Headlines
▌Trump says he has reached an agreement with Fox News to debate with Harris on September 4
On August 3, the Republican presidential candidate Trump said that he had reached an agreement with Fox News to debate with Vice President Harris on September 4. If she is "unwilling or unable" to attend on that day, he will hold a town hall meeting online. In a post published on Truth Social, Trump said that the debate will be held in Pennsylvania, and the location is to be determined. Trump was originally scheduled to face President Biden in a debate hosted by ABC News, and Harris has been urging Trump to still participate. Trump said in the post that ABC's debate "has been partially terminated because Biden is no longer running." (Jin Shi)
▌Rising unemployment makes it difficult for investors to hold onto their coins, and liquidity is not yet sufficient to support a full bull market
According to Bloomberg, in response to the recent decline of Bitcoin, Mizuho Securities senior analyst Dan Dolev said that Bitcoin is not yet the safe-haven tool that people hope for. If unemployment rises and people lose their jobs, investors will have to cash out their tokens. Matthew Graham, founder and managing partner of Ryze Labs, said that several factors are affecting the price of Bitcoin in the short term, including the possibility of lower interest rates, the possibility of Trump's victory in the upcoming election, and the potential impact of the Harris administration's reform of cryptocurrency policies. The market is keenly assessing the possibility and potential consequences of such a policy shift. In the days leading up to the Federal Reserve meeting on Thursday, the price of Bitcoin has fallen from nearly $70,000, even if policymakers ultimately choose to keep interest rates unchanged. Youwei Yang, chief economist of BIT Mining, said this shows that the cryptocurrency market may have factored it into the price before the broader market downturn occurs. The current market is entering a risk-averse phase, with funds seeking safe havens. With the maturity of ETFs and the regulatory environment, Bitcoin is now a more mainstream consideration in this category than before. However, the volatility of the token suggests that these signals are unreliable. Overall, the hot money liquidity in the market is not yet sufficient to support a full-scale bull market, but it may be sufficient to achieve it after a certain degree of interest rate cuts.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $60,718.72, with a daily change of -0.7%;
The latest transaction price of ETH is 2,914.47 yuan, with a daily change of -1.6%;
BNB's latest transaction price is $531.16, with a daily change of -0.1%;
SOL's latest trading price is $143.98, with a daily change of -4.5%;
DOGE’s latest trading price is $0.1084, with a daily change of -1.3%;
XPR’s most recent trading price was $0.5561, with a daily change of -0.8%.
policy
▌U.S. senators have received more than 2,200 letters supporting Cynthia Lummis's "Bitcoin Strategic Reserve Act"
Golden Finance reported that Dennis Porter, founder of Satoshi Action Fund, said on social media that within 48 hours, more than 2,200 letters were sent to US senators, urging them to co-sponsor and support the "Bitcoin Strategic Reserve" bill recently proposed by Senator Cynthia Lummis. Democrats received 1,333 letters, Republicans received 850 letters, and independents received 41 letters. This bipartisan linkage shows that interest in Bitcoin and its potential strategic value is not limited to a single political ideology, but is gaining comprehensive traction.
▌Harris campaign spokesperson: Harris hopes to stick to the plan to debate on ABC on September 10
Golden Finance reported that a Harris campaign spokesperson responded to Trump's proposal to hold a debate on Fox on September 4, saying that Harris hopes to stick to her plan to debate on ABC on September 10.
▌Lin Lin, a member of the Hong Kong Legislative Council: We should speed up the implementation of stablecoins denominated in Hong Kong dollars and using multiple assets as collateral
On August 3, Lam Lam, a member of the Legislative Council of the Democratic Alliance for the Betterment and Progress of Hong Kong, pointed out that ASEAN countries have started to develop Web 3.0. If Hong Kong does not develop it, it will lag far behind. She suggested that the SAR government should develop the digitization and tokenization of real assets (RWA) and formulate and introduce a legal system for the circulation of RWA tokens in due course. She suggested that the implementation of stablecoins denominated in Hong Kong dollars and using multiple assets as collateral should be accelerated, and the Hong Kong dollar stablecoin issued based on multiple assets should be promoted. The vigorous development of the Web 3.0 industry can enable Hong Kong to maintain its position in financial technology and attract more companies in related industrial chains to settle in Hong Kong, including a large amount of funds and related talents, to drive the economy.
▌The Bitcoin Reserve Act has been formally submitted to Congress and submitted to the Senate Banking Committee for review
Bitcoin News stated on the X platform that the Bitcoin Reserve Act has been formally submitted to Congress and submitted to the Senate Banking Committee for review.
Blockchain Applications
▌Abstract launches ecosystem account
Abstract, a crypto consumer app under Pudgy Penguins' parent company, announced the launch of the Abstract Ecosystem Account, which will focus on all content related to Abstract Chain, including culture, community and builders. Abstract has previously announced the launch of the test network and plans to launch the main network later this year.
Cryptocurrency
▌The value of Trump's cryptocurrency holdings fell below $7 million, down about 80% from its high in early June
According to Arkham data monitoring, the value of crypto assets held by former US President Donald Trump's address has fallen below the $7 million mark and is currently at $6,387,138.53, but it is about 80% lower than the high of over $31 million in early June. The current holdings of this address mainly include: -210.345 billion TROG, worth about $456,000; -579,290 TRUMP, worth about $2.71 million; -492,449 ETH, worth about $1.47 million; -377,415 WETH, worth about $1.13 million.
▌The total TVL of the forecast market sector exceeded 1.1 billion US dollars, setting a new record high
DefiLlama data shows that the TVL of the prediction market sector is $1.17 billion, a record high. Among them, Polymarket topped the list with a TVL of $89.94 million. Other protocol platforms with TVL exceeding $1 million include Azuro, GnosisProtocolV1, LumiFinance, Augur, EtherFlip, and WINRProtocol.
BTC falls below $60,000
The market shows that BTC fell below $60,000 and is now trading at $59,974.12, with a daily drop of 4.57%. The market is volatile, so please do a good job of risk control.
Important economic developments
▌CME Fed Watch: The probability of the Fed cutting interest rates by 50 basis points in September is 22%
On August 3, according to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 78%, and the probability of cutting interest rates by 50 basis points is 22%. The probability of the Fed cutting interest rates by 25 basis points by November is 3.7%, the probability of cutting interest rates by 50 basis points is 75.3%, and the probability of cutting interest rates by 75 basis points is 21%.
▌Today's Fear and Greed Index dropped to 34
Today's Fear and Greed Index dropped to 34, and the level changed from greed to fear (yesterday's was 37). Note: The threshold of the Fear Index is 0-100, including indicators: volatility (25%) + market trading volume (25%) + social media heat (15%) + market research (15%) + Bitcoin's proportion in the entire market (10%) + Google hot word analysis (10%).
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.
