Headlines

▌Harris concept meme coin KAMA increased 100 times in 3 months

On-chain data shows that the unofficial Kamala Harris meme coin (KAMA) on Solana has skyrocketed 10,000% in the past three months, from $0.0003216 to $0.0319. At the beginning of trading in late March, KAMA’s market value was less than $100,000.

KAMA is currently only 15% away from surpassing TREMP (Trump concept meme coin launched a month ago). In the first week of June, TREMP's market value was as high as $150 million. As of press time, TREMP's market value is only $43 million, while KAMA's market value has reached $38 million. Meanwhile, Boden (Biden theme meme coin) has fallen from a high of $650 million in April to the current $11.1 million, a drop of 98%.

▌VanEck: Bitcoin price may reach $2.9 million per coin in 2050

VanEck has outlined an ambitious scenario in its latest research report that under its “base case”, the price of Bitcoin (BTC) could reach a staggering $2.9 million per coin by 2050. According to the report, authored by the firm’s head of digital assets Matthew Sigel and senior investment analyst Patrick Bush, the projected valuation depends on Bitcoin’s adoption as a global medium of exchange and reserve asset, which could revolutionize the international financial system.

Quotes

As of press time, according to Coingecko data:

The latest transaction price of BTC is $65,290.57, with a daily change of -0.8%;

ETH's latest transaction price is $3,325.55, with a daily change of -4.4%;

BNB's latest transaction price is $571.58, with a daily change of -1.8%;

SOL's latest trading price is $176.77, with a daily change of +2.8%;

DOGE’s latest trading price is $0.1273, with a daily change of -2.2%;

XPR recently traded at $0.6127, with a daily change of +2.6%.

policy

SkyBridge founder: Harris is open to encryption and will take a more moderate approach to encryption

Anthony Scaramucci, founder of SkyBridge, wrote on the X platform: "Harris has privately and publicly stated that she is open to cryptocurrencies (even willing to consider speaking at a Bitcoin conference). In the Biden administration, she is not dictating cryptocurrency policy. Harris and Warren are not friendly. In a Harris administration, Gensler will be fired and Warren will be marginalized as financial services czar. Let us maintain bipartisan cooperation on cryptocurrency, which will be healthier for the crypto ecosystem in the long run."

Scaramucci also said: "I admit that it was a mistake for Biden's people to hand her the keys to financial services. But the Democratic Party is not a monolithic entity, and Harris will take a more moderate approach to cryptocurrencies."

▌Hashdex submits S1 filing for index-based Bitcoin and Ethereum ETFs to the US SEC

Hashdex has filed an S1 filing with the U.S. SEC for its Bitcoin and Ethereum ETFs, creating an index-based cryptocurrency ETF. The fund will own Bitcoin and Ethereum, but may later hold more assets depending on the regulatory environment.

▌U.S. Congresswoman Cynthia Lummis may announce BTC strategic reserve legislation at the Bitcoin Conference

Three crypto industry executives familiar with the bill said that pro-cryptocurrency Wyoming Republican Senator Cynthia Lummis is planning to announce BTC strategic reserve legislation at the Bitcoin Conference. Although the specific content of the bill is still unclear, according to a person who has seen a draft, the purpose of the bill is to instruct the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, just as the U.S. central bank holds gold and foreign currencies, to help manage the U.S. monetary system and keep the value of the dollar stable.

As of press time, Lummis’ plans remained undecided and the announcement could be delayed. But people who have had direct contact with some of Lummis’ staff said she hopes to announce her bill during Saturday’s meeting, and her staff is hopeful Trump will support the bill and the ideas behind it.

Lummis has been hinting at a big announcement on her X account this week, writing: "Big things coming up this week, stay tuned".

Blockchain Applications

▌Google searches for the term “onchain” hit a record high

Searches for the term “onchain” on Google hit an all-time high, indicating a surge in mainstream interest in blockchain technology. The search interest score surged five-fold from around 19 at the beginning of 2024 to a peak of 100 in recent weeks, a record high.

▌Opinion: Thousands of L2 blockchains may appear in the next year to promote the development of the Ethereum ecosystem

Lugui Tillier, Chief Business Officer of Lumx Studios, wrote that the future of Ethereum is dependent on the rise of thousands of second-layer (L2) blockchains. In 2024, major NFT series such as Pudgy Penguins, Bored Ape Yacht Club and Azuki, as well as traditional companies such as Fox Corporations and Flipkart, announced the launch of their own L2s. Although this trend is seen by some as hype, thousands of L2s may appear in the next year, which will greatly promote the development of the Ethereum ecosystem. L2 solves Ethereum's scalability and cost problems by batching transactions and sending them back to the Ethereum mainnet. Polygon, Optimism, and ZkSync are solving fragmentation problems through liquidity aggregation layers to promote the development of the Ethereum ecosystem.

Cryptocurrency

▌Swiss Sygnum saw a surge in crypto spot and derivatives trading in the first half of the year, and plans to expand its business to the EU and Hong Kong

SygnumBank has reported its first half-year profit as the U.S. debut of a Bitcoin (BTC) exchange-traded fund (ETF) and expectations of Ethereum (ETH) approval boosted trading volumes and expansion in other business areas. The Zurich, Switzerland-based bank did not disclose its profit figures. Spot cryptocurrency trading volumes doubled in the first half of the year from the same period last year, and cryptocurrency derivatives volumes grew 500%. A $40 million fund raised in January helped increase core equity to around $125 million.

Sygnum, which holds licenses in Luxembourg, Singapore and Switzerland, plans to obtain a new license in Europe under the Markets in Crypto-Assets (MiCA) regulation, which came into effect last month and introduced a single regulatory environment across the 27-nation trading bloc. The company also plans to expand its regulated operations in Hong Kong.

▌Micro 500Gh home Bitcoin mining machine successfully mined a block

According to a post from Bitcoin mining equipment retailer Altair Technology, a Bitcoin mining device with a hash rate of only 500 gigahertz per second (Gh/s) successfully mined a block on July 24. Based on the current Bitcoin price, the block is worth about $206,000. The post reads: "Congratulations to the miner on @ckpooldev for mining the first single BTC block using Bitaxe at a hash rate of ~500Gh."

The device, called the Bitaxe, successfully mined a block, albeit with a one in a billion chance every ten minutes.

▌Bloomberg ETF analyst: ETHA's second trading day trading volume is similar to the first day, which is a good sign

Bloomberg ETF analyst Eric Balchunas said on X that the trading volume of the spot Ethereum ETF ETHA on the second trading day was similar to that on the first day, or even slightly increased. This is a good sign, because many times after the first day of hype, there will be a sharp drop.

Bitcoin open interest stabilizes at around $29 billion, lowest level since June

According to data from The Block, despite recent price fluctuations, BTC total open interest remains stable at around $29 billion, the lowest level since June. Bitcoin futures trading volume remained around $1.5 trillion month-on-month, indicating that trader participation continues despite price fluctuations.

Typically, high open interest combined with sharp price increases could signal a "bubble" in the market, where enthusiasm could outstrip fundamental value, analysts said. However, currently open interest is stable and prices are rising, suggesting a more cautious mood.

▌The US spot Ethereum ETF's second trading day transaction volume was US$951 million

According to data from The Block, the U.S. spot Ethereum ETF had a trading volume of US$951 million on the second trading day and US$1.054 billion on the first day.

On the second trading day, Grayscale Spot Ethereum ETF (ETHE) took the lead again, with a trading volume of approximately US$492 million, accounting for approximately 52% of the total trading volume. It was followed by BlackRock's iShares (ETHA) with US$256 million and Fidelity (FETH) with US$113 million.

According to SosoValue data, these ETFs saw net inflows of $106.7 million on Tuesday, with total assets under management exceeding $10 billion. The Grayscale Ethereum Trust experienced net outflows of $484.1 million, making it the only fund to see outflows.

James Seyffart of Bloomberg said the ETF launch “largely” met his expectations. “If we compare it to a standard ETF launch, it was a resounding success,” Seyffart said.

Important economic developments

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 93.3%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 93.3%, and the probability of a 25 basis point rate cut is 6.7%. The probability of the Fed keeping interest rates unchanged in September is 0%, the probability of a cumulative 25 basis point rate cut is 89.6%, the probability of a cumulative 50 basis point rate cut is 10.2%, and the probability of a cumulative 75 basis point rate cut is 0.3%.

▌The three major indexes closed down collectively

U.S. stocks opened lower and continued to fall, with the three major indexes closing lower. The Nasdaq fell 3.64%, the S&P 500 fell 2.31%, and the Dow fell 1.25%.

The S&P 500 index has not experienced a single-day drop of more than 2% for 356 consecutive trading days, setting the longest record since 2007. More than $1.1 trillion evaporated from the U.S. stock market today.

▌Former New York Fed President: The Fed should cut interest rates immediately

Former New York Fed President Dudley wrote that he has long been in the camp of "maintaining high interest rates for a longer period of time", believing that short-term interest rates must be kept at or above the current level to control inflation. But changes in circumstances have changed his mind. He now believes that the Fed should cut interest rates, preferably starting at the interest rate meeting next week.

Golden Encyclopedia

What are Bitcoin whales?

Bitcoin whales are individuals or organizations that own large amounts of Bitcoin and are able to influence the market through their trading strategies. The term "Bitcoin whale" is often used to refer to holders who own a large amount of Bitcoin compared to smaller players, who are often referred to as "minnows" in the market. The owner of a wallet or cluster of wallets controlled by one entity may be an individual or a group that is pooling money for a large investment. Their large holdings are accumulated through mining, early investments, and other methods. Whales can hold large amounts of Bitcoin, which gives them the ability to manipulate the market through large purchases or sales of assets that cause price fluctuations. In the cryptocurrency space, large whales and extreme volatility are often linked.

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.