Headlines

▌US SEC sues Silvergate Bank for securities fraud

The U.S. Securities and Exchange Commission (SEC) sued District Bank Silvergate in a federal court, alleging securities fraud.

▌Nvidia may be sued by French regulators for suspected antitrust behavior

France's antitrust regulator is preparing to charge Nvidia with anti-competitive behavior, making it the first law enforcement agency to do so, according to people familiar with the matter. France conducted a raid on the graphics card industry last September, which sources said was aimed at Nvidia. After the release of the generative artificial intelligence application ChatGPT late last year, market demand for chips from the world's largest artificial intelligence and computer graphics chipmaker surged, triggering regulatory scrutiny on both sides of the Atlantic.

Quotes

As of press time, according to Coingecko data:

The latest transaction price of BTC is $62,857.07, with a daily change of +0.3%;

ETH's latest transaction price is $3441.59, with a daily change of +0.2%;

BNB's latest transaction price is 576.83 USD, with a daily change of -0.8%;

SOL's latest trading price is $146.61, with a daily change of +0.1%;

DOGE’s latest trading price is $0.1235, with a daily change of -0.6%;

XPR recently traded at $0.4758, with a daily change of +0.3%.

policy

▌Silvergate will pay $63 million to settle with the US SEC, Federal Reserve and California regulators

Silvergate Capital Corp., the parent company of crypto-friendly bank Silvergate Bank, has agreed to pay $63 million to reach a settlement with the U.S. SEC, the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI).

The regulator accused it of failing to maintain an adequate anti-money laundering program and making misleading disclosures about the effectiveness of that program. It also accused Silvergate and its former CFO of misleading investors about expected losses from securities sales following the collapse of cryptocurrency exchange FTX.

Silvergate was fined $43 million by the Federal Reserve and $20 million by California regulators, who also cited deficiencies in the bank's tracking of internal transactions. The SEC also fined it $50 million, but is not expected to increase the total fine. The SEC said any fine owed by Silvergate could be offset by the amount it pays to bank regulators, and the settlement is subject to court approval.

▌The US SEC has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF

Documents released on the X platform by Nate Geraci, president of The ETF Store, show that the U.S. SEC has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF, which will hold both spot BTC and ETH.

▌Paxos receives approval from the Monetary Authority of Singapore to issue stablecoins

Blockchain and tokenization infrastructure platform Paxos announced that it has received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd., to provide digital payment token services as a major payment institution. This approval enables Paxos to issue stablecoins in accordance with MAS’s upcoming stablecoin framework.

In addition, DBS Bank will become Paxos’ main banking partner for cash management and stablecoin reserve custody. DBS Bank is the largest bank in Southeast Asia by assets.

Paxos said it has received approval to issue stablecoins in the United States, the United Arab Emirates and Singapore.

▌The US Democratic Party is considering nominating Biden in advance to eliminate the party's talk of replacing the presidential candidate

US Democrats are considering nominating Biden early to eliminate talk of replacing the presidential candidate within the party. According to people familiar with the matter who asked not to be named, Biden's nomination date may be July 21, when the Democratic National Convention's qualification review committee will hold an online meeting. The committee will hold a meeting to finalize relevant procedures before the Democratic National Convention in Chicago on August 19.

Blockchain Applications

▌National Blockchain Center takes the lead in building a new model for sharing artificial intelligence corpus

On July 1, the reporter learned from the National Blockchain Center that recently, Xinhua News Agency National Key Laboratory, People's Daily Online, Chinese Academy of Sciences Documentation and Information Center, Beijing Radio and Television Station, Higher Education Press, Capital Library, Central Audiovisual Education Center Press, Wanfang Data, China National Knowledge Infrastructure and other key corpus data units announced that they would jointly establish a high-value corpus trusted and secure circulation ecosystem with the National Blockchain Technology Innovation Center. Using cutting-edge information technologies such as blockchain and privacy computing, large-scale model corpus resources across the country will form a sustainable and self-growing data supply ecosystem in the privacy and security protection and circulation value-added incentives, enabling the field of artificial intelligence large models to accelerate high-quality development.

▌Fantom’s third Sonic governance proposal passed

The Fantom Foundation announced on the X platform that the third Sonic governance proposal has been passed, involving ecosystem grants, a new token destruction mechanism, and innovative programs such as Sonic Spark and Sonic University. It is reported that over the next six years, the Sonic Foundation will allocate a portion of tokens as operating funds for Sonic Labs to manage dApps, BD partnerships, and the growing network growth between existing and new user communities.

Cryptocurrency

▌GameStop shareholder drops securities fraud lawsuit against Keith Gill

A lawsuit accusing internet celebrity stock "kingpin" Keith Gill of participating in a "pump and dump" scheme involving GameStop Corp. stock was dropped a few days after being filed. In a proposed class action lawsuit filed in federal court in Brooklyn, New York last Friday, GameStop shareholder Martin Radev sued Gill for securities fraud, claiming that Gill attempted to manipulate the stock for his own benefit. In a court filing late Monday afternoon, Radev said he voluntarily withdrew the lawsuit. It is unclear why Radev dropped the lawsuit, and his attorney did not immediately respond to a request for comment. The withdrawal does not prejudice his rights, meaning he can file the lawsuit again.

▌Bitcoin hashrate drops to December 2022 levels

According to data and analyst opinions from CryptoQuant, Bitcoin computing power has fallen to its lowest level since the FTX crash in December 2022 and is currently -7.6%, suggesting that Bitcoin prices may have bottomed out. Other indicators such as exchange reserves and miner position indexes also show low selling pressure, supporting the view of a market bottom.

Capriole founder Charles Edwards pointed out that the Bitcoin hashrate band indicator sent a buy signal. Market analyst Will Woo believes that the market will not reach new highs before weak miners shut down operations. After the halving, miner withdrawals fell by 90%, further reducing selling pressure.

Cantor Fitzgerald warned that after the 2024 halving, 11 mining companies including Marathon Digital may face the risk of unprofitability due to high costs and low rewards.

▌Bloomberg ETF analyst: GBTC and EETH's returns in the first half of the year were 62% and 44% respectively

Bloomberg ETF analyst Eric Balchunas wrote on the X platform that despite all the attention (and inflows) that the nine “new” Bitcoin ETFs attracted in the first half of the year, they underperformed GBTC (which ranked first overall due to a sharp discount in early January) and EETH, which returned 62% and 44%, respectively.

▌Analysis: Coinbase Premium Index shows Bitcoin price may have bottomed out

According to data from CryptoQuant, Bitcoin’s premium on Coinbase fell to its most negative level since the FTX debacle. FalconX’s David Lawant noted that such negative readings often occur at local bottoms in price and foreshadow subsequent gains.

The Coinbase Premium Index, which measures the difference between Bitcoin prices on Coinbase and Binance, recently fell to -0.19. This indicates weak demand and increased selling pressure from U.S. investors, partly due to ETF outflows and the government selling confiscated assets through Coinbase. However, such readings often foreshadow price bottoms, such as the November 2022 BTC price rise of more than 50% in the months after the bottom.

Coinbase Chief Policy Officer: Cryptocurrency PAC's support focus is on the U.S. Congress

Coinbase Chief Policy Officer Faryar Shirzad said the focus of the cryptocurrency PAC’s support is the U.S. Congress.

▌Barstool Sports founder: The only cryptocurrency people should be involved in is Bitcoin

The founder of media giant Barstool Sports said that “the only cryptocurrency people should be involved in is Bitcoin and only Bitcoin.”

Important economic developments

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 91.2%

According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in August is 91.2%, and the probability of a 25 basis point rate cut is 8.8%. The probability of the Fed keeping interest rates unchanged in September is 34.7%, the probability of a cumulative 25 basis point rate cut is 59.9%, and the probability of a cumulative 50 basis point rate cut is 5.4%.

▌ECB Governing Council: The ECB may cut interest rates twice more this year

ECB board member Simkus said the assumption that the ECB will cut interest rates two more times in 2024 could prove correct if the economy develops as officials predict. "If the data develops as expected, the expectation of two more rate cuts this year is in line with my own thinking," he said in an interview. He said officials should be ready to act at any meeting, not just at the quarterly meetings where new economic forecasts are presented, and should be able to act if they agree at other meetings that a rate cut is necessary. He also said: "I think the case for a rate cut in July no longer exists."

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.