BTC mining difficulty hits new high; Trump suggests using cryptocurrency to solve US debt

Headline

▌Bitcoin mining difficulty hits record high

Data shows that Bitcoin mining difficulty hits record high.

▌Trump suggests using cryptocurrency to solve US debt problem

Former US President Donald Trump suggested using cryptocurrency to solve US debt problem in an interview with Fox Business Channel on Friday, calling cryptocurrency "a very interesting thing" and suggesting that the US acceptance of Bitcoin could help solve the $35 trillion US national debt. Trump said: "Cryptocurrency is a very interesting thing. Very advanced in some ways... But if we don't do it, other countries will do it... So we'd better be in the forefront. There are a lot of very smart people in the cryptocurrency field who love our country and think it's great. Who knows? Maybe we will pay off the $35 trillion debt and give them a little cryptocurrency check, right?" Trump also criticized the Biden administration's approach to encryption: "Biden tried to stop it-Biden is not smart enough to stop it. Can you imagine this person telling you to stop something like this? He has no idea what it is. But if we don't accept it, it will be accepted by others."

Market

As of press time, according to Coingecko data:

BTC recently traded at $60,835.02, with a daily increase or decrease of -6.0%;

ETH's latest transaction price is 2,939.23 yuan, with a daily increase or decrease of -7.8%;

BNB's latest transaction price is 529.90 US dollars, with a daily increase or decrease of -7.5%;

SOL's latest transaction price is 149.46 US dollars, with a daily increase or decrease of -10.3%;

DOGE's latest transaction price is 0.1093 US dollars, with a daily increase or decrease of -7.3%；

XPR's latest transaction price is $0.5474, with a daily change of -7.1%.

Policy

▌US Congresswoman Cynthia Lummis: Trump's presidency will have a "significant impact" on Bitcoin

US Senator Cynthia Lummis of Wyoming said that Donald Trump's election as president will have a "significant impact" on Bitcoin and the country.

▌The US CFTC issued a subpoena to Hit Network to investigate 15 tokens including BEN

The US CFTC is investigating cryptocurrency fraud activities that may be carried out by unknown individuals, which may involve 15 tokens including memecoin BEN. The agency issued a subpoena on July 16 to Hit Network, a cryptocurrency-focused media company that previously used Ben Armstrong, nicknamed "BitBoy", as its spokesperson. The subpoena requested information on trading activities and digital wallets for 15 tokens. The subpoena stated that this was part of an investigation into persons engaged in digital currency fraud and related illegal activities.

▌Crypto industry executives plan to meet with White House advisers and congressmen next week to discuss digital assets

According to a person familiar with the matter, cryptocurrency industry executives plan to meet with White House advisers and Congressman Ro Khanna next week to discuss issues surrounding digital assets and propose policy reforms for the next administration.

Blockchain Applications

▌Flow will undergo Crescendo upgrade on September 4 to achieve full EVM equivalence

Flow announced that its mainnet will undergo Crescendo upgrade at 20:00 on September 4. Flow said Crescendo will be the most significant upgrade to the Flow network since Genesis, including full EVM equivalence for all developers on Flow and marking the maturity point of the Flow native programming environment of Cadence 1.0. Full EVM equivalence means that any smart contract, protocol or tool running on the Ethereum mainnet will be able to run on Flow, similar to EVM L2. The network upgrade is estimated to take about 6 hours, during which time the Flow mainnet network will be in maintenance mode and will not process transactions.

Cryptocurrency

▌HashKey Group OTC Division Obtains Singapore Payment License

HashKey Group's OTC division is the latest cryptocurrency company to obtain a payment license from the Monetary Authority of Singapore. The license was introduced under the Payment Services Act 2019 and allows companies to provide "digital payment token" services in Singapore. In February this year, HashKey received in-principle approval for a major payment institution license. Previously, the company operated under a regulatory exemption, providing spot trading, fiat currency on-ramp and settlement services. Founded in 2018 and headquartered in Hong Kong, HashKey Group is a financial services company that provides crypto services across Asia through its exchange, asset management, node operations, tokenization and NFT divisions. The company also has offices in Singapore, Japan and Bermuda.

▌About 64,000 BTC moved out of exchanges in the past 30 days

According to Glassnode's whale net position change indicator, Bitcoin whales with at least 1,000 BTC have moved most of their Bitcoin out of exchanges since 2015, marking the largest increase in nine years. About 64,000 BTC moved out of exchanges in the past 30 days.

▌Ethereum Futures Open Interest Hits 19-Month High, But ETH Price Weakness Intensifies

Ether experienced a 10% correction between July 31 and August 2, revisiting the $3,000 support level for the first time since July 8. This move far outpaced the overall cryptocurrency market, which fell 6.8% over the same period. However, Ether futures open interest still rose to its highest level in seven months, leading traders to speculate whether a move to $3,600 could be the next step.

▌Grayscale ETHE had a net outflow of $61.4 million yesterday, and it is expected that 50% will flow out in 40 days

According to TraderT data, Grayscale ETHE had a net outflow of $61.4 million yesterday, and 24.4% of it has flowed out in 9 trading days since the Ethereum spot ETF was approved for trading. It is expected that 50% will flow out in 40 trading days (September 13).

▌Today's total cryptocurrency market value is $2,191.029 billion, and the 24-hour trading volume is $91.754 billion

According to CoinGecko data, today's total cryptocurrency market value is $2,191.029 billion, down -5.97% in the past 24 hours; the 24-hour trading volume is $91.754 billion, of which BTC accounts for 55.33%.

▌Synthetix launches USDx stablecoin

According to official news, Synthetix launched the USDx stablecoin, and users can deposit ARB, USDC, USDe or ETH as collateral to mint and borrow USDx at a 0% interest rate.

Important Economic Dynamics

▌Fed Barkin: Once the US economy weakens rapidly, rate cuts will be a typical approach

Fed Barkin said that the 114,000 non-agricultural employment increase is not good enough, but it can be regarded as "reasonable data." Once the US economy weakens rapidly, it will be a typical approach for the Fed to cut interest rates sharply.

▌The three major U.S. stock indexes closed down collectively, with the Nasdaq and S&P 500 falling for three consecutive weeks

The three major U.S. stock indexes closed down collectively, with the Nasdaq down 2.43% and a cumulative decline of 3.35% this week; the S&P 500 fell 1.84% and a cumulative decline of 2.06% this week; the Dow fell 1.52% and a cumulative decline of 2.1% this week. Among them, the Nasdaq and S&P 500 fell for three consecutive weeks. Most large technology stocks fell, with Intel plummeting more than 26%, the biggest drop since at least 1982; Amazon fell more than 8%, Tesla fell more than 4%, Microsoft and Google fell more than 2%, Meta, Nvidia, and Netflix fell more than 1%; Apple rose slightly. In addition, according to market news, the U.S. stock market has evaporated more than $2.9 trillion today due to growing concerns about a global recession. This is one of the worst days for the stock market since the COVID-19 pandemic.

▌Global liquidity (M2) is at an all-time high

Bitcoin Magazine said on the X platform that global liquidity (M2) is at an all-time high.

▌US recession concerns trigger sharp declines in global stocks, gold futures hit new highs

European, Asian and US stocks fell sharply on Friday due to growing concerns about a US recession and poor earnings for technology stocks. Japanese stocks suffered their worst day since the 2020 coronavirus pandemic, while gold hit a new high. Fears that the United States could fall into a recession triggered a sell-off in global stocks, and the sell-off was further exacerbated by a poor jobs report released last Friday that showed the US job market was cooling rapidly, pushing up the unemployment rate. The Nasdaq index fell nearly 3%, and the Japanese stock market Nikkei 225 index plummeted 5.8%, the largest single-day drop since 2020. Major European stock indexes also fell across the board, with technology stocks falling to a six-month low. France's CAC 40 index and Germany's DAX index fell more than 1% and 2%, respectively. At the same time, investors flocked to safe-haven assets, and gold futures hit a new high of $2,506.4 per ounce.

Golden Encyclopedia

▌What is Delegated Proof of Stake (DPoS)?

DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement of the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. In particular, Eos, which used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.

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 increase risk awareness.