Headlines
▌Mayor of Jersey City, USA: Bitcoin is an inflation hedging tool, and I personally hold ETH
Golden Finance reported that Steven Fulop, the mayor of Jersey City and a candidate for governor of New Jersey, said that municipal pension funds are investing in Bitcoin ETFs as an "inflation hedge." Fulop pointed out that the investment is to hedge against inflation, and he personally holds ETH in addition to BTC. Fulop said of the rising cost of living in the state and across the United States: "The past few years have been very, very difficult, and it seems to be getting worse, not better." BTC is an "important and relevant asset class" that governments and companies will "generally" hold as a means of preserving value. Fulop is running to succeed the current governor, Phil Murph, who is not eligible for re-election. Fulop said that if elected, he would consider running to have New Jersey hold Bitcoin and to have cryptocurrency companies headquartered in the state. It is reported that several large cryptocurrency companies are currently located in Jersey City, just a four-minute subway ride from Wall Street.
▌Harris may share her views on Bitcoin in the coming weeks. Her husband is a "cryptocurrency enthusiast"
Golden Finance reported that an unnamed crypto lobbyist said that Harris is expected to clarify her views on cryptocurrencies in the coming weeks. Harris' husband Douglas Emhoff is a "cryptocurrency enthusiast." Gary DeWaal, a former senior lawyer at the U.S. Commodity Futures Trading Commission (CFTC), said he does not expect Harris to comment on cryptocurrencies before announcing the vice president candidate on August 7.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $67,784.38, with a daily change of +2.0%;
The latest transaction price of ETH is 3252.73 yuan, with a daily change of -6.7%;
BNB's latest transaction price is $578.47, with a daily change of -1.8%;
SOL's latest trading price is $181.85, with a daily change of +7.4%;
DOGE’s latest trading price is $0.1333, with a daily change of +6.6%;
XPR recently traded at $0.5974, with a daily change of +3.0%.
policy
▌US Congressman Bill Hagerty: Working hard to promote legislation supporting Bitcoin
U.S. Senator Bill Hagerty, a Republican from Tennessee, said at a Bitcoin conference that he is working to promote pro-Bitcoin legislation to promote freedom and opportunity.
▌US judge approves delay in seizure of FTX’s PAC political donations
In a filing with the U.S. District Court for the Southern District of New York on July 26, U.S. Attorney Damian Williams requested more time to evaluate the "fund seizure" requested by former FTX CEO Sam Bankman-Fried (SBF) to several political action committees (PACs). Judge Lewis Kaplan approved the prosecutor's request, extending the deadline for PACs to submit third-party requests from July 26 to September 13. Before FTX collapsed, SBF reportedly donated approximately $40 million directly to political candidates and PACs in 2022. Judge Williams said his office is continuing to discuss with SBF's lawyers the issue of donations to five PACs in 2022, focusing mainly on Democratic committees including the House Majority PAC, Senate Majority PAC, FF PAC, FF USA Action, EMILYs List, and GMI PAC.
▌U.S. Congresswoman Cynthia Lummis did not announce Bitcoin strategic reserve legislation at the Bitcoin 2024 conference
U.S. Senator Cynthia Lummis and Senator Tim Scott delivered a highly anticipated speech at the 2024 Bitcoin Conference in Nashville. However, the speech did not mention the rumored legislation to establish Bitcoin as a strategic reserve asset for the United States. Earlier news, U.S. Senator Cynthia Lummis may announce BTC strategic reserve legislation at the Bitcoin Conference.
Blockchain Applications
▌Ethereum team leader: The Ethereum research team seems to accept the idea of centralizing everything
Ethereum team leader Péter Szilágyi expressed his concerns about the direction of Ethereum development on social media. Szilágyi's views involve the Ethereum PeerDAS proposal, which, among other changes, increases the size of Ethereum blobs to 32MB. Szilágyi believes that the PeerDAS upgrade will hinder home stake holders (typically those with simpler computing power setups) from participating in the Ethereum network, which goes against the spirit of decentralization. Szilágyi wrote on X: "Ethereum researchers are "killing" home stake holders in front of everyone. This is not what I expected when I joined Ethereum. Now I'm happy to prove that this is not the case, but I feel that Ethereum is losing its thread. The research team seems to have fully accepted the idea of centralizing everything as long as it can be verified. It's a joke: decentralized verification, but centralized control."
Cryptocurrency
▌Nomura Securities' cryptocurrency unit will launch a higher-yielding Ethereum ETF alternative
After launching an ETF holding the Ethereum cryptocurrency, Nomura Holdings Inc.’s digital asset unit plans to offer a higher-yielding alternative that includes key components that U.S. issuers may have missed to help win regulatory approval. Nomura’s Laser Digital plans to launch the fund in early September with support from Galaxy Digital and cryptocurrency startup Dinero. The fund will be open to so-called accredited investors, such as hedge funds and private investment offices, rather than retail buyers. Laser Digital sees the fund as an alternative to an Ethereum ETF, offering institutional investors exposure to Ethereum’s “arbitrage component.”
▌US Presidential Candidate Kennedy: If elected, he will require the United States to purchase 550 BTC every day
Robert F. Kennedy Jr., an independent candidate for the US presidency, said that if elected president, he would sign an executive order requiring the United States to purchase 550 BTC per day to build a reserve of 4 million BTC. In addition, he will sign an executive order instructing the IRS to issue public guidelines stipulating that all transactions between Bitcoin and the US dollar are non-reportable, tax-free transactions. He will also order the transfer of 200,000 Bitcoins to the US Treasury to hold them as strategic assets. Robert F. Kennedy Jr. said: "I don't represent the blue camp (Democratic Party), the red camp (Republican Party), or the purple camp (swing states), he is the orange camp (the representative color of Bitcoin)."
▌US SEC approves Grayscale Bitcoin Mini Trust’s 19b-4 Form
The U.S. Securities and Exchange Commission approved the Grayscale Bitcoin Mini Trust's Form 19b-4 on Friday. According to the S-1 filing released in March, the trust, with the ticker "BTC," is intended to be a "spin-off" of GBTC, which still needs its S-1 registration statement to take effect before trading. The spokesperson said: "Grayscale is waiting for the S-1 registration statement for BTC to take effect. The approval and effectiveness of the registration statement will allow BTC to operate as a U.S. spot Bitcoin ETP alongside GBTC and others. The Grayscale team will share more information about the listing date of Grayscale Bitcoin Mini Trust on the New York Stock Exchange Arca as soon as possible."
▌Mezo, the Bitcoin scaling network, completes $7.5 million in funding
Bitcoin scaling network Mezo announced that it has completed a $7.5 million financing round, led by Ledger Cathay Fund, with participation from ArkStream Capital, Aquarius Fund, Flowdesk, GSR, Origin Protocol and Bybit's ecosystem project Mantle EcoFund. As of now, Mezo's total financing amount has reached $30 million, but its founder Matt Luongo declined to comment on the structure and valuation of this round of financing.
Important economic developments
Traders expect the Fed to keep interest rates unchanged in July and start cutting rates in September
U.S. short-term interest rate futures rose slightly after the release of inflation data; traders expect the Federal Reserve to keep interest rates unchanged in July and start cutting rates in September. Spot gold and the U.S. dollar index DXY have little short-term volatility.
▌The market expects the Fed to cut interest rates three times before the end of the year due to recent improvements in inflation data
Markets currently expect the Federal Reserve to cut interest rates three times by the end of the year due to recent improvements in inflation data.
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.
