrencies will be mentioned at PAC events.
Blockchain Applications
▌ SEND: Solana phone pre-orderers have 24 hours to claim SEND token airdrop
Blinks ecosystem project SEND posted on the X platform that it is conducting its first airdrop to the top communities on Solana. Each address holding Solana mobile phone reservation token Chapter2 Preorder Token can receive 500 SEND tokens for free. The claim window is only open for 24 hours, after which all unclaimed tokens will be returned to the airdrop vault.
According to previous news, the Blinks project SEND released token economics, in which Blinks builders, Sendit NFT holders and top Solana communities were allocated a total of 25%.
Cryptocurrency
▌Report : 54% of institutional investors and 64% of retail investors plan to increase digital asset allocation
The EY-Parthenon survey report shows that many institutional and retail investors hope to increase their allocation to digital assets and digital asset-related products.
The report shows that among the respondents, 94% of institutional investors and 83% of retail investors said they believe in the long-term development potential of digital assets. 54% of institutional investors and 64% of retail investors plan to increase their allocation.
Institutional investors mostly seek a multi-custodial model to manage their digital assets, and in addition to custody, they also want connections to more liquidity providers, the ability to borrow against cryptocurrencies, and prime brokerage services.
On the retail side, 72% of retail investors view digital assets as a core part of their overall wealth strategy, and they hope to enhance their current wealth and estate planning, tax and trust, and advisory services to cover cryptocurrencies and digital assets.
▌ Ecoinometrics: In the long run, the continued increase in spot Bitcoin ETF holdings is a good sign
Cryptocurrency research firm Ecoinometrics posted on the X platform that since January, the holdings of spot Bitcoin ETFs have increased by nearly 300,000 Bitcoins. Although the pace of capturing Bitcoin has slowed significantly, the key point is that Bitcoin's growth continues even if the price of Bitcoin stagnates. In the long run, this continued accumulation is a good sign.
▌ Riot Platforms: Q2 net loss of $84.4 million, Bitcoin production fell 52%
Bitcoin miner Riot Platforms reported a net loss of $84.4 million in the second quarter, compared to a net loss of $27.4 million in the same period last year. Despite the financial setback, the company still achieved revenue of $70 million in the second quarter, slightly lower than $76.7 million in the same period last year. This result reflects the challenging environment after the recent "halving" event of the Bitcoin network. Riot Platforms also reported a 52% drop in Bitcoin production, from 1,775 in the second quarter of 2023 to 844. However, despite the decline in production, Riot Platforms still achieved strong gross margins and revenue was flat with last year.
eToro adds support for Solana and Ethereum staking
eToro has added support for Solana and Ethereum staking. The new products expand eToro’s existing staking services, which already include Cardano and Tron.
USDC transaction volume increased by 48% in July , and market value increased by 5.4%
According to CCData's report on July 31, as of July 25, USD Coin (USDC)'s trading volume on centralized exchanges reached $135 billion, with a 48% increase in July and a 5.4% increase in its market value to $33.6 billion. Thanks to the implementation of the EU Crypto Asset Market (MiCA) regulatory framework, Circle became the first stablecoin issuer in the region to be approved by regulators on July 1.
The total stablecoin market capitalization increased by 2.1% in July to $164 billion, the highest level since April 2022. However, trading volume on centralized exchanges decreased by 8.4% to $795 billion as of July 25, marking the fourth consecutive month of decline.
Important economic developments
▌The three major U.S. stock indexes closed higher
The three major U.S. stock indexes opened and closed higher, with the Nasdaq up 2.64%, down 0.75% in July; the S&P 500 up 1.58%, up 1.13% in July; and the Dow up 0.24%, up 4.41% in July. Both the S&P 500 and the Dow rose for three consecutive months.
▌The probability of the Federal Reserve cutting interest rates in September is 100%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 90.5%, and the probability of cutting interest rates by 50 basis points is 9.5%. The probability of the Fed cutting interest rates by 25 basis points by November is 21.7%, the probability of cutting interest rates by 50 basis points is 71.1%, and the probability of cutting interest rates by 75 basis points is 7.2%.
▌Powell : Rate cuts are getting closer, but we haven’t reached that point yet
Federal Reserve Chairman Powell said that interest rate cuts may be discussed at the September meeting; the Fed is getting closer to a rate cut; it is generally believed that the Fed is getting closer to a rate cut, but it has not reached that point yet; the Fed will receive a large amount of data from now until the September FOMC monetary policy meeting.
Powell said that there was indeed an in-depth discussion on rate cuts at this meeting; the vast majority of people supported not adjusting interest rates at this meeting; the Fed would not make decisions based on a single factor, but would depend on the overall data performance; inflation, employment, risk balance, and overall data performance would help make decisions; the Fed just needs to see more good data. The data did not indicate that the US economy was weak or overheated; the Beige Book and the weakening of unofficial data were indeed taken seriously.
Powell said that several inflation data released recently have boosted confidence; the upside risk of inflation has been reduced. A 50 basis point rate cut is not something the Fed is currently considering; there is indeed a possibility of discussing a rate cut at this meeting; the vast majority of policymakers support keeping the rate cut in place at this meeting; the time for a rate cut is getting closer, possibly in September.
▌Powell : Cutting interest rates too late could weaken the economy too much
Federal Reserve Chairman Powell said that if the economy remains sound, interest rates will remain unchanged if necessary; if the labor market weakens unexpectedly, the Fed is ready to respond; cutting interest rates too late may excessively weaken the economy; and no decisions have been made on future meetings, including the September meeting.
Powell said he felt the committee was closer to cutting rates; a rate cut could be an option at the September meeting; conceivable scenarios range from zero to several rate cuts this year. The Fed will carefully evaluate new data when making future decisions; policy is in a good position; actions will be taken to promote the Fed's dual goals. No decision has been made on whether to cut rates in September; the risks of acting too early and waiting too long must be weighed; the Fed has not made a decision on future meetings.
▌Powell : Will continue to focus on the dual mission
Federal Reserve Chairman Powell said that the Fed will continue to focus on its dual mission; significant progress has been made on both goals over the past two years; a restrictive stance will be maintained to curb demand; and the labor market has become more balanced.
Powell said that the second quarter inflation data boosted confidence; inflation remained slightly above the 2% target; long-term inflation expectations seemed firmly anchored; and greater confidence in inflation was needed.
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 concept of DPoS 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. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.
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.
