Biden emphasizes that he will not withdraw from the election. Coinbase launches an application with social functions

Headlines

▌Biden admitted to making mistakes in the debate with Trump and stressed that he would not withdraw from the election

US President Biden said at a press conference, "I made a stupid mistake in the debate (with Trump), and my schedule has been very tight. I said it would be better if I could control my rhythm more wisely. I will not travel to places 15 time zones away before the next debate." Biden also emphasized that he is the best candidate to defeat Trump, and there is no sign that he cannot complete the (campaign) mission. Biden also praised Harris for being qualified to be president. If she was not qualified, he would not choose her as vice president.

▌Coinbase launches a web application with social functions

Coinbase launched a web application with social functions to track personal on-chain wallets. The application can be used on PC and mobile devices. Users can manage all on-chain wallets and activities within the program. It supports purchasing, exchanging, sending, staking or minting tokens from the wallet. Users can also interact with each other. Coinbase has expressed its hope to emulate WeChat.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 57218.1 US dollars, with a daily increase or decrease of -0.68%;

ETH's latest transaction price is 3095.99 US dollars, with a daily increase or decrease of -0.08%;

BNB's latest transaction price is 525.82 US dollars, with a daily increase or decrease of +0.4%；

SOL's latest transaction price is 132.92 US dollars, and the intraday increase or decrease is -4.05%；

DOGE's latest transaction price is 0.1068 US dollars, and the intraday increase or decrease is -0.92%；

XPR's latest transaction price is 0.4497 US dollars, and the intraday increase or decrease is +2.40%。

Policy

▌The US SEC allows certain companies to circumvent controversial cryptocurrency accounting announcements

According to sources, some companies and financial institutions have made some business requests that the US SEC staff agreed would allow them to be exempt from controversial cryptocurrency accounting guidance. Since the release of SAB 121 in March 2022, following a large number of cryptocurrency industry bankruptcies, companies have been seeking advice from the SEC on new policies and procedures related to cryptocurrencies. The source added that SAB 121 itself has not changed. "There are many unanswered questions about how the law will come out in April 2022 about these things, and we've seen many crypto industry participants being careless in providing these services, harming many customers," the SEC source said, adding that companies have now demonstrated that certain procedures and technologies they set up allow customers to withdraw their cryptocurrencies in bankruptcy like any other asset (such as US dollars), and therefore do not have obligations under SAB 121.

▌U.S. SEC Commissioner: Fraud in the Crypto Market

At her nomination hearing before the Senate Banking Committee on Thursday, U.S. Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw told senators that rampant fraud in the cryptocurrency market led to her reluctance to approve a Bitcoin ETF earlier this year. In January, Crenshaw stood firm against these trading products, noting that they are not technically ETFs, but exchange-traded products (ETPs) that operate under different rules. The commissioner said that the agency's approval of Bitcoin (BTC) products would "put us on a wayward path that could further sacrifice investor protection." Weighing whether this is in the public interest, she reiterated on Thursday that she believes she must oppose the move: "Because there is serious fraud in the global underlying spot market and it is not transparent."

Blockchain Applications

▌Artificial intelligence startup Fireworks AI completes $52 million in financing, led by Sequoia Capital

On July 12, artificial intelligence startup Fireworks AI completed $52 million in financing, led by Sequoia Capital, with participation from Nvidia, Advanced Micro Devices Inc. and MongoDB Inc. The company's total financing has reached $77 million, with a valuation of $552 million. Fireworks plans to use the new funds to expand its team and plans to expand its partnerships with artificial intelligence companies. Fireworks aims to help companies adopt generative artificial intelligence by allowing them to access more than 100 models through its platform.

▌Animoca Brands runs a validator on the Core blockchain

Animoca Brands announced that it has run a validator on the Core blockchain to improve network security and decentralization. In addition to running a validator, Animoca Brands also plans to work with Core contributors to integrate certain dApps in its Web3 portfolio to promote BTCfi innovation.

▌The EU accepts Apple's commitment to open NFC, which may promote the development of the digital euro

The European Commission has accepted Apple's commitment to open NFC capabilities and legalized it for a period of ten years. Previously, Apple was accused of abusing its market dominance by using NFC capabilities exclusively for Apple Pay. Apple has now opened NFC access to developers in the EU for free and allows other wallet applications to be set as the default payment application, removing the restriction that it is limited to licensed payment service providers. The core of this agreement is to access NFC in host card emulation mode (HCE), with credentials stored in the bank's private cloud rather than in the device's secure element. The move helps address competition concerns and opens the door to a variety of payment methods, including central bank digital currencies (CBDCs). In particular, the European Central Bank (ECB) is developing an offline "swipe payment" feature for the digital euro, requiring access to the phone's secure isolation area and NFC function. Apple's commitment will help promote the implementation of this feature and accelerate the promotion and application of the digital euro.

▌Coinbase launches a web application with social interaction features to track personal on-chain wallets

Coinbase announced the launch of a web application to track personal on-chain wallets. The application is available on PCs and mobile devices. Users can manage all on-chain wallets and activities in one place, support buying, exchanging, sending, staking or minting currencies from wallets, and users can also interact with each other. Coinbase has expressed its hope to emulate WeChat.

▌Lido: DVT Technology Module Powered by SSV Network Now Deployed

Lido announced that the Simple Distributed Validator Technology (DVT) software module powered by SSV Network has been deployed and is ready for deposits. According to the team: "The Simple DVT module is designed to diversify the node operators connecting to and utilizing the Lido protocol, while enhancing resilience, distribution, and security. This development also lays the foundation for more scalable and permissionless DVT-based modules in the future. This launch represents a major step towards a more decentralized, secure, and accessible Ethereum staking ecosystem, and may have a ripple effect on the entire crypto space."

▌STEPN announces partnership with domain name service provider Unstoppable

Cryptocurrency

▌Fidelity FBTC had a net inflow of $32.7 million yesterday

According to Farside Investors, on July 11, the US spot Bitcoin ETF Fidelity FBTC had a net inflow of $32.7 million. Previously reported, on July 11, BITB had a net inflow of $7.5 million, GBTC had a net outflow of $37.7 million, ARKB had a net inflow of $4.3 million, and EZBC had no inflow or outflow of funds.

▌Pendle: The website has been shut down due to the hijacking of the Pendle domain name

Pendle issued a statement saying that we have shut down the website due to the hijacking of the Pendle domain name. Please do not use the application until further notice. The team is working hard to protect the website. Please rest assured that the protocol is not affected and your funds are safe.

▌The German government address has sold a total of $376 million worth of Bitcoin in the past 16 hours

According to Spot On Chain monitoring, in the past 16 hours, the German government address has sold another $376 million worth of Bitcoin, selling 10,627 Bitcoins (US$616 million) at an average price of US$57,976, and recovering 4,169 Bitcoins (US$240 million) at an average price of US$57,469. At present, there are only 9094 BTC ($520 million) left in the German government address, which is about 18% of the original amount. At this rate, it may sell all Bitcoin in the next 1-2 days.

Important Economic Dynamics

▌Fed Daly: The economy shows that one or two rate cuts this year are more appropriate

Fed Daly said that the recent inflation situation is a relief, but progress will not be smooth sailing; inflation is expected to gradually decline, and the labor market is also gradually slowing down; the economy looks to be on the path where one or two rate cuts this year are "more or less" more appropriate; more information is needed before taking the next step completely; so many people are talking about the labor market, which is a considerable signal from the Fed; the labor market has slowed down, but it is still solid.

▌The market value of the seven US stock giants evaporated by 4.35 trillion yuan overnight

After the good news of the US CPI data, traders chose to withdraw from the recent strong performance of technology giants. The heavyweight stock Nvidia closed down 5.57%, Tesla fell 8.44%, Meta fell more than 4%, Apple, Microsoft, Google and Amazon fell more than 2% respectively. In contrast, the Russell 2000 index, which is dominated by small-cap stocks, closed up more than 3.5%. The market value of the "Big Seven" evaporated by a total of nearly US$600 billion (about RMB 4.35 trillion) in a single day, which is equivalent to the loss of a JPMorgan Chase (market value of US$595.46 billion).

▌Fed Goolsbee: One or a series of rate cuts can be considered

Fed Goolsbee said that the June inflation report was very good, and depending on the data, one or a series of rate cuts can be considered.

▌The three major U.S. stock indexes closed with mixed gains and losses

The three major U.S. stock indexes closed with divergent trends, with the Dow up 0.08%, the Nasdaq down 1.95%, and the S&P 500 down 0.88%. Large technology stocks generally fell, with Tesla falling more than 8%, ending 11 consecutive gains, and its market value shrunk by $185 billion. Nvidia fell more than 5%, Meta fell more than 4%, Apple, Microsoft, Google, and Amazon fell more than 2%. Semiconductors, computer hardware, and consumer electronics led the decline, with Arm falling more than 7%, Qualcomm and Micron Technology falling more than 4%, Dell Technologies and ASML falling more than 3%, and Snap falling more than 2%.

Golden Encyclopedia

▌What is the market depth of cryptocurrency trading?

In cryptocurrency trading, market depth describes the ability of the market to withstand a large number of orders without a significant 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 a correct investment philosophy and be sure to raise your risk awareness.