Headlines
▌Institution: Cryptocurrency plummeted, the market is still digesting Powell's hint of a rate cut last week
Cryptocurrencies plunged this morning, and institutional analysts believe that major tokens are digesting the boost they received last week from Federal Reserve Chairman Powell's hint that the Fed will cut its benchmark interest rate from a more than two-decade high.
▌Trump confirms participation in debate with Harris on September 10
Former US President Trump said on the social platform Truth Social that he will attend the presidential election debate with US Vice President Harris on September 10 (next Tuesday), hosted by the American Broadcasting Corporation (ABC). Trump had previously accused ABC of bias and threatened to withdraw from the debate completely. As for the rules of this debate, Harris spokesman Brian Fallon said on Monday that the campaign team hopes that the microphone will remain open throughout the debate, rather than being turned off when the other party speaks like the last CNN debate. Trump said in a statement today that the debate rules will be the same as last time, candidates are not allowed to bring notes or "cheat sheets", and neither side will receive questions in advance. Trump also said that the third debate, which may be hosted by NBC News, has not yet been agreed by the Democratic Party.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $59,367.16, with a daily change of -5.5%;
The latest transaction price of ETH is 2,452.17 yuan, with a daily change of -8.6%;
BNB's latest transaction price is $532.27, with a daily change of -2.9%;
SOL's latest trading price is $146.52, with a daily change of -6.8%;
DOGE's latest trading price is $0.09866, with a daily change of -6.4%;
XPR’s most recent trading price is $0.5651, with a daily change of -3.8%.
policy
▌Survey: American voters prefer Trump's economic policies, with a support rate of 43%, while Harris's support rate is 40%
According to the Reuters/Ipsos poll, U.S. voters prefer Trump's economic policies at 43% to Harris's 40%. The gap is down from 11 percentage points in July.
▌Artificial intelligence training data transparency bill passed in California legislature
A measure requiring artificial intelligence companies to be more transparent about the data used to train their models passed the California Legislature on Tuesday. The draft bill will be sent to Governor Gavin Newsom, who has not yet commented on it.
Blockchain Applications
Ondo Finance Expands Access to Its Yield Token USDY to Arbitrum
Real World Asset (RWA) protocol Ondo Finance is expanding access to the Ondo USD Yield Token (USDY) to Ethereum Layer 2 scaling network Arbitrum, according to an August 27 blog post. Ondo’s USDY is a yield token designed to allow users to earn up to 5.35% annual returns through stablecoins such as USD Coin, and Ondo says each USDY token is backed by bank deposits and short-term treasury bills. USDY has a total locked value of $364 million and is also available on eight blockchain networks including Ethereum and Solana.
▌Animoca Brands-backed KOR Protocol launches new decentralized music platform KOR Player
KOR Protocol, a startup backed by Animoca Brands, has launched a new decentralized music platform, KOR Player, which allows users to mix music using a set of tools including a "sound library" and an authentication service. DJs including Joel Zimmerman (better known as deadmau5), Plastkman, Inder Phull, Ben Turner and Dean Wilson have joined as early supporters. The startup claims to have 550,000 registered users, and Japanese telecommunications giant KDDI is an early supporter.
Cryptocurrency
▌BlackRock iShares Ethereum ETF will be listed on Brazil's B3 exchange on Wednesday
BlackRock will list its iShares Ethereum Trust (ETHA) on Brazil’s B3 exchange on Wednesday, according to local media Portal do Bitcoin. The ETF will trade under the ticker ETHA39 in the form of Brazilian Depository Receipts (BDRs), which are certificates representing shares of foreign companies traded in the South American country.
In March, BlackRock’s iShares Bitcoin Trust ETF (IBIT) also began trading on the Brazilian Stock Exchange, which has become a solid market for institutional products. In addition to Bitcoin and Ethereum, the Brazilian Securities and Exchange Commission (CVM) recently approved two Solana-based ETFs to be listed on B3.
▌Marathon Digital follows MicroStrategy and borrows money to buy Bitcoin to cope with mining challenges
Bitcoin mining company Marathon Digital recently sold $300 million in convertible notes to purchase 4,144 bitcoins, following MicroStrategy's strategy. MicroStrategy's executive chairman Michael Saylor borrowed money to buy large amounts of Bitcoin, making his company one of the world's largest Bitcoin holders. Marathon Digital's move reflects the plight of the mining industry: mining profits have dropped sharply, and miners have to resort to other means to maintain operations.
Due to the Bitcoin halving and increased mining difficulty, Marathon Digital has chosen a "full HODL" strategy, retaining all Bitcoin mined and purchasing more through debt financing. This strategy aims to increase the company's reserves by holding Bitcoin and making opportunistic purchases at market lows, in the expectation that future increases in Bitcoin prices will bring higher returns on investment.
Industry experts believe that as Bitcoin mining profit margins decline and pressure on mining companies increases, debt financing may revive across the industry. Marathon's strategy is seen as a pragmatic choice to deal with current industry challenges, while also reflecting its confidence in the long-term value of Bitcoin.
▌Bitwise Bitcoin ETF will acquire assets from Osprey Bitcoin Trust
Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, in which BITB will acquire all assets of the OBTC fund.
Previously, Osprey said in March that it was considering a sale or merger with a Bitcoin ETF, among other strategic moves. Osprey must complete the sale or merger by September 1, 2024, otherwise it will liquidate OBTC.
“As part of this transaction, OBTC unitholders will receive BITB shares as part of the OBTC liquidation distribution,” Osprey Funds wrote in a press release. “For existing BITB holders, there will be no change to their shares, and there will be no change to BITB’s operations.”
▌Binance CEO: Nigeria should not continue to detain Tigran Gambaryan on unfounded charges
Binance CEO Richard Teng stated in the Binance official blog that former US federal agent Tigran Gambaryan's physical and mental health deteriorated rapidly after being detained in Nigeria for six months. Tigran is currently in unbearable pain due to a herniated disc and cannot walk, but the Nigerian government refuses to provide him with adequate medical care, including basic needs such as the use of a wheelchair. The Nigerian government should not use unfounded accusations to continue detaining Tigran, and there is no need to imprison innocent employees to be held accountable for any allegations against Binance.
Richard also stated: "As an American citizen, Tigran should not be treated unfairly. I sincerely hope that the US government and relevant political institutions can exert their power to bring Tigran home as soon as possible so that he can receive proper treatment and reunite with his family." He added, "Once these issues are resolved, we hope to work with the Nigerian government to support the development of the Web3 industry, create more opportunities for its young and talented workforce, and strive to attract more international investment opportunities."
▌Bitcoin net realized profit/loss indicator tends to stabilize in the second half of this year
According to Glassnode data, Bitcoin’s net realized profit/loss reflects the overall profitability of on-chain transactions. The metric has seen increased volatility so far this year, peaking in the first quarter when Bitcoin soared above $70,000. Despite this rally, the metric stabilized in the second half of 2024, suggesting a balance between profits and losses as the market matures after the halving.
Note: Net Realized Profit/Loss is the net profit or loss of all MoveCoins, defined by the difference between Realized Profit and Realized Loss.
▌In the past 4 hours, the total network contract liquidation was 202 million US dollars, mainly long orders
Data shows that in the past four hours, the cryptocurrency market has a total contract liquidation of $202 million, of which $193 million for long orders and $8.6745 million for short orders. The total amount of BTC liquidation is $71.9278 million, and the total amount of ETH liquidation is $57.8228 million.
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 66%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 66%, and the probability of cutting interest rates by 50 basis points is 34%. The probability of the Fed cutting interest rates by 50 basis points by November is 41%, the probability of cutting interest rates by 75 basis points is 46%, and the probability of cutting interest rates by 100 basis points is 13%.
▌US bank institutional clients sold US stocks for the first time in three weeks
Bank of America clients pulled $4.6 billion from U.S. stocks last week, ending a two-week buying spree as companies slowed share buybacks. All major client groups except corporations were net sellers, with institutions and hedge funds that bought the previous week leading the liquidation, quantitative strategists including Jill Carey Hall wrote in a note to clients on Tuesday. Technology stocks saw their first withdrawal in three weeks, with the largest outflows among 11 industry groups. Meanwhile, communication services stocks attracted inflows for the 21st straight week.
Golden Encyclopedia
What is the new domain name dacc.eth registered by Vitalik?
Ethereum co-founder Vitalik Buterin has chosen a new Ethereum domain that specifically refers to "defensive accelerationism." Buterin's d/acc advocates for a controlled, cautious approach to technological development and promotes more decentralization. This philosophy "seeks to create and maintain a more democratic world and attempts to avoid centralization as the preferred solution to our problems."
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.
