Headlines
▌Trump 's second son: I really fell in love with cryptocurrency/DeFi, please look forward to major announcements
Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Organization, posted on social media, "I really fell in love with cryptocurrency/DeFi (decentralized finance). Stay tuned for major announcements."
▌Musk 's X will close its San Francisco office
X is moving out of the building that Elon Musk once walked into with the kitchen sink, according to an internal memo seen by CNN.
In an email to employees, X CEO Linda Yaccarino said the company will move to new major locations in the Bay Area, including an office in San Jose and a coworking space with Musk's xAI in Palo Alto.
Whatever the specifics, it seems likely that in the future X’s now much smaller workforce will be spread across three offices, working with contractors in other areas.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $56,010.38, with a daily change of +3.6 % ;
The latest transaction price of ETH is 2,458.47 yuan, with a daily change of + 1.6% ;
BNB's latest trading price is $483.94, with a daily change of +4.2% ;
SOL's latest trading price is $143.94, with a daily change of + 11.0% ;
DOGE's latest trading price is $0.09636, with a daily change of +2.1 % ;
XPR recently traded at $0.5054, with a daily change of +3.4% .
policy
▌BlackRock and Nasdaq apply to SEC to launch spot Ethereum ETF options products
The exchange Nasdaq and the world's largest asset management company BlackRock plan to list options products based on the spot Ethereum ETF.
In a filing posted on the SEC's website on Tuesday, BlackRock and Nasdaq proposed a rule change to list and trade options based on the iShares Ethereum Trust (ticker ETHA). "The Exchange believes that offering trust options will benefit investors by providing them with an additional, relatively low-cost investment vehicle that allows them to gain exposure to ether spot, while also providing a hedging tool to meet their investment needs in ether products and positions," the filing reads.
Comments on the proposal will be published within 21 days. Bloomberg analyst James Seyffart wrote on X on Tuesday that the SEC could make a final decision on the proposal in early April 2025.
Blockchain Applications
▌ Head of TON blockchain games: Currently about 20% of Telegram users are playing games
Inal Kardan, head of TON blockchain games, said that currently about 20% of Telegram users are playing games, while as recently as December last year, only about 1% of Telegram's monthly active users played games on the app.
▌Analysis : Ethereum L2 solution may trigger market concerns about liquidity fragmentation
Several analysts have pointed out that the surge in Ethereum Layer 2 solutions is raising concerns about liquidity fragmentation. Patrick Liou, head of sales at Gemini, said that the emergence of multiple Layer 2 blockchains, while intended to solve scalability issues, has inadvertently weakened the operation and adoption of blockchains and their applications. Although it is not easy to transfer liquidity from one blockchain to another, advances in bridging applications are making the process smoother. Gemini's report shows that a new Ethereum Layer 2 appears every 19 days, further exacerbating the problem of fragmented liquidity.
Cryptocurrency
▌ Michael Saylor: Bitcoin will be another "Louisiana Purchase moment" for the United States
MicroStrategy co-founder Michael Saylor said Bitcoin will be another "Louisiana Purchase moment" for the United States.
Michael Saylor previously predicted that by 2045, the price of each Bitcoin will reach about $13 million.
▌ Coinbase: GenAI platform Coinbase-GPT will customize personalized solutions for users
Coinbase's official blog stated that Generative Artificial Intelligence (GenAI), including large language models (LLM) and other modes such as image generation, is changing the industry by improving efficiency and productivity. GenAI's versatile technology can read, write, encode and draw, which can improve creativity and productivity in various industries such as retail, finance, manufacturing and healthcare. If used strategically, GenAI can drive innovation and provide competitive advantage in today's data-driven environment.
CB-GPT, short for Coinbase-GPT, is a unified platform for all GenAI applications at Coinbase. By building and managing Coinbase's own GenAI platform, Coinbase is able to customize solutions based on unique crypto use cases and Coinbase customer base. With CB-GPT, Coinbase aims to provide an intuitive experience through its products, providing personalized and contextual support at all times, creating rich opportunities for a wide range of users (from individuals to institutional investors) to learn, explore and participate in the crypto economy.
▌Bitcoin and precious metals negatively correlated in July
The sell-off in crypto assets is a rare test of an industry belief that Bitcoin is equivalent to "digital gold," and therefore can be included in a portfolio as a hedge against stock market volatility. As stocks plunged on Monday and carry trades were unwound, Bitcoin behaved more like stocks than gold, plunging 17% to below $50,000 before recovering some of its losses. Data compiled by Bloomberg show that Bitcoin and precious metals became negatively correlated in July.
"It's unrealistic to think that institutional investors are allocating money to Bitcoin for the same reasons as gold," said Josh Gilbert, an analyst at eToro. "The two assets don't play the same role in a portfolio." Some observers believe that Bitcoin's plunge supports the view that it is an asset class that is particularly vulnerable to potential dangers (such as the Federal Reserve waiting too long to cut interest rates and causing the economy to fall into recession). "If investors panic or want to deleverage, cryptocurrencies tend to be the asset of choice," Gilbert said.
▌Indian crypto exchage CoinDCX has established a $6 million investor protection fund to provide compensation to users in the event of security breaches
Sumit Gupta, co-founder of Indian cryptocurrency exchange CoinDCX, said the company has established an investor protection fund, which is intended to "compensate users for losses in extremely rare cases such as security breaches" and will initially hold nearly $6 million (INR 500 crore), which will come entirely from "our profits." The decision was made after WazirX suffered a $230 million hack last month, which involved nearly 45% of customer funds in a single wallet. Gupta was one of the first to criticize WazirX's proposed customer fund management plan after the hack.
Bloomberg ETF analyst: BlackRock will abandon the BlackRock brand in its active ETFs and use the iShares brand instead
Eric Balchunas, senior ETF analyst at Bloomberg, wrote on the X platform, "BlackRock will abandon the BlackRock brand in its active ETFs and use the iShares brand instead. This makes sense. You have to use the brand influence."
▌The average cost of Bitcoin mining for US mining companies is about $43,000
Ki Young Ju, founder and CEO of CryptoQuant, wrote that the current average Bitcoin mining cost for US mining companies is about $43,000.
Marathon Digital showed in its Q2 2024 report that the company’s average mining cost per Bitcoin is $42,969. This can be calculated using their operating hash rate, cost per gigahash per day, and average Bitcoin mined per day.
Important economic developments
▌Morgan Stanley: Trump's rising chances of winning are expected to boost the dollar
Even if the U.S. Republican Party wants to curb the dollar's strength, the increased likelihood of a Republican victory in the election later this year is bound to boost the dollar. "While former President Trump opposed the dollar's strength in his speeches, we believe his policies will lead to a stronger dollar," strategists including Andrew Watrus and Zoe Strauss wrote in an August 6 research note. They pointed out that the key dollar index surged in November and December 2016 after Trump's last victory. They added that "if the Republicans win a big victory, an expansionary fiscal policy agenda could boost expectations for U.S. economic growth and encourage capital inflows to the United States."
▌The probability of the Federal Reserve cutting interest rates by 50 basis points in September is 71.5%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 28.5%, and the probability of cutting interest rates by 50 basis points is 71.5%. The probability of the Fed cutting interest rates by 50 basis points by November is 19.3%, the probability of cutting interest rates by 75 basis points is 57.6%, and the probability of cutting interest rates by 100 basis points is 23.2%.
▌Goldman Sachs CEO: The Federal Reserve is not expected to cut interest rates urgently, and may cut interest rates 1-2 times in the fall
Goldman Sachs CEO Solomon expects the Federal Reserve to avoid an emergency rate cut because he believes the U.S. economy will avoid a recession. "I don't expect to see any progress before September," Solomon said in an interview. "The economy will develop steadily and there may not be a recession." Solomon said, "Based on the economic data we are seeing and the information sent by the Federal Reserve, I think there may be one or two rate cuts this fall."
Solomon said: The recent stock market correction may be healthy. The Federal Reserve will abandon its emergency rate cut and does not expect a recession in the United States.
Golden Encyclopedia
What is an inverse futures contract?
An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a drop in price. The nature of inverse futures contracts is non-linear. When a trader long a BTC/USD inverse futures contract, they are short the SHORT dollar. Because the contracts are inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher its value relative to the U.S. dollar.
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.
