Mini Program: Daily Cryptocurrency Dynamics Summary

1. Bitcoin dominance hits highest level since April 2021

Bitcoin dominance, a measure of Bitcoin's market value relative to the total market value of cryptocurrencies, reached a high of 52.7% last week, the highest level in three years since April 2021. Starting on June 22, BTC's market value accounted for only 48.2%, and immediately after the launch of the ETHETF on Tuesday, this value quickly rose to 51.9%, and gradually continued to rise within a week. In sharp contrast, ETH has shown weakness in price action. In addition, various altcoins have also shown considerable weakness against BTC, further pushing BTC's dominance to a three-year high.

2. Wall Street Journal: Trump's proposal to use Bitcoin as a strategic reserve asset contradicts the core values ​​of cryptocurrency

According to CoinDesk, former President Donald Trump's proposal to use Bitcoin as a strategic reserve asset contradicts the core values ​​of cryptocurrency. The Wall Street Journal editorial board pointed out that Trump said at the Nashville Bitcoin Conference that Bitcoin represents freedom, sovereignty and independence from government control, but this view is inconsistent with his plan to use Bitcoin as a strategic reserve asset. The Wall Street Journal believes that Trump's proposal that all Bitcoins be made in the United States in the future not only restricts freedom, but also requires a larger power grid to support Bitcoin's high-energy mining. In addition, the draft legislation proposed by Senator Cynthia Lummis has also caused controversy. Lummis believes that Bitcoin can fight inflation and promote the growth of the United States in the global financial system while ensuring the dollar's position as the world's reserve currency. However, the Wall Street Journal criticized: "If cryptocurrencies are really a free investment tool that is not affected by politics, then they should be traded on their own without government help." Trump's plan has been accused of many contradictions with his MAGA platform, and it also conflicts with many core concepts of cryptocurrency.

3. Senator Lummis’ Bitcoin Strategic Reserve Bill Would Be Partly Funded by Revaluing Fed Gold

According to CoinDesk, the draft of the new strategic Bitcoin reserve plan proposed by U.S. Senator Cynthia Lummis shows that part of the funds for purchasing Bitcoin will be achieved by revaluing the Federal Reserve's gold. According to the draft, the plan will purchase up to 200,000 BTC each year for five years, totaling 1 million BTC. Bitcoin will be held for at least 20 years and used only to repay federal debts. Thereafter, no more than 10% of the assets may be sold in any two years. The funds for purchasing Bitcoin will come from reducing the surplus funds of the Federal Reserve Bank and the difference between revaluing gold certificates. According to the draft bill, states can voluntarily participate in storing Bitcoin in reserves. Its tentative name is the "Bitcoin Act of 2024", and the Secretary of the Treasury will "establish a decentralized network of secure Bitcoin storage facilities distributed throughout the United States" and "select the location of the vault based on a comprehensive risk assessment, giving priority to geographic diversity, security, and accessibility." The plan calls for allocating $6 billion of all net profits the Fed turns over to the Treasury from fiscal years 2025 to 2029, and reducing the Federal Reserve Bank's discretionary surplus funds to $2.4 billion from the current $6.825 billion required by the Federal Reserve Act.

4. Goldman Sachs CEO: Bitcoin may have a use case as a store of value

Bitwise head of research Ryan Rasmussen said on Platform X that Goldman Sachs CEO David Solomon told CNBC this morning at the Olympics that “Bitcoin may have a use case as a store of value.”

5. Jefferies report: Bitcoin's future may be closely related to the results of the US election

According to CoinDesk, investment bank Jefferies said in a research report on Monday that last week, several Republican and Democratic politicians and former President Donald Trump attended the Bitcoin Nashville Conference, so the cryptocurrency event was politically colored. Analysts Jonathan Petersen and Joe Dickstein wrote: "His proposal to the industry to set up a cryptocurrency-friendly regulator may cause the recent BTC price to be linked to the results of the US presidential election." Jefferies pointed out that Trump promised to select cryptocurrency-friendly regulators, establish a presidential advisory committee for the cryptocurrency industry, and make the United States the "global cryptocurrency capital"; Trump's positive shift in cryptocurrency policy has only recently emerged, but it may affect the price of Bitcoin in the short term, depending on who wins the November election. In addition, Jefferies pointed out that large Bitcoin miners are still in growth mode, and comments from mining company management teams indicate that there may be more mergers and acquisitions in the industry, and "access to electricity is more valuable than mining teams."

6. The top ten crypto projects with the highest revenue are: Tron, Solana, Pump, Ethereum, etc.

According to Lookonchain statistics, the top ten crypto projects with the highest revenue in the past 24 hours and 7 days are: Tron ranked first with 24-hour revenue of US$1.42 million and 7-day revenue of US$8.67 million; Solana ranked second with 24-hour revenue of US$940,000 and 7-day revenue of US$6.38 million; Pump ranked third with 24-hour revenue of US$867,400 and 7-day revenue of US$6.31 million; Ethereum ranked fourth with 24-hour revenue of US$844,300 and 7-day revenue of US$8.08 million; Trojan ranked fifth with 24-hour revenue of US$673,400 and 7-day revenue of US$3.19 million; Lido, PancakeSwap, Maker, Uniswap Labs and Aerodrome ranked in the top ten with 24-hour revenue of US$282,600, US$277,300, US$258,900, US$225,600 and US$222,800, and 7-day revenue of US$2.04 million, US$1.7 million, US$1.8 million, US$1.53 million and US$1.56 million respectively.

7. Pantera Capital: The median base salary for women in the cryptocurrency industry is 15% higher than that of men

According to CoinDesk, Pantera Capital's latest research shows that the median base salary of women in the cryptocurrency industry is 15% higher than that of men. The survey author pointed out that women tend to be more experienced in the cryptocurrency industry, usually in mid-level to senior positions, and have more than five years of work experience in similar roles.

8. Anthony Pompliano: The United States will include Bitcoin in the national balance sheet or strategic reserves in the next 10 to 15 years

According to CoinDesk, Morgan Creek Digital co-founder Anthony Pompliano predicted that the United States will include Bitcoin in its national balance sheet or strategic reserves in the next 10 to 15 years. He also revealed that he invested in Solana for less than $1 and is optimistic about its future performance. Pompliano said that Bitcoin dominates his investment portfolio, with Solana in second place. He believes that the US government will eventually hold Bitcoin, but the specific scale and strategy remain to be seen.

9. The Bahamas introduces new digital asset regulations, explicitly prohibiting the issuance of algorithmic stablecoins

According to Business Wire, the Securities Commission of the Bahamas announced that the Digital Assets and Registered Exchanges Act 2024 (DARE 2024) has been passed into law by the Bahamian Parliament. The bill builds on the DARE Act of 2020 and introduces comprehensive reforms aimed at responding to the changing landscape of the digital asset and cryptocurrency markets. It is reported that the new bill covers a wider range of digital asset activities, including advisory management services, digital asset derivatives and investment services. At the same time, the new bill incorporates provisions related to digital asset custody and introduces the first digital asset pledge disclosure system. DARE 2024 also provides a clear definition of stablecoins, stipulates the registration of existing stablecoins and acceptable forms of reserve assets, and establishes new requirements for the custody, segregation, reporting and redemption of reserve assets. The issuance of algorithmic stablecoins is explicitly prohibited.

10. The US SEC accused the founder of decentralized social platform BitClout of fraud and unregistered issuance of crypto asset securities

The U.S. Securities and Exchange Commission (SEC) disclosed on its official website that it accused Nader Al-Naji of implementing a fraudulent crypto asset scheme worth hundreds of millions of dollars involving a social media platform called BitClout and its native token of the same name (hereinafter referred to as "BTCLT"). According to the SEC's lawsuit, starting in November 2020, Al-Naji raised more than $257 million through unregistered BTCLT issuance and sales, while falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In fact, the lawsuit alleges that Al-Naji used more than $7 million of investor funds for personal expenses, such as paying rent for a Beverly Hills mansion and lavish cash gifts for his family. The SEC's complaint further alleges that in order to evade regulation, Al-Naji portrayed BitClout as a decentralized project with "no company behind it...only tokens and code", and used the pseudonym "Diamondhands" to launch the project, further creating the illusion of autonomy for the project, when in fact he was the driving force behind the project. Additionally, Al-Naji allegedly obtained a letter from a prominent law firm that argued that BTCLT was unlikely to be considered a security under federal law based on his mischaracterization of the nature of the project. At the same time, Al-Naji allegedly told certain investors in secret that he was using this ruse to evade legal sanctions. The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Naji with violating the registration and antifraud provisions of the Securities Act of 1933 and the antifraud provisions of the Securities Exchange Act of 1934. The complaint also names Naji’s wife, mother, and entities wholly owned by them as defendants, seeking restitution for investor funds that Naji transferred to them. In a separate parallel action, the U.S. Attorney’s Office for the Southern District of New York announced charges against Naji today.

11. Bloomberg analyst: Grayscale Bitcoin Mini Trust transaction still needs to wait for final approval from the US SEC

Bloomberg analyst James Seyffart said on the X platform that the Grayscale Bitcoin Mini Trust (BTC) is currently only expected to start trading tomorrow, but it still needs to obtain final approval from the U.S. Securities and Exchange Commission. The regulator needs to confirm that the relevant prospectus documents are valid, and the results are expected to be given after the market closes today or around the close.

12. Russian Duma passes law on cross-border digital currency payments and legalization of crypto mining

According to RIA Novosti, the Russian Duma passed a law in the second and third readings that will allow cross-border settlement and exchange transactions of digital currencies within the framework of the Experimental Legal Regime (EPR) from September 1, 2024. In addition, the Russian Duma also passed a law in the second and third readings that will legalize cryptocurrency mining in Russia from November. The law stipulates the procedures and conditions for conducting such activities. Russian legal entities and individual entrepreneurs listed in the register of the Ministry of Digital Development of the Russian Federation will be entitled to engage in crypto mining.

Article forwarded from: Jinshi Data