Cryptocurrency daily summary:
Goldman Sachs plans to launch three tokenized funds
Department of Energy drafts new survey on Bitcoin miners
Starknet staking is scheduled to be launched on the mainnet in Q4
Let’s first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on July 10, Grayscale Bitcoin Spot ETF (GBTC) saw an outflow of $8.2 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) saw an inflow of $57.8 million, Bitwise Bitcoin Spot ETF (BITB) saw an inflow of $4.7 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) saw an inflow of $11.3 million.
Goldman Sachs plans to launch three tokenized funds
Goldman Sachs plans to launch three tokenized projects by the end of this year to enter the cryptocurrency space. According to Fortune magazine, Mathew McDermott, global head of digital assets at Goldman Sachs, said that one of these funds will target the U.S. fund industry, another will focus on the European debt market, and the third plans to create a tokenized asset market.
Compared with competitors such as BlackRock, Franklin Templeton and Fidelity, Goldman Sachs has chosen to mainly use permissioned networks rather than fully decentralized blockchains, mainly due to regulatory concerns. Goldman Sachs began working with permissioned blockchain networks as early as 2021 and launched cash-settled crypto derivatives trading products.
BlackRock CEO believes tokenization is the “next generation” of the market, and the company’s blockchain-powered financial product BUIDL recently surpassed $500 million in market value. Franklin Templeton launched an income-generating on-chain fund and related BENJI tokens on the Stellar and Polygon blockchains, while Fidelity International tokenized shares in a money market fund.
McDermott has long been an advocate of digital transformation, especially blockchain. He helped launch Goldman Sachs' digital asset division in 2021 and led efforts to launch cash-settled crypto derivatives trading products. However, Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Wealth Management, told The Wall Street Journal in April that she did not see client demand for cryptocurrencies.
Department of Energy begins drafting new Bitcoin miner survey
After being sued in a Texas court for attempting to collect data through an “emergency data collection request,” the U.S. Department of Energy has recommitted itself to a survey aimed at obtaining information related to energy use in proof-of-work crypto mining in the U.S. The Energy Information Administration (EIA), the statistical arm of the DOE, hosted its first public discussion on Wednesday in hopes of designing a better survey proposal.
EIA's Steve Harvey noted at the discussion that the EIA wants to address three key questions before designing a new survey: first, what specific factors do industry participants or observers believe are most important when it comes to energy use in PoW crypto mining; second, what data the agency should collect; and third, whether there is existing information that could replace the survey or reduce costs. Harvey also noted that when developing the first recall survey, the EIA found that crypto mining accounted for 0.6% to 2.3% of total U.S. energy consumption after developing a "rough" initial estimate.
Once completed, the new survey will need to be approved by the Department of Energy and will be entered in the Federal Register, initiating a 60-day public comment period, after which EIA will incorporate the comments and resubmit its findings for an additional 30 days of public review.
Most people see the EIA's survey as an attack on the crypto industry, but some industry figures support the EIA's survey and are concerned about the impact of cryptocurrencies on the environment. Lee Bratcher, chairman of the Texas Blockchain Committee, suggested that the EIA should design a more comprehensive survey, taking into account the rise of energy-intensive industries such as artificial intelligence and cloud computing. Some, including former Department of Energy official Tom Mapes, pointed out that Bitcoin mining could help incentivize the development of renewable energy and reach "load balancing" agreements with utility providers.
Starknet token staking is scheduled to launch on the mainnet in the fourth quarter of 2024
Starknet is expected to introduce native token staking functionality in the fourth quarter of 2024. Core developer StarkWare has submitted the Starknet Improvement Protocol (SNIP) to enable network staking. The SNIP proposal mentions StarkWare's first phase staking plan, which is an important step in building a staking community and technology, providing new opportunities for users and developers. The first phase of the staking plan will adopt a permissionless on-chain staking protocol and staking delegation.
If the proposal passes, users will be able to delegate to stakers or become stakers themselves, with rewards proportional to the amount staked and based on changes to the proposed minting curve released in February. There will also be a 21-day time lock period before funds can be withdrawn.
Market Analysis: Bitcoin spot ETF continues to see net inflows, the market awaits CPI data tonight at 20:30
Market trend:
BTC
After reaching $59,000, the BTC price fell back and is currently consolidating around $57,500. It is worth noting that Bitcoin spot ETFs continue to have large net inflows, which may provide some support to the market.
ETH
It is performing relatively strongly and is currently consolidating around $3,100. Market expectations for the approval of the ETH ETF are gradually strengthening, which may be an important factor driving the strength of Ethereum prices.
Data indicators
-AHR999 Index: Today's value is 0.7, indicating that the market is suitable for fixed investment.
-Fear and Greed Index: 29, indicating that market sentiment is still in a state of fear. According to historical data, when market sentiment continues to be fearful, the market is often at the bottom range.
Macroeconomics
-The three major U.S. stock indexes all rose by more than 1%. Federal Reserve Chairman Powell said that it is unlikely to drop to an extremely low interest rate level, which has a certain impact on the risk market.
-US CPI inflation data: The market is waiting for the US June CPI inflation data to be released at 20:30 tonight, which will be an important factor affecting market sentiment and trends.
Market Hotspots
1.Ton Ecosystem:
-Meme project Dogs: announced an airdrop to all Telegram users, and the number of subscribers to its project subscription channel increased by more than 1 million in a single day. Dogs is a pure Meme project, and currently there are no games or other applications added. Its image is designed based on the pet dog of Telegram founder Durov.
2.Meme section:
- PEIEPEI, RATS, MANEKI, PEW, MAGA and other meme coins have surged, becoming the main narrative of this round of market. Meme projects, due to their high spreadability and community participation, can often attract a large number of investors and attention in a short period of time.
3.BTC Ecosystem:
-STX, SATS and other projects rebounded from oversold levels. Among them, SATS will be used as the Gas token for Unisat to issue Layer2, increasing the actual use case, and its 7-day increase is close to 80%.
Summarize
The current market has shown some strength driven by Bitcoin and Ethereum, but the overall sentiment is still biased towards fear. In terms of macroeconomics, the rise of US stocks and the upcoming US CPI data will have an important impact on the market. In terms of market hotspots, the Ton ecosystem and Meme projects have become the focus of attention. In the current market environment, investors need to remain cautious and pay attention to changes in macroeconomic data and market sentiment. At the same time, they can pay appropriate attention to projects with practical use cases and strong community support.
Macro: Global stocks head for new highs ahead of inflation test
The Nasdaq and S&P 500 closed higher on July 10, hitting all-time highs, driven by gains in Nvidia and other Wall Street heavyweights.
It was the seventh straight record close for the Nasdaq and the sixth for the S&P 500. The S&P 500 topped 5,600 for the first time after comments from Federal Reserve Chairman Jerome Powell stoked expectations for a September rate cut.
The three major indexes: S&P 500 rose 1.02%; Nasdaq rose 1.18%; Dow Jones rose 1.09%
Technology stocks continued to perform strongly, with Micron Technology up 4%, Nvidia up 2.7% and Advanced Micro Devices up 3.9%. Apple rose 1.9% to a record high, bringing its stock market value to $3.6 trillion.
U.S. inflation data due this week include Thursday’s consumer price index and Friday’s producer price index reports. The probability of a 25 basis point rate cut by the Federal Reserve in September is expected to rise to 74% from 70% on Tuesday and 45% a month ago, according to the Chicago Mercantile Exchange’s FedWatch.
Second-quarter earnings season kicks off this week with major banks reporting results on Friday, a test of whether high-flying large-cap companies can continue their strong run and justify their valuations.
Stocks from Tokyo to New York hit record highs on July 11 as traders awaited U.S. economic data expected to show easing inflation and pave the way for a rate cut in September.
Bonds and the dollar remained stable, with the yen remaining weak at 161 per dollar, close to its lowest level in decades.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1% to its highest level in two years; Japan's Nikkei rose 1% to 42,426, a record high; Taiwan stocks rose 1.25% to a record high; Australia's ASX 200 rose 0.89% and approached its all-time high
Chinese stocks moved in line with market momentum ahead of GDP data due on Monday. Hong Kong's Hang Seng rose 1%, while mainland blue chips gained 0.4%. The yuan was steady at 7.2738 per dollar, having recovered from a low hit on Wednesday.
In commodities, oil prices rose slightly, driven by strong signals of gasoline demand in the United States. Brent crude futures rose 35 cents, or 0.4%, to $85.43 a barrel. U.S. crude futures rose 36 cents, or 0.5%, to $82.47 a barrel.
Gold rose 0.2% to $2,373 an ounce.
