Daily Quotes (July 4, 2024 19:00)

ChainDD's market data on July 4 shows that the combined DD index and CoinMarketCap quotes are:

BTC was at $57,279.16, down about 4.89% in 24 hours;

ETH was at $3,116.98, down about 5.78% in 24 hours;

BNB was at $518.03, down about 6.89% in 24 hours;

DOGE was at $0.1078, down about 9.28% in 24 hours;

DOT was trading at $5.74, down about 7.05% in 24 hours.

Chain Circle Dynamics

Ethereum core developers propose EIP-7732

Ethereum core developers have formally proposed EIP-7732, which is the formal specification for Enshrined Proposer-Builder Separation (ePBS).

EIP-7732 is a consensus-only upgrade that separates execution validation from consensus validation, embedding PBS directly into Ethereum’s consensus layer. PBS refers to the separation of block proposers and builders.

EIP-7732 includes modifications to the beacon chain, fork selection rules, P2P communication, and allows validators to play the role of builders. ePBS provides a trustless exchange between proposers and builders and enables validators to efficiently utilize CPU. This implementation features a Payload Timeliness Committee (PTC) where a subset of the validator committee votes on the timeliness of builder payload releases.

Cryptocurrency News

In the past 24 hours, the entire network has liquidated $264 million, and the total market value of cryptocurrencies has dropped to $2.326 trillion.

According to CoinGecko data, the total market value of cryptocurrencies is $2.326 trillion, down 3.8% in 24 hours. In addition, BTC has a market share of 51% and ETH has a market share of 17%.

According to Coinglass data, the entire network had a liquidation of US$264 million in the past 24 hours, of which US$239 million was from long positions and US$24.6205 million was from short positions.

Russia considers making stablecoins for cross-border payments permanently legal

The Russian government is considering formally legalizing stablecoins for international transactions to simplify cross-border payments for Russian companies, Izvestia reported on July 3, citing the Russian Central Bank.

According to the report, the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these crypto assets, which are pegged to stablecoins or assets such as the US dollar or gold, making them less volatile than other cryptocurrencies.

CBR Deputy Chairman Alexey Guznov confirmed the move and stressed that the main focus is on regulating the entire transaction chain, from transferring these assets to Russia to accumulating and using them for cross-border payments. Guznov said this could be established as a permanent regulation rather than a temporary experiment. While stablecoins have similarities with digital financial assets (DFAs) and cryptocurrencies, fine-tuning the regulatory framework is crucial due to their unique characteristics and widespread popularity.

According to the report, stablecoins are considered a promising tool for international settlements, especially transactions with the BRICS countries, which include Brazil, Russia, India, China and South Africa.

Coinbase: Gary Gensler’s Emails Are “Reasonable Sources of Discovery” in SEC Lawsuit

Coinbase has hit back at the U.S. Securities and Exchange Commission’s motion to block “reasonable discovery” by the agency’s chairman, Gary Gensler. Coinbase is currently in a legal battle with the SEC.

“We have responded to the SEC’s efforts to prevent Gary Gensler from conducting legitimate discovery in the case, which the SEC (and not Coinbase) chose to initiate,” Coinbase Chief Legal Officer Paul Grewal wrote today on X. “We appreciate the court’s careful consideration of this matter.”

In a letter filed Wednesday with U.S. District Judge Katherine Failla, Coinbase’s lawyers said the discovery sought from Gensler is relevant to the case and that “Gensler’s communications during his tenure as chairman regarding the regulatory status of digital assets and exchanges are central to Coinbase’s fair notice defense.”

The total net asset value of the US Bitcoin spot ETF is US$51.872 billion, and the ETF net asset ratio is 4.41%

According to SoSoValue data, yesterday (July 3, Eastern Time), the total net outflow of US Bitcoin spot ETFs was $20.4495 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of $26.9947 million. Currently, the historical net outflow of GBTC is $18.574 billion.

The Bitcoin spot ETF with the largest daily net inflow yesterday was the Fidelity ETF FBTC, with a daily net inflow of US$6.5451 million. Currently, the total net inflow of FBTC in history has reached US$9.243 billion.

As of press time, the total net asset value of the U.S. Bitcoin Spot ETF was US$51.872 billion, and the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) was 4.41%. The historical cumulative net inflow has reached US$14.620 billion.

Analysis: Bitcoin's break below $60,000 resistance is significant and may increase volatility in the short term

Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, said: "Bitcoin's break below the $60,000 resistance level is significant as it marks a psychological barrier for many investors. If Bitcoin continues to trade below this level, we may see increased volatility in the short term."

Much of Bitcoin’s recent volatility can be attributed to the upcoming payouts to Mt. Gox creditors, who are expected to receive around 142,000 Bitcoins worth around $9 billion starting in July. Lucas explained that the large amount of Bitcoin repayments will create “huge selling pressure” on the market as the additional supply needs to be absorbed.

While investors are expecting two or more rate cuts this year, the Fed has said it sees just one rate cut for the rest of the year. “(This) is fueling risk aversion among investors,” Lucas added.

Lanzhou police cracked down on a criminal gang that used virtual currency to defraud and launder money, and arrested 15 suspects

Recently, the Anning Branch of the Lanzhou Municipal Public Security Bureau followed the clues and launched cross-provincial operations, destroying a criminal gang that used virtual currency to defraud and launder money. It arrested 15 suspects and solved 15 cases.

In one case, the victim, Ms. Liao, met her military officer "boyfriend" online. Faced with his request to open an account for investment and the temptation of high returns, Ms. Liao transferred 150,000 yuan of "account opening fee" to her friend's account. After her "boyfriend" repeatedly showed her that her friend's account managed a lot of money, Ms. Liao withdrew 1 million yuan on May 1 and converted it into U coins for investment. Then she added another 1 million yuan on May 3, but later found that she could not transfer the funds out.

After preliminary investigation, the case was identified as a new type of telecommunications network fraud. The fraud gang contacted potential victims through social platforms, dating websites and other channels to build trust, and then used emotional induction, investment temptation and other means to induce victims to register on designated virtual digital platforms and use virtual currency to recharge.

According to the police, the fraud gang laundered the U-coins they received through virtual currency platforms and converted them into other forms of funds or currencies. The process may involve multiple accounts and trading platforms to conceal the flow of funds and evade police tracking. At present, the case is still under further investigation.

Ant S19, Shenma M33S+ and other mining machines have reached the shutdown coin price

According to F2pool data, calculated at US$0.06 per kilowatt-hour, Bitcoin mining machines such as Ant S19, Whatsminer M30S+, and Whatsminer M33S+ have reached the shutdown price.

The German government address transferred 1,300 BTC to CEX

According to Paidun monitoring, the German government address transferred 1,300 BTC to Coinbase, Kraken, and Bitstamp, equivalent to approximately 75 million US dollars.

Justin Sun: Willing to negotiate with the German government to purchase all its BTC off-market

Justin Sun posted on the X platform that he was willing to negotiate with the German government to purchase all of its BTC off-market to minimize the impact on the market.