Democratic Party bigwigs advise Biden to withdraw from the election, BTC breaks through $64,500

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a glance at the major events in the blockchain industry this week.

Headlines

▌US media reveals again: Democratic bigwigs advise Biden to withdraw from the election

U.S. Senate Majority Leader Schumer said in a meeting with Biden last Saturday that it would be better for the country if Biden ended his re-election campaign. Earlier, other media reported that Schumer privately signaled to the Democratic Party's financiers that he was willing to accept Democratic presidential candidates other than Biden.

▌Musk: Two people have tried to kill me in the past 8 months

Elon Musk: Two people (on different occasions) have tried to assassinate me in the past 8 months. They were arrested about 20 minutes' drive from Tesla's headquarters in Texas, and they were in possession of guns.

▌Donald Trump will still give a speech at the Bitcoin 2024 Conference in Nashville

Golden Finance previously reported that when Trump was giving a speech at a campaign rally in Pennsylvania, USA, gunshots were heard at the scene, Trump had blood on his right ear, 1 person in the audience was killed and 2 were injured, and the gunman had been shot dead by the US Secret Service.

▌BTC breaks through $64,500

The market shows that BTC has broken through $64,500 and is now at $64,510.99, with a daily increase of 6.06%. The market fluctuates greatly, so please do a good job of risk control.

▌Trump plans to launch fourth NFT series

Bloomberg Businessweek published an interview with former President Donald Trump on Tuesday, saying that Trump plans to launch a fourth NFT series. In the interview, Trump said that his previous series was "very successful" and sold out in one day: "The whole series is sold out: 45,000 cards. I've done it three times, and I'm going to do it again because people want me to do it again. The spirit is incredible. It's beautiful."  

It is reported that Trump had previewed the idea of ​​issuing a fourth NFT series at a party held for his NFT holders at Mar-a-Lago in May this year, but he did not express his position at the time. He said: "I believe in supply and demand. As everyone knows, one is good, two is good, and three is also good. At some point, there may be a turnaround.

Policy

▌There are rumors that Trump will announce the United States' Bitcoin strategic reserve policy next week

According to Bitcoin Archive on the X platform, there are rumors that Trump will announce the United States' Bitcoin strategic reserve policy next week.

▌Putin warns that uncontrolled growth in cryptocurrency mining could trigger an energy crisis in Russia and emphasizes the practicality of the digital ruble

Russian President Vladimir Putin warned that the uncontrolled growth of Bitcoin mining in Russia could cause energy problems, especially in areas such as Irkutsk, Buryatia and Trans-Baikal Territory where power shortages are frequent. Putin pointed out that these mining activities consume about 1.5% of the country's total electricity consumption, or up to 16 billion kilowatt-hours per year. He stressed that unrestricted mining expansion could cause regional power systems to reach their limits, affecting the development of corporate, residential and public service systems. 

▌US media: Authorities found the suspect 30 minutes before Trump’s shooting

According to Pennsylvania WPXI TV, the man who tried to kill Trump was found on the roof nearly 30 minutes before the shooting. According to reports, one of the local Beaver County SWAT team (ESU team) noticed a suspicious man on the roof near the rally at 5:45 pm, so he called the police and took a photo of the man. It is reported that the person in the photo is Thomas Crooks, but it is not clear whether Crooks was carrying a gun at the time. In addition, sources said that a law enforcement officer checked Crooks's site at the time but did not see him at the location where the first photo was taken. 26 minutes after law enforcement took the second photo of Crooks and received intelligence, gunshots were heard on the roof of the building. A few seconds later, a Secret Service sniper returned fire, killing Crooks.

▌US Republican Vice Presidential Candidate JD Vance Has Drafted Crypto-Friendly Bills, Which May Be Good for the Crypto Industry

US Republican Vice Presidential Candidate JD Vance is a potential crypto-friendly person. Given his previous efforts to formulate clearer legislation, the election of the author and venture capitalist of "Hillbilly Elegy" will be good for the crypto industry.  

According to Politico, JD Vance recently drafted a bill that will reform the way the United States regulates digital assets. Sources said that this bill will be more favorable to encryption than a bill passed by the House of Representatives in June.  

Like the House bill, JD Vance’s plan will overhaul the way the SEC and CFTC regulate the cryptocurrency market, a major priority for cryptocurrency companies and investors who are unhappy with Washington’s current policies.  

JD Vance did not disclose the purchase or sale of any cryptocurrency in his recent Senate financial disclosure.

▌Nigerian court to rule on Binance tax evasion case on October 11

The High Court in Abuja, the capital of Nigeria, will rule on Binance’s tax evasion case on October 11, 2024. According to it, Binance faces four charges of tax evasion, including failure to register for tax with the Nigerian Federal Inland Revenue Service (FIRS). According to local media reports, Binance's lawyer Ayodele Omotilewa appeared in court on Friday, July 12, and pleaded not guilty to all four charges before Judge Emeka Nwite. Omotilewa urged the judge to dismiss the charges, arguing that the case lacked substance, similar to the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. Judge Nwite decided to adjourn the case until October for further deliberation and review of the evidence presented. This gives the defense and prosecution more time to prepare their respective cases.

▌Musk Donates to Trump

Billionaire Elon Musk donated to a super PAC dedicated to electing Donald Trump to the White House, a major move by the world's richest man to leave his mark on American politics.  

Musk has donated to a low-profile group called the American Political Action Committee, according to people familiar with the matter who requested anonymity to detail his plans. It is not clear how much Musk has donated, but people familiar with the matter said it was significant. The PAC will disclose its list of donors again on July 15.

▌EBA publishes guidance on 'travel rule'

The European Banking Authority (EBA) today published new guidance on the so-called "travel rule", i.e. the information that should accompany transfers of funds and certain crypto-assets. The rule will help address the abuse of such transfers for money laundering and terrorist financing.  

The guidance sets out what information should accompany a transfer of funds or crypto-assets and sets out the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if a funds transfer or crypto-asset transfer lacks the required information.  

The goal is to establish a consistent and effective way of implementing the travel rule across the EU, enabling the relevant authorities to fully trace such transfers where necessary to prevent, detect or investigate money laundering and terrorist financing.

Blockchain Applications

▌Usual Money Launches Usual USD on Public Mainnet, TVL Reaches $90 Million

A project called Usual Money has officially announced its public mainnet, launching the USD (USD0) stablecoin. The initiative aims to provide a decentralized alternative to traditional fiat-backed stablecoins. According to defillama.com statistics, as of July 14, the total locked value (TVL) of the USD0 protocol was $90.78 million.

▌Palau Partners with Soramitsu on DLT Government Bond Issuance Platform

Palau has signed with DLT firm Soramitsu Labs to develop a government bond issuance platform, targeting Palau’s less than 20,000 people as investors. Soramitsu is known for developing Cambodia’s Bakong national payment system and has CBDC projects in Laos, the Philippines and Vietnam.  

Palau plans to test the system later this year, with the goal of issuing its first bond next year. Other countries such as the Philippines and Thailand have also used blockchain for government bond issuance for individual investors.

▌Ava Protocol Has Launched Mainnet on Ethereum

Ava Protocol (formerly OAK Network) has launched its mainnet on Ethereum. The team said this will enable developers to integrate event-driven super transactions without custom code, simplify complex on-chain operations, provide advanced functions beyond the Ethereum virtual machine, and support automated tasks such as payments and dynamic NFT casting. According to previous news, Ava Protocol has completed a $10 million seed round of financing, with investors including Electric Capital, Taisu Ventures and Polygon founder Sandeep Nailwal.

▌SEND launches Blinks browser "onlyblinks"

Solana Blinks Ecosystem Meme Project SEND announced the launch of Blinks browser "onlyblinks" on X, including the ability to explore and use all Solana blinks in the same place.

Cryptocurrency

▌Analyst: Bitcoin's next target is $74,000

Bitcoin analyst Trader Tardigrade said, "Bitcoin's next target: $74,000. BTC has formed a tight bull flag on the daily chart, and the measuring target of the flagpole is $74,000. Or set the current all-time high."

▌People familiar with the matter: Crypto market maker Wintermute is in financing negotiations

According to informed investors, digital asset market maker Wintermute is discussing a round of financing. The company is discussing the sale of $100 million in shares, part of which will go to existing shareholders. Wintermute will also issue new shares, but the specific amount has not yet been determined. People familiar with the matter added that negotiations are still ongoing and details have not yet been finalized.

▌Musk responds to $45 million monthly donations to Trump: So far, monthly funds are far below that level

Musk said regarding political donations that he did create a political action committee (PAC) focused on supporting U.S. presidential candidates, but did not promise any donations to anyone. So far, monthly funds are "far below" $45 million.

▌Mark Cuban: Inflation is still the fundamental reason for BTC's rise, and BTC will become a global safe haven for funds

Billionaire and well-known investor Mark Cuban posted on social media that Trump's support for cryptocurrency is good news, but it has not really affected the price of cryptocurrency. What drives BTC prices is lower tax rates and tariffs. If history is a guide, the fundamental reason is still inflation. Coupled with global uncertainty about the U.S. geopolitical role and the impact on the U.S. dollar as a reserve currency.  

As for how high it can go, Mark Cuban said that the price of BTC will be much higher than imagined. Because the BTC market is global, the ultimate limit of supply is 21 million pieces, which can be fragmented without limit. When geopolitical uncertainty increases and the size of the US dollar as a reserve currency declines, BTC will become a global safe haven, which means that BTC may be something that countries and all of us want to buy as a means of protecting our savings. For a country that is already facing hyperinflation, this is not crazy. If things really go further than imagined, then BTC becomes a global currency.

▌Kaiko: Spot Ethereum ETF may outperform Bitcoin after launch

A new report from Kaiko shows that Ethereum may outperform Bitcoin after the much-anticipated Ethereum exchange-traded fund (ETF) is launched in the United States. The report noted that the current Ethereum to Bitcoin price ratio is 0.05, higher than the 0.045 before the Securities and Exchange Commission (SEC) approved the spot Ethereum ETF, indicating that Ethereum's price is rising relative to Bitcoin. The report also highlighted that Ethereum's 1% market depth and exchange reserves are at multi-year lows, which may indicate a supply shock due to increased institutional demand, pushing ETH prices further up. According to forecasts, the spot Ethereum ETF may be launched before July 23, and institutional investors are expected to attract $10 billion in inflows at a rate of about $1 billion per month. Overall, Kaiko's analysis believes that with the launch of the spot Ethereum ETF, Ethereum may surpass Bitcoin in market performance. ▌Former US Congressman: Bitcoin is "about freedom" and being able to trade the way you want Former US Congresswoman Tulsi Gabbard said Bitcoin is "about freedom" and being able to trade the way you want.

▌J.D. Vance, Republican Vice Presidential Candidate, Holds Up to $250,000 in Bitcoin as of 2022

Former U.S. President Donald Trump has named J.D. Vance as the Republican vice presidential candidate today.  

The Ohio senator disclosed in his mandatory annual report for the 2022 calendar year, filed in October 2023, that as of 2022, he owned between $100,001 and $250,000 in Bitcoin, which he held through Coinbase. In addition, Vance also opened accounts at brokerage firms Robinhood and Charles Schwab.  

The vice presidential candidate has not yet filed a financial disclosure for 2023. His current estimated net worth is at least $5 million and at most $10.5 million.

Important Economic Dynamics

▌The probability of the Fed keeping interest rates unchanged in August is 96.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 96.4%, and the probability of a 25 basis point rate cut is 3.6%. The probability of the Fed keeping interest rates unchanged by September is 2.9%, the probability of a cumulative 25 basis point rate cut is 93.6%, and the probability of a cumulative 50 basis point rate cut is 3.5%.

▌Fed's Daly: Recent inflation data is good, but the target has not been achieved

Fed's Daly said that the recent inflation data in the United States is good, but the target has not been achieved; the labor market is returning to balance; there are dual risks in monetary policy choices; the Fed still relies on data to formulate monetary policy; there is a risk of making mistakes in early action or emergency policy actions; prices have not yet stabilized.  

Daly said she would not predict a recession in the United States, but she could not say "the job is done."

▌Analysis: Details of the Fed's Beige Book will boost confidence in rate cuts

Some analysts said the July Beige Book could boost the Fed's confidence in cutting interest rates at its upcoming meeting. The description of "small to moderate" economic growth is similar to the May report, but the details show marginal weakness in the economy - including stabilization of input costs, slowing wage growth and lower growth expectations. Analysts expect policymakers to begin to gradually remove policy restrictions at the September FOMC meeting, and these developments should bring them comfort.

▌The probability of the Fed keeping interest rates unchanged in August is 96.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 96.4%, and the probability of a 25 basis point rate cut is 3.6%. The probability that the Fed will keep interest rates unchanged by September is 1.0%, the probability of a cumulative 25 basis point rate cut is 95.5%, and the probability of a cumulative 50 basis point rate cut is 3.6%.

▌Federal Reserve Board Member Kugler: If the unemployment rate continues to rise, it would be appropriate for the Fed to cut interest rates in advance

Federal Reserve Board Member Kugler said that rebalancing the job market means that inflation will fall to 2%; if inflation data fails to boost confidence, it may remain on hold for a longer period of time; if the unemployment rate continues to rise, it would be appropriate for the Fed to cut interest rates in advance; reiterated the position that "it would be appropriate to cut interest rates later in 2024"; the risks facing inflation and employment are now more balanced; inflation has continued to decline, but is still above the target; data released by non-government departments provide another perspective for the overall economy. In addition, Kugler said that he is cautiously optimistic that US inflation will make progress toward 2%; the Fed does not want the labor market to cool too much.

▌The three major U.S. stock indexes closed up collectively, with the Dow Jones and S&P 500 indexes both hitting record closing highs

The three major U.S. stock indexes closed up collectively, with the Dow Jones up 1.85%, the S&P 500 up 0.64%, and the Nasdaq up 0.2%. Among them, the Dow Jones and S&P 500 indexes both hit record closing highs. Most large technology stocks fell, with Nvidia, Google, and Meta falling more than 1%, Netflix and Microsoft falling slightly; Tesla rose more than 1%, and Apple and Amazon rose slightly. Among them, Apple continued to hit a record closing high.

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 concept and be sure to increase risk awareness.