Headlines
▌MicroStrategy will raise $2 billion to buy more Bitcoin
MicroStrategy to Raise $2 Billion to Buy More Bitcoin.
It was previously reported that MicroStrategy suffered a net loss of US$102.6 million in the second quarter and its Bitcoin holdings increased to 226,500.
▌VanEck CEO: Bitcoin market value will reach half of gold market value
VanEck CEO says Bitcoin’s market value will reach half of gold’s total market value, reaching $350,000 per coin.
Furthermore, VanEck’s CEO also stated that if central banks adopted Bitcoin and it became part of the financial system, its value would be in the “millions.”
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $65,357.61, with a daily change of +1.2%;
The latest transaction price of ETH is 3202.12 yuan, with a daily change of -0.8%;
BNB's latest transaction price is $575.17, with a daily change of -0.0%;
SOL's latest trading price is $167.82, with a daily change of -2.2%;
DOGE’s latest trading price is $0.1189, with a daily change of -2.7%;
XPR’s most recent trading price was $0.5961, with a daily change of -4.3%.
policy
New York authorities announce charges against scammers using “fake cryptocurrency asset recovery business”
U.S. District Attorney Alvin Bragg of Manhattan announced criminal charges against an individual for defrauding clients using a “fake cryptocurrency asset recovery business.”
In a notice on August 1, the New York District Attorney's Office said it had charged Michael Lauchlan with three counts of grand theft and two counts of fraud for stealing funds from Coin Dispute Network users. According to the district attorney, Michael Lauchlan claimed to be able to track and recover lost crypto assets, but in fact it defrauded customers of fees and stole Ether from at least three users.
▌The U.S. Senate Majority Leader proposed a bill to oppose the Supreme Court's partial support for Trump's immunity claim
On August 1, local time, U.S. Senate Majority Leader Chuck Schumer and other Democratic lawmakers introduced a bill to refute the Supreme Court's previous ruling on former President Trump's presidential immunity. According to this bill, the President and Vice President of the United States have no immunity from violations of federal criminal law while in office. The bill also clarifies that the government department responsible for deciding who federal criminal law applies to is Congress, not the Supreme Court. On July 1, the U.S. Supreme Court ruled that Trump enjoyed a certain degree of immunity from criminal prosecution in a federal case involving alleged "interference in the 2020 election" and instructed the lower court to reconsider the case and determine which actions are "official acts" that cannot be prosecuted.
Blockchain Applications
▌Base blockchain team launches customizable on-chain identity tool Basenames
Base product head Thomas Vieira unveiled a new product called Basenames at Coinbase’s BaseCamp summit on Thursday, a customizable on-chain identity tool designed to make blockchain addresses, which are a combination of letters and numbers, easier to read.
It is reported that users can connect many different wallets to the application, including MetaMask, Rainbow and Coinbase Wallet, to register names. There is also a web page where users can search for other Basename addresses to interact and customize their profiles by adding personal introductions, social media accounts and relevant skills.
The product will be available first to all BaseCamp attendees and will roll out to the public in the coming weeks.
Cryptocurrency
▌US mining company CleanSpark builds new mining facility in Wyoming
US mining company CleanSpark has become the second largest mining company by market value after acquiring Riot Platforms. CleanSpark is continuing its expansion, breaking ground on a new facility in Cheyenne, Wyoming, which is expected to be operational by the end of the year. The company is also acquiring a second mining farm in Wyoming and will expand into Tennessee through the acquisition of GRIID Infrastructure. CleanSpark has signed a 75MW power contract in Wyoming, of which 30MW will be used to run the S21 Immersion XP application-specific integrated circuit (ASIC) in the planned facility. This will increase the company's hash rate by 2EH/s. CleanSpark is looking for additional power for the facility.
▌Santiment: Since August, traders have been generally optimistic about the top cryptocurrencies
Santiment, an on-chain and off-chain indicator intelligence platform, posted on the X platform that with the arrival of August, traders are generally optimistic about the top cryptocurrencies. It is expected that FOMO sentiment will weaken slightly before Bitcoin, Ethereum, Ripple and SOL rise. BNB is one of the few large cryptocurrencies with relatively weak market bullish sentiment.
▌Marathon's second-quarter revenue was $145.1 million, lower than expected
Bitcoin mining company Marathon Digital Holdings reported second-quarter revenue of $145.1 million, missing Wall Street expectations of $157.9 million, according to FactSet data. Marathon said in its earnings report that its second-quarter sales were hit by some operational challenges that hampered its ability to mine Bitcoin and the recent halving that put pressure on the mining industry.
Marathon Digital’s second-quarter adjusted EBITDA swung to a loss of $85.1 million from $35.8 million in the prior year, primarily due to fair value adjustments for its digital assets and a reduction in the number of BTC mined during the quarter. The miner currently holds more than 20,000 BTC on its balance sheet.
Marathon Digital (MARA) shares fell as much as 8% in after-hours trading Thursday, trading at around $18.14.
▌MicroStrategy's net loss in the second quarter was US$102.6 million, and its Bitcoin holdings rose to 226,500
MicroStrategy reported a second-quarter net loss of $102.6 million, or $5.74 per share, compared with revenue of $22.2 million, or $1.52 per share, in the same period last year.
The loss was due to the company taking a $180.1 million impairment charge on its bitcoin holdings, compared with a $24.1 million impairment charge in the second quarter of last year.
The report shows that as of July 31, MicroStrategy had purchased an additional 169 bitcoins at a total price of US$11.4 million, bringing its total holdings to 226,500 bitcoins, an increase compared to mid-June.
The acquisition price for 226,500 bitcoins was $8.3 billion, an average of $36,821 per bitcoin. At the current price of $63,500, these assets are worth approximately $14.4 billion.
The company said it has a “BTC yield” of 12.2% so far this year and is targeting 4% to 8% per year over the next three years.
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 50 basis points in September increases
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 78%, and the probability of cutting interest rates by 50 basis points is 22%. The probability of the Fed cutting interest rates by 50 basis points by November is 29.1%, the probability of cutting interest rates by 75 basis points is 57.1%, and the probability of cutting interest rates by 100 basis points is 13.8%.
▌Economic Daily: The Fed is paving the way for rate cuts, but emerging economies still need to maintain rational expectations
There are various signs that the Federal Reserve's monetary policy is approaching a time window for cyclical changes. Currently, the market is expecting the Federal Reserve to cut interest rates in September. In general, the conditions for the Federal Reserve to cut interest rates are ripe, and a new round of easing cycle is about to begin. If the Federal Reserve chooses a relatively mild interest rate cut model in the future, the international financial market may not experience major ups and downs, but developing countries and emerging economies still need to maintain rational expectations for the Federal Reserve's interest rate cuts, prepare for the worst, and make contingency plans.
▌Bank of America: S&P 500 has limited upside in the short term
Bank of America's stock market contrarian indicator rose last month, reflecting the buoyant sentiment on Wall Street. Given that the indicator is still in "neutral" territory rather than a "buy" or "sell" threshold, it means that the extreme pessimism about stocks last year that fueled the rally is no longer there. In July, the so-called sell-side indicator (SSI) rose 30 basis points to 55.6%, Savita Subramanian and others said in a note to clients. The indicator tracks the average of strategists' recommended allocations to U.S. stocks for balanced allocation funds. The bank's head of U.S. equity and quantitative strategy wrote that the indicator is at its highest level since early 2022, but still below average, "suggesting that optimism has not yet reached dangerous levels." Subramanian said the S&P 500 has limited upside in the short term, but there are still opportunities for good returns within the index.
▌Fears of a U.S. recession raise expectations of a Fed rate cut
U.S. stocks sold off on Thursday, with the Dow set to have its worst day of the year. The Dow fell more than 1.6%, the S&P 500 fell more than 2%, and the Nasdaq fell more than 3%. Some of the latest data have raised concerns about a possible recession and the view that it may be too late for the Federal Reserve to start cutting interest rates. The number of initial claims in the United States in the latest week hit the largest increase since August 2023. The ISM manufacturing index, a barometer of U.S. factory activity, recorded 46.8%, lower than expected, indicating that the economy is contracting. "Today's economic data continues to show a downward trend in the economy, even if it is not a recession," said Chris Rupkey, chief economist at FWDBONDS. "The stock market doesn't know whether to laugh or cry, because even though the Federal Reserve may cut interest rates three times this year, the wind of recession is blowing hard." Some companies that may be severely affected by the recession have fallen the most, with JPMorgan Chase (JPM.N) falling nearly 3% and Boeing (BA.N) falling more than 7%. Even large tech stocks like Nvidia felt the pain, with shares down 8%, as investors may be selling some of their holdings ahead of the potential for greater market volatility ahead of the U.S. election in November.
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 concept of DPoS in 2014 as an enhancement of 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. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.
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.
