Headlines
Traders predict that most altcoins have bottomed out
Trader Eugene Ng Ah Sio wrote, “Bold prediction, most altcoins have bottomed out. Open interest levels have completely collapsed, many tokens are in complete apathy, and my shopping list stretches to my toes. I will be busy looking for the bottom and be the first one to see it.”
Eugene Ng Ah Sio is a trader on the Binance Futures platform, whose cumulative contract revenue has exceeded US$28.65 million.
BTC breaks through $58,000
The market shows that BTC has broken through $58,000 and is now trading at $58,021.59, with a daily increase of 2.71%. The market is volatile, so please do a good job of risk control.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $58054.89, with a daily increase or decrease of +2.5%;
ETH's latest transaction price is $3067.61, with a daily change of +1.6%;
BNB's latest transaction price is $517.10, with a daily change of +1.3%;
SOL's latest trading price is $147.74, with a daily change of +1.8%;
DOGE’s latest trading price is $0.1076, with a daily change of +0.1%;
XPR recently traded at $0.4361, with a daily change of +1.1%.
policy
▌Uniswap Labs Chief Legal Officer: Urges the US SEC not to proceed with its proposed rulemaking
Katherine Minarik, chief legal officer of Uniswap Labs, said on the X platform that Uniswap Labs urged the U.S. Securities and Exchange Commission (SEC) not to proceed with its proposed rulemaking because the rule would significantly and improperly expand the definition of "exchange" to include DeFi and others.
As previously reported, Uniswap Labs has hired Katherine Minarik, former legal director of Coinbase, as chief legal officer.
Nigeria’s Finance Minister urges SEC to address cryptocurrency regulation challenges
Nigerian Finance Minister Wale Edun urged the country's newly formed Securities and Exchange Commission (SEC) board to address the complexities of regulating cryptocurrencies. He stressed that strict regulation is needed to maintain market integrity in the capital market. Edun also stressed the importance of staying informed and adaptable, especially in rapidly evolving areas such as artificial intelligence, digital currencies, and overall digital transformation. The SEC board, led by Mairiga Katuka, expressed optimism about Nigeria's economic prospects and pledged to drive growth with diligence and integrity.
Blockchain Applications
▌ZKsync releases first version of governance program
The zkSync community ZK Nation said on the X platform that the ZKsync Association has released the first version of the governance procedures, outlining the process for submitting and voting on proposals within the ZKsync governance system.
▌The number of independent depositors in Ethereum L2 rollup hit a new year low, down 33% from last week
The number of unique depositors on Ethereum’s L2 rollup solutions, especially optimistic rollup and ZK rollup, has reached its lowest level of the year, with only 34,920 users in the past week, according to data from The Block. This is a 33% drop from the total number in the previous week, and a stark contrast to mid-April, when the number reached 250,000 in a single week.
Analysts say the decline can be attributed to a variety of factors, including a shift in user preferences, a lack of ecosystem growth on the dApp side, and a lack of incentive for users to continue using these Rollups following the Arbitrum, Optimism, ZKSync, and Starknet airdrops.
Cryptocurrency
▌With a surge of 80%, Tesla's weight in the ARKK fund has reached an unprecedented high
Tesla's stock price rebound in recent months has pushed the electric car maker's weight in Cathie Wood's $6.2 billion flagship fund to a new high. Relevant aggregated data shows that Tesla now accounts for 15.4% of the ARK Innovation ETF (ARKK) after rebounding more than 80% from its low point this year in April. This is after the fund reduced its Tesla position in recent weeks. According to an analysis by Strategas Securities, such a weight represents the strongest confidence in the stock in the 10-year history of this disruptive technology fund.
▌ARKB had a net inflow of US$43.3 million yesterday
According to Farside Investors' monitoring, data from the US spot Bitcoin ETF yesterday (July 9) showed that GBTC had a net outflow of US$37.5 million; BITB had a net outflow of US$4.7 million; and ARKB had a net inflow of US$43.3 million.
▌Bitcoin miner TeraWulf announces plans to expand Bitcoin mining and artificial intelligence operations
Bitcoin miner TeraWulf announced that it has fully fulfilled its debt obligations and plans to expand its operations. On July 9, the company announced that its last debt repayment amounted to $77.5 million, including prepaid expenses and accrued interest. TeraWulf completed the repayment ahead of schedule and currently has no outstanding debt. TeraWulf said the payment provides it with "maximum financial flexibility" to enable it to expand and deploy infrastructure for Bitcoin mining, high-performance computing (HPC) and artificial intelligence applications.
TeraWulf Chief Financial Officer Patrick Fleury said profitability and strong cash generation "allowed the company to make the repayment." He said the company's lack of debt will enable it to use future profits for organic growth, potential dividends and stock buybacks.
CEO Paul Prager said TeraWulf is continually identifying and creating applications, noting that the company has hundreds of megawatts (MW) of infrastructure immediately at its disposal. TeraWulf plans to expand its operational infrastructure capacity from 210 MW to 295 MW by 2024, and could potentially increase its capacity by another 300 MW in the near future.
Coinbase executives: Popularization of cryptocurrency requires more friendly beginner applications
Chintan Turakhia, senior director of engineering at Coinbase, said that to attract the first billion cryptocurrency users, more friendly beginner applications are needed. The current user registration process is complicated and has many obstacles, including setting up wallets, paying transaction fees, and purchasing blockchain native tokens. To simplify this process, Coinbase launched the Smart Wallet, which uses simpler login options such as account names and passwords to replace complex seed phrases. In addition, the new Smart Wallet also sponsors transaction fees by Coinbase, further lowering the threshold for use. Turakhia believes that consumer applications will be the way to popularize cryptocurrency, such as the Telegram-based mini-game Hamster Kombat, whose number of users exceeded 239 million in 81 days.
▌Polychain accuses former partner of undisclosed deal with Eclipse Labs
Crypto venture capital firm Polychain has accused its former partner Niraj Pant of violating fund policies by entering into an undisclosed side deal with portfolio company Eclipse Labs. Sources and internal documents show that former Eclipse Labs CEO Neel Somani allocated 5% of Eclipse crypto tokens to Pant in September 2022, just days after Pant instructed Polychain to lead Eclipse's $6 million pre-seed financing round. The allocation was later reduced to 1.33%, worth $13.3 million. Polychain said it did not learn about the deal until after Pant left in 2023. Pant insists that the arrangement was legal, but Polychain believes the move should be disclosed under its policies to avoid conflicts of interest.
Important economic developments
▌Analysis: Powell's speech is seen as a signal that there will be no interest rate cut before November
Federal Reserve Chairman Jerome Powell, in his testimony before the Senate, gave no signal as to when the Fed might begin cutting rates, instead saying that decisions would be made on a "meeting-by-meeting" basis. But this could be a sign that rate cuts won't come as soon as the market has priced in. Stephen Stanley, chief U.S. economist at Santander Capital Markets, said Fed officials typically keep the market ready for their next move. Powell's comments about "meeting-by-meeting" certainly seem to rule out a rate cut at the next meeting in July, and in my opinion, a September rate cut is not as certain as financial markets are currently pricing in. I currently expect the Fed to make its first rate cut in November.
▌Fed's mouthpiece: Powell's shift suggests a rate cut is imminent
Nick Timiraos, the "Federal Reserve mouthpiece," pointed out in his article that Fed Chairman Powell said at a hearing on Tuesday that the trade-off between reducing inflation and maintaining a solid labor market is changing, a cautious but important shift that brings the Fed one step closer to cutting interest rates. "Rising inflation is not the only risk we face," Powell said. "We have seen a clear cooling of the labor market in many ways. This is not the source of widespread inflationary pressures in the economy right now." This assessment is noteworthy because Fed officials have long believed that an overheated labor market is the main risk to the process of keeping inflation down. Powell admitted that he would not have made such a judgment just two months ago. In fact, Powell's comments at a meeting in Portugal last week were also more cautious before the U.S. Department of Labor released its June employment report.
▌Viewpoint: There are still huge risks in cutting interest rates in September
Ira Jersey, an interest rate strategist, said that Powell's testimony did not contain much new content, but it did emphasize how dependent the Fed is on data. September is a possible rate cut, but there is still a huge risk that it may be accused of helping the Democrats (before the election). At the same time, many investors are worried that inflation is still too high. Personally, I think there is not much urgency to cut interest rates. But once the Fed does start cutting interest rates, they will want to continue, and may be faster than the market prices. We expect the Fed to start cutting interest rates in November.
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 95.3%
According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in August is 95.3%, and the probability of a 25 basis point rate cut is 4.7%. The probability of the Fed keeping interest rates unchanged in September is 26.7%, the probability of a cumulative 25 basis point rate cut is 70.0%, and the probability of a cumulative 50 basis point rate cut is 3.3%.
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.
