Headlines
▌Binance CEO: Binance has transformed into a more decentralized company
Richard Teng, the new CEO of Binance, recently accepted an interview with CoinDesk and shared four key points for the company's future. First, Teng emphasized that Binance has transformed from the leadership of founder CZ to a more decentralized company. Second, Binance has not yet decided on the location of its global headquarters, as this decision requires careful consideration of the impact of all parties. Third, Teng pointed out that operating a crypto business in multiple countries is very complicated, especially facing problems such as the detention of employees in Nigeria. Finally, Binance currently has no plans to IPO or return to the US market because the company's financial situation is stable and there is no urgent need to raise funds.
▌ CZ may have left prison, but is still in custody
According to the U.S. Bureau of Prisons, CZ is expected to be released on September 29. But parts of the crypto community appear to have mistakenly and prematurely celebrated the crypto entrepreneur’s freedom.
The confusion may be due in part to the fact that CZ was transferred this week from a minimum-security prison in Southern California to RRM Long Beach, a residential program that prepares inmates nearing the end of their sentences to reintegrate into society. RRM, or the Office of Reentry Management, is often referred to as a "halfway house."
From a technical analysis, some Twitter users claim that CZ has been released from prison, which is correct. But he is definitely still in the custody of the US government and cannot move freely. By the end of September, CZ should regain his right to move freely and may return to Dubai to reunite with his family.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $60,376.78, with a daily change of -1.3% ;
The latest transaction price of ETH is 2,623.11 yuan, with a daily change of -0.4 % ;
BNB's latest trading price is $583.66, with a daily change of +2.4% ;
SOL's latest trading price is $143.25, with a daily change of +0.2% ;
DOGE's latest trading price is $0.1053, with a daily change of -0.9% ;
XPR's most recent trading price was $0.5976, with a daily change of -0.6% .
policy
▌Former U.S. congressional candidate Michelle Bond charged with illegal campaign donations
Former congressional candidate Michelle Bond has been indicted by U.S. Attorney for the Southern District of New York Damian Williams for alleged illegal campaign contributions. Bond ran unsuccessfully for a seat in the New York House of Representatives in District 1 as a Republican candidate in 2022. Prosecutors allege that she worked with former FTX executive Ryan Salame to obtain $400,000 from a cryptocurrency exchange in the Bahamas through a sham consulting agreement and used the funds for her campaign. Bond reported the money as "consulting income" in her financial disclosures, but is accused of covering up the source of the funds and lying to Congress. Bond faces four counts, including "conspiracy to cause illegal campaign contributions," which carries a maximum sentence of five years in prison. Salame has previously been sentenced for illegal political donations and operating an unlicensed money transmission business, and tried unsuccessfully to stop the investigation into Bond.
▌The US SEC rejected Hex founder Richard Heart's request to dismiss the lawsuit, and the case will continue
The U.S. Securities and Exchange Commission (SEC) has refuted Hex founder Richard Heart's attempt to dismiss his lawsuit, saying it has the right to move forward with the case. The SEC accused Heart of raising more than $1 billion through an unregistered securities offering and using the funds for personal luxury goods. Heart's lawyers countered that Hex, PulseChain and Pulse X are not securities, and that Heart did not promise a return on investment, so it did not constitute fraud. The SEC insisted that these assets are investment contracts and fall into the category of securities. The next hearing in the case is scheduled for October 24.
Colombian regulator accuses Worldcoin of violating data protection laws
Colombia's Superintendence of Industry and Commerce (SIC) has accused Worldcoin, a decentralized identity project founded by Sam Altman, and the company behind it, Tools for Humanity, of violating the country's personal data protection regulations. The SIC has issued a preliminary notice of prosecution, alleging that the companies failed to comply with relevant policies when collecting sensitive personal data. Worldcoin currently collects data using its Orb devices in 25 locations in Colombia, including the capital Bogota. If found guilty, the SIC could impose financial sanctions on Worldcoin, temporarily suspending or permanently shutting down its operations in Colombia. Worldcoin has not yet responded to the allegations.
Blockchain Applications
Appchain protocol Tanssi is expanding to Ethereum via Symbiotic
Appchain protocol Tanssi, which used to focus on the Polkadot blockchain, is now expanding to Ethereum through the re-staking protocol Symbiotic. According to the team, this effort could set a new standard for "rapidly launching decentralized networks, also known as Active Validation Services (AVS)." What typically takes months can be done in minutes, allowing developers to deploy highly customizable and decentralized networks with the strong security of Ethereum.
Cryptocurrency
▌If Bitcoin breaks through $62,000, the cumulative short order liquidation intensity of mainstream CEX will reach 1.205 billion
According to Coinglass data, if Bitcoin breaks through $62,000, the cumulative short order liquidation intensity of mainstream CEX will reach 1.205 billion;
If Bitcoin falls below $59,000, the cumulative long order liquidation intensity of mainstream CEX will reach 1.092 billion.
Note: The liquidation chart does not show the exact number of contracts to be liquidated, or the exact value of the contracts being liquidated. The columns on the liquidation chart actually show the importance of each liquidation cluster relative to the adjacent liquidation clusters, that is, the strength.
Therefore, the liquidation chart shows how the underlying price will be affected when it reaches a certain position. A higher "liquidation bar" means that the price will react more strongly to the liquidity wave when it reaches that position.
▌Skybridge Capital founder: Bitcoin is still in its early stages and is not yet a "value storage" asset
Anthony Scaramucci, founder and managing partner of SkyBridge Capital, was interviewed by CNBC's "Squawk Box" and shared his views on Bitcoin and cryptocurrencies.
Scaramucci expressed optimism about the future of Bitcoin, especially in the second half of 2024. He said that the "supply glut" appears to be coming to an end, which he interpreted as a positive sign for Bitcoin's price action.
However, he also addressed the common debate comparing Bitcoin to gold. While gold has risen 30% over the past two years, Bitcoin's price has remained relatively stagnant. But Scaramucci reiterated his belief that Bitcoin is still in its early stages and is a technology rather than a store of value.
He said that with more than 1 billion wallets, Bitcoin could eventually be seen as a store of value.
▌ Fundstrat Managing Partner: Bitcoin will rise sharply if Trump wins the US election
Tom Lee, managing partner of Fundstrat, said in an interview with CNBC that the hope of Trump's victory in the November election may boost asset prices, including Bitcoin. The market currently believes that the probability of Trump's victory is higher than the polls show, and thinks this is a good thing. "When the market believes this more, you will see cyclical stocks, small-cap stocks and Bitcoin perform better because these are obvious policy differences."
FiveThirtyEight’s current national poll shows Democratic nominee Kamala Harris leading Trump by 3.4%. By comparison, cryptocurrency bettors on Polymarket give Trump a 52% chance of winning.
Important economic developments
▌Former Deputy Director of the White House National Economic Council: The Federal Reserve should strongly consider cutting interest rates by 50 basis points in September
Bharat Ramamurti, former deputy director of the White House National Economic Council, said the Fed "made a mistake" by not cutting interest rates in July and "should strongly consider the possibility of a 50 basis point cut in September." He said the risks to price stability and inflation are much more serious than the risks to the job market. "If you look at the data on hiring, resignations, and unemployment claims, there are data that show that there is pressure in the labor market right now, and I don't think the job market is going to fall off a cliff. Still, from all the data we've seen, the Fed's interest rates appear to be too restrictive relative to the inflation rate we're seeing right now."
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 75%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 75%, and the probability of cutting interest rates by 50 basis points is 25%. The probability of the Fed cutting interest rates by 50 basis points by November is 54.7%, the probability of cutting interest rates by 75 basis points is 38.5%, and the probability of cutting interest rates by 100 basis points is 6.8%.
▌Former Federal Reserve economist: A 50 basis point rate cut in September is not necessarily a mistake
Claudia Sahm, chief economist of New Century Advisors and former Fed economist, believes that the Fed has every reason to cut interest rates by 50 basis points in September. The proponent of the "Sahm Rule" said in an interview: "There is every reason to cut interest rates by 50 basis points, especially if you think that the rate cut should have started by 25 basis points in July." She believes that the Fed cannot be blamed for information or data that it did not have at some point in the past, especially now that we can see in retrospect that the US labor market has slowed down more than previously thought. Therefore, a 50 basis point rate cut is "not necessarily a mistake," but a "recalibration" of the policy to get it back on track.
Golden Encyclopedia
What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement to the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.
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.
