Headlines
▌Trump campaign raises $21 million during 2024 Bitcoin conference
Former U.S. President Donald J. Trump's campaign team raised $21 million during the 2024 Bitcoin Conference. It is reported that these funds mainly came from a fundraising event after Trump's speech on Saturday. The event was organized by Tennessee Republican Senator Bill Hagerty and reportedly attended by 100 people. Bitcoin Magazine CEO said: "This is the second highest amount of money raised by Trump in his three presidential campaigns. The funds come from a combination of the industry and whales/OGs."
Trump has previously reported personally owning between $100,000 and $250,000 worth of cryptocurrency in 2022, and according to Federal Election Commission filings, his campaign has raised a total of $221 million and currently has $128 million in cash on hand.
Solana DEX transaction volume surges, with weekly active addresses reaching 2 million
The Block data shows that Solana DEX trading volume has surged, with weekly active addresses reaching 2 million. Solana Ethereum DEX trading volume ratio hit a record high of 136%, a shift that may indicate that Solana's DEX ecosystem has now surpassed Ethereum in terms of trading activity. Raydium is one of the largest DEXs on the Solana chain, reporting a trading volume of up to $24 billion.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $66,213.63, with a daily change of -0.9%;
The latest transaction price of ETH is 3278.09 yuan, with a daily change of -1.3%;
BNB's latest transaction price is $587.09, with a daily change of +2.4%;
SOL's latest trading price is $179.04, with a daily change of -2.1%;
DOGE’s latest trading price is $0.1255, with a daily change of -2.4%;
XPR recently traded at $0.6276, with a daily change of +4.3%.
policy
▌The United States intends to raise part of the funds for Bitcoin reserves by revaluing gold
A draft legislation proposed by U.S. Senator Cynthia Lummis (Bitcoin Act of 2024) shows that the funds for purchasing Bitcoin as a new strategic reserve will be raised partly by revaluing the Federal Reserve's gold. The plan is to purchase up to 200,000 bitcoins each year for five years, totaling 1 million bitcoins. These bitcoins will be held for at least 20 years, mainly used to repay federal debts, after which no more than 10% of the assets may be sold in any two years. The draft also proposes the establishment of a decentralized network of secure Bitcoin storage facilities across the United States.
In addition, the plan requires allocating $6 billion from all net profits submitted by the Federal Reserve from fiscal years 2025 to 2029 to the Treasury Department, and reducing the Federal Reserve Bank’s discretionary surplus funds from the current $6.825 billion required by the Federal Reserve Act to $2.4 billion.
The bitcoin purchases would be financed through several methods, which the draft bill describes as “offsetting the costs of the strategic bitcoin reserve.” The Federal Reserve Bank’s gold certificates would also be revalued to reflect their fair market value.
▌Bernstein: Harris's cryptocurrency shift will hardly sway voters
Bernstein analysts believe that U.S. Vice President Harris' latest shift in the cryptocurrency field is unlikely to influence key voters in the presidential election. Although Harris actively reached out to companies in the crypto industry in an attempt to improve relations, her moves were seen as reactive and lacked necessary policy changes. In contrast, former President Donald Trump won strong support from the crypto community through pro-crypto policies and direct engagement.
▌Bahamas launches digital asset DARE 2024 bill
The Securities Commission of the Bahamas announced that the Bahamian Parliament has passed the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024), a move that solidifies the country’s position in the digital asset regulatory space. The bill builds on the foundation laid by the DARE Act, 2020, introducing comprehensive reforms designed to address the changing landscape of the digital asset and cryptocurrency markets.
Christina Rolle, Executive Director of the Securities Commission of the Bahamas, said: “DARE 2024 represents a new standard in digital asset regulation. The framework we have created not only focuses on investor protection but also encourages responsible innovation, placing the Bahamas at the forefront of global digital asset regulation.”
▌Judge approves former FTX executive Ryan Salame’s request to delay prison
A U.S. federal judge has granted a motion filed by lawyers for former FTX Digital Markets co-CEO Ryan Salame to delay his jail time until October 13.
Blockchain Applications
▌Ghana pilots blockchain-based digital credentials and cross-border payments
The Bank of Ghana (BoG) has completed a proof-of-concept exploring the use of digital credentials for international trade and cross-border payments based on a CBDC. The proof-of-concept is part of Project Desft, an exploration by the Bank of Ghana and the Monetary Authority of Singapore into how technology can be used to facilitate the participation of micro, small and medium enterprises in developing countries in international trade.
Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, said: “Project Desft aims to support African SMEs in participating in international trade by removing the major barriers they face in international trade, such as building trust with overseas trading partners and accessing cross-border payments and supply chain finance.”
Bank of Italy develops new permissioned consensus protocol for central bank DLT system
The Bank of Italy plans to conduct a lot of research on distributed ledger technology (DLT). In a report published today, the Bank of Italy shared a new permissioned consensus protocol that has been adapted to Bitcoin and is being open sourced. This is not the first time a permissioned version of Bitcoin has been created, but it adds a new detail, which is to provide confidentiality of the validator's identity. Its work aims to create a central bank DLT system.
Cryptocurrency
▌Opinion: The United States will include Bitcoin in its balance sheet or strategic reserves in the next 10 to 15 years
Anthony Pompliano, CEO of Professional Capital, predicts that the United States will include Bitcoin in its balance sheet or strategic reserves in the next 10 to 15 years, but the key lies in how active the United States is. Pompliano said that Bitcoin dominates his portfolio, and Solana is the second largest investment. Investment in Solana began last year when the price was between $45 and $48, and has continued to increase since then. He is optimistic about Solana's prospects and believes that its activity growth rate may exceed that of Ethereum.
Pompliano also mentioned that he believes Solana can eat into Ethereum's market share in certain areas, thereby driving its price up. Although he is optimistic about the long-term prospects of Bitcoin and Solana, he also talked about mistakes in investment, especially the failure to seize early investment opportunities like DoorDash. He believes that these experiences have made him realize the importance of understanding portfolio construction and capital allocation.
▌Survey: Women earn more than men in the crypto industry
According to Pantera Capital’s salary survey, women in the crypto industry earn 15% more than men. This is a bright spot in the crypto industry, especially when compared to traditional industries where women typically earn only 84% of what men earn. Surveys show that women in the crypto industry are generally more experienced, often in mid-level to senior positions, with most having more than five years of experience. Even when experience is controlled, women still earn more, perhaps because they have overcome more obstacles in the industry and demonstrated greater resilience and ability.
Additionally, other theories, such as men earning less than women or women being more risk-averse, do not fit the data. The crypto industry’s reversing wage gap could indicate that it offers better opportunities for women, signaling the potential for this emerging field to move toward greater gender equality.
▌WSJ: Using Bitcoin as a strategic reserve asset contradicts the claim of “freeing ourselves from government constraints”
Former President Donald Trump's alleged plan to make Bitcoin a strategic reserve asset is inconsistent with the value of the cryptocurrency, the Wall Street Journal (WSJ) editorial board wrote. Trump said at a Bitcoin conference in Nashville last week that Bitcoin represents freedom and independence from government, among other things, but this view is inconsistent with how he has used Bitcoin since his election in November, the WSJ wrote. "What he is proposing is not freedom from government," the column noted. "He wants all Bitcoins to be made in the United States in the future, which is a restriction on freedom and requires a larger power grid because Bitcoin mining requires a lot of energy."
The op-ed states that if Trump does take office in January, he will develop a “rough plan” to turn Sen. Cynthia Lummis’s bill into reality, echoing many of the billionaire’s “Make America Great Again” slogans and conflicting with much of what cryptocurrency stands for.
▌Yesterday, GBTC had a net outflow of US$73.6 million, and ETHE had a net outflow of US$120.3 million
According to Farside Investors monitoring, as of press time, the data for the US spot Bitcoin ETF and spot Ethereum ETF (July 30) are as follows:
Spot Bitcoin ETF: GBTC net outflow of US$73.6 million; BITB net outflow of US$3.2 million; ARKB net outflow of US$7.9 million.
Spot Ethereum ETF: ETHE had a net outflow of US$120.3 million; EZET had a net inflow of US$3.7 million; ETHW had a net inflow of US$3.5 million; Grayscale Ethereum Mini ETF ETH had a net inflow of US$12.4 million.
▌Barclays expects Trump's victory to push up interest rate volatility, while Harris thinks the opposite
Barclays' interest rate strategists are offering new ideas for the so-called "Trump trade" and also introducing a possible "Harris trade." Interest rate volatility typically rises in the three months after a challenger wins the presidential election, according to research published Tuesday by Amrut Nashikkar and Maria Chiara Russo. However, when the White House remains in the hands of the incumbent president's party, interest rate volatility falls. So far, Wall Street has focused on trades that might perform well if Republican Trump is re-elected, including bets that longer-dated bond yields move higher in response to expected looser fiscal policy. Citing past market reactions to changes in the White House, the Barclays report expects "implied volatility to rise for bonds in the belly of the yield curve."
▌Bitcoin dominance hits highest level since April 2021
Bitcoin dominance, a measure of Bitcoin’s market value relative to the total market capitalization of cryptocurrencies, hit a high of 52.7% last week, its highest level in three years since April 2021.
Starting from June 22, BTC's market capitalization accounted for only 48.2%, and after the launch of the ETH ETF on Tuesday, this value immediately rose rapidly to 51.9%, and gradually continued to rise within a week. In sharp contrast, ETH has shown weakness in price trends. In addition, various altcoins have also shown considerable weakness against BTC, further pushing BTC's dominance to its highest level in three years.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged this week is 95.9%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged this week is 95.9%, and the probability of a 25 basis point rate cut is 4.1%. The probability of the Fed keeping interest rates unchanged until September is 0%, the probability of a cumulative 25 basis point rate cut is 86.8%, the probability of a cumulative 50 basis point rate cut is 12.8%, and the probability of a cumulative 75 basis point rate cut is 0.4%.
▌Goldman Sachs' market value surpasses its long-term rival Morgan Stanley for the first time in four years
Goldman Sachs (GS.N) has surpassed its longtime Wall Street rival Morgan Stanley (MS.N) in market value for the first time since the pandemic began. Goldman shares rose 2.6% on Tuesday, pushing its market value to $168.9 billion, narrowly surpassing Morgan Stanley's $168.6 billion. It's a rapid rise for Goldman, which had a market value gap of more than $20 billion at the start of the year. "Given the potential for positive earnings per share revisions and a long-term re-rating, Goldman's stock is one of the best risk/reward plays in our universe," said Ebrahim Poonawala, an analyst at Bank of America Global Research. Goldman's shares have risen 31% this year to a record high, boosted by strong trading revenue and banking fees. Morgan Stanley's shares are set to rise just 11% through 2024, lagging its largest peer and the broader market as its wealth management business has been lackluster.
▌The Federal Reserve, the Bank of Japan and the Bank of England will all announce key interest rate decisions this week
Three major central banks, including the Federal Reserve, the Bank of Japan and the Bank of England, will hold policy meetings this week, and the results of each central bank are expected to be at least different.
The Bank of Japan will be the first to announce its decision on Wednesday, and analysts are divided on whether it will raise its policy rate from the current 0%-0.1% or signal an imminent hike.
The Federal Reserve will announce its interest rate decision early Thursday morning Beijing time. While few believe the Fed will start cutting rates immediately, almost everyone expects the Fed to indicate that it will cut rates at its next meeting in mid-September.
The Bank of England will announce its policy decision early Thursday afternoon, with economists and interest rate markets roughly evenly split on whether the central bank will ease policy for the first time in several years. More certainly, even if the BoE does cut rates, it is likely to signal a very cautious approach, signaling to markets that a series of easing policies should not be expected.
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.
