Good evening, dear coin friends! Let’s share today’s news while eating skewers! 😊
I haven't shared news for many days. Let's take a look at today's highlights:
1. Bitcoin may account for 10% of international trade and 5% of local trade by 2050, becoming a reserve asset for central banks
2. Whales are increasing their holdings of BTC. In the past month, 358,000 BTC have been transferred to long-term holders.
3. Research: Cryptocurrency has greater potential than stocks and real estate
By 2050, Bitcoin could account for 10% of international trade and 5% of local trade, becoming a central bank reserve asset.
Details:
According to a report by asset management company VanEck, by 2050, Bitcoin could account for 10% of international trade and 5% of local trade and become a central bank reserve asset. The company said that Bitcoin's second-layer network will play a key role in overcoming expansion problems and allowing BTC to be used as a medium of exchange. However, the report also pointed out that there are certain risks to Bitcoin's growth, including rising energy demand, joint crackdowns by governments, and competition with other digital assets.
Bitcoin and Ethereum are not competitors, but complementary
According to The Block, Robert Mitchnick, head of digital assets at BlackRock, said at the Bitcoin 2024 conference that despite the launch of a spot Ethereum ETF this week, it is unlikely that funds tracking other crypto assets will appear. He believes that Bitcoin and Ethereum are not competitors, but complementary. Bitcoin is a global currency alternative, while Ethereum is a technology platform. Mitchnick pointed out that although there are no completely clear regulatory guidelines yet, the SEC has made it clear that it will not approve a spot Ethereum ETF with a pledge component. Mitchnick believes that crypto assets as a category will not disappear and will have more opportunities to enter the market. For example, competitor VanEck was the first company to apply to launch the Solana ETF, but experts believe that the ETF is unlikely to be approved.
The total market value of all stablecoins increased by $1.52 billion in the past 7 days
The stablecoin economy is experiencing new growth. The total market capitalization of all stablecoins increased by $1.52 billion over the past seven days. The growth over the past seven days was mainly driven by Tether (USDT), the largest stablecoin by market capitalization, which increased its supply by 1.2 billion. About $300 million of the growth came from Circle's USD Coin (USDC).
Whales are increasing their holdings of BTC. In the past month, 358,000 BTC have been transferred to long-term holders.
CryptoQuant CEO Ki Young Ju posted on X that BTC is in the accumulation phase. In the past month, 358,000 BTC were transferred to permanent holder addresses. In July, the global Bitcoin spot ETF inflow was 53,000 BTC. Although not all the remaining BTC are in custodial wallets, whales are clearly accumulating and at unprecedented levels. The recent inflow of BTC into long-term holder addresses is not due to ETF wallets. These wallets are neither exchange wallets nor miner wallets, and there is no outflow; most of them are custodial wallets.
The market will usher in a wave of interest rate cuts in September
While stronger-than-expected U.S. second-quarter GDP data may ease some concerns about the economy, analysts noted that a higher-than-expected 2.9% core personal consumption expenditures price index (PCE) could spell trouble for the Federal Reserve. "While this is above target, it is falling, and combined with strong economic growth data, this reduces pressure on the Fed to cut interest rates next week," said Emma Wall of Hargreaves Lansdown in a report. "We expect the Fed, ECB and Bank of England to cut rates in September, which will be a wave of rate cuts. For investors focusing on U.S. stocks, we think there are opportunities for small-cap stocks with better value, despite the recent pullback in the Magnificent Seven."
Bitcoin and tech stocks fall after U.S. GDP data
Bitcoin fell further along with tech stocks after strong U.S. GDP data and cooling personal consumption expenditures (PCE) inflation data were released on Thursday. The tech-heavy Nasdaq Composite fell 215.43 points, or 1.246%, to 17,126.98 after the opening bell on Thursday, while the S&P 500 fell 21.93 points, or 0.4%. Bitcoin also failed to reverse its recent downtrend, trading flat over the past 24 hours, largely staying in the $64,000 range. In addition, interest rate traders raised the probability of a September rate cut to 85.7%, according to the Chicago Mercantile Exchange (CME) FedWatch tool.
Independent US presidential candidate Kennedy wants US BTC holdings to match US gold reserves
As rumors grow that President Donald Trump wants to build up a U.S. Bitcoin reserve, rival independent candidate Robert F. Kennedy Jr. says he’ll go a step further. In an interview on Wednesday, the independent candidate said he would urge the federal government to buy Bitcoin until its BTC holdings match the size of the country’s gold reserves.
Jersey City Pension Fund to Invest in Bitcoin ETF
Steven Fulop, the mayor of Jersey City, New Jersey, announced on Thursday that the city's pension fund will invest a certain percentage of its investments in a Bitcoin exchange-traded fund (ETF). Fulop wrote on the social media platform X that Jersey City's pension fund is updating its documents with the U.S. SEC, similar to the pension fund in Wisconsin. The mayor estimates that the process will be completed by the end of the summer. Fulop said: "The question of whether cryptocurrencies and Bitcoin will continue to exist is basically over. Cryptocurrencies and Bitcoin have won. I have always believed in cryptocurrencies (experienced ups and downs), but broadly speaking, in addition to cryptocurrencies, I do believe that blockchain is one of the most important new technological innovations since the Internet."
Clients have little interest in cryptocurrencies other than BTC and ETH
BlackRock sees “little to no interest” from clients in cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH) and does not expect to see many cryptocurrency exchange-traded funds (ETFs) beyond the two core digital assets, Robert Mitchnick, BlackRock’s head of digital assets, said at the Bitcoin 2024 conference in Nashville, Tennessee on July 25.
Mt.Gox still holds about 90,000 bitcoins, worth about $6 billion
Data shows that Mt. Gox still holds up to about 90,000 bitcoins, worth about $6 billion, and investors and speculators are weighing the impact of the sell-off on the bitcoin market. According to Arkham Intelligence monitoring, Mt. Gox's last transaction occurred at 06:50:05 UTC on July 24, 2024, involving the transfer of about 382 bitcoins to Bitstamp, worth about $25 million.
Trump has raised more than $4 million in campaign funds through crypto assets such as Bitcoin
Former US President Donald Trump's campaign aides revealed that Trump, as the Republican presidential candidate, has raised more than $4 million in funds from various digital tokens. According to a Federal Election Commission document, donors donated Bitcoin, Ethereum, Ripple's XRP token, stablecoin USDC, and various meme coins. The documents show that at least 19 donors donated more than $2.15 million in Bitcoin to the committee. Crypto billionaire twin brothers Tyler and Cameron Winklevoss led the donations, each donating 15.57 Bitcoins, which was worth just over $1 million at the time of the donation. Because their donation exceeded the $844,600 limit, the documents show that some of the funds have been returned. Mike Belshe, CEO of digital asset security company BitGo, donated $50,000 in Bitcoin.
Grayscale ETHE has outflowed 13% in the past three days, and the outflow rate is more than three times that of GBTC
On July 26, Trader T data showed that Grayscale ETHE currently still holds 2.28 million ETH, and has accumulated outflows of 13% in the past three days. Compared with the outflow rate of about 4% three days after GBTC opened in January this year (25,000 BTC/630,000 BTC), ETHE's outflow rate is more than three times higher than GBTC.
Survey: Cryptocurrency has greater potential than stocks and real estate
Cryptocurrency exchange Kraken surveyed 2,191 U.S. residents aged 18 and over to find out their views on cryptocurrency investment, and the results showed that U.S. investors believe that cryptocurrencies have greater growth potential than traditional investment tools such as stocks, bonds and real estate. Among them, 73% said they are likely to invest in cryptocurrency in 2025. About 45% expressed a strong interest in continuing to invest, while nearly 29% said they were "likely" to invest.
Wyoming Senator Plans to Ask Fed to Include Bitcoin as a Strategic Reserve Asset
Wyoming Senator Cynthia Lummis plans to announce a strategic Bitcoin reserve legislation at the Bitcoin Conference in Nashville, which would require the Federal Reserve to include Bitcoin as a strategic reserve asset. Lummis hopes to announce the plan before former President Trump's speech and hopes to gain his support. The legislation aims to include Bitcoin in the Federal Reserve reserves, similar to gold and foreign currencies, to stabilize the value of the US dollar.
Well, that’s all for today! Remember to hold on to it during this period, and you will definitely wait for the spring of Biquan! Hold on! Hold on! Brothers! Good luck to everyone!
