Headlines
▌Trump raised $331 million in the second quarter, surpassing Biden
Donald Trump raised $331 million in the second quarter, giving him more cash on hand than incumbent President Joe Biden, a development that could heighten anxiety among Democrats about the incumbent's reelection campaign. The amount raised by Trump and the Republican National Committee surpassed the $264 million raised by Biden and the Democratic National Committee in the second quarter. The Trump campaign said it now has nearly $285 million in cash on hand, compared with the $240 million reported by Biden, a stunning reversal after Biden's fundraising numbers crushed his opponent for months.
Ethereum Foundation emails hacked, hackers promote Lido staking phishing scam
The Ethereum Foundation’s email account was hacked and phishing emails were sent to 35,794 people, recording the email addresses of 81 subscribers. The email falsely claimed that the foundation was working with LidoDAO to provide a 6.8% return on staking Ethereum. If the user clicks on the link in the email and approves the transaction, his wallet will be emptied.
The Foundation quickly blocked the malicious emails, closed the attack path, and issued a warning to the relevant parties. The investigation showed that although the attackers obtained some new email addresses, no victims lost funds in this attack.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $62031.46, with a daily change of -1.3%;
ETH's latest transaction price is $3416.71, with a daily change of -0.7%;
BNB's latest transaction price is $578.98, with a daily change of +0.4%;
SOL's latest trading price is $153.72, with a daily change of +5.0%;
DOGE’s latest trading price is $0.125, with a daily change of +1.3%;
XPR recently traded at $0.4844, with a daily change of +1.6%.
policy
▌DCG and its executives once again urge the New York Attorney General to drop the civil fraud lawsuit
Cryptocurrency company DCG and two of its top executives – CEO and founder Barry Silbert and Soichiro “Michael” Moro, former CEO of DCG’s wholly owned trading unit Genesis, have asked lawyers to file documents seeking to convince a judge to dismiss a civil fraud lawsuit filed against them by New York Attorney General (NYAG) Letitia James.
The lawyers argued that social media posts about Genesis' "strong" balance sheet were not lies intended to defraud but were simply "corporate exaggerations." "DCG did what a responsible parent company should do, providing advice, offering financial support, and in some cases reviewing and commenting on Genesis' communications," DCG lawyers wrote.
▌Ripple and Coinbase use court ruling to challenge SEC cryptocurrency regulation
Coinbase and Ripple Labs are using a recent court ruling to challenge the U.S. Securities and Exchange Commission’s (SEC) regulatory stance on cryptocurrencies. The court ruled that the SEC failed to prove that BNB’s secondary sales were securities in the Binance case, gaining legal support for Coinbase and Ripple. Coinbase stressed that the SEC needs to conduct rulemaking to clarify the legal status of digital assets, while Ripple pointed out that the ruling shows that handling the crypto industry on a case-by-case basis may not be the most effective approach. The ruling has increased legal uncertainty in the industry, prompting all parties to accelerate their efforts to seek confirmation and guidance from the courts and the appellate process. The SEC’s legal disputes with Ripple, Coinbase, and Binance are still ongoing, and future scheduled meetings are expected to have a significant impact on the progress of these cases.
▌Polymarket: Kamala Harris' odds of winning the Democratic nomination rise
Vice President Kamala Harris’ odds of becoming this year’s Democratic presidential nominee rose to 31% on Tuesday, a sharp increase from 7% earlier, according to crypto prediction market platform Polymarket. Similarly, the price of Harris’ “yes” contract on the PredictIt platform also doubled to 35 cents.
While Joe Biden remains the presumptive Democratic nominee, many supporters have called on him to step aside and want Harris to take over. South Carolina Congressman James Clyburn and former Congressman Tim Ryan have expressed their support for Harris in the media.
Additionally, Tuesday was the fifth-highest volume day in Polymarket’s four-year history, with $5.7 million in trade. Meanwhile, the price of KAMA, the meme coin named after Harris, doubled to $0.007815 in 24 hours.
Blockchain Applications
Ethereum DApp transaction volume surges 83%, but is mainly driven by a single application
The Ethereum network’s decentralized application (DApp) transaction volume recently surged 83%, but 59.5% of it came from a single application, Balancer. Despite the overall increase in transaction volume, the number of active Ethereum users decreased by 8% and the total locked value (TVL) also decreased by 17.5%.
This growth is inconsistent with the trend of the rest of the crypto market, and excluding Balancer’s contribution, Ethereum’s transaction volume actually fell by 5%. This anomaly suggests that further analysis is needed to understand the real demand and potential manipulation behind the increase in transaction volume.
▌Phantom: The search bar function has been prioritized to facilitate users to search for Solana ecosystem tokens
Phantom officially announced on the X platform that it will increase the priority of the search bar function. Users can search for any token from Phantom Explore, reducing the trouble of using third-party tools, and solving all search, research and swap exchanges in one stop. Among them, the token search function will be launched to all users in the next few days.
▌Linea: Officially launches Privado ID, the first online biometric identity verification tool
Linea officially announced on the X platform that it has officially launched Privado ID, the first online biometric human identity verification tool, in cooperation with Synaps and Verax Attestation Registry. Users can use it to participate in the construction of a more humane and privacy-centric community.
Cryptocurrency
▌Even as Bitcoin fell, spot Bitcoin ETFs still received $790 million in net inflows in June
In June, spot Bitcoin ETFs received $790 million in net inflows even as the price of Bitcoin fell 7%. BlackRock’s iShares Bitcoin Trust (IBIT) continued to be the largest Bitcoin fund, with inflows of more than $1 billion, offsetting huge outflows from Grayscale Bitcoin Trust (GBTC). In contrast, spot funds as a whole saw massive outflows in April when the price of Bitcoin fell 15%.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted that baby boomers are holding more than expected. June's inflows benefited in part from expectations for spot Ethereum ETFs. Regulators and potential issuers are working to obtain approval, and it is expected that these ETFs may be listed this month, indicating that regulators are gradually accepting the cryptocurrency industry as part of the financial system.
▌13 of the top 25 hedge funds in the United States already have exposure to Bitcoin ETFs
Data from investment firm River shows that as of the end of the first quarter of 2024, 13 of the top 25 hedge funds in the United States already have exposure to Bitcoin ETFs. Among them, the notable one is Millennium Management, which owns 27,263 BTC worth $1.69 billion, accounting for about 2.5% of its total assets under management (valued at $67.7 billion).
Other significant players include Schonfeld Strategic Advisors (holding 6,734 BTC) and Point72 Asset Management (holding 1,089 BTC). In contrast, some top hedge funds, such as Bridgewater Associates, AQR Capital Management, and Balyasny Asset Management, have not yet invested in a Bitcoin ETF.
▌Telegram app developers can now exchange Telegram Stars for TON tokens
Telegram app developers can exchange Telegram Stars for TON tokens or purchase Telegram ads at a discount. The announcement stated: "Robot developers who provide digital goods and services and creators who monetize their channels through paid posts can now use the Telegram Stars they earn to get Toncoin rewards or purchase Telegram ads. Telegram does not actually charge any commission from Stars transactions, so only taxes and payment system fees need to be paid. When users transfer Stars to Telegram advertising accounts, Telegram will provide a 30% discount to pay all third-party payment system fees."
Analysts warn that Bitcoin prices may have reached a “cycle peak”
Charles Edwards, founder of Capriole Investments, said that multiple on-chain indicators show "signs of weakness" in the Bitcoin price. Here are three key reasons:
1. Long-term holder inflation rate approaches critical value: The Bitcoin long-term holder (LTH) inflation rate has been steadily rising, approaching the critical value of 2.0, which usually marks a high probability of the top of the cycle. The current value is 1.9, indicating increasing market pressure.
2. The Dormancy Flow indicator has risen: The Dormancy Z-score has risen sharply in the past three months, indicating that the average age of Bitcoin spent is higher. The peak of this indicator usually heralds the arrival of the top of the cycle, and it is currently similar to the top structure in 2017 and 2021.
3. Spending surge: Bitcoin spending in 7-10 years has suddenly increased, indicating a risk area. The increase in spending in 2024 shows that this cycle is progressing rapidly. In addition, more than $9 billion in Bitcoin was transferred from addresses that had been held for more than ten years, partly due to Mt. Gox's preparation to repay creditors.
Market concerns about the release of 142,000 Bitcoins (about $9 billion) from Mt. Gox could add to selling pressure, though payment options for long-term holders and institutional ownership could ease the pressure.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 91.7%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 91.7%, and the probability of a 25 basis point rate cut is 8.3%. The probability of the Fed keeping interest rates unchanged in September is 31.2%, the probability of a cumulative 25 basis point rate cut is 63.4%, and the probability of a cumulative 50 basis point rate cut is 5.5%.
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.
