According to Wu, the latest report from QCP Capital pointed out that the deputy governor of the Bank of Japan downplayed the possibility of another interest rate hike in the near future, which promoted the rebound of the crypto market, but Ethereum still performed poorly. Jump Trading continued to sell ETH, and currently has 21,394 $wstETH (about 63.6M USD) remaining. Optimistic about BTC, seeing a large number of call options bought for December and March expiration, major funds are also rolling long-term bullish positions in September.
● Viewpoint: The slowdown in US consumer debt may affect the Bitcoin market
According to PANews, Bitcoin is at risk due to slowing growth in U.S. consumer debt and rising credit card delinquencies. Markus Thielen, founder of 10x Research, said that although the unwinding of yen carry trades may have paused, stabilizing risky assets including Bitcoin, the slowdown in U.S. consumer borrowing remains a problem. Total U.S. credit balances increased by $8.9 billion in June, lower than the expected $10 billion, and credit card debt decreased by $1.7 billion, the largest drop since the beginning of 2021. The credit card delinquency rate reached 10.93%, the highest since 2012, and the auto loan delinquency rate also reached 4.43%, the highest since 2021. Thielen pointed out that these factors indicate that the borrowing capacity of U.S. consumers has reached its limit, which may pose a challenge to the cryptocurrency market. In addition, uncertainty in the U.S. election, economic slowdown and the decline in the artificial intelligence boom are also potential risks.
● Analysis: U.S. initial jobless claims last week posted the biggest drop in nearly a year
According to Odaily Planet Daily, following last week's disappointing employment report, 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 people's concerns that the labor market is cooling too quickly. Data from the U.S. Department of Labor on Thursday showed that initial claims fell by 17,000 to 233,000 in the week ending August 3. States such as Michigan, Missouri and Texas, which have seen a sharp increase in applications in recent weeks, saw a decrease in applications. The decline in initial claims may help reassure the market that the labor force is only returning to its pre-epidemic trend rather than deteriorating rapidly. 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 its September meeting. Initial claims data fluctuate at this time of year due to summer vacations for schools and restructuring of auto factories.
● Binance has recovered more than $73 million in external stolen funds since 2024
According to an article published on Binance's official blog, as of July 31 this year, the Binance security team has recovered or controlled more than $73 million in user funds from external hacker attacks, a figure that has exceeded the total for the whole year of 2023 (about $55 million). Of these recovered assets, about 80% are related to hacker attacks, vulnerabilities and thefts that occurred outside the Binance platform, and the remaining 20% are related to scams that occurred outside the Binance platform. Jimmy Su, Binance's chief security officer, emphasized that the company is committed to protecting users and improving the overall security of encryption systems, using blockchain technology to effectively track and recover stolen funds.
● Brazilian Securities and Exchange Commission approves Solana spot ETF
According to Odaily Planet Daily, the Brazilian Securities and Exchange Commission (CVM) has approved the spot Solana exchange-traded fund (ETF). The ETF was created by Brazilian asset management company QR Asset and operated by fund manager Vortx. It is currently in the pre-operation stage, awaiting approval from the Brazilian Stock Exchange B3. The ETF will reference the CME CF Solana USD reference rate created by CF Benchmarks and the Chicago Mercantile Exchange (CME).
According to Odaily Planet Daily, the United States is planning a new proposal to make the United States a global leader in the digital economy by establishing a Bitcoin tax-free digital economic zone (DEZ). The proposal is led by the newly formed USABTC policy group and advocates a tax-free DEZ, in which Bitcoin can be traded and accumulated without paying capital gains tax, but tax is paid when redeemed. USABTC said that imposing an exit tax on the exchange of Bitcoin back to traditional currency can provide a new source of revenue for the government and benefit both federal and state finances. According to current plans, the implementation phase of the USABTC plan is expected to begin in 2025. If approved by all legislative and regulatory authorities, the DEZ will be fully operational in 2026.
● Putin signs law legalizing cryptocurrency mining in Russia
According to TechFlow, on August 8, Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia, according to TASS.
