Headlines
Biden announces he will withdraw from the 2024 presidential race
Biden officially announced that he will withdraw from the 2024 presidential election and will give a speech later this week to explain the situation.
Trump: Harris is easier to beat than Biden
Trump told CNN that he thought Harris was easier to beat than Biden in the November election. A CNN reporter said Trump made the comments to the outlet shortly after Biden announced he was dropping out of the race.
The ETF Store President: US-listed spot Bitcoin ETFs hold more than 900,000 Bitcoins
Nate Geraci, president of The ETF Store, posted on the X platform that currently, the spot Bitcoin ETF listed in the United States holds more than 900,000 Bitcoins, accounting for 4.3% of the total supply of Bitcoin. The assets are about 60 billion US dollars. Since its launch in January, the net inflow of funds has been 17 billion US dollars.
US election
Biden endorses Vice President Harris as 2024 Democratic presidential candidate
U.S. President Joe Biden has endorsed Vice President Harris as the 2024 Democratic presidential candidate.
Elon Musk: Real power fears Trump because he's not a puppet
Elon Musk commented on Biden's withdrawal from the 2024 presidential election, "I heard last week that Biden will resign at this exact time and date today, and it is well known in Washington. The real powers that be are discarding the old puppets for puppets more likely to fool the public. They are afraid of Trump because he is not a puppet."
Mask founder: Will stop all potential transactions with Messari and stop participating in all its activities
In response to the controversial remarks made by Messari founder Ryan Selkis on social media recently, Mask Network founder Suji Yan posted on X: “This is stupid. We will stop all potential transactions with Messari and stop participating in all their activities. We will also advise our partners and portfolio companies to think twice before working with them.”
Biden comments on Trump's speech at the RNC and calls on people to join the "Protect Democracy, Resist Trump and Vance" campaign
U.S. President Biden posted on X platform that "I was stuck at home due to the COVID-19 infection, so I unfortunately watched Donald Trump's speech at the Republican National Committee (RNC)." Biden then criticized and refuted Trump's speech point by point, and at the end he said "Trump wants to be a dictator" and called on the public to join the "Protect Democracy, Boycott Trump and Vance" campaign.
Industry News
Analysis: Harris does not hold crypto assets and has not expressed his position on the crypto industry
According to public financial data from the White House, US Vice President Kamala Harris and her husband both have large investments, and neither of them holds any digital assets. She has never made strong statements in support or against digital currency, tokenization, blockchain or NFT.
Binance CEO: Ethereum spot ETF will not have a big impact in the early stage, but will obtain stable capital allocation
“While we expect these ETFs to receive steady capital allocations, they will not have a large initial impact and will fluctuate based on various macroeconomic factors,” Binance CEO Richard Teng said in a recent interview.
Gemini and IRA Financial Trust settle $36 million breach-related lawsuit
Gemini has reached a settlement with retirement and pension platform IRA Financial Trust over a $36 million breach. In a July 18 filing in the U.S. District Court for the Southern District of New York, Judge Analisa Torres dismissed with prejudice the lawsuit filed by IRA Financial Trust after the company and Gemini Trust said they had reached a settlement. The statement did not include details about the settlement.
Since MicroStrategy adopted the Bitcoin strategy, BTC has risen 460%, far exceeding the performance of the S&P 500 and Nasdaq during the same period.
MicroStrategy co-founder Michael Saylor shared data on X showing that since MicroStrategy adopted the Bitcoin strategy on August 10, 2020, BTC has risen 460%. During the same period, the S&P 500 index rose 64%, the Nasdaq index rose 62%, gold rose 21%, silver rose 8%, and bonds fell 19%.
Analysis: At the current growth rate, ETH supply may return to the level at the time of the merger in December
Benjamin Cowen, a crypto trader and founder of Into the Cryptoverse, said that if ETH's supply keeps growing by 60,000 coins per month as it has since April, then by December, its supply will return to the level it was at two years ago when it merged (The Merge). Ethereum began to turn deflationary after the merger, with a supply reduction of about 455,000 coins by April 2024. However, since then, its supply has increased by about 150,000 coins again.
Ripple CEO: Expects to resolve SEC lawsuit "soon"
Ripple CEO Brad Garlinghouse expects the company to resolve its years-long lawsuit with the U.S. Securities and Exchange Commission “soon.” XRP’s price has risen in recent weeks on speculation that a settlement could be announced next week following a closed-door meeting of the U.S. Securities and Exchange Commission (SEC).
Market Forecast
QCP Capital: Bitcoin will fluctuate between $61,000 and $71,000 in the short term
QCP Capital released an analysis report pointing out that Bitcoin will fluctuate between $61,000 and $71,000 in the short term. In particular, dealers hold a large number of options with a strike price of $67,000 on July 26. The market is clearly betting on a breakthrough before the US election. Even though the spot price fell overnight, QCP Capital still saw a large number of institutions interested in the $100,000 call option in December. This shows that as Trump's chances of winning the election increase, the confidence in a rebound at the end of the year is stronger.
CryptoQuant CEO: Bitcoin CME futures contract net position returns to the level of 10 months ago
CryptoQuant CEO Ki Young Ju posted on X that the net position of Bitcoin CME futures contracts has returned to the level of 10 months ago.
Project News
The MakerDAO team-associated address sold 28,700 MKR in 4 months, and only 2,228 MKR are left
According to the monitoring of on-chain data analyst Ember, the address associated with the MakerDAO team sold 28,743 MKR (about 85.81 million US dollars) in 4 months. Currently, there are only 2,228 MKR (about 6.23 million US dollars) left. It is reported that the address started selling MKR on March 18 this year, and has transferred a total of 28,743 MKR to the Wintermute OTC address and trading platform in 4 months, with an average transfer price of 2,985 US dollars. The MKR of this address comes from multiple wallet addresses marked as belonging to Maker, including Maker: MultiSig, from 2020 to 2023, and a total of 30,971 MKR were received. The address is marked as belonging to MakerDAO in Nansen and UDHC in Arkham. UDHC is an investment institution founded by Steven Becker, the former COO of MakerDAO.
Terra: According to the bankruptcy court authorization, 150 million LUNA will be destroyed, and the Shuttle Bridge will be permanently closed after users redeem the packaged assets
Terra posted on the X platform that the bankruptcy court order in TFL's Chapter 11 case authorized TFL to do the following: 1. Reopen Shuttle Bridge to redeem wrapped assets on Terra Classic; 2. Cancel the delegation and destroy 150 million LUNA obtained from Terra community funding. According to the court order, TFL intends to transfer all assets held in the Shuttle Bridge wallet to a new, more secure wallet and provide a new, simplified Shuttle Bridge interface that allows users to redeem wrapped assets from the bridge wallet within 30 days after TFL's Chapter 11 plan takes effect, after which TFL will permanently close Shuttle Bridge and destroy all remaining assets.
Ryan Selkis resigns as Messari CEO
After posting a series of angry tweets against Trump opponents, Ryan Selkis announced his resignation as CEO of crypto analytics company Messari, and Chief Revenue Officer Eric Turner took over. However, as a senior advisor to Messari, Ryan Selkis will still focus on developing long-term strategies for Messari. It is reported that Messari's valuation reached US$300 million after the last financing in 2022.
Character Voice
Vitalik: Blockchain can be used as a "truth machine", but other tools are still needed to assist in further truth discovery
Vitalik Buterin responded to a netizen’s question “What is a global blockchain” on X: “Blockchain is a ‘truth machine’. In a specific sense, it provides a consensus approximation of the truth about when a message was sent, but it will not tell you whether the moon landing was true. This greatly reduces the attack surface of the blockchain, but it does mean that we need other tools to actually perform (or assist) the latter truth discovery.”
ETF Store President: Approval of the Spot Ethereum ETF Marks a New Shift in Cryptocurrency Regulation
According to the president of the ETF Store, the approval of spot Ethereum ETFs means that Ethereum is considered a commodity, not a security. Five Ethereum spot ETFs will be launched on the Chicago Board Options Exchange (Cboe) on July 23, which is expected to boost investor interest and prices.
