Headlines
▌Vitalik Buterin refutes claims of selling Ethereum for profit
On Friday, August 30, blockchain data tracker Lookonchain revealed that Buterin transferred 800 ETH (worth approximately $2 million) to a multi-signature (multi-sig) wallet. Shortly thereafter, the recipient address converted 190 ETH into 477,000 USDC.
This latest transfer prompted a crypto community member on X to accuse Buterin of ignoring comments about his recent ETH transfer. Another crypto community then responded that there was nothing wrong with the Ethereum co-founder taking some profits by selling off his ETH holdings.
However, Buterin responded to this support post on X, claiming that no ETH was sold for profit. He said: "Since 2018, I have never sold and kept the proceeds. All sales have been used to support various projects that I believe are valuable, both within the Ethereum ecosystem and broader charities (such as biomedical research and development)"
▌Bitcoin miners face the toughest month in 2024: August revenue hits a new low this year
August was the most difficult month for Bitcoin miners to earn revenue this year, with Bitcoin mining revenue in August falling by $99.75 million from July, the lowest since September 2023. On-chain fees collected in August also fell, with subsidies and fees generating a total of $851.36 million, of which $20.76 million came from on-chain fees, the lowest level since last year and a drop of $4.14 million from July.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $57,330.18, with a daily change of -2.8%;
The latest transaction price of ETH is 2,427.91 yuan, with a daily change of -3.4%;
BNB's latest transaction price is $512.37, with a daily change of -3.8%;
SOL's latest trading price is $128.62, with a daily change of -5.0%;
DOGE’s latest trading price is $0.09525, with a daily change of -6.0%;
XPR’s most recent trading price is $0.5478, with a daily change of -3.2%.
policy
SEC warns FTX not to use stablecoins and other cryptocurrencies to repay creditors
According to TheBlock, a recent filing by the U.S. Securities and Exchange Commission (SEC) warned FTX Assets that the agency may oppose any attempt to use stablecoins or other digital assets to repay creditors.
At the same time, the agency, like the U.S. Trustee, also opposes the release clause that limits the future legal liability of FTX's debtor estate.
Blockchain Applications
▌Cardano has completed the first phase of the Chang hard fork
Cardano has completed the first phase of the Chang hard fork, laying the foundation for more decentralized governance.
At 5:44 am Beijing time this morning, Cardano officially began transferring control of the $13 billion blockchain to its native ADA token holders.
“Many in the Cardano community are leaning towards the network because of its promise of a decentralized governance model,” said Frederik Gregaard, CEO of the Cardano Foundation.
Cryptocurrency
Vitalik Buterin proposes radical plan to pseudo-decentralize entire cities
In the above comments made by Vitalik Buterin in response to a post by cryptocurrency KOL Farcaster, Vitalik shared an innovative blueprint that the city will be built on a hybrid that combines the principles of democracy, capitalism and decentralization.
In response to the question of whether cities should be for-profit or public benefit institutions, Buterin advocated for a hybrid approach: “We want public infrastructure to work for all income levels, we want cities to have a positive-sum effect on the country and the world, we have humanitarian values, and we don’t want to solve homelessness by giving them a one-way bus ticket to another city.”
▌Analyst: BTC’s value may rise sharply after the US election
According to Bitcoin.com analysis, looking back at the history of Bitcoin prices after the 2016 and 2020 elections, in 2016, the price of BTC peaked in December 2017, while in 2021, the price peak was reached in November. For example, during the US election on November 5, 2016, BTC was trading at $703 per coin, and by the end of 2017, it had soared by nearly $20,000. It can be clearly seen that the value of BTC has risen sharply after each election. However, the peak of each bull market occurred about a year after the election.
20.58 million XRP transferred from unknown wallet to Bitstamp
According to WhaleAlert monitoring, at around 4:35 am Beijing time today, 20,580,000 XRP (11,542,509 US dollars) were transferred from an unknown wallet to Bitstamp.
▌Bitcoin hash rate stabilizes at historical highs after halving, miners’ confidence is strong
Glassnode data shows that Bitcoin’s average hash rate has been growing steadily over the past year and is expected to see significant growth in 2024. Historically, the hash rate has generally moved in line with Bitcoin’s price movements, reflecting miner confidence and broader market sentiment.
Recent charts show that after the post-halving surge, Bitcoin's hash rate has stabilized at an all-time high of around 650 EH/s despite price volatility. This trend suggests that miners are continuing to invest in network security, likely anticipating higher prices. Sustained hash rate growth, even amid market volatility, could signal a strong belief in Bitcoin's long-term value proposition.
▌Report: Singapore tops the global cryptocurrency adoption index, with five Asian countries in the top ten
According to CryptoSlate, the "Henley Cryptocurrency Adoption Index 2024" report released by investment immigration consulting firm Henley & Partners on August 30, 2024 showed that Singapore ranked first in global cryptocurrency adoption with 45.7 points (out of 60 points).
The report evaluated 28 countries, covering aspects such as public adoption, infrastructure, innovative technology, regulatory environment, economic factors and tax friendliness. Hong Kong and the UAE ranked second and third with 42.1 points and 41.8 points respectively. It is worth noting that Asian countries occupy five seats in the top ten. In addition to Singapore and Hong Kong, Malaysia and Thailand ranked eighth and tenth respectively.
Analysis: Bitcoin Exchange Volume Momentum Indicator Shows Continued Decline in Exchange-Related On-Chain Activity
Crypto analyst Ali said on the social platform X that the Bitcoin exchange trading volume momentum indicator shows that on-chain activity related to exchanges continues to decline, which generally indicates a decrease in investor interest in Bitcoin and a decline in network usage.
▌Analyst: BTC may enter a bear market again if it falls below $56,000
CryptoQuant’s head of research recently shared a detailed Bitcoin chart on X, highlighting a worrying trend: the BTC market cycle indicator has once again entered a bear phase. The indicator is crucial for traders and investors as it defines the overall strength and direction of the market and provides insight into potential price action based on historical price action. According to the analysis, $56,000 is a critical support level that the price must hold to avoid a deeper and more damaging pullback.
If Bitcoin fails to hold the $56,000 level, the likelihood of a steeper decline becomes increasingly likely. Such a potential decline would further increase nervousness among investors who are already grappling with the volatile price action seen in recent weeks.
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 67%
According to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points in September is 67%, and the probability of cutting interest rates by 50 basis points is 33%. The probability of the Fed cutting interest rates by 50 basis points by November is 45.2%, the probability of cutting interest rates by 75 basis points is 44.1%, and the probability of cutting interest rates by 100 basis points is 10.8%.
Golden Encyclopedia
What is an inverse futures contract?
An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a drop in price. The nature of inverse futures contracts is non-linear. When a trader goes long a BTC/USD inverse futures contract, they are short the U.S. dollar. Because the contracts are inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher its value relative to the U.S. dollar.
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.
