Biden advisers attend roundtable meeting, S&P 500 index breaks through 5,600 points for the first time

Headline

▌Biden advisers attended the crypto roundtable for about an hour

FOX Business reporter Eleanor Terrett posted on social media the list of participants in today's crypto roundtable. Important participants include: Biden senior adviser Anita Dunn Mark Cuban, Coinbase chief legal officer Paul Grewal, BitGo co-founder Mike Belshe DCG vice president of public policy Julie Stitzel, a16z government affairs director Collin McCune, Kraken chief compliance officer Marco Santori, former CFTC chairman Chris Giancarlo (Paxos board member), Pantera chief compliance officer Katrina Paglia, former SEC senior adviser Justin Slaughter (Paradigm policy director), Uniswap Labs chief legal officer Marvin Ammori, Circle chief strategy officer and global policy director Dante Disparte.  

In addition, participant Congressman Ro Khanna reported that he believed today's meeting was "a productive step forward", and Biden senior adviser Anita Dunn participated in the meeting for about an hour.

▌The S&P 500 index broke through 5,600 points for the first time, with an intraday increase of 0.41%

The S&P 500 index broke through 5,600 points for the first time, with an intraday increase of 0.41%.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $57,750.71, with a daily increase or decrease of -0.4%;

ETH's latest transaction price is $3,098.81, with a daily increase or decrease of +1.1%;

BNB's latest transaction price is $524.05, with a daily increase or decrease of +1.4%；

SOL's latest transaction price is 141.86 US dollars, with a daily increase or decrease of +0.3%；

DOGE's latest transaction price is 0.1079 US dollars, with a daily increase or decrease of +0.4%；

XPR's latest transaction price is 0.4389 US dollars, with a daily increase or decrease of +0.7%.

Policy

▌U.S. Department of Justice: BitMEX admits to violating the Bank Secrecy Act in an anti-money laundering case

According to an official statement from the U.S. Department of Justice, cryptocurrency exchange and derivatives trading platform BitMEX admitted on Wednesday to violating the Bank Secrecy Act, saying that BitMEX deliberately failed to establish, implement and maintain an adequate anti-money laundering program. The law carries a maximum sentence of five years in prison and a fine, and the case has been handed over to U.S. District Judge John G. Koeltl for trial.  

U.S. Attorney Damian Williams said: "As the founder and long-time employee of BitMEX admitted in federal court in 2022, the company was one of the world's leading cryptocurrency derivatives platforms from 2015 to 2020, but it operated in the United States without any meaningful anti-money laundering program required by federal law. As a result, BitMEX has become a tool for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Today's guilty plea once again shows that if cryptocurrency companies use the U.S. market, they need to comply with U.S. law."

▌Fox reporter: U.S. CFTC Chairman is happy to put the crypto market under the jurisdiction of the CFTC

According to Fox Business reporter Eleanor Terrett, U.S. Senator Roger Marshall talked about the power struggle between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) over determining which digital assets are securities and which are commodities. Marshall asked CFTC Chairman Rostin Behnam, "Wouldn't it be simpler if we brought the whole thing under the jurisdiction of the CFTC?" Behnam said, "I'm speaking for myself, but I'd be happy to do it. I think we have the expertise and the capability." He said, "Some changes need to be made to the definition of securities and commodities under that regime."

▌DOE Prepares Second Crypto Mining Survey, Seeks Industry Comments

The U.S. Department of Energy (DOE) is preparing to open another investigation into the energy use of cryptocurrency mining companies after its first attempt earlier this year was stymied by a lawsuit, but will first seek input from cryptocurrency industry participants.

The U.S. Energy Information Administration (EIA), which oversees energy statistics and analysis, hosted a public webinar on Wednesday to hear from interested members of the public, including crypto miners and industry participants, on how to develop such an investigation ahead of a proposed rulemaking scheduled for publication in the Federal Register, with more than 100 attendees in attendance.  

Lee Bratcher, president and founder of the Texas Blockchain Council, suggested that the EIA also include traditional data centers in its survey, rather than limiting the information request to only cryptocurrency-focused data centers. Jayson Browner, senior vice president of government affairs at Marathon Digital Holdings, also echoed the suggestion, saying that the industry would be "skeptical" of the survey if traditional data centers were excluded from the request.

▌Lugano, Switzerland, encourages Bitcoin payments for daily expenses

Bitcoin journalist Joe Hall recently visited Lugano, Switzerland, to validate its reputation as the world's friendliest crypto city. Lugano is known for its progressive acceptance of digital currencies and its leading position in Bitcoin trading. Hall visited the city's Bitcoin School and interviewed Blockstream CEO Adam Back and Tether CEO Paolo Ardoino about the future of Bitcoin and Lugano's role in crypto innovation. He also tested the feasibility of using only Bitcoin for daily expenses in Lugano, including dining and shopping, and found that Lugano not only supports Bitcoin payments, but also actively encourages this payment method, showing that a Bitcoin-based lifestyle is completely feasible here.

▌City of Santa Monica, California votes to open a Bitcoin office

The city of Santa Monica, California, voted to open a Bitcoin office.

▌Bill Hwang, the protagonist of the century's big explosion, was found guilty, causing Wall Street to lose tens of billions of dollars

Bill Hwang, the founder of Archegos Asset Management, was criminally charged for his company's bankruptcy in 2021. The two-month trial ended on Wednesday, and the U.S. jury sentenced Bill Hwang and co-defendant, Chief Financial Officer Patrick Halligan, to guilty. Hwang, 60, has pleaded not guilty to one count of conspiracy to defraud, three counts of fraud and seven counts of market manipulation, but was convicted on 10 of the 11 charges. He now faces up to 20 years in prison on each count if convicted, although any sentence is likely to be much lower.  

According to prosecutors, Hwang secretly amassed huge stakes in multiple companies without actually owning the stocks. Archegos' market positions swelled to $160 billion at one point due to a deceptive trading strategy that concealed its true size from the market. The use of borrowed money and derivative securities that do not require public reporting allowed Hwang and his hedge fund to remain anonymous.  

Archegos collapsed in March 2021 as Wall Street scrambled to liquidate positions associated with Archegos. When the dust settled, it caused more than $10 billion in losses to counterparties including Credit Suisse Group AG, Morgan Stanley and Nomura. This incident also laid the seeds for Credit Suisse's bankruptcy.

Blockchain Applications

▌VivoKey Launches Cryptocurrency Wallet Implantable Under the Human Skin

Seattle-based Dangerous Things and VivoKey Technologies use NFC and RFID technology to launch cryptocurrency wallets that can be implanted under the human skin to enable secure cryptocurrency transactions.  

According to officials, "These wallets are hardware wallets for sending cryptocurrencies. Your mobile app is your interface, but it doesn't have any private keys. The private key and the actual signature of the Bitcoin transaction or encrypted transaction are all done in the chip." The implantable device Apex Flex retails for $349.  

Founded in 2013 and 2017, respectively, Dangerous Things and VivoKey specialize in custom-installed near-field communication (NFC) and radio frequency identification (RFID) technologies in the human body.

▌Tezos to launch Jstz, a smart rollup powered by JavaScript

Trilitech, the developer of the Tezos blockchain, announced the launch of Jstz, a smart rollup powered by JavaScript. The team said that the Layer2 rollup to be built on Tezos will allow developers to use JavaScript and its extensive resources. What makes Jstz different is that it is designed to comply with the standard JavaScript API, enabling developers to use an ecosystem of JS tools and libraries.

Cryptocurrency

▌NYDIG Research Director: Claims that the German government, Mt.Gox, and miners' selling pressure caused the decline in Bitcoin may be exaggerated

Many market observers have blamed the recent BTC plunge on selling pressure from Bitcoin mining operators, Mt.Gox refunds, and the recent German government sell-off. Greg Cipolaro, head of research at NYDIG, said in a report on Wednesday that the above claims are exaggerated. He added: "While sentiment and psychology may play a leading role in the short term, our analysis suggests that the impact of a potential sell-off on prices may be exaggerated. We are not unaware that there are other factors at play, but we can reasonably assume that rational investors may find this to be an interesting opportunity created by irrational fear." Cipolaro also said that recent reports that miners have significantly increased their Bitcoin reserves after this year's halving event are not only exaggerated, but in some cases completely inaccurate. NYDIG's data shows that publicly traded mining companies actually increased their Bitcoin holdings in June. Although BTC sales have recovered slightly last month, they are still far below the levels of earlier this year and last year.

▌Bloomberg ETF Analyst: US SEC May Approve Spot Ethereum ETF on July 18

Bloomberg ETF Analyst Eric Balchunas predicts that the US SEC may approve the spot Ethereum ETF on July 18.

▌Gambling Markets Believe Biden Has Less Than a 50% Chance of Winning the Presidential Nomination

Biden's speech at the NATO summit did not completely quell doubts about his health, and now there is new pressure, and his betting odds have also declined. Gambling website PredictIt shows that he has less than a 50% chance of winning the Democratic Party's presidential nomination. The main catalyst for the decline in his nomination odds seems to come from two figures. One is that former House Speaker Pelosi did not explicitly support Biden. As an "old player", Pelosi may know the direction of the wind. Second, Hollywood actor George Clooney, a long-term Democratic Party donor, said in a commentary published in the New York Times that "the Joe Biden who was with me at a fundraiser three weeks ago is no longer the great Joe Biden of 2010. He is not even the Joe Biden of 2020. He is the man we saw in the debate. With this president, we will not win in November." Trump will speak at the 2024 Bitcoin Conference. Trump will speak at the 2024 Bitcoin Conference. Global head of Goldman Sachs Digital Assets: The launch of the spot Bitcoin ETF is a new driving force in the encryption field. Mathew McDermott, global head of Goldman Sachs Digital Assets, said that the launch of the spot Bitcoin ETF is a "new driving force in the cryptocurrency field."

Important Economic Developments

▌Powell refutes claim that September rate cut is related to US election

U.S. Congressman Mike Lawler asked Powell at a hearing on Wednesday: "Will the September rate cut (investors currently believe the probability is about 70%) be seen as a political act trying to change the campaign landscape before the November 5 election?" Powell refuted the claim and said the Fed will make interest rate decisions "when necessary." "Our commitment is to make decisions when necessary based on the data, the incoming data, the changing outlook and the balance of risks, and not on other factors, including politics. We have always done this, including in election years... Everything we do will be based on evidence. For us, it is inappropriate to consider the election cycle (when making interest rate decisions) anyway."

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 94.3%

According to CME's "Fed Watch": The probability of the Federal Reserve keeping interest rates unchanged in August is 94.3%, and the probability of a 25 basis point rate cut is 5.7%. The probability of the Federal Reserve keeping interest rates unchanged by September is 27.4%, the probability of a cumulative 25 basis point rate cut is 68.6%, and the probability of a cumulative 50 basis point rate cut is 4.0%.

Golden Encyclopedia

▌What is market depth in cryptocurrency trading?

In cryptocurrency trading, market depth describes the market's ability to withstand a large number of orders without a noticeable impact on the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.