Headlines
▌Source: CZ may return next month
Sources say CZ(CZ) may return next month.
▌Harris: The Fed's actions should be independent of the president
U.S. Vice President Harris said the Fed's actions should be independent of the president. Earlier, Trump said that if elected, he would seek to influence U.S. monetary policy.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $60,578.03, with a daily change of -0.4 % ;
The latest transaction price of ETH is 2,586.87 yuan, with a daily change of -2.3% ;
BNB's latest trading price is $508.00, with a daily change of -0.8% ;
SOL's latest trading price is $155.19, with a daily change of -3.7% ;
DOGE's latest trading price is $0.1038, with a daily change of -2.6% ;
XPR's most recent trading price was $0.5815, with a daily change of -4.8% .
policy
▌Former U.S. Treasury Secretary Summers calls on the SEC to investigate Monday's surge in the VIX volatility index
Former U.S. Treasury Secretary Lawrence Summers called on the Securities and Exchange Commission (SEC) and related exchanges to investigate the VIX index's spike on Monday (August 5). "My understanding is that the VIX's move on Monday was somewhat artificial because of some illiquid instruments used in the calculation of the VIX index," Summers said on a television show on Friday. After the VIX index's surge on Monday, experts who measure volatility said the sharp move in the index could be caused by several technical factors, including an apparent lack of liquidity, some short covering of failed volatility bets, or simply the way volatility is measured.
▌The Chairman of the US SEC will testify before the Senate Banking Committee in September
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will testify before the Senate Banking Committee in September. The hearing will focus on the SEC's regulatory agenda and Gensler's leadership of the agency.
▌The IRS releases a draft of a new crypto tax form and seeks public comments
The U.S. Internal Revenue Service (IRS) has released an updated draft version of the tax form 1099-DA used by cryptocurrency brokers and investors to report certain trading gains, inviting the industry to participate in the discussion. The public has 30 days to provide the IRS with comments on the proposed 1099-DA. IRS officials said that the crypto 1099 form will "bring more convenience and clarity" to those who pay U.S. crypto taxes. It is reported that the newly released updated version of the 1099-DA is more streamlined than the first draft of the tax return proposed by the IRS in April. The items for investors to fill in wallet addresses and transaction IDs have been deleted (which caused privacy-related controversy when the form was first released). In addition, the form no longer requires the time of the relevant transaction to be filled in, only the date. Drew Hinkes, a cryptocurrency lawyer and partner at K&L Gates Law Firm in Miami, wrote on X that the updated form "has been greatly improved, reduced the burden, and requires much less data reporting."
▌ Tether CEO: MiCA regulation poses “systemic risk” to the banking system
In an interview with Cointelegraph, Paolo Ardoino, CEO of Tether, said that the EU Markets in Crypto-Assets (MiCA) regulation poses a systemic risk not only to stablecoins but also to the wider banking system. "My problem with MiCA is that instead of making the system safer, it actually creates a huge systemic risk," Ardoino said. The MiCA regulation came into effect on June 30 and imposes strict restrictions on stablecoin operations throughout the European Economic Area. Notably, the regulation stipulates that at least 60% of the reserves backing stablecoins must be held in EU bank accounts. Ardoino stressed that financial institutions practice fractional reserve banking, where only a small portion of deposits are available for withdrawal at any given moment, which makes them vulnerable to bank runs.
Regulators delay decision on listing of US Altcoin ETF launched by Hashdex
According to a regulatory filing on August 9, U.S. regulators said they need more time to decide whether exchange-traded funds (ETFs) designed as one-stop cryptocurrency portfolios can be listed on the Nasdaq electronic stock exchange. The filing is a response to Nasdaq's request in June for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange. If approved, the Hashdex Nasdaq Crypto Index ETF will become the first diversified spot cryptocurrency ETF in the U.S. market. It will also be the first U.S. ETF to hold alternative cryptocurrencies, or "Altcoin."
▌The Santa Monica City Government website adds a new section called “Bitcoin Office”
The "Bitcoin Office" section has been added to the Santa Monica City Government website in California. It is reported that the section aims to find and promote partnerships in the Bitcoin industry, support Santa Monica's economic recovery and create new jobs. It is reported that the city of Santa Monica has cooperated with Proof of Workforce to discuss and consider Bitcoin, including mining, investment and education-related content, which should not be regarded as financial or investment advice. In addition, according to Bitcoin Magazine, the city of Santa Monica will hold a Bitcoin Festival in October this year.
Blockchain Applications
▌Ripple: Stablecoin RLUSD testing has been launched on XRP Ledger and Ethereum mainnet
Ripple announced on the X platform that the stablecoin Ripple USD (RLUSD) is now in beta testing on the XRP Ledger and Ethereum mainnet, but RLUSD has not yet been approved by regulators, so it cannot be purchased or traded, and the community needs to be wary of fraudsters who claim to own or can distribute Ripple USD. Ripple said that RLUSD is valued at a 1:1 ratio with the U.S. dollar (USD) and is 100% backed by U.S. dollar deposits, short-term U.S. government bonds and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will issue certificates monthly.
Cryptocurrency
▌ Tether freezes three Tron on-chain addresses, involving 16.5 million USDT
According to Solid Intel on the X platform, Tether has frozen three Tron on-chain addresses that hold more than $16.5 million in USDT, which may be controlled by a single entity.
▌ ZhuSu: Crypto market sentiment is similar to 2019 in many ways
ZhuSu, the former founder of Three Arrows Capital, wrote that the sentiment in the crypto market is similar to that in 2019 in many ways. Bitcoin's dominance is high, people are questioning whether everything needs tokens, and some major previous narratives seem to have been overturned. Builders are turning to other areas. "Some people say that the situation is worse now than in 2019, but this is absolutely not true. In 2019, people generally believed that blockchains were not only tokens, but also useless. That's why you can buy L1 for free. And the ETH/BTC exchange rate is 0.02. I think even the biggest pessimists today don't think blockchains are useless. In fact, they are mostly taken for granted. This is a sign of actual adoption."
Grayscale SUI Asset Trust Open to Qualified Investors
Grayscale announced that its Grayscale Sui Trust is now open to accredited investors. As of August 8, 2024, the net asset value per share of Grayscale Sui Trust is $11.42 and the management fee is 2.50%.
▌ CryptoQuant founder: Most Bitcoin on-chain indicators have returned to bull market levels
Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform that most of the Bitcoin on-chain indicators that had previously hovered at the border have now returned to bull market levels. It is worth mentioning that Bitcoin's current low only lasted for about three days.
Important economic developments
▌The three major U.S. stock indexes closed higher, with most popular technology stocks rising
The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 0.13% and down 0.6% this week; the Nasdaq Composite Index up 0.51% and down 0.18% this week; and the S&P 500 up 0.47% and down 0.04% this week. Most of the popular technology stocks rose, with Apple and Meta up more than 1%.
▌Former U.S. Treasury Secretary Summers opposes political interference with the Federal Reserve and expects a 50 basis point rate cut in September
Former U.S. Treasury Secretary Lawrence Summers warned against allowing the president to interfere in monetary policy making, which would only end up hurting the economy over time. As for the Fed's policy decision, the former Treasury secretary said any emergency rate cut would not be justified "on the facts at hand" given that market volatility and stock market declines have eased since Monday's turmoil. Still, Summers said "a 50 basis point cut would probably be appropriate" at the September policy meeting.
▌As the Federal Reserve cuts interest rates, Bank of America customers are selling dollars
The percentage of investors who believe the dollar will weaken has nearly tripled in the past month as markets brace for a rate cut by the Federal Reserve, according to a Bank of America survey. About 23% of respondents to the bank's monthly sentiment survey said their most confident trade was short the dollar, the highest share so far this year and up from 8% in July. The dollar has outperformed most G10 currencies this year, but its gains have fizzled in the past month as data showed the U.S. economy was losing momentum, prompting traders to bet on aggressive U.S. interest rate cuts.
▌BlackRock strategist: Trump risks challenging the independence of the Federal Reserve
Wei Li, BlackRock's global chief investment strategist, said Treasury investors should consider the possibility of a Trump presidency after Trump said he would seek to influence U.S. monetary policy if elected. "When we think about what could happen, there is that risk," Li said, adding that fiscal issues would also affect demand for long-term Treasuries. Trump said on Thursday that the president should have some say in setting interest rates. Both during his presidency and more recently on the 2024 campaign, Trump's challenges to the independence of the Federal Reserve have broken the long-standing norm that the president does not influence the decisions of Fed policymakers. "No matter who is in the White House, all of this suggests that we need to think more carefully about portfolio construction around U.S. Treasuries in the future," Li 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.
