Headlines
▌Biden admitted to making mistakes in the debate with Trump and stressed that he would not withdraw from the election
U.S. President Biden said at a press conference, "I made a stupid mistake in the debate (with Trump). My schedule has been very tight. I said it would be better if I could control my rhythm more wisely. I will not travel 15 time zones away before the next debate." Biden also emphasized that he is the best candidate to defeat Trump, and there is no sign that he cannot complete the (campaign) mission. Biden also praised Harris for being qualified to be president. If she was not qualified, he would not have chosen her as vice president.
Coinbase launches web app with social features
Coinbase has launched a web application with social functions to track personal on-chain wallets. The application can be used on PCs and mobile devices. Users can manage all on-chain wallets and activities within the program. It supports purchasing, exchanging, sending, staking or minting tokens from wallets. Users can also interact with each other. Coinbase has expressed its hope to emulate WeChat.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is 57218.1 USD, with a daily change of -0.68%;
ETH's latest transaction price is $3095.99, with a daily change of -0.08%;
BNB's latest transaction price is $525.82, with a daily change of +0.4%;
SOL's latest trading price is $132.92, with a daily change of -4.05%;
DOGE's latest trading price is $0.1068, with a daily change of -0.92%;
XPR’s most recent trading price is $0.4497, with a daily change of +2.40%.
policy
SEC allows some companies to circumvent controversial cryptocurrency accounting announcement
According to sources, some companies and financial institutions have made some business requests that the SEC staff agreed would allow them to be exempt from the controversial cryptocurrency accounting guidance. Since the release of SAB 121 in March 2022, following a large number of cryptocurrency industry bankruptcies, companies have been seeking advice from the SEC to develop new policies and procedures related to cryptocurrencies. The source added that SAB 121 itself has not changed. "In April 2022, there are many unanswered questions about how the law will come out about these things, and we have seen many crypto industry participants being careless in providing these services, harming many customers," said the SEC source. The source added that the company has now proven that certain procedures and technologies they have set up allow customers to retrieve their cryptocurrencies in bankruptcy like any other asset (such as US dollars), and therefore are not subject to obligations under SAB 121.
▌US SEC Commissioner: There is fraud in the cryptocurrency market
During her nomination hearing before the Senate Banking Committee on Thursday, SEC Commissioner Caroline Crenshaw told senators that rampant fraud in the cryptocurrency market led to her reluctance to approve a Bitcoin ETF earlier this year. In January, Crenshaw stood firm against the trading products, noting that they were not technically ETFs but exchange-traded products (ETPs) that operated under different rules. The commissioner said that the agency's approval of Bitcoin (BTC) products would "take us down a wayward path that could further sacrifice investor protection." In weighing whether this was in the public interest, she reiterated Thursday that she felt she had to oppose the move: "Because the underlying global spot markets are so heavily fraudulent and opaque."
Blockchain Applications
▌Artificial intelligence startup Fireworks AI completes $52 million in financing, led by Sequoia Capital
On July 12, artificial intelligence startup Fireworks AI completed a $52 million financing round, led by Sequoia Capital, with participation from Nvidia, Advanced Micro Devices Inc. and MongoDB Inc. The company's total financing has reached $77 million, with a valuation of $552 million. Fireworks plans to use the new funds to expand its team and plans to expand its partnerships with artificial intelligence companies. Fireworks aims to help companies adopt generative artificial intelligence by allowing them to access more than 100 models through its platform.
Animoca Brands runs validator on Core blockchain
Animoca Brands announced that it has run a validator on the Core blockchain to improve network security and decentralization. In addition to running a validator, Animoca Brands also plans to work with Core contributors to integrate certain dApps in its Web3 portfolio to drive BTCfi innovation.
▌The EU accepts Apple's commitment to open NFC, which may promote the development of the digital euro
The European Commission has accepted Apple's commitment to open NFC functionality and legalized it for a period of ten years. Previously, Apple was accused of abusing its dominant market position by using NFC functionality exclusively for Apple Pay. Apple has now opened NFC access to EU developers for free and allows other wallet applications to be set as the default payment application, removing the restriction that it is only available to licensed payment service providers. The core of this agreement is access to NFC in host card emulation mode (HCE), with credentials stored in the bank's private cloud rather than in the device's secure element. This move helps address competition concerns and opens the door to a variety of payment methods, including central bank digital currencies (CBDCs). In particular, the European Central Bank (ECB) is developing an offline "swipe payment" function for the digital euro, which requires access to the phone's secure isolation area and NFC function. Apple's commitment will help promote the implementation of this function and accelerate the promotion and application of the digital euro.
Coinbase launches a web application with social interaction features to track personal on-chain wallets
Coinbase announced the launch of a web application to track personal on-chain wallets. The application is available on PCs and mobile devices. Users can manage all on-chain wallets and activities in one place. It supports purchasing, exchanging, sending, staking or minting currencies from wallets. Users can also interact with each other. Coinbase has expressed its hope to emulate WeChat.
▌Lido: DVT technology module powered by SSV Network is now deployed
Lido announced that the Simple Distributed Validator Technology (DVT) software module powered by SSV Network is now deployed and ready for deposits. According to the team: “The Simple DVT module is designed to diversify the number of node operators connecting to and utilizing the Lido protocol while enhancing resilience, distribution, and security. This development also lays the foundation for more scalable and permissionless DVT-based modules in the future. This launch represents a major step towards a more decentralized, secure, and accessible Ethereum staking ecosystem, and could have ripple effects across the crypto space.”
▌STEPN announces partnership with domain name service provider Unstoppable
STEPN announced that it has partnered with domain name service provider Unstoppable to support the application and locking of ".stepn" domain names, making it easier to send and receive cryptocurrencies including GMT.
Cryptocurrency
▌Fidelity FBTC had a net inflow of US$32.7 million yesterday
According to Farside Investors, the U.S. spot Bitcoin ETF Fidelity FBTC had a net inflow of $32.7 million on July 11. According to previous reports, on July 11, BITB had a net inflow of $7.5 million, GBTC had a net outflow of $37.7 million, ARKB had a net inflow of $4.3 million, and EZBC had no inflow or outflow.
▌Pendle: The Pendle website has been shut down due to the domain being hijacked
Pendle posted that due to the hijacking of the Pendle domain, we have shut down the website. Please do not use the application until further notice. The team is working hard to protect the website. Please rest assured that the protocol is not affected and your funds are safe.
▌German government addresses sold a total of $376 million worth of Bitcoin in the past 16 hours
According to Spot On Chain, in the past 16 hours, the German government address has sold another $376 million worth of Bitcoin, selling 10,627 Bitcoins ($616 million) at an average price of $57,976, and recovering 4,169 Bitcoins ($240 million) at an average price of $57,469. Currently, the German government address only has 9,094 BTC ($520 million), which is about 18% of the initial amount. At this rate, it may sell all Bitcoin in the next 1-2 days.
Important economic developments
▌Fed's Daly: The economy shows that one or two rate cuts this year would be more appropriate
Fed's Daly said that recent inflation conditions are a relief, but progress will not be smooth; inflation is expected to gradually decline and the labor market is also gradually slowing down; the economy looks to be on a path where one or two rate cuts this year are "more or less" more appropriate; more information is needed before taking the next step completely; so many people are talking about the labor market, which is a pretty big signal sent by the Fed; the labor market has slowed down, but it remains solid.
▌The market value of the seven largest U.S. stock companies evaporated by 4.35 trillion yuan overnight
After the good news of the US CPI data, traders chose to withdraw from the recent strong performance of technology giants. The heavyweight stock Nvidia closed down 5.57%, Tesla fell 8.44%, Meta fell more than 4%, Apple, Microsoft, Google and Amazon fell more than 2% respectively. In contrast, the Russell 2000 index, which is dominated by small-cap stocks, closed up more than 3.5%. The market value of the "Big Seven" evaporated by a total of nearly US$600 billion (about RMB 4.35 trillion) in a single day, which is equivalent to losing a JPMorgan Chase (market value of US$595.46 billion).
▌Fed's Goolsbee: One or a series of rate cuts can be considered
Fed's Goolsbee said the June inflation report was excellent and that depending on the data, one or a series of rate cuts could be considered.
▌The three major U.S. stock indexes closed with mixed gains and losses
The three major U.S. stock indexes closed with divergent trends, with the Dow up 0.08%, the Nasdaq down 1.95%, and the S&P 500 down 0.88%. Large technology stocks generally fell, with Tesla falling more than 8%, ending its 11-day winning streak, and its market value shrinking by $185 billion. Nvidia fell more than 5%, Meta fell more than 4%, Apple, Microsoft, Google, and Amazon fell more than 2%. Semiconductors, computer hardware, and consumer electronics led the declines, with Arm falling more than 7%, Qualcomm and Micron Technology falling more than 4%, Dell Technologies and ASML falling more than 3%, and Snap falling more than 2%.
Golden Encyclopedia
What is market depth in cryptocurrency trading?
In cryptocurrency trading, market depth describes the ability of a market to withstand a large number of orders without noticeably affecting the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.
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.
