Headlines
▌A dormant wallet for 10.6 years transferred 1,004 BTC to a new wallet 50 minutes ago
According to Spot On Chain, a dormant wallet woke up after 10.6 years and transferred 1,004 BTC ($57 million) to a new wallet about 50 minutes ago. The wallet received these BTC ($737,000) at an average price of only $731 in 2013 and 2014.
▌Biden: I will continue to run for election and will win again
US President Biden said, I am running and will win again; I will continue to run; I will not let the last debate erase years of hard work.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $56,479.65, with a daily change of -0.7%;
ETH's latest transaction price is $2977.09, with a daily change of -3.29%;
BNB's latest transaction price is $500.54, with a daily change of -1.73%;
SOL's latest trading price is $134.61, with a daily change of +5.54%;
DOGE’s latest trading price is $0.1068, with a daily change of -5.45%;
XPR recently traded at $0.4272, with a daily change of +1.22%.
policy
▌The U.S. House of Representatives will hold a crucial vote on the veto of SAB 121
The U.S. House of Representatives plans to hold a key vote next week to overturn President Biden's veto of Staff Accounting Bulletin 121 (SAB 121). The announcement has sparked controversy in the crypto industry, with concerns that it could affect banks' custody of digital assets. Although the House of Representatives passed the resolution in May by a vote of 228-182, a two-thirds majority in both houses is still required to overturn the veto. Political experts have mixed opinions on this vote, believing that it is difficult to successfully overturn the veto.
▌South Korea postpones virtual asset tax regulations until 2025
The South Korean government announced that it will postpone the implementation of the new virtual asset tax regulations until January 2025 to address individual investor tax burdens and regulatory clarification issues. According to the new regulations, starting from 2025, the law will include income tax for residents, withholding tax for non-residents, and gift tax on virtual assets. The postponement mainly affects the income tax of resident individuals and withholding tax for non-residents and foreign companies. Investors welcomed this and believed that the postponement would help the government and industry better adjust to the smooth implementation of the new tax system.
▌Former U.S. Attorney General accuses federal regulators of trying to isolate the digital asset industry from the traditional economy
Former U.S. Attorney General Donald Verrilli claims that federal regulators are actively and coordinatedly trying to "debank" the digital asset industry. He supported the appeal of Custodia Bank in court, which was rejected for its application for a master account at the Federal Reserve on the grounds that it was involved in cryptocurrency business. Verrilli believes that this reflects the efforts of federal regulators to isolate the digital asset industry from the traditional economy. Several politicians and organizations, including former Senator Pat Toomey and the Chamber of Digital Commerce, also supported Custodia's appeal. At present, the court has not yet announced its final decision on the case.
Blockchain Applications
▌Valora launches Mobile Stack to simplify the creation of Web3 native applications on iOS and Android
P2P payment app Valora launches Mobile Stack to simplify the creation of Web3-native mobile apps on iOS and Android.
▌JPMorgan, DBS and Mizuho test Partior blockchain FX PvP solution
Singapore-based Partior has completed a proof-of-concept for foreign exchange payment-to-payment (PvP) settlement using its blockchain network, with participants including JP Morgan, DBS Bank and Mizuho Bank. PvP settlement eliminates settlement risk by exchanging two currencies simultaneously, and Partior's solution supports 24/7 real-time atomic settlement, which is scheduled to be launched later this year.
▌Chappyz uses AI to solve the problem of fake user indicators and increase Web3 participation
Chappyz co-founders John Sears and Daniel Pal introduced their AI-driven community platform in a Cointelegraph AMA, which aims to solve the problem of fake users and vanity metrics in Web3 communities. Chappyz promotes user retention and engagement by rewarding real interactions and conversations. The platform is designed to be universal and plug-and-play, allowing users to log in through familiar platforms such as Google and Apple, simplifying Web3 wallet setup. Chappyz uses a customized AI protocol to analyze user contributions and detect and exclude fake accounts and malicious actors. Chappyz also plans to launch Chappyz V3 in July 2024, introducing real-time community health monitoring capabilities to provide community managers with in-depth Web3 community analysis.
Cryptocurrency
▌GSR deposited and sold 900,000 WLD on Binance
According to The Data Nerd, within 1 hour, GSR deposited and sold 900,000 WLD (about 1.65 million US dollars) on Binance.
▌The current locked amount of BASE network is 1.318 billion US dollars, with a 24-hour drop of 6.66%
According to DefiLlama data, the TVL of the BASE network is now $1.318 billion, a 24-hour drop of 6.66%. The top three TVLs of ecological protocols are as follows: Aerodrome TVL reached $465 million, a 7-day drop of 21.29%; Uniswap TVL reached $233 million, a 7-day drop of 15.31%; Extra Finance TVL reached $80.11 million, a 7-day drop of 23.03%;
▌19331.59 BTC flowed out of exchange wallets in the past 24 hours
According to the latest data, 19,331.59 BTC have flowed out of exchange wallets in the past 24 hours, 7,219.29 BTC have flowed out of exchange wallets in the past 7 days, and 22,503.03 BTC have flowed out of exchange wallets in the past 30 days. As of press time, the total balance of exchange wallets is 2,472,856.26 BTC.
10,984 ETH transferred from unknown wallet to Coinbase
According to Whale Alert monitoring, at 07:14:11 Beijing time today, 10,984 ETH (32,782,038 US dollars) was transferred from an unknown wallet to Coinbase.
▌Bloomberg: One of the fastest growing projects in the crypto space this year is a Telegram-related project
Bloomberg said in an article that "one of the fastest-growing projects in the cryptocurrency space this year is one related to Telegram, whose blockchain plans have previously drawn the ire of U.S. regulators."
Important economic developments
▌Derivatives traders are confident that the Fed will cut interest rates twice this year
U.S. Treasuries rose, yields moved lower, and mixed data on the labor market kept traders betting that Fed officials will cut interest rates this year. While the June nonfarm payrolls report showed higher-than-expected job growth, data for previous months was revised downward and unemployment rose. Derivatives market traders further increased their bets on rate cuts, and their expectation of two rate cuts this year once again reached 100%. The probability of the Fed cutting interest rates as early as September is currently believed to be around 76%. Jeff Klingelhofer, co-head of investment at Thornburg Investment Management, said, "I think there is still room for U.S. bonds to rise. Judging from Powell's recent statements, he has a strong tendency to start a moderate easing cycle. The labor market is returning to a better balance, inflation faces downside risks, and the economy may slide into recession." Jeffrey Rosenberg, portfolio manager at BlackRock, said, "It will take another round of data to consolidate expectations of a rate cut in September, and more importantly, inflation data next week and next month's data."
▌Fed Semi-annual Monetary Policy Report: Greater confidence in inflation is still needed before interest rate cuts
The Federal Reserve's semi-annual monetary policy report shows that inflation has made some progress this year, but greater confidence is still needed before cutting interest rates; real estate-related inflationary pressures are expected to gradually decline; although some banks' commercial real estate portfolios are "facing pressure", the financial system remains "healthy and resilient"; and liquidity at most domestic banks remains ample.
▌The interest rate swap market has once again fully priced in the Fed’s two rate cuts before the end of the year
The interest rate swap market has once again fully priced in two rate cuts from the Federal Reserve before the end of the year.
▌The three major U.S. stock indexes closed higher, with the S&P 500 up 1.95% this week
The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 0.17% and a cumulative increase of 0.66% this week; the Nasdaq rose 0.9% and a cumulative increase of 3.5% this week; the S&P 500 rose 0.54% and a cumulative increase of 1.95% this week, with the Nasdaq and S&P 500 hitting new closing highs. Most of the popular technology stocks rose, with Meta up nearly 6%, Google, Apple, and Tesla up more than 2%, with Tesla rising for the eighth consecutive day and a cumulative increase of nearly 30% this week. Microsoft and Amazon rose more than 1%, and Nvidia fell nearly 2%.
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 DPoS concept 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.
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.
