Bitpush's Weekly Web3 News Highlights:
[Trump campaign raised $21 million during Bitcoin 2024 conference]
According to The Block, former U.S. President Donald J. Trump's campaign team raised $21 million during the Bitcoin 2024 conference.
It is reported that the funds mainly came from a fundraising event after Trump’s speech on Saturday, which was organized by Tennessee Republican Senator Bill Hagerty and reportedly attended by 100 people. Bitcoin Magazine CEO said: "This is the second highest amount of money raised by Trump in his three presidential campaigns. The funds come from a combination of industry and whales/OGs."
Trump previously reported that he personally owned between $100,000 and $250,000 worth of cryptocurrency in 2022, and according to Federal Election Commission filings, his campaign raised a total of $221 million and currently has $128 million in cash on hand.
[Reuters/Ipsos latest poll: Harris leads Trump by one percentage point]
According to a Reuters/Ipsos poll: U.S. Democratic presidential candidate Harris leads Republican candidate Trump with 43% support among registered voters to 42%, with a margin of error of 3.5 percentage points. Registered voters prefer Trump's plans on the economy, immigration and crime, and Harris leads in support on health care.
[The market is betting that the probability of the Fed cutting interest rates in September is 100%]
According to CME's "Fed Watch" data: 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%.
[Fidelity lists physical Bitcoin ETP on the London Stock Exchange]
Fidelity International lists physical Bitcoin ETP on the London Stock Exchange.
[The Federal Reserve interest rate swap market fully prices in three rate cuts before the end of the year]
According to Jinshi, U.S. Treasuries rose, with yields hovering at their lowest level since February, as investors believe economic data supports the Fed's three rate cuts this year. The 10-year yield fell below 4% for the first time since February, and the previously released manufacturing data reinforced the market's view. The increase in the number of initial jobless claims last week indicated a slowdown in the labor market. Interest rate swap traders expect a 100% chance of a total rate cut of 75 basis points this year, which means that each of the next three interest rate meetings will cut interest rates by 25 basis points.
[Solana's DEX transaction volume exceeded US$55.8 billion in July, surpassing Ethereum for the first time]
According to DefiLlama data, in July, Solana surpassed Ethereum in monthly DEX trading volume for the first time in history, reaching US$55.876 billion, while Ethereum was US$53.867 billion, marking a significant increase in Solana's liquidity and user activity.
In addition, other outstanding chains include Arbitrum ($24.569 billion), BSC ($17.888 billion), and Base ($15.554 billion).
[Morgan Stanley will allow financial advisors to offer Bitcoin ETFs to some clients and is paying attention to the development of the Ethereum ETF market]
Morgan Stanley told its financial advisers on Friday that it would soon allow them to offer a bitcoin ETF to some clients, a first among Wall Street banks, CNBC reported.
The firm’s roughly 15,000 financial advisers can solicit eligible clients to buy shares in two exchange-traded bitcoin funds, BlackRock’s IShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, starting Aug. 7, according to people familiar with the matter.
However, the bank still issued a warning when launching this product: People familiar with the matter said that only clients with a net worth of at least $1.5 million, a positive risk tolerance and a willingness to invest speculatively are suitable for participating in the Bitcoin ETF. They added that these investments are for taxable brokerage accounts, not retirement accounts. According to sources, the bank will monitor customers' cryptocurrency holdings to ensure that they are not overly exposed to volatility risks.
Morgan Stanley is monitoring the market developments for newly approved spot Ethereum ETFs, but has not yet committed to providing access to them to its clients, according to people familiar with the matter.
[Informed sources: David Plouffe, who holds an important position in the encryption field, will join Harris’ campaign team]
David Plouffe, who holds positions in the cryptocurrency field, will join U.S. Vice President Kamala Harris' campaign team as a senior adviser to Harris, Reuters and Politico reported on Friday, citing people familiar with the matter.
David Plouffe served as manager of Obama's 2008 presidential campaign and as a senior aide to Obama during his 2012 victory.
Plouffe has made many statements about cryptocurrency in the past and has joined Binance’s Global Advisory Board over the past few years, while also serving as a global strategic advisor to Alchemy Pay. Plouffe briefly mentioned the collapse of cryptocurrency exchange FTX in the 2023 interview, saying it “brought attention to the industry.”
[Coinbase report: The crypto market usually faces a seasonal downward trend in August]
Coinbase analysts David Duong and David Han said in a weekly report on Friday that August is typically a month that is not conducive to seasonal factors in the cryptocurrency market, and historically, market activity in August is sluggish.
For example, Bitcoin spot trading volume fell 19% in August 2023 compared to June 2023. Bitcoin futures trading volume on global centralized exchanges also fell 30% during the same period.
They added: “Over the past five years, Bitcoin has fallen an average of 2.8% in August, and reduced liquidity and trading volume may lead to increased volatility in August.” Coinbase analysts said we may see similarly sluggish market performance this year.
