Headlines
▌From today, Russia allows the use of cryptocurrencies for international trade
The Russian State Duma conducted its second and third deliberations on July 30, approving the use of Bitcoin for cross-border transactions as part of the experimental legal system (EPR) from September 1, 2024. Foreign media pointed out that Russian President Vladimir Putin's government allows the use of Ethereum (ETH) and USDT stablecoins, not just central bank digital currencies (CBDCs), which represents a major shift in Russia's attitude toward cryptocurrencies and provides an experimental platform for the feasibility and risk control of digital currencies in practical applications.
▌Viewpoint: Excess supply in the market may continue to push down BTC prices
On August 31, the cryptocurrency market may have to deal with potential turbulence in the coming months as several major Bitcoin (BTC) holders - including defunct exchanges and government entities - may liquidate a large number of their holdings. The latest report from Kaiko, a crypto data provider, shows that the crypto market is currently facing a serious oversupply problem. This has been a persistent theme throughout the summer, with forced selling and liquidation of bankrupt crypto assets causing selling pressure at different stages between May and August. Rob Hadick, general partner of Dragonfly, said that Bitcoin prices have been under tremendous pressure this summer, mainly related to Mt. Gox issuance, yen carry trades, and slowing demand. "The market is still worried about the pressure from government holdings and additional issuance from Mt. Gox," he said. One of the main sources of market anxiety is the continued redistribution of funds to Mt. Gox creditors. The bankrupt cryptocurrency exchange's assets still hold more than 46,000 bitcoins, worth more than $2 billion, which will eventually be redistributed. Elaborating on the potential impact of such a distribution, Fideum co-founder Darren Franceschini said that according to forecasts, these Bitcoins, worth more than $2.7 billion, may be almost all sold - if creditors sell their entire holdings of Bitcoin, it may add $8.2 billion in additional selling pressure. Other major holders may also increase selling pressure in the near future. For example, the US government holds more than $2 billion worth of Bitcoin. In addition, he added that other countries including the United Kingdom, China and Ukraine also have large Bitcoin reserves. "If the authorities begin to liquidate their holdings on a large scale, the 'Christmas rally' that many cryptocurrency enthusiasts often see may not be realized for the first time this year," said Bartosz Lipiński, CEO of cryptocurrency trading platform Cube.Exchange.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is 58,936.2 USD, with a daily change of -0.5%;
The latest transaction price of ETH is 2,509.16 yuan, with a daily change of -0.6%;
BNB's latest transaction price is $529.95, with a daily change of -1.3%;
SOL's latest trading price is $135.38, with a daily change of -2.2%;
DOGE’s latest trading price is $0.1011, with a daily change of -0.9%;
XPR’s most recent trading price is $0.5657, with a daily change of -0.2%.
policy
▌Nigerian blockchain leader: Approval of two cryptocurrency exchanges brings much-needed regulatory clarity
Obinna Iwuno, head of Blockchain Advocacy Nigeria, said Nigeria’s recent approval of two digital asset exchanges is a welcome development for the industry. Iwuno believes the move will help dispel negative perceptions surrounding Nigeria’s cryptocurrency space, which intensified after the detention of Binance executives earlier this year. Iwuno insisted that Nigeria, as a major player in Africa’s cryptocurrency trading, should take the lead in regulation and licensing. Regarding Gambaryan’s imprisonment, the SIBAN leader urged Nigerian officials to uphold the rule of law and adhere to global practices and human rights standards.
Blockchain Applications
▌UniSat: FairPool is now live on the Fractal testnet
UniSat announced on the X platform that FairPool, a public mining pool created by developers, is now live on the Fractal testnet. It is reported that FairPool will promote long-term development and testing on the Fractal mainnet, focusing on enhancing network connectivity and launching key improvements for the Fractal network.
▌Yuga Labs CEO: A new team, Workshop, has been established to focus on building innovative ApeChain products
Yuga Labs CEO Garge.eth published a long article on the X platform to formally introduce the Workshop team he launched to the community. It is reported that the team was formed shortly after he took over as CEO, hoping to learn from the experience of Coinbase's launch of the Base blockchain and let the team focus on building innovative ApeChain products. Garge.eth also revealed that Workshop will soon launch the first batch of products on ApeChain. It is not certain whether these products will be welcomed by the community. If they are not accepted by the community, they will be withdrawn. At present, Garge.eth has not disclosed the specific plans of Workshop, but it is reported that the mainnet launch of ApeChain is believed to be imminent.
Cryptocurrency
▌The total market value of stablecoins increased by 0.08% in the past week
According to DefiLlama data, the total market value of stablecoins increased by 0.08% in the past week and is now reported at 169.707 billion US dollars. Among them, the total market value of USDT remained unchanged, currently reported at 118.199 billion US dollars, with a market share of 69.65%.
▌Low gas fees make Ethereum's issuance rate currently in an inflationary state
According to recent data, Ethereum's on-chain fees continue to remain incredibly low, with the average transaction costing just 0.00029 ETH ($0.743) this weekend. Etherscan reports that even high-priority fees are below 1 gwei, at around 0.972 gwei at press time. In response to the low gas fee performance, ultrasound.money data shows that Ethereum's issuance rate is currently in an inflationary state, at 0.734% per year.
▌CertiK: Cryptocurrency losses exceeded $300 million in August
On August 31, according to CertiK Alert monitoring, the crypto field lost about $300.6 million in August due to vulnerabilities, hacker attacks and scams, of which about $10.3 million has been recovered. This is the second highest single-month loss so far in 2024. Among them: Exit Scam: about $800,000 Flash Loan: about $1.2 million Contract Vulnerability Attack: about $308.8 million
Important economic developments
▌ECB board member Villeroy supports September rate cut, calling it a reasonable and wise move
European Central Bank Governing Council member Villeroy backed a rate cut next month after data showed inflation slowed significantly in August. He said the ECB should foresee future progress in curbing inflation. He expects French inflation to remain at the 2% target level by the first half of 2025, and Eurozone inflation to remain at the 2% target level by the second half of next year. "In my view, action should be taken at our meeting on September 12," Villeroy said. "A decision to cut rates again would be reasonable and sensible." This is one of the clearest commitments to cut interest rates at the next meeting. . Some other officials have signaled a rate cut is increasingly likely. This comes after Eurostat data showed consumer prices rose 2.2% year-on-year in August, significantly lower than July's 2.6% rise.
▌CME Fed Watch: The probability of the Fed cutting interest rates by 50 basis points in September is 30%
According to CME Federal Reserve Watch data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 70%, and the probability of cutting interest rates by 50 basis points is 30%.
Golden Encyclopedia
What is the new domain name dacc.eth registered by Vitalik?
Ethereum co-founder Vitalik Buterin has chosen a new Ethereum domain that specifically refers to "defensive accelerationism." Buterin's d/acc advocates for a controlled, cautious approach to technological development and promotes more decentralization. This philosophy "seeks to create and maintain a more democratic world and attempts to avoid centralization as the preferred solution to our problems."
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.
