Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.

Headlines

▌US media revealed again: Democratic Party bosses advised Biden to withdraw from the election

U.S. Senate Majority Leader Schumer said in a meeting with Biden last Saturday that it would be better for the country if Biden ended his re-election campaign. Earlier, other media reported that Schumer privately signaled to Democratic donors that he was willing to accept Democratic presidential candidates other than Biden.

▌Musk: Two people tried to kill me in the past 8 months

Elon Musk: Two people have attempted to assassinate me (on separate occasions) in the past 8 months. They were arrested in Texas, about 20 minutes from Tesla headquarters, with guns.

▌Donald Trump will still speak at the Bitcoin 2024 conference in Nashville

Golden Finance previously reported that when Trump was giving a speech at a campaign rally in Pennsylvania, gunshots were heard at the scene. There was blood on Trump's right ear. One person in the audience died and two were injured. The gunman has been shot dead by the U.S. Secret Service.

BTC breaks through $64,500

The market shows that BTC has broken through $64,500 and is now trading at $64,510.99, with a daily increase of 6.06%. The market is volatile, so please do a good job of risk control.

▌Trump plans to launch fourth NFT series

Bloomberg Businessweek published an interview with former President Donald Trump on Tuesday, saying that Trump plans to launch a fourth NFT series. In the interview, Trump said that his previous series was "very successful" and sold out in one day: "The whole series sold out: 45,000 cards. I did it three times, and I'm going to do it again because people want me to do it again. The spirit is incredible. It's beautiful."

It is reported that Trump had previewed the idea of ​​issuing a fourth NFT series at a party held for his NFT holders at Mar-a-Lago in May this year, but he did not express his position at the time. He said: "I believe in supply and demand. Everyone knows that one is good, two is good, and three is also good. At some point, there may be a turning point.

policy

▌Rumor has it that Trump will announce the US’s Bitcoin strategic reserve policy next week

According to Bitcoin Archive on the X platform, there are rumors that Trump will announce the United States’ Bitcoin strategic reserve policy next week.

▌Putin warns that uncontrolled cryptocurrency mining growth could trigger a Russian energy crisis and emphasizes the practicality of the digital ruble

Russian President Vladimir Putin warned that the uncontrolled growth of Bitcoin mining in Russia could cause energy problems, especially in regions such as Irkutsk, Buryatia and Trans-Baikal Territory where power shortages are frequent. Putin noted that these mining activities consume about 1.5% of the country's total electricity consumption, or up to 16 billion kilowatt-hours per year. He stressed that unrestricted mining expansion could cause regional power systems to reach their limits, affecting the development of businesses, residences and public service systems.

Amid the chaos surrounding Bitcoin mining, Putin also seized the opportunity to promote the Russian digital ruble, or central bank digital currency (CBDC), saying that it had completed 7,000 payments for goods and services and more than 27,000 transfers during the testing phase, emphasizing its performance and practicality. The digital ruble is part of Russia's plan to modernize the economy and reduce its dependence on Western financial institutions.

▌US media: Authorities found the suspect 30 minutes before Trump's shooting

According to Pennsylvania WPXI TV, the man who tried to kill Trump was found on the roof nearly 30 minutes before the shooting. According to reports, one of the local Beaver County SWAT team (ESU team) noticed a suspicious man on the roof near the rally at 5:45 pm, so he called the police and took a photo of the man. It is reported that the person in the photo is Thomas Crooks, but it is not clear whether Crooks was carrying a gun at the time. In addition, sources said that a law enforcement officer checked Crooks's site at the time but did not see him appear at the location where the first photo was taken. 26 minutes after law enforcement took the second photo of Crooks and received intelligence, gunshots were heard on the roof of the building. A few seconds later, a Secret Service sniper returned fire and killed Crooks.

▌J.D. Vance, the Republican vice presidential candidate in the United States, has drafted a crypto-friendly bill that may benefit the crypto industry

U.S. Republican vice presidential candidate JD Vance is a potential crypto-friendly figure, and given his previous efforts to enact clearer legislation, the election of the "Hillbilly Elegy" author and venture capitalist would be good for the crypto industry.

According to Politico, JD Vance recently drafted a bill that would reform the way the United States regulates digital assets. Sources said the bill would be more favorable to crypto than a bill passed by the House of Representatives in June.

It is reported that, like the House bill, JD Vance’s plan will overhaul the way the U.S. SEC and CFTC regulate the cryptocurrency market, which is a major priority for cryptocurrency companies and investors who are dissatisfied with Washington’s current policies.

J.D. Vance did not disclose the purchase or sale of any cryptocurrency in his recent Senate financial disclosure.

▌Nigerian court to rule on Binance tax evasion case on October 11

The High Court in Abuja, the capital of Nigeria, will rule on Binance's tax evasion case on October 11, 2024. According to it, Binance faces four charges of tax evasion, including failure to register for tax with the Federal Inland Revenue Service (FIRS) of Nigeria. According to local media reports, Binance's lawyer Ayodele Omotilewa appeared in court on Friday, July 12, and pleaded not guilty to all four charges before Judge Emeka Nwite. Omotilewa urged the judge to dismiss the charges, arguing that the case lacked substance, similar to the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. Judge Nwite decided to adjourn the case until October for further deliberation and review of the evidence presented. This gives the defense and prosecution more time to prepare their respective cases.

▌Musk donated to Trump

Billionaire Elon Musk has donated to a super PAC dedicated to electing Donald Trump to the White House, a major move by the world’s richest man to leave his mark on American politics.

Musk has donated to a low-profile group called the American Political Action Committee, according to people familiar with the matter who requested anonymity to detail his plans. It’s unclear how much Musk has donated, but people familiar with the matter said it’s significant. The PAC will disclose its donor list again on July 15.

EBA publishes guidance on “travel rule”

The European Banking Authority (EBA) has today published new guidance on the so-called “travel rule”, i.e. the information that should accompany transfers of funds and certain crypto-assets. The rule will help tackle the misuse of such transfers for money laundering and terrorist financing.

The guidance specifies what information should accompany a transfer of funds or crypto-assets and lists the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if a funds transfer or crypto-asset transfer lacks the required information.

The aim is to establish a consistent and effective way of implementing the Travel Rule across the EU, enabling the relevant authorities to fully trace such transfers where necessary to prevent, detect or investigate money laundering and terrorist financing.

Blockchain Applications

▌Usual Money launches Usual USD on public mainnet, with TVL reaching $90 million

A project called Usual Money has officially announced its public mainnet, launching the USD (USD0) stablecoin. The initiative aims to provide a decentralized alternative to traditional fiat-backed stablecoins. According to defillama.com statistics, as of July 14, the total locked value (TVL) of the USD0 protocol was $90.78 million.

Palau and Soramitsu Collaborate on DLT Government Bond Issuance Platform

Palau has contracted DLT firm Soramitsu Labs to develop a government bond issuance platform with the goal of onboarding Palau’s less than 20,000 people as investors. Soramitsu is known for developing Cambodia’s Bakong national payment system and has CBDC projects underway in Laos, the Philippines, and Vietnam.

Palau plans to test the system later this year, with the goal of issuing its first bond next year. Other countries such as the Philippines and Thailand have also used blockchain to issue government bonds to individual investors.

▌Ava Protocol has launched its mainnet on Ethereum

Ava Protocol (formerly OAK Network) has launched its mainnet on Ethereum. The team said this will enable developers to integrate event-driven super transactions without custom code, simplify complex on-chain operations, provide advanced functions beyond the Ethereum virtual machine, and support automated tasks such as payments and dynamic NFT casting. According to previous news, Ava Protocol has completed a $10 million seed round of financing, with investors including Electric Capital, Taisu Ventures and Polygon founder Sandeep Nailwal.

▌SEND launches Blinks browser "onlyblinks"

Solana Blinks Ecosystem Meme Project SEND announced the launch of the Blinks browser “onlyblinks” on X, including features such as the ability to explore and use all Solana blinks in one place.

Cryptocurrency

▌Analyst: Bitcoin's next target is $74,000

Bitcoin analyst Trader Tardigrade said, "Bitcoin's next target: $74,000. BTC formed a tight bull flag on the daily chart, and the measuring target of the flagpole is $74,000. Or set a new record high at present."

▌Informed sources: Crypto market maker Wintermute is in financing negotiations

Digital asset market maker Wintermute is discussing a round of financing, according to investors familiar with the matter. The company is discussing the sale of $100 million in shares, some of which will go to existing shareholders. Wintermute will also issue new shares, but the exact amount has not yet been determined. The people familiar with the matter added that the negotiations are still ongoing and the details have not yet been finalized.

▌Musk responded to the $45 million monthly donation to Trump: So far, the monthly funding is far below that level

Musk said he did create a political action committee (PAC) focused on supporting U.S. presidential candidates, but did not promise any donations to anyone. So far, monthly funding has been "well below" $45 million.

▌Mark Cuban: Inflation is still the fundamental reason for the rise of BTC, and BTC will become a safe haven for global funds

Billionaire and well-known investor Mark Cuban posted on social media that Trump's support for cryptocurrency is good news, but it has not really affected the price of cryptocurrency. What drives the price of BTC is lower tax rates and tariffs. If history is a guide, the fundamental reason is inflation. Coupled with global uncertainty about the United States' geopolitical role and the impact on the dollar as a reserve currency.

Regarding how high it can go, Mark Cuban said that the price of BTC will be much higher than imagined. Because the BTC market is global, the ultimate limit of supply is 21 million pieces, which can be fragmented without limit. When geopolitical uncertainty increases and the size of the US dollar as a reserve currency decreases, BTC will become a global safe haven, which means that BTC may be something that countries and all of us want to buy as a means of protecting our savings. For a country that is already facing hyperinflation, this is not crazy. If things really go further than imagined, then BTC becomes a global currency.

▌Kaiko: Spot Ethereum ETF may outperform Bitcoin after launch

A new report from Kaiko suggests that Ethereum could outperform Bitcoin following the launch of the much-anticipated Ethereum exchange-traded fund (ETF) in the United States. The report notes that the current Ethereum-to-Bitcoin price ratio is 0.05, higher than the 0.045 before the Securities and Exchange Commission (SEC) approved the spot Ethereum ETF, indicating that Ethereum’s price is rising relative to Bitcoin.

The report also highlighted that Ethereum’s 1% market depth and exchange reserves are at multi-year lows, which could foreshadow a supply shock due to increased institutional demand, driving ETH prices further up. According to forecasts, a spot Ethereum ETF could be launched by July 23, with institutional investors expected to attract $10 billion in inflows at a rate of about $1 billion per month.

Overall, Kaiko's analysis suggests that with the launch of the spot Ethereum ETF, Ethereum may surpass Bitcoin in market performance.

▌Former US Congressman: Bitcoin is "about freedom" and can be traded the way you want

Former U.S. Congresswoman Tulsi Gabbard said Bitcoin is “about freedom” and being able to trade the way you want.

▌J.D. Vance, the Republican vice presidential candidate, holds up to $250,000 worth of Bitcoin as of 2022

Former U.S. President Donald Trump today named JD Vance as the Republican vice presidential candidate.

The Ohio senator disclosed in his mandatory annual report for the 2022 calendar year, filed in October 2023, that as of 2022, he owned between $100,001 and $250,000 worth of Bitcoin, which he held through Coinbase. In addition, Vance also opened accounts at brokerage firms Robinhood and Charles Schwab.

The vice presidential candidate has not yet filed a financial disclosure for 2023. His current estimated net worth is at least $5 million and at most $10.5 million.

Important economic developments

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 96.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 96.4%, and the probability of a 25 basis point rate cut is 3.6%. The probability of the Fed keeping interest rates unchanged in September is 2.9%, the probability of a cumulative 25 basis point rate cut is 93.6%, and the probability of a cumulative 50 basis point rate cut is 3.5%.

▌Fed's Daly: Recent inflation data is good, but the target has not yet been achieved

Fed’s Daly said that the recent U.S. inflation data is good, but has not yet reached the target; the labor market is returning to balance; there are dual risks in monetary policy choices; the Fed still relies on data to formulate monetary policy; there is a risk of making mistakes in premature action or emergency policy actions; prices have not yet stabilized.

Daly said she would not predict a recession in the United States, but she also could not say "the job is done."

▌Analysis: Details of the Fed's Beige Book will boost confidence in rate cuts

Some analysts said the July Beige Book could bolster the Fed's confidence in cutting interest rates at its upcoming meeting. The description of "small to moderate" economic growth was similar to the May report, but the details showed marginal weakness in the economy - including stabilization of input costs, slower wage growth and lower growth expectations. Analysts expect policymakers to begin gradually removing policy restrictiveness at the September FOMC meeting, and these developments should give them comfort.

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 96.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 96.4%, and the probability of a 25 basis point rate cut is 3.6%. The probability of the Fed keeping interest rates unchanged in September is 1.0%, the probability of a cumulative 25 basis point rate cut is 95.5%, and the probability of a cumulative 50 basis point rate cut is 3.6%.

▌Federal Reserve Board member Kugler: If the unemployment rate continues to rise, it would be appropriate for the Fed to cut interest rates in advance

Fed Governor Kugler said that the rebalancing of the job market means that inflation will fall to 2%; if inflation data fails to boost confidence, the Fed may remain on hold for a longer period of time; if the unemployment rate continues to rise, it would be appropriate for the Fed to cut interest rates in advance; reiterated the position that "it would be appropriate to cut interest rates later in 2024"; the risks facing inflation and employment are now more balanced; inflation has continued to decline, but is still above the target; data released by non-government departments provide another perspective for the overall economy. In addition, Kugler said that he is cautiously optimistic that US inflation will make progress toward 2%; the Fed does not want the labor market to cool too much.

▌The three major U.S. stock indexes closed higher, with the Dow Jones and S&P 500 hitting record closing highs

The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 1.85%, the S&P 500 up 0.64%, and the Nasdaq up 0.2%. The Dow Jones Industrial Average and the S&P 500 both hit record closing highs. Most large technology stocks fell, with Nvidia, Google, and Meta falling more than 1%, and Netflix and Microsoft falling slightly; Tesla rose more than 1%, and Apple and Amazon rose slightly. Apple continued to hit a record closing high.

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.