Today's news tips:
Trump: US government should not sell cryptocurrencies
US Vice President Harris officially won the Democratic presidential nomination
Source: Binance has challenged the nearly $86 million tax notice issued by India’s DGGI
Jump Trading deposits $440 million in USDC to Coinbase, which may be converted into USD
Musk reopens lawsuit against OpenAI and its CEO Sam Altman
Data: On August 5, BlackRock's IBIT trading volume exceeded US$2.9 billion, and Fidelity's FBTC trading volume was approximately US$850 million.
Ethena’s stablecoin USDe has redeemed nearly $100 million this week
Yesterday, the total net outflow of US Bitcoin spot ETF was US$168 million; the net inflow of Ethereum spot ETF was US$48.7264 million
Market News
Japanese and South Korean stock markets rebounded sharply, with the Nikkei 225 index rising 8% in early trading.
Following the plunge on Monday, the Nikkei 225 index opened up 2% on Tuesday, the Topix index rose 2%, and the South Korean KOSPI index opened up 3.7%. The Japanese stock market rebounded violently by 10%. The Nikkei 225 index rose by 10%, rising by more than 3,000 points during the day. Subsequently, the Japan Topix index futures triggered the circuit breaker mechanism upward.
Trump: US government should not sell cryptocurrencies
According to The Block, Trump said in a latest interview that the US government should not sell cryptocurrencies. When asked about the recent sale of cryptocurrencies by the US government and whether he would still support cryptocurrencies if he won the November election, Trump said that the US government should not sell cryptocurrencies and they should work hard to build them. In addition, Trump called cryptocurrency a "very modern currency" and compared it to artificial intelligence. He has previously expressed his hope that the United States will become a major Bitcoin mining country. According to Arkham Intelligence monitoring, a wallet marked as belonging to the US government last week transferred $2 billion worth of Bitcoin to an unknown wallet address. The US government currently still holds about $11.1 billion worth of cryptocurrencies.
US Vice President Harris officially won the Democratic presidential nomination
According to the Associated Press, US Vice President Kamala Harris has officially won the Democratic presidential nomination.
Harris and other US Democrats postponed their meeting with crypto industry executives until later this week
Forbes reporter Eleanor Terrett wrote on the X platform that a meeting hosted by California Congressman Ro Khanna to help U.S. Vice President Harris repair encryption relations was moved from Monday to later this week, with the specific date to be determined. The reason for the postponement of the meeting has not yet been stated, but one participant speculated that Democratic leaders need more time to come up with an official policy position on encryption. Given that Trump's actions are ongoing, they must take a stand.
Project News
Source: Binance has challenged the nearly $86 million tax notice issued by India’s DGGI
According to CoinDesk, Binance, the world's largest cryptocurrency exchange, has objected to a tax notice of nearly $86 million (Rs 7.22 billion) issued by the Indian Directorate of General Goods and Services Tax Intelligence (DGGI). The notice was issued by the DGGI's Ahmedabad branch last week, accusing Binance of charging transaction fees to Indian customers through its platform but not paying taxes between July 2017 and March 2024. DGGI is an agency under the Indian Ministry of Finance responsible for collecting, collating and disseminating intelligence related to indirect tax evasion.
Binance allegedly earned more than $476 million (Rs 4,000 crore) from trading fees that were transferred to Nest Services Limited, a Binance Group company based in Seychelles, The Economic Times reported, citing a person familiar with the matter.
South Korean Crypto Exchange Upbit to Launch PENDLE’s Korean Won and BTC Trading Market
According to the announcement of Korean crypto exchange Upbit, PENDLE will be launched on the KRW and BTC trading markets today. Deposits will be opened within 2 hours after the announcement, and trading is expected to open at 18:00 (Korean time). Only deposits and withdrawals of the designated network (PENDLE-Ethereum) are supported. The withdrawal fee of PENDLE is free within 24 hours after opening, and then the fee will be charged.
Circle will stop supporting USDC on the Flow blockchain on September 3
According to the Circle announcement, due to the upcoming network upgrade, Circle will stop supporting USDC on the Flow (Cadence) blockchain at 3:00 a.m. (EST) on September 3, 2024. USDC minting services will continue until noon (EST) on August 27, 2024.
Circle recommends that users holding USDC transfer it from Flow to other blockchains before September 3. After the September 3 deadline, Circle will freeze all USDC on Flow, take a snapshot of the balances, and start the manual redemption process on September 4. Eligible users must meet Circle's compliance and security requirements, have a user-controlled wallet, and include the wallet address in the snapshot.
Ethena founder: USDe collateral rate has always remained above 101%, and proof of custody assets will be released this week
Guy Young, founder of Ethena, posted on the X platform that USDe processed more than $50 million in redemptions overnight, the largest redemption to date, without any problems. The ratio of USDe collateral assets and reserves to USDe supply has always remained above 101%. The next monthly custody asset certificate was originally planned to be released at the end of the month, but in order to provide the community with greater transparency, it will be released ahead of schedule this week.
Binance Labs Fund Announces Second Batch of Projects for Season 7 Incubation Program
Binance Labs Fund announced the second batch of projects for the seventh season of the incubation program on the X platform, including Aarc, a modular protocol that simplifies dApp chain abstraction, FluxLayer, a full-chain intent liquidity layer powered by EigenLayer, and TonTon Games, a project that is unlocking Telegram Gaming.
Musk reopens lawsuit against OpenAI and its CEO Sam Altman
According to a report by Jinshi citing the New York Times, Musk has reopened his lawsuit against OpenAI and its CEO Sam Altman. Musk once again claimed that OpenAI puts profits and commercial interests above the public interest.
Zircuit Announces ZRC Token Economics: 21% Allocated to Airdrops and Community Rewards
The EVM-compatible zkRollup network Zircuit announced the ZRC token economics in the official document. The total supply of ZRC tokens is 10 billion, and the specific distribution is as follows: 21% is allocated to airdrops and community rewards (7% of which is allocated to the first quarter airdrops and 14% is allocated to future airdrops and community rewards); 12.61% is allocated to community regulations; 17.93% is allocated to ecosystem development; 18.70% is allocated to the foundation; 18.74% is allocated to the team; 11.02% is allocated to investors.
Regarding the first quarter airdrop, 7% of the total supply of ZRC is allocated to the first quarter points, and 262,200 unique addresses are eligible to claim. The first quarter airdrop snapshot was taken at 00:00 on July 8, 2024, Beijing time. The document also mentioned that as ZRC gets closer to TGE (transferability), the information will be updated.
Coinbase analyst: Crypto market recovers slightly, but short squeeze may occur
According to The Block, the cryptocurrency market showed signs of a tentative recovery after the violent market turmoil on Monday, when more than $1 billion in leveraged cryptocurrency positions were liquidated and the value of major tokens fell sharply by up to 20%. Coinbase researcher David Duong said that market conditions on Tuesday showed the possibility of a short squeeze amid increased trading activity on centralized exchanges. "We think the market will remain volatile in the short term, but shorts may be squeezed here, which could lead to a market rebound in the coming days," Duong said. Currently, the liquidation of long and short positions in cryptocurrencies in the past 24 hours is roughly equal. According to Coinglass data, as of the time of writing, of the total $425 million in liquidations, about $212 million were long positions and slightly more than $212 million were short positions.
Coinbase researchers stressed that specific factors are still influencing the cryptocurrency market. Duong added: "Genesis distributed Bitcoin and Ethereum in kind in its bankruptcy liquidation plan. The unwinding of the yen carry trade may also affect the decision of Mt. Gox creditors to receive Bitcoin at this time." Duong also said that the recent decline in the cryptocurrency market does not represent a new long-term trend or the beginning of a market cycle. "The current correction in the cryptocurrency market does not represent the beginning of a new market cycle. Instead, the current sell-off is consistent with our defensive strategy in the third quarter of 2024 and a more constructive outlook for the fourth quarter of 2024, although the strength of this move tests our conviction," Duong said.
Paidun: Game blockchain Ronin suspected to be hacked, involving $9.33 million
According to Paidun Early Warning Monitoring, the game blockchain Ronin was suspected to have been hacked (it is not clear whether it was done by white hat hackers or hackers), involving funds of US$9.33 million.
Important data
US listed company Semler Scientific buys 101 Bitcoins for $6 million
According to PR Newswire, Semler Scientific, a US-listed medical technology company, announced that it had purchased an additional 101 bitcoins for $6 million. Since announcing the adoption of a bitcoin asset reserve strategy on May 28, 2024, the company has purchased a total of 929 bitcoins for a total of $63 million.
ARK Invest bought about $14.81 million worth of Coinbase shares yesterday
According to Ark Invest Daily data, ARK Invest bought 13,003 shares of Coinbase through its ARKW fund and 65,165 shares of Coinbase through its ARKK fund on August 5, worth approximately $14.81 million based on the closing price of $189.47 on the same day.
Hedge Fund Giant Capula Holds About $420 Million Worth of Bitcoin Spot ETF
According to The Block, a document filed by hedge fund giant Capula Investment Management with the U.S. Securities and Exchange Commission (SEC) on Monday showed that as of June 30, the company held $464 million in BlackRock and Fidelity Bitcoin spot ETF shares. As Bitcoin has fallen in recent days, the prices of BlackRock and Fidelity Bitcoin ETFs have also fallen. As of 1:11 p.m. EST on Monday, the total position value held by Capula fell to approximately $420 million. Capula is headquartered in London and is one of the largest hedge fund management companies in Europe.
Justin Sun’s address withdrew 14,884 ETH from Binance, worth $34.7 million
According to on-chain analyst @ai_9684xtpa, five minutes ago, a suspected Justin Sun address 0x435…Ef7cB withdrew 14,884 ETH from Binance, worth $34.7 million; currently Justin Sun holds more than 700,000 ETH.
Jump Trading deposits $440 million in USDC to Coinbase, which may be converted into USD
According to Lookonchain monitoring, since the sale of Ethereum began on July 24, Jump Trading has withdrawn $606 million in USDC from Binance and deposited $440 million in USDC to Coinbase. These USDC deposited in Coinbase may be exchanged for US dollars at a 1:1 ratio.
Bitcoin spot ETF had a total net outflow of US$168 million yesterday, and the ETF net asset ratio reached 4.51%
Ethereum spot ETF had a total net inflow of US$48.7264 million yesterday, with a total net asset value of US$6.7 billion
In the past 24 hours, the total network contract liquidation was US$1.223 billion, mainly due to long orders
According to Coinglass data, the cryptocurrency market had a total of $1.223 billion in liquidation in the past 24 hours, including $959 million in long positions and $264 million in short positions. The total amount of BTC liquidation was $459 million, and the total amount of ETH liquidation was $379 million.
The US government address transferred 0.041 ETH, which may be a transfer test
Arkham data shows that last night, the US government address transferred 0.041 ETH, which may be a transfer test.
Data: On August 5, BlackRock's IBIT trading volume exceeded US$2.9 billion, and Fidelity's FBTC trading volume was approximately US$850 million.
According to HODL15Capital, BlackRock IBIT's trading volume was $2.92 billion, Fidelity FBTC's trading volume was $848.45 million, and Grayscale GBTC's trading volume was $689.40 million on August 5. Coinglass data showed that the total trading volume of Bitcoin ETFs on August 5 was approximately $5.7 billion.
Data: Grayscale Ethereum Trust ETF trading volume on August 5 was approximately US$260 million
Crypto market trading volume in the past 24 hours reached $244 billion, the highest since March 6
Markus Thielen, founder of cryptocurrency research firm 10x Research, wrote an analysis saying that in the past 24 hours, the trading volume of the crypto market reached US$244 billion, the highest since March 6.
Ethena’s stablecoin USDe has redeemed nearly $100 million this week
According to The Block, redemptions of Ethena's USDe stablecoin have reached nearly $100 million since Monday. The violent market turmoil may have triggered user redemptions, putting some pressure on the protocol. At the same time, USDe has been able to maintain its peg to the US dollar. However, The Block's Ethena price page shows that its price has fluctuated slightly, hitting $0.997 at one point before rebounding to the $1 mark. USDe currently has a supply of more than 3.1 billion tokens, 50% higher than the 2 billion supply in April.
"On the Ethena side, I can confirm that there were no issues with processing over $50 million in redemptions overnight, which is the largest redemption to date, and while it was painful, I hope that every such stress test and others we've gone through this year will provide additional assurance for the future resilience of the system," said Guy Young, founder of Ethena, on the X platform. This $50 million redemption is just part of it. According to data from the analytics platform Parsec, nearly 96 million USDe tokens ($96 million) have been redeemed for underlying collateral assets since Monday as major cryptocurrencies sold off sharply.
Trump-themed meme coin DJT drops more than 90% in 24 hours
Coinmarketcap data shows that Trump-themed Solana on-chain token DJT has fallen 90.74% in 24 hours and is currently trading at $0.000461.
A new whale withdrew 18942.67 ETH from Coinbase Prime in the early morning, currently worth about 46.5 million US dollars
Etherscan data shows that the newly created address starting with 0x6101 withdrew a total of 18,942.67 ETH from the Coinbase Prime address through three transactions from 3:16 to 3:45 this morning, which is approximately US$46.5 million at the current price.
A whale liquidated his 300 BTC 5 hours ago, with an estimated loss of $3.64 million
According to the monitoring of on-chain analyst @ai_9684xtpa, the whale 0xF2f...ee310, who built a position of 300 BTC at an average price of $64,948 three weeks ago, recharged all tokens to Binance five hours ago to liquidate the position, with a value of $15.85 million and an estimated loss of $3.64 million.
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