Headlines

▌The exchange returned $163 million worth of Bitcoin to the German government, possibly because it failed to sell within the target price range

According to Arkham Intelligence data, as of 4:15 p.m. ET Monday, the German government address had received 2,898 bitcoins, or about $163 million, returned by exchanges, primarily from Coinbase, Kraken and Bitstamp.

Steven Zheng, head of research at The Block, said the exchange was likely to return the bitcoins because it could not sell them within the target price range. Steven Zheng said: "Considering that some bitcoins have been returned from Coinbase to the German government address, it can be assumed that they are unsold bitcoins as part of a sales agreement between the cryptocurrency exchange and the country." Data shows that the German government currently holds more than $2 billion worth of bitcoins.

▌Apple's total market value returns to the top of US stocks

Apple's stock price hit a record high, now up more than 0.2% to $226.82, with a total market value of nearly $3.5 trillion, surpassing Microsoft to return to the top of the U.S. stock market. Previously, industry chain insiders said that Apple raised its iPhone 16 series stocking target to about 90 million units this year; Apple's sales increased significantly during the 618 e-commerce promotion, which may have boosted Apple's sales expectations for the iPhone 16 series.

Quotes

As of press time, according to Coingecko data:

The latest transaction price of BTC is $56,662.99, with a daily change of +1.5%;

ETH's latest transaction price is $3017.23, with a daily change of +3.0%;

BNB's latest transaction price is $510.47, with a daily change of +4.1%;

SOL's latest trading price is $139.49, with a daily change of +6.1%;

DOGE’s latest trading price is $0.1076, with a daily change of +3.4%;

XPR recently traded at $0.4315, with a daily change of +3.0%.

policy

▌Six US Ethereum ETF applicants have submitted S-1 filing updates

Six U.S. spot Ethereum ETF applicants have submitted S-1 document updates, including Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock.

▌Analysis: The final approval deadline for Solana ETF is mid-March 2025

According to Bloomberg ETF analyst Eric Balchunas, “It looks like the final deadline for the Solana ETF is mid-March 2025. But between now and then, the most important date is November. If Biden wins, these ETFs are likely to be eliminated. If Trump wins, anything is possible.”

▌Polymarket: US Congressman JD Vance has a 29% chance of becoming the vice presidential candidate

Sen. JD Vance (R-Ohio), who has pushed for changes to cryptocurrency regulation, has a 29% chance of becoming former President Donald Trump’s running mate, according to bets from traders on crypto prediction market platform Polymarket. Trump is reportedly expected to announce his vice presidential pick next week.

▌Singapore court rules in favor of Fantom Foundation in winning lawsuit against Multichain

Fantom Foundation successfully won a lawsuit against Multichain in the Singapore High Court, ruling that Multichain had breached the contract and was ordered to pay $2.1 million in damages. The court pointed out that Multichain's leadership's actions to control crypto assets violated the user agreement, and the case was based on Multichain's admission of key breaches on social media. Fantom Foundation plans to continue to promote Multichain's liquidation process and provide support for the recovery and distribution of assets of affected parties.

▌The US Republican Party expressed support for a number of encryption policy measures in its 2024 official party platform

The Republican National Committee expressed support for a number of crypto policy measures that would benefit digital asset companies and holders in its official party platform for the 2024 U.S. election.

According to an official document released by Republican presidential candidate Donald Trump's campaign on Monday, the Republican Party's "Make America Great Again" platform vows to end the "illegal and un-American crackdown" on the U.S. cryptocurrency industry. The platform also promises to "defend the right to mine Bitcoin" and allow cryptocurrency holders to keep their tokens themselves, in addition to opposing the creation of central bank digital currencies (CBDCs). "We will defend the right to transact free from government surveillance and control," the document reads.

Blockchain Applications

▌Visa collaborates with HSBC and Hang Seng Bank to promote tokenized deposit pilot

Visa, HSBC and Hang Seng Bank have launched a trial of tokenized deposits in the e-HKD pilot program in Hong Kong. The trial covers two major use cases: real estate transaction settlement and Visa card payment. Visa pointed out that tokenized deposits can not only improve settlement efficiency, but also innovate new business applications.

Vincent Lau of HSBC said that realizing the benefits of tokenized deposits requires further development of interoperability between different banks. The trial showed that tokenized deposits can improve business efficiency and transparency through simplified processes, reduced manual verification and almost real-time settlement times, while blockchain technology also enhances data transparency.

Despite the challenges of regulatory evolution and infrastructure construction, Visa and HSBC are optimistic about the actual effect of tokenized deposits. This progress shows Hong Kong's positive attitude in exploring and promoting new financial technologies, especially in the application of CBDC and interbank settlement.

Dubai Customs launches blockchain platform to improve operational transparency

Dubai Customs has introduced a new blockchain platform to increase transparency in business operations and enhance government collaboration with the logistics industry. The move is part of Dubai’s broader blockchain strategy to drive digital transactions and web3 adoption. Sultan Ahmed bin Sulayem, chairman of the Ports, Customs and Free Zones Corporation, said this marks a significant step forward in Dubai’s efforts to improve the efficiency of business operations.

The platform will simplify customs declaration and commercial transaction procedures, ensure the security and tamper-proof nature of data sharing, and enhance trust and visibility in the supply chain. Abdullah Busnad, Director General of Dubai Customs, stressed that the platform will not only benefit Dubai Customs, but will also promote cooperation with other government entities, simplifying and making Dubai's business environment transparent. This move will help consolidate Dubai's position as a global trade and logistics hub.

Cryptocurrency

▌German government has sold more than half of seized assets

The German government transferred 16,309 bitcoins it held to cryptocurrency exchanges and market makers on Monday (July 8). Blockchain data showed that more than $900 million worth of bitcoin assets flowed out of the German government’s wallet as a result of the transfer, causing Bitcoin (BTC) to fall in European markets on Monday afternoon.

According to blockchain data platform Arkham Intelligence, the bitcoins were transferred in batches to external addresses, including cryptocurrency exchanges Bitstamp, Kraken and Coinbase, and market maker Flow Traders. Arkham Intelligence data also shows that wallets associated with the German government still hold about 23,788 bitcoins, which means they have sold more than half of the seized assets.

▌BlackRock's BUIDL fund exceeds $500 million

The market value of the BUIDL token, issued by global asset manager BlackRock in partnership with Securitize and backed by U.S. Treasuries, surpassed $500 million on Monday.

▌Report: Encryption vulnerabilities cost nearly $1.4 billion this year

According to the mid-year Web3 security report from cybersecurity company Cyvers, the total amount of cryptocurrency funds stolen so far this year has reached nearly $1.4 billion, as centralized exchanges have become a new attack flashpoint. In the second quarter of 2024, total cryptocurrency losses exceeded $600 million, an increase of 100% over the same period last year. The report said that the main reason for the surge in stolen funds was a 900% increase in losses from centralized exchanges.

▌Opinion: Cryptocurrency is expected to receive $6 trillion from inheritance, and young investors are actively investing

Matthew Sigel, head of digital asset research at Bitwise, predicts that more than $6 trillion will flow into the cryptocurrency market in the next 20 years, mainly from the huge wealth inherited by young American investors. According to research by Bank of America, Generation X and millennials may inherit $84 trillion from seniors and baby boomers, and they expect to invest 14% of their assets in cryptocurrencies. Young investors are generally optimistic about the growth prospects of cryptocurrencies, with 28% believing that it has the greatest investment opportunity, second only to real estate and private equity. At the same time, investors aged 44 and above are significantly less interested in cryptocurrencies than the younger generation, with only 4% believing that it has the greatest growth opportunity. This trend shows a shift in the traditional investment model among young investors, who generally believe that high returns cannot be achieved through traditional stocks and bonds alone.

Important economic developments

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 93.3%

According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in August is 93.3%, and the probability of a 25 basis point rate cut is 6.7%. The probability of the Fed keeping interest rates unchanged in September is 24.3%, the probability of a cumulative 25 basis point rate cut is 70.8%, and the probability of a cumulative 50 basis point rate cut is 5.0%.

▌The three major U.S. stock indexes closed mixed

The three major U.S. stock indices closed with mixed gains and losses, with the Dow Jones Industrial Average down 0.08%, the Nasdaq up 0.28%, and the S&P 500 up 0.1%. Popular technology stocks had mixed gains and losses, with solar energy and computer hardware sectors leading the gains.

Golden Encyclopedia

What is market depth in cryptocurrency trading?

In cryptocurrency trading, market depth describes the ability of a market to withstand a large number of orders without noticeably affecting the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

Disclaimer: As a blockchain information platform, Golden 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.