Powell’s policy shift is complete, BTC mining opportunity worth $74 billion

Headlines

▌Fed Mouthpiece: Powell's policy shift has been completed

Fed Mouthpiece" Nick Timiraos posted on social media that today's speech shows that Powell's policy shift has been completed. Powell showed a comprehensive dovish stance in his speech. Two years ago, he also said at the same time that the Fed would accept a recession as the price of restoring inflation.

▌JP Morgan Chase: Bitcoin mining opportunities are worth about $74 billion

The latest research report from Wall Street investment bank JP Morgan Chase shows that based on the current Bitcoin price, the potential value of the remaining 1.3 million Bitcoins to be mined is about $74 billion. The bank also lowered its target prices for CleanSpark (CLSK), Iren (IREN), Marathon Digital (MARA), and Riot Platforms (RIOT) to reflect second-quarter results and changes in Bitcoin prices and network computing power. JPMorgan Chase expects block reward revenue opportunities to be approximately $37 billion over the next four years, down 19% from early June but up 85% year-over-year. The bank expressed a preference for Iren and Riot Platforms, believing that the recent poor performance of these stocks provides investors with buying opportunities.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $64,031.39, with a daily increase or decrease of +5.8%;

ETH's latest transaction price is 2,760.33 yuan, with a daily increase or decrease of +5.1%;

BNB's latest transaction price is $590.60, with a daily increase or decrease of +1.6%；

SOL's latest transaction price is 153.08 US dollars, and its intraday increase or decrease is +6.4%；

DOGE's latest transaction price is 0.1131 US dollars, and its intraday increase or decrease is +7.0%；

XPR's latest transaction price is 0.6091 US dollars, and its intraday increase or decrease is +1.9%。

Policy

▌Hong Kong International New Economy Research Institute: The virtual asset market will usher in a reshuffle, and some non-compliant U merchants and project parties may withdraw

Fu Rao, executive director of the Hong Kong International New Economy Research Institute, wrote an article in Ta Kung Pao entitled "Improving the Healthy Development of the Virtual Asset Regulatory Industry", pointing out that the Supreme People's Court and the Supreme People's Procuratorate of China jointly issued an interpretation on several issues concerning the application of laws in handling criminal money laundering cases, which clearly listed virtual asset transactions as one of the methods of money laundering, which will have the following impacts on the virtual asset industry: 1) Industry turnover is rising. The introduction of regulations means that practitioners need to pay more attention to compliance issues and increase compliance investment to ensure that the business is legal and compliant. The market will usher in a reshuffle, and some non-compliant U merchants and project parties may withdraw from the market, and the industry concentration will further increase. 2) Strengthen investor education. The introduction of regulations will prompt investors to pay more attention to the risks of virtual assets and improve investors' risk identification capabilities. 3) Industry supervision is gradually improving. The release of this judicial interpretation will help regulatory authorities to conduct more effective supervision of the virtual asset industry and promote the healthy development of the industry. As Hong Kong vigorously develops the virtual asset economy, the mainland will first respond to the serious crimes that virtual assets are most likely to cause. In this context, both U merchants and ordinary investors should raise their legal awareness, ensure transaction compliance, and avoid falling into legal risks.

Blockchain Applications

▌Sui Liquidity Protocol DeepBook Releases V3 Test Network

On August 23, Sui Liquidity Protocol DeepBook released the V3 test network, in which the transaction Gas cost was reduced by 60%, allowing market makers and traders to share liquidity between pools, and introducing DEEP tokens, allowing users to obtain fee discounts, market maker incentives and governance functions. The V3 test network will run for two weeks, and users who participate in the test network can receive incentives.

▌Gate.io and EVG reach strategic cooperation to promote the global application of Web3 technology

On August 23, according to official news, Gate.io, the world's leading cryptocurrency exchange, announced a strategic cooperation with Everest Ventures Group (EVG), the Web3 operating group, to accelerate the application and development of Web3 technology in the global market. This cooperation will use Gate.io's platform resources and global user groups to open up the market for high-quality projects in the EVG ecosystem and further promote the innovation and popularization of blockchain technology. Dr. Han Lin, founder and CEO of Gate.io, said that this cooperation will accelerate the growth of Web3 projects with global potential, and look forward to working with EVG to create an ecosystem that benefits global users. Allen Ng, co-founder and CEO of EVG, said that the cooperation with Gate.io will provide important support for its next-generation consumer products to enter the global market and help promote the comprehensive promotion of Web3 technology.

Cosmos announced on the X platform that Ethereum's second-layer network Starknet is integrated with Cosmos Interchain. By integrating Starknet, application composability across different L2 and L1 will be achieved, thereby accessing the broadest on-chain ecosystem.

Cryptocurrency

▌Ethereum spot ETF had a total net outflow of $874,600 yesterday, continuing a net outflow for 6 days

On August 23, according to SoSoValue data, yesterday (August 22, Eastern Time), Ethereum spot ETF had a total net outflow of $874,600. Yesterday Grayscale Ethereum Trust ETF ETHE had a net outflow of $19.8427 million in a single day, and the current historical net outflow of ETHE is $2.523 billion. Grayscale Ethereum Mini Trust ETF ETH had a net inflow of $3.6837 million in a single day, and the current historical total net inflow of Grayscale Ethereum Mini Trust ETH is $236 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Fidelity ETFF ETH, with a net inflow of $14.3303 million in a single day, and the current historical total net inflow of FETH is $390 million. The second is Grayscale ETF ETH, with a net inflow of $3.6837 million in a single day, and the current historical total net inflow of ETH is $236 million.

▌AVAX breaks through $26

The market shows that AVAX breaks through $26 and is now at $26.01, with a 24-hour increase of 11.82%. The market fluctuates greatly, so please do a good job of risk control.

▌The Blockchain Association and DeFi Education Fund warn that the SEC's consolidated audit trail has privacy issues

The Blockchain Association and DeFi Education Fund stated in the amicus brief submitted that the SEC's consolidated audit trail (CAT) has privacy issues. After the financial crisis, the U.S. Securities and Exchange Commission passed Rule No. 613 in 2012, requiring national securities exchanges and the Financial Industry Regulatory Authority to maintain a consolidated audit trail (CAT). The group said CAT would turn "the blockchain into a massive and fully de-anonymized repository that governments can search at will without having to show any reason to obtain a warrant." The group also warned that the CAT database could be vulnerable to hacking, with the brief stating: "Worse, there is a high probability that user data submitted to the CAT database could be leaked to external parties through accidental or malicious attacks. Although organizations are investing more than ever in cybersecurity, data breaches are still increasing dramatically."

▌Justin Sun responds to the withdrawal of BTC collateral from USDD: USDD does not belong to anyone

In response to The Block's report that Justin Sun withdrew BTC collateral from USDD, Justin Sun responded on the X platform: "USDD is a decentralized stablecoin protocol that has nothing to do with anyone's name, just like Satoshi Nakamoto created Bitcoin, but Bitcoin does not belong to Satoshi Nakamoto." Previously, Tron DAO Reserve withdrew about $750 million worth of Bitcoin on Wednesday, which was previously used to support the USDD stablecoin. Tron founder Justin Sun said users don't need to worry, explaining that the move was to improve capital efficiency because USDD's previous long-term collateral rate exceeded 300%.

Important Economic Developments

▌Federal Reserve Bank of China's Goolsbee: All conditions necessary for a rate cut have been met

Federal Reserve Bank of China's Goolsbee said that he supports the Fed's focus on the job market; inflation is on the path back to 2%; policy is currently at the tightest point in the entire rate hike cycle; the Fed's forecasts show broad support for rate cuts; all conditions necessary for a rate cut have been met; almost all indicators show that the job market is cooling; he does not want to provide clear guidance on the Fed's interest rate decision; he does not believe that inflation will remain above 2%.

▌Institution: Although Powell hinted at a rate cut, investors still need to be cautious

Chris Zaccarelli of the Independent Advisory Alliance said in a report that Federal Reserve Chairman Powell’s "balanced and frank" speech at the Jackson Hole conference paved the way for a 25 basis point rate cut in September and "opened the door to further rate cuts if necessary." He believes it is too early to say that the economy will have a soft landing, and advises investors to "take a balanced approach to investment, neither preparing for the possibility of an imminent recession, nor pursuing risks and becoming complacent because the Federal Reserve will cut interest rates in less than a month.

▌The three major U.S. stock indexes closed up collectively

The three major U.S. stock indexes closed up collectively, with the Dow Jones Industrial Average up 1.14%, the Nasdaq up 1.47%, and the S&P 500 up 1.15%. Hot technology stocks rose across the board, with Nvidia and Tesla up more than 4%

Golden Encyclopedia

▌What is Delegated Proof of Stake (DPoS)?

DPoS It 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, highlighting its potential in achieving high performance and decentralized governance.

Disclaimer: As a blockchain information platform, the content of the articles published by Golden Finance is 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.