BlockBeats will organize the key industry news content of the week (8.5-8.11) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
BitGo and BiT Global Create Joint Venture to Provide Multi-Jurisdictional Custody for WBTC
On August 11, BitGo and BiT Global announced that they are creating a joint venture to diversify WBTC's custody and cold storage business across multiple jurisdictions. BitGo will become a minority shareholder in the new joint venture with a transition period of 60 days. The new solution will use the same BitGo multi-signature technology and cold storage technology used to protect Bitcoin since 2019. BiT Global is a regulated trust and company service provider (TCSP) headquartered in Hong Kong, with a strategic partnership with Justin Sun and the Tron ecosystem.
The news sparked heated discussions, with MakerDAO's new proposal considering closing new WBTC loans and reducing Spark's WBTC loan ratio to 0. Jupiter co-founder meow said that Bitcoin held by WBTC should not be used for other purposes, and hoped that BitGo would clarify the community's doubts. In response, Justin said, "I would like to clarify the following points. BTC has not changed from before. The audit is conducted in real time. The minting process is entirely managed by custodians Bitglobal and Bitgo, following the same procedures as before. Simply put, Bitglobal and Bitgo will not sign any unaudited transactions. The keys are still protected using the same Bitgo cold wallet technology and offline keys, and are backed up in multiple countries and regions. My personal participation in WBTC is purely strategic. I do not control the private keys of the WBTC reserves, and I cannot move any BTC reserves."
The market was hit by an "extreme cold" on Monday, the stock market crashed and Bitcoin fell below $50,000, but recovered to around $60,000 four days later.
On August 5, after falling for nearly a week, the price of Bitcoin ushered in a "waterfall", with the lowest price reaching $49,000, a 24-hour drop of 18.5%. But just four days later, the price of Bitcoin recovered its losses and broke through $60,000. As for the reasons for the sharp drop, many analysts and institutions said that the global stock market crash and the yen interest rate hike, and the weakening of carry trading funds were important factors. On the same day, the Nikkei 225 index plummeted 15%, falling more than 5,400 points during the day; the South Korean KOSPI index fell 8%, the largest drop since 2008, triggering the circuit breaker mechanism. After the Japanese Topix index triggered the circuit breaker mechanism downward, Japanese government bond futures triggered the circuit breaker mechanism. Related reading: "Bitcoin fell 20% during the day, the market liquidated more than $1 billion, is the bull market still there?" , "Global stock market panic plunge: The US economy is in recession, and Buffett has "half-retired""
On August 7, Shinichi Uchida, deputy governor of the Bank of Japan, said that the Bank of Japan would not raise its policy interest rate if financial markets were unstable. Related reading: "Arthur Hayes: Is the Bank of Japan out of trouble? How will it affect the crypto market?" , "The Japanese government's $20 trillion carry trade finally exploded"
Ethereum price crashed, wiping out all gains this year, community rumors say Jump Trading is one of the “culprits”
On August 5, the price of Ethereum fell to $2,272, wiping out all gains this year, which is equivalent to the starting price of the K-line on January 1, 2024. During the Ethereum crash that day, a large amount of liquidation occurred, and 25 addresses were liquidated for a total of 63,732 ETH (about $150 million). The community speculates that the crypto market maker Jump Trading is one of the "culprits" causing this big drop. From July 25 to date, Jump Trading has redeemed 83,000 wstETH, of which 66,000 ETH (about $191 million) have entered the trading platform. Jump Trading's current stablecoin position accounts for 96%, with a total position value of $595 million.
Arthur Hayes, co-founder of BitMEX, posted on social media that he learned through news channels in the traditional financial field that a "big guy" collapsed and sold all crypto assets. At present, most of the community speculates that he is referring to Jump Crypto. Fortune reported on June 20 that the U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. Related reading: "The "culprit" of the collapse of the crypto has appeared, and the top market maker Jump has become the target of public criticism?" , "Jump Crypto's past: an intern was promoted to president in 4 months, and now the time to step down has come" , "In addition to ETH and SOL, what other tokens are closely bound to Jump?"
Meson Network (MSN) was delisted from OKX only four months after its launch, with the price plummeting by 90%; the community revealed that its founder was addicted to pleasure and did nothing
Meson Network was launched on OKX Jumpstart at the end of April this year. Its token reached a high of $10 after it was launched, and then fell all the way to less than $0.2 by the time it was delisted, with an FDV of only $12 million. According to official information, Meson Network announced at the end of January this year that it had completed strategic financing at a valuation of $1 billion, led by Presto Labs. The community revealed that its founder was addicted to consumption and pleasure after completing the financing, buying yachts and luxury cars, etc., and the price of the project development progress token plummeted.
In response to community questions, meson.network said that it has noticed the recent news and the concerns it has caused. From an official perspective, it is committed to maintaining a high signal-to-noise ratio strategy, where the signal is the product, business model, and cash flow, and the noise includes anxiety-provoking issues. Many projects and individuals have succumbed to external pressure and interference and ultimately lost their due value. meson.network will not make the same mistake and will remain steadfast in its beliefs for a long time.
Ethereum core developer: I often wonder if I chose the wrong industry
Péter Szilágyi, head of Geth development and a member of the Ethereum Foundation, said, "I often wonder if I chose the wrong industry. For example, SpaceX sent rockets to Mars... All the results have brought progress. In contrast, the crypto industry is simply a casino for fools (apologies to a few exceptions)... Everyone wants to be the next Vitalik, no one wants to build something useful, everyone just thinks about how to extract value... I haven't seen any substantial value creation. This industry should have started creating something truly useful that people are willing to use, otherwise it should be closed down. At least Bitcoin tried (although it failed) to be a safe-haven asset. But others are selling shovels, and there is no sign of a gold rush at all."
U.S. jobless claims fell by the most in nearly a year last week
The number of initial jobless claims in the United States for the week ended August 3 was 233,000, which was expected to be 240,000. The previous value was revised from 249,000 to 250,000, which was the lowest since the week of July 6. On August 8, the number of initial jobless claims in the United States last week fell by the largest amount in nearly a year, which may ease some concerns that the labor market is cooling too quickly. Last week's weaker-than-expected non-farm report led to a global market sell-off and triggered calls for the Federal Reserve to start cutting interest rates before the September meeting. Initial claims data fluctuate at this time of year due to summer vacations in schools and restructuring of auto factories.
BlackRock, Grayscale and Bitwise jointly proposed to the US SEC to launch Ethereum spot ETF options trading
On August 7, Nasdaq trading platform and BlackRock, the world's largest asset management company, plan to launch options for its spot Ethereum ETF and trade them. The deadline for comments on the proposal is 21 days. Bloomberg analyst James Seyffart said the U.S. SEC may make a final decision on the proposal in early April 2025.
Binance will list Toncoin (TON)
On August 8, according to the official announcement, Binance will launch Toncoin (TON) at 18:00 (Eastern Time) on August 8, 2024, and open the following spot trading pairs: TON/BTC, TON/USDT, TON/FDUSD, TON/TRY.
Russian President Vladimir Putin signs law legalizing cryptocurrency mining; says cryptocurrencies are promising and Russia must "seize the moment"
On August 8, according to TASS, Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. The signed law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals who organize mining pool activities. According to the document, only registered Russian legal entities and individual entrepreneurs are entitled to mine, and individuals who are not included in the register but do not exceed the energy consumption limit set by the Russian government are also entitled to engage in cryptocurrency mining. Foreign digital financial assets can be traded on the Russian blockchain platform, and the Russian Central Bank will have the right to ban certain issuances if they are found to pose a threat to Russia's financial stability. Earlier, Putin discussed the introduction and use of cryptocurrencies with the government at a meeting on economic issues. He pointed out that this is a promising economic field and Russia must "seize the opportunity" to quickly establish a legal framework and supervision, develop infrastructure, and create conditions for circulation. Related reading: "The Turn of the "Polar Bear": The Legalization of Mining in Russia is Expected to Reshape the New Pattern of the Global Crypto Market"
Trump promises to fire SEC chairman on first day in office, may face obstacles; Harris's approval rating rebounds
On August 6, Fortune reported that Tonya Evans, a professor at Dickinson Law School at Pennsylvania State University, pointed out that Trump declared at the Bitcoin 2024 conference that if elected president, he would fire Gary Gensler, chairman of the U.S. Securities and Exchange Commission, on the first day and push the federal government to hold Bitcoin. However, the promise to fire Gensler faces many obstacles. The dismissal procedure is very complicated, and Trump must prove that Gary Gensler has been inefficient, derelict of duty, or malfeasance before he can initiate the dismissal procedure. Although some politicians and crypto industry representatives believe that Gensler's performance is poor and that there is reason to fire him, the entire process may take months, even longer than Gary Gensler's five-year term. Therefore, unless Gary Gensler resigns on the first day, his departure will not be realized quickly.
Trump's second son plans to launch a crypto project, and the price of related memes has experienced a "roller coaster" due to his remarks
On August 7, 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." On August 9, he said, "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." On the same day, he said in a live Q&A session on the subscription platform Locals that he personally likes Memecoin and this culture, but Meme cannot be confused with the project they are going to do. The rumors about Restore The Republic (RTR) and their project are "absolutely false", and the token has nothing to do with the project he and Eric Trump are building. The project will be a non-Memecoin project designed for "long-term development", and they will announce it directly when they are ready.
Synthetix members lost all their SNX due to liquidation, and received donations of about $112,000 from the founder
SynthaMan, a former member of Synthetix who was liquidated, said that he lost all his SNX. He has held SNX since IC0 and has never sold a single one, but now he has nothing. As a father of a family of five, he admitted that he didn't know how to make a living. He also mentioned that if someone is willing to donate or lend him money until his ILV is unlocked in September, it can be sent to the wallet address. On August 7, Kain Warwick, the founder of Synthetix, funded 2,000 ILV (US$86,000) to SynthaMan, a member of the SNX liquidation. SynthaMan received about US$112,000 in donations in 2 days.
Ronin Bridge was attacked and about 4,000 ETH was stolen. Later that day, it was announced that the white hat hacker returned part of the assets.
On August 6, according to Paidun monitoring, Ronin Bridge was suspected to have been attacked, and about 4,000 ETH were stolen, worth about $10 million. Community users said that they are currently unable to display assets and withdraw cash. Later, Ronin COO Psycheout said that they are investigating hacker reports on potential MEV vulnerabilities. The Ronin Network bridge has been suspended and the current $850 million in funds of Ronin Bridge are safe. According to SlowMist, the reason for the total vulnerability of Ronin Bridge was that the weight was modified to an unexpected value, and the funds could be withdrawn without any multi-signature threshold check. On the same day, the white hat hacker returned about $10 million in ETH, and USDC is expected to be returned later. The Hole Bounty Program will reward white hat hackers with a bounty of $500,000. Ronin Bridge will be audited before reopening, and updates will be provided as the audit progresses.
It is reported that the relevant addresses of the Ronin project have been hacked twice before: in February 2024, the wallet address of the co-founder of Axie/Ronin was hacked and lost 9.7 million US dollars; on March 29, 2022, Axie Infinity side chain Ronin issued a statement saying that the validator node was hacked, 173,600 ETH and 25.5 million USDC were stolen, with a total amount of approximately 615 million US dollars.
Arthur Hayes: No matter who is the president of the United States, the government will print money and it will be good for cryptocurrencies
On August 6, BitMEX co-founder Arthur Hayes said in an interview with DL News that it doesn't matter to the crypto industry whether Trump or Harris wins the next US presidential election. Regarding Bitcoin and monetary policy, Hayes said that both the Trump and Harris governments will print money; they just do it in different ways. But money will definitely be printed, so cryptocurrencies will rise, and the road may be very bumpy, but in the end we know where it will go. In addition, for Gary Gensler, chairman of the U.S. Securities and Exchange Commission, Hayes said that this is a political issue, Gensler is not the problem, and the SEC is not the problem. If the regulatory rules that you are not satisfied with from the beginning still exist, then firing Gary Gensler will not have any effect because your elected representatives choose to consider other things instead of setting a framework for cryptocurrencies. Regarding the Bitcoin reserve plan, Arthur Hayes said that even if Trump is elected, this is almost impossible to achieve. Related reading: "Exclusive interview with Arthur Hayes: Bitcoin strategic reserve plan is impossible, the US government will buy gold first"
Paris Olympics venues hit by cyberattack, hackers demand cryptocurrency ransom
On August 7, Decrypt reported that hackers launched cyberattacks on the 2024 Paris Olympic venues and dozens of museum shops in France, and allegedly demanded ransoms in cryptocurrency. Last weekend, cyber attackers exploited the data processing systems of about 40 French tourist attractions to collect sensitive financial data from these tourist attractions. The attacked tourist attractions include the Grand Palais Museum, which will host the martial arts and fencing events of the 2024 Paris Olympics. The hackers threatened that unless a cryptocurrency ransom was paid, they would leak the financial data of the travel website.
60% of the top 50 cryptocurrencies have wiped out their gains this year
On August 6, crypto analyst Binhdangg wrote on X that after Black Monday, 60% of the top 50 currencies have wiped out all gains since the beginning of 2024, and even suffered losses. Coins that have performed poorly since the beginning of the year include: ADA down 44.45%, AVAX down 45.92%, DOT down 46.41%, LINK down 32.94%, MATIC down 57.40%, ICP down 43.68%, XLM down 29%, APT down 44.18%, OKB down 37.53%, HBAR down 34.92%, FIL down 50.12%, ATOM down 53.70%, VET down 34.04%, IMX down 42.27%, ARB down 67.12%, INJ down 53.63%, OP down 64.51%, and SUI down 24.71%. This is a huge challenge for all Altcoin investors.
Brazil's Securities and Exchange Commission has approved the issuance of the world's first Solana spot ETF
On August 8, Cointelegraph reported that the Brazilian Securities and Exchange Commission (CVM) approved the issuance of the world's first Solana spot ETF, which is provided by QR and will be managed by Vortx. The Solana ETF approved by the CVM will use the CME CF Solana Dollar Reference Rate F as the reference price, which is intended to provide a reliable and transparent measure of the value of Solana (SOL) against the US dollar (USD).
Buffett's Berkshire Hathaway's cash reserves exceed Ethereum's market value
On August 5, Buffett's Berkshire Hathaway reduced its Apple stock holdings by nearly half in the second quarter, from 789 million shares in Q1 to about 400 million shares, with a net sale of $75.5 billion worth of stocks, bringing its cash reserves to a record $276.94 billion, including cash equivalents. On August 5, based on the Ethereum price of $2,310 (which fell to $2,100 this morning), the market value was approximately $276 billion. Related reading: "Cash reserves have exceeded the market value of Ethereum, taking stock of Buffett's "escape from the top" record in the past 20 years"
Affected by the market crash, Ethereum L2 total locked volume (TVL) fell 16.23% in 7 days
On August 8, according to L2BEAT data, Ethereum Layer2 total locked value (TVL) fell to $34.75 billion, a 7-day drop of 16.23%. Among them, the top three locked values are: Arbitrum One (14.12 billion US dollars, a 7-day drop of 15.17%); Base (6.08 billion US dollars, a 7-day drop of 13.26%); OP Mainnet (5.32 billion US dollars, a 7-day drop of 14.81%)
X platform was exposed to test payment services: involving transactions, balances and transfers, etc.
On August 7, developer Nima Owji tweeted yesterday that Musk's X platform will launch XPayments payment services, involving transactions, balances and transfers. Musk previously revealed plans to provide financial services on the X platform, including deposits, transfers to others, access to high-yield money markets, etc.
Celsius sued Tether for the return of $2.4 billion worth of Bitcoin. Tether responded by defending Celsius's "extortion" lawsuit
On August 10, Celsius Network Limited filed a lawsuit against Tether Limited and some of its affiliates in the United States Bankruptcy Court for the Southern District of New York through Blockchain Recovery Investment Consortium, LLC, demanding that Tether return approximately $2.4 billion worth of Bitcoin. Tether said the allegations in the lawsuit stemmed from an agreement in 2022, under which Tether provided USDT to Celsius at its request. Celsius provided Bitcoin (BTC) as collateral to Tether. When the price of Bitcoin began to fall in June 2022, the agreement required Celsius to provide additional collateral to avoid liquidation of its Bitcoin. When Celsius chose not to provide additional Bitcoin, it instructed Tether to liquidate its Bitcoin collateral to close its approximately $815 million USDT position held in Tether. Tether said it would respond to this "manufactured and unfounded" extortion lawsuit in court, actively defend itself against the unfounded accusations against it, and expect to win the lawsuit.
This week's hot articles
What happened to the crypto industry?
Since 2024, the market has experienced several ups and downs. Retail investors lost money, VCs cried poor, and many project owners ran away. The violent bull market that everyone expected did not arrive as expected. The Bitcoin ETF has been up and down since its approval, and the Altcoin are even more difficult to describe. Recently, the core developers of Ethereum have raised questions, have they entered the wrong industry? What happened to blockchain? Crypto KOL Ryanqyz conducted a comprehensive review of VCs, project owners, new and old projects, exchanges, etc. in this cycle on X, trying to find the reasons for the current situation.
"Annual revenue has dropped by more than 90%. Can Ethena survive this hellish market?"
The market crash at the beginning of this week made the already cold crypto market worse, and the DeFi field, which was already lackluster, was hit hard. According to DeFiLlama data, Ethena Labs' revenue has shrunk significantly since March, and its current monthly revenue is only $1.03 million, which is about 96% less than the peak of $26.26 million. If calculated based on current revenue (revenue in the past 30 days x 12), Ethena Labs' annual revenue is only $12.55 million. Ethena has made TVL exceed billions of dollars in a very short time, and its rapid growth has caused panic in the community. The views of the opponents are nothing more than questioning the environmental risk resistance of USDe, believing that its value is greatly affected by market conditions. Ethena was born at the last moment of the bull market, but the subsequent bear market continues to test Ethena's ability to withstand pressure. Now the funding rates of Bitcoin and Ethereum are negative, and the annual revenue of the protocol is also shrinking. Whether Ethena can withstand the huge market correction and prove the availability of its mechanism still needs time to consider.
"The Japanese government's $20 trillion carry trade finally exploded"
Late last year, when the yen carry trade cycle was still in its relatively early stages, some media outlets argued that the Japanese economy was effectively dead, with the only thing missing being a time announcement. The reason: the $20 trillion carry trade that the Japanese government had been participating in for the past 40 years was a giant time bomb that, if it went off, would be the end of the Bank of Japan. The collapse of these trades would require central banks to coordinate a rescue operation within days. Not surprisingly, central banks around the world had no idea what was happening, typically panicked afterwards, and unleashed a historic wave of rate cuts within weeks to stabilize the situation. This time the carry trade has broken, and the Bank of Japan can either do nothing and watch the economy collapse, or panic and reverse last week’s foolish rate hike and increase easing to stem the collapse that just pushed the Nikkei into a bear market; in either case, however, it will be game over for Japan.
"A Deep Look into Aidatify: Fake VC "Invests" $17.5 Million in a Wild AI Project"
This week, a media report reported the following news: Aidatify, a full-chain AI aggregator, completed a $17.5 million Series A financing with a valuation of $150 million, led by SMCapital. The author of this article questioned the news after seeing it, and then after investigation and research, it was confirmed that the project was indeed a "wild chicken" project invested by a fake VC. BlockBeats would like to remind readers not to blindly rely on information from a single source, but to conduct multi-party cross-verification to ensure the accuracy of the information and avoid being deceived.
"After the August 5 crash, what did the big investors buy the dips?"
On August 5, the global capital market suffered a historic plunge. Although the market has recovered, the shadow of "Black Monday" has not yet dissipated. This article summarizes the trading trends of whale with a single swap transaction amount of more than $100,000 on the Ethereum chain from August 5 to August 6, to see which tokens the whale bought/sold during this plunge.
"What operations did the six major market makers perform before and after the "85" crash?"
In addition to the influence of macro factors such as traditional financial markets, the sell-off of the top market maker Jump Trading was once considered to be an important factor in the "85" drop. So, before and after the Jump sell-off, what operations did other top crypto market makers have? Did they follow the trend and sell ETH, hold a large amount of stablecoins for risk hedging, or buy the dips high-quality assets at the bottom? This article analyzes the on-chain public addresses of the other 6 major market makers from a data perspective, analyzes their position changes before and after the "85" crash, and summarizes them for readers' reference.
This Monday, global financial markets collapsed across the board. Nvidia fell 14% in the night session. The stock markets in Japan and South Korea were even more tragic than ever before, and the market was in a mess. The liquidation volume of DeFi platforms soared to US$320 million, a record high for the year. As for the reasons for this plunge, many voices and eyes have focused on the top market maker Jump Trading. At the end of 2021, Jump's address had nearly US$10 billion, but now there are only less than US$600 million in assets in this address, and it has shifted significantly to stablecoins, with USDC and USDT holdings accounting for 96%. Why did Jump, which was once gradually opening up, return to the mysterious state of three years ago and become "hidden" again? After reading this article, you may be able to find some clues.
"Jump Crypto Past: An intern was promoted to president in 4 months, and now it's time to step down"
In June this year, Fortune reported that the U.S. Commodity Futures Trading Commission (CFTC) was investigating Jump Crypto. Just a few days after the news broke, Kanav Kariya, then president of Jump Crypto, announced his resignation. This inevitably aroused people's attention and speculation. The article reviewed how Kanav Kariya was promoted from an intern to president in just 4 months. All signs indicate that Jump is no longer the cryptocurrency giant it once was, and the time to exit may have come.
"In addition to ETH and SOL, what other tokens are closely tied to Jump?"
This week, the crypto industry once again ushered in its "darkest moment", with BTC falling below $49,000, and a single-day drop of nearly 20%. Looking into the reasons for the plunge, in addition to the influence of macro factors, Jump's potential black swan is also seen as an important driving factor for the market decline. As one of the industry's major service providers and the most active investment institutions, if Jump falls, it will inevitably have a huge impact on the market, and projects that directly invest and work with the institution may bear the brunt. This article sorts out the major tokens that are most closely tied to Jump.
In this article, Arthur Hayes explores the current status and future trends of the cryptocurrency field, analyzes the impact that Trump and his policy tendencies may have on the cryptocurrency field, and emphasizes how different political leaders affect the future development of cryptocurrency. He also talks about the impact of large financial institutions such as BlackRock entering the crypto market. He believes that whether the cryptocurrency market can still maintain its original intention and avoid leaning towards the centralization of the traditional financial system has become a question worthy of attention. In addition, Hayes expressed extremely high expectations for the future trend of Bitcoin prices, believing that the huge changes in the global monetary system will greatly increase the value of Bitcoin.
Arthur Hayes: Is the Bank of Japan out of trouble? How will it affect the crypto market?
The Bank of Japan's biggest problem is how to sell its large stock of Japanese government bonds. As the yen depreciates, more and more investors around the world are encouraged to borrow yen and buy US stocks and bonds. Because leverage is high, as the yen appreciates, everyone will rush to buy at the same time. Is the Bank of Japan out of trouble? At present, we can see that the positive force of liquidity is that after a quarter of net restrictive policy, the US Treasury will be a net injection of dollar liquidity because it will issue Treasury bills and may drain the total Treasury account. And the negative force of liquidity is: the yen is stronger. The unwinding of the trade leads to a coordinated global sell-off of all financial assets because increasingly expensive yen debts must be repaid. However, which force will be stronger depends on how quickly the carry trade is unwound, and we cannot know this in advance.
This article is an analysis of the Web3 market and major events by Herman, former Executive Director of Goldman Sachs' Asia FICC business. He pointed out that the current price of Bitcoin is mainly due to the arbitrage between spot ETFs and futures contracts. Once the price difference disappears, Bitcoin will be at risk of a sharp drop in the short term. At the same time, BTC is highly correlated with the US stock market, and insufficient liquidity and high interest rates may also suppress the bull market in the cottage market.
"Why is JLP, the "best fixed-price investment"in the crypto, so resistant to price drops?"
Since the beginning of this year, Jupiter's perpetual contract platform JLP (Jupiter liquidity provider) has become one of the best performing and most profitable casinos. According to Dune data, the opening fee on August 5 alone reached 2.475 million US dollars, and each opening fee was only 0.0006 US dollars. But according to flyingfish data, from the beginning of this year to date, players who play contracts on Jupiter have only earned a total of 3.7 million US dollars, and they have contributed 136.8 million US dollars in fees to JLP. On August 5, the market plummeted, crypto assets collapsed across the board, Ethereum wiped out the gains of the year, and SOL also fell all the way to 110 US dollars. However, in the case that the underlying assets are Bitcoin, Ethereum and SOL, JLP's decline is smaller than the underlying assets. Many people began to wonder, why is JLP so resistant to declines? After reading the article, perhaps you can find the answer.
On August 5, the Bank of Japan's interest rate hike triggered a violent shock in the global financial market. Japanese and U.S. stocks collapsed, the Bitcoin panic index in the crypto market soared by nearly 70%, and stock markets in many countries were circuit-breakers several times. Even European and emerging market stock markets also suffered a significant blow. Under huge market pressure, people began to seek a good way to alleviate the situation and called on the Federal Reserve to cut interest rates to save the market. The Fed's interest rate cut may come soon, which means that a "bigger" rate hike than the Bank of Japan is coming. This article reviews the history of the Fed's several interest rate cuts. Can this interest rate cut pull Bitcoin back to the bull market? Let's wait and see.
On August 8, Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. The law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals who organize mining pool activities. Mining itself is considered a component of turnover, not the issuance of digital currency. Earlier, Putin also pointed out at a meeting on economic issues that this is a promising economic field, and Russia must "seize the opportunity" to quickly establish a legal framework and regulations to create conditions for the circulation of digital assets. Russia's adoption of new mining regulations is an important step in breaking through the Western economic blockade. Russia has chosen to embrace the decentralized world. In this emerging financial door, the spirit of equality and freedom behind Bitcoin may bring hope of rebirth to the Russian economy. The crypto world will also become more realistic with the participation of "Polar Bears", showing the charming appeal of the crypto punk world.
What tools do smart money use to play with memes? Here is an advanced meme tutorial
Amid the ups and downs of the market, meme has produced several more large MC memecoin. Several screenshots of people who have obtained high returns on meme have begun to circulate in the community. Behind the few lucky ones, there are many runners-up who have been defeated repeatedly. The meme market is a field full of opportunities and challenges. In addition to luck, traders also need to have comprehensive abilities such as market insight, the use of technical tools, psychological quality, and flexible response to changes to obtain satisfactory returns. Among them, the ability to use tools can be improved quickly. In this article, BlockBeats sorted out some on-chain analysis tools designed specifically for meme transactions, which are suitable for meme coins with small market capitalization and not long ago, hoping to provide some help for traders who want to participate in the meme market.
"Solana financial report debate: Is it a real loss or a misunderstanding caused by data dimensions?"
On Tuesday, crypto KOL Bear Biscuit.eth posted on the X platform that Solana may face major risks and that the price of SOL will hardly return to $200. The article pointed out the continuous quarterly losses and unlimited issuance of SOL exposed in Solana's financial report. The article caused a lot of retail investors to have FUD about SOL. The next day, crypto KOL Riyue Xiaochu refuted Bear Biscuit.eth's view. He believed that the inflation of SOL was within a reasonable range and would not hinder the rise of the price of the currency, and the loss was just a data illusion caused by the dollar denominated price.
"The most active community produces the most disappointing Launchpad. What did Jupiter do wrong?"
Since the beginning of this year, the market has been extremely lacking in new narratives, and the short-lived bull market brought about by ETFs has not really injected new vitality into the crypto market. Meme has become the most profitable field, and the corresponding VC coins have been criticized many times. In order to restore value, value coins are looking for their own breakthroughs. "Community consensus" is the unified answer they give. Jupiter has invested a lot of energy in building and maintaining the community, and has also attracted enough attention to the community, but this attention does not seem to bring much value increment to JUP. At the end of July, Jupiter launched a new meme Launch-CAT Launch Mechanisms, and announced the first Launch project ASIANMOM, but the result was not successful. This article combines interviews with KOLs such as Irene Zhao and Crypto Wei Tuo to discuss the future development of Jupiter.
Last week, Tether released its Q2 2024 financial report. Tether's Q2 net operating profit reached $1.3 billion, and its profit in the first half of 2024 was as high as $5.2 billion, a record high. Since its establishment in 2014, Tether, which has experienced many crypto-crashes and regulatory FUD, has now grown into a behemoth. However, Tether's future is not "too big to fail." The view that Tether is FUDed due to regulatory compliance issues has never stopped. In addition to the hidden dangers of supervision, Tether has never lacked challengers. Although Tether and Circle currently occupy almost most of the stablecoin market, the stablecoin landscape still has huge adjustments. In terms of compliance, centralization risks, and how the benefits are distributed to users, it provides subversive opportunities for latecomers.
This article describes the evolution of venture capital dynamics in blockchain-related entities over the past 10+ years, with a focus on the shift to liquidity investments in some companies. In these investments, VCs did not acquire equity, but rather tokens with a vesting plan. In the early days of Bitcoin, from 2009 to 2012, VCs had little interest in the crypto space. Therefore, this article starts the analysis from 2012. It is also worth noting that the long-term correlation between Bitcoin price and funding amounts does not disappear until 2023. In addition, the first investments in the crypto space by top investment institutions such as a16z are listed, etc.
Why has Cosmos never received as much attention as Solana?
This article is a reply from Cryptocito, co-founder of Stakecito, to a tweet from Rooter, co-founder of Solend and Suilend, about “Why has Cosmos never received as much attention as Solana?” The article mentions that Cosmos is not equal to Cosmos Hub, the Interchain Foundation is not doing anything, and the ecosystem does not have a “unified currency”, and gives some suggestions for improvement.
《Ten new projects worth paying attention to on Arweave’s new chain AO》
Not many people are talking about AO lately. Attention is crucial in the world of cryptocurrency, but AO is not a typical new cycle narrative. Most people don't realize how vibrant the AO ecosystem is. So, what's so exciting about AO? AO's vision is clear: to redefine what on-chain computing means. It merges the idea of decentralization with the local state of each network process. This article summarizes 10 AO projects that the author believes are worth paying attention to.
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