Headlines
▌Trump : The US economy is close to recession
Former US President Trump warned that the US economy is close to a recession; we are very close to a world war.
▌ XRP whale holdings hit a record high
According to the latest findings from Santiment, XRP's market capitalization has increased by 23% in the past 24 hours. This rapid growth coincides with a large accumulation of whales, as wallets holding 1 million to 10 million XRP on the chain now hold a total of 7.06 billion XRP, worth approximately $4.42 billion, a record high.
As previously reported, the judge ruled that the exchange's XRP transactions did not violate securities laws and fined Ripple $125 million in the SEC case, a lower-than-expected fine.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $61,834.60, with a daily change of +12.3 % ;
The latest transaction price of ETH is 2,685.29 yuan, with a daily increase or decrease of +14.7 % ;
BNB's latest trading price is $518.19, with a daily change of +9.1% ;
SOL's latest trading price is $163.14, with a daily change of + 12.6% ;
DOGE's latest trading price is $0.1074, with a daily change of +12.3 % ;
XPR recently traded at $0.6177, with a daily change of +2.9% .
policy
▌The White House and Harris advisers listened to the opinions of cryptocurrency industry executives but made no commitments
A group of cryptocurrency industry executives held a conference call with White House officials and advisers to Vice President Kamala Harris on Thursday to provide their input as Democratic presidential candidates develop policy positions on cryptocurrency issues. Industry executives outlined their concerns about crypto policy. According to people familiar with the matter, neither White House representatives nor Harris' advisers made any commitments.
The call included executives from Coinbase, Ripple, Kraken, Circle, and venture capitalists Mark Cuban, Chris Dixon, and Ron Conway. It was also attended by White House Deputy Chief of Staff Bruce Reed, National Economic Advisor Lael Brainard, Undersecretary of the Treasury Wally Adeyemo, and Senior Advisor to the Vice President and Director of Legislative Affairs Kristine Lucius.
▌ Mango Markets developers ask judge to drop fraud and commodity-related charges
In a 77-page motion filed earlier this week, Mango Markets developer Avraham 'Avi' Eisenberg asked the judge to dismiss fraud and commodity-related charges and request a new trial. His lawyers argued that the Southern District of New York is not the appropriate venue for the trial and said the government failed to prove that Eisenberg intended to manipulate the price of perpetual futures contracts on decentralized cryptocurrency exchange Mango Markets.
Eisenberg’s lawyers said the government had not proved the Commodity Exchange Act applied to the case and that the commodities conviction should be thrown out. Prosecutors had not proved that MNGO Perpetual was a swap and not a “pure security.” “The evidence at trial showed that the price was completely irrelevant to Eisenberg because he never attempted to sell any contracts but rather used his ability to withdraw and borrow against open positions to profit,” the lawyers said.
Sentencing is set for Nov. 13, according to court documents.
▌The Federal Reserve accuses Customers Bancorp, which provides services to digital asset clients, of risk management and anti-money laundering deficiencies
The U.S. Federal Reserve said in an enforcement action filed on Thursday that it had found "significant deficiencies" in Customers Bancorp Inc's (CUBI.N) risk management and compliance with anti-money laundering laws.
The bank, which serves digital asset clients, agreed to submit a written plan to the Fed to strengthen “board oversight” of its anti-money laundering requirements and sanctions-related rules. Under the agreement, the bank also agreed to submit a plan to improve risk management practices for its “digital asset strategy.”
The Fed also required Customers Bancorp to submit a revised customer due diligence program that should include documentation to verify customer identities and "identify customers who are at higher risk of engaging in potential illicit activity at or through the bank."
Blockchain Applications
Celestia is about to upgrade to Lemongrass and Mocha Testnet
Celestia will activate Lemongrass on Arabica Devnet in August. Mocha Testnet will also be upgraded in August, and the Celestia mainnet beta is scheduled to release the Lemongrass version in early to mid-September.
▌ ENS domains are now available on Linea
According to official news, ENS domain names are now available on Linea.
▌ CoreWeave hires two executives from Google and Oracle to advance AI business
CoreWeave, a cloud computing company invested by Nvidia, has hired two executives from Google and Oracle to build its own artificial intelligence infrastructure. Among them, Chen Goldberg previously served as general manager and vice president of engineering at Google, a subsidiary of Alphabet, and will serve as senior vice president of CoreWeave in the future. Sachin Jain previously served as senior vice president of artificial intelligence (AI) infrastructure and product management at Oracle, and will serve as chief operating officer of CoreWeave in the future.
Cryptocurrency
▌Trump ’s second son: Beware of fake tokens, the official Trump project has not yet been announced
Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Organization, posted on social media, "Be careful of fake tokens. The only official Trump project has not yet been announced, and the news will be announced on Twitter as soon as possible."
Earlier news, Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Group, posted on social media, "I really fell in love with cryptocurrency/DeFi (decentralized finance). Stay tuned for major announcements."
▌JPMorgan Chase: The rebound in the crypto market may be short-lived, and most of the positive catalysts have been digested
JPMorgan analysts said in a report that most of the positive catalysts that could drive up prices for Bitcoin and the broader cryptocurrency market have been priced in, including Morgan Stanley Wealth Advisors offering crypto ETFs to its clients, the upcoming end of the Mt. Gox repayment, and both parties in the United States pointing to favorable regulation.
The bank said these positive catalysts appear to be priced into the current price of digital assets. “Equities remain vulnerable due to limited de-risking in the CME Bitcoin futures space… Despite the recent correction, we remain cautious on the cryptocurrency market.”
The bank said any short-term rebound in the crypto market is likely to be short-lived as the price of Bitcoin remains too high relative to its production cost and gold. The bank's analysts currently estimate that the average production cost of Bitcoin mining is about $49,000, and any price movement below this level will put pressure on miners, further depressing BTC prices.
BTC breaks through $62,500
The market shows that BTC has broken through $62,500 and is now trading at $62,500.26, with a daily increase of 13.06%. The market is volatile, so please do a good job of risk control.
Important economic developments
▌Fed 's Schmid hints not ready to cut rates yet
Kansas City Fed President Schmid hinted that he is not ready to support a rate cut because inflation is above target and the labor market, although somewhat cooling, remains healthy. In a speech to the Kansas Bankers Association, Schmid said the recent decline in inflation is "encouraging" and more reports of low price pressures will increase his confidence that inflation is returning to the central bank's 2% target and will therefore be able to lower interest rates. "We are close, but not quite there yet," Schmid said. He did not comment on when the Fed should cut rates, saying that "the policy path will be determined by the data and economic momentum." Although U.S. nonfarm payrolls in July were weaker than expected, Fed officials ignored calls for aggressive action. The market expects a greater than 50% chance that the Fed will cut interest rates by 50 basis points in September. "Overall, the labor market still looks healthy," Schmid said. "Last week's July jobs report led many to question this resilience. But it is worth noting that many other indicators show continued strength."
▌Fed 's Schmid: If inflation remains low, rate cuts are appropriate
Fed's Schmid said that if inflation remains low, a rate cut would be appropriate; the inflation target is close, but "has not been fully achieved"; he supports reforms to make the Fed's discount window tool more effective; the discount window can be a liquidity risk management tool; despite the weak July employment report, economic growth and demand remain strong; the Fed's current policy stance is "not that restrictive."
▌The probability of the Federal Reserve cutting interest rates by 50 basis points in September is 56.5%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 43.5%, and the probability of cutting interest rates by 50 basis points is 56.55%. The probability of the Fed cutting interest rates by 50 basis points by November is 28.2%, the probability of cutting interest rates by 75 basis points is 51.9%, and the probability of cutting interest rates by 100 basis points is 19.9%.
▌UBS : The surge in Wall Street's fear index provides an opportunity to enter the market
As traders who were caught off guard by this week's stock market sell-off are wondering what to do next, UBS analyst Solita Marcelli remains bullish that U.S. stocks will continue their upward trend in the coming months. She said the brief surge in the Cboe Volatility Index (VIX) to a multi-year high earlier this week also provided traders with an opportunity to enter the market, especially those who were on the sidelines. She pointed out that U.S. stock returns are usually above average in the three, six and 12 months after Wall Street's fear index surges. "We're going to have some volatility, but I think there's still some good upside," Marcelli said.
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.
