Trump: The US economy is close to recession, XRP whale holdings hit a record high

Headlines

▌Trump: US economy is close to recession

Former US President Trump warned that the US economy is close to recession; we are very close to a world war.

▌XRP whale holdings hit a record high

According to Santiment’s latest findings, XRP’s market value has increased by 23% in the past 24 hours. This rapid growth coincides with whales’ massive hoarding, as wallets holding 1 million to 10 million XRP on the chain now hold a total of 7.06 billion XRP, worth about $4.42 billion, a record high.

As previously reported, the judge ruled that the exchange’s XRP trading did not violate securities laws and fined Ripple $125 million in the SEC case, a lower-than-expected fine.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $61,834.60, with a daily increase or decrease of +12.3%;

ETH's latest transaction price is 2,685.29 yuan, with a daily increase or decrease of +14.7%;

BNB's latest transaction price is $518.19, with a daily increase or decrease of +9.1%；

SOL's latest transaction price is 163.14 US dollars, with a daily increase or decrease of +12.6%；

DOGE's latest transaction price is 0.1074 US dollars, with a daily increase or decrease of +12.3%；

XPR's latest transaction price is 0.6177 US dollars, with a daily increase or decrease of +2.9%。

Policy

▌White House and Harris advisers heard from crypto executives but made no commitments

A group of cryptocurrency industry executives held a call with White House officials and advisers to Vice President Kamala Harris on Thursday to offer their input as the Democratic presidential candidates develop policy positions on cryptocurrency issues. Industry executives outlined their concerns about crypto policy. Neither White House representatives nor Harris advisers made any commitments, according to people familiar with the matter.  

The call included executives from Coinbase, Ripple, Kraken, Circle, and venture capitalists Mark Cuban, Chris Dixon and Ron Conway. White House Deputy Chief of Staff Bruce Reed, National Economic Advisor Lael Brainard, Undersecretary of the Treasury Wally Adeyemo and Senior Advisor to the Vice President and Director of Legislative Affairs Kristine Lucius also participated in the call.

▌Mango Markets Developer Asks Judge to Dismiss Fraud and Commodities Charges

In a 77-page motion filed earlier this week, Mango Markets developer Avraham 'Avi' Eisenberg asked the judge to dismiss fraud and commodities charges and request a new trial. His lawyers argued that the Southern District of New York is not the appropriate venue for the trial and said the government failed to prove that Eisenberg intended to manipulate the price of perpetual futures contracts on decentralized cryptocurrency exchange Mango Markets. 

Eisenberg's lawyers said the government did not prove that the Commodity Exchange Act applied to the case and that the commodities conviction should be thrown out. Prosecutors did not prove that MNGO Perpetual was a swap, rather than a “pure security.” “The evidence at trial showed that the price was completely unrelated to Eisenberg because he never attempted to sell any contracts and instead used his ability to draw and borrow on open positions to profit,” the lawyers said. Sentencing is set for Nov. 13, according to court documents. Fed Charges Customers Bancorp, Which Serves Digital Asset Clients, with Risk Management and Anti-Money Laundering Deficiencies The U.S. Federal Reserve said in an enforcement action filed Thursday that it found “significant deficiencies” in Customers Bancorp Inc’s (CUBI.N) risk management and anti-money laundering compliance. The bank, which serves digital asset clients, agreed to submit to the Fed a written plan to strengthen “board oversight” of its anti-money laundering requirements and sanctions-related rules. Under the agreement, the bank also agreed to submit a plan to improve risk management practices for its “digital asset strategy.”  

The Fed also requires Customers Bancorp to submit a revised customer due diligence plan, which should include documents to verify customer identities and "identify customers who are at higher risk of potential illegal activities at or through the bank."

Blockchain Applications

▌Celestia is about to upgrade Lemongrass and Mocha Testnet

Celestia will activate Lemongrass on Arabica Devnet in August. Mocha Testnet will also be upgraded in August, and the Celestia mainnet beta is scheduled to release the Lemongrass version in early to mid-September.

▌ENS domain names are available on Linea

According to official news, ENS domain names are available on Linea.

▌CoreWeave hires two executives from Google and Oracle to advance AI business

CoreWeave, a cloud computing company invested by Nvidia, has hired two executives from Google and Oracle to build its own artificial intelligence infrastructure. Among them, Chen Goldberg previously served as general manager and vice president of engineering at Google, a subsidiary of Alphabet, and will serve as senior vice president of CoreWeave in the future. Sachin Jain previously served as senior vice president of artificial intelligence (AI) infrastructure and product management at Oracle, and will serve as chief operating officer of CoreWeave in the future.

Cryptocurrency

▌Trump's second son: Beware of fake tokens, the official Trump project has not yet been announced

Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Organization, posted on social media, "Be careful of fake tokens. The only official Trump project has not yet been announced. The news will be announced on Twitter as soon as possible." 

Previously, Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Organization, posted on social media, "I really fell in love with cryptocurrency/DeFi (decentralized finance). Stay tuned for major announcements."

▌JP Morgan: The rebound in the crypto market may be short-lived, and most of the positive catalysts have been digested

JP Morgan analysts said in a report that most of the positive catalysts that could drive up prices of Bitcoin and the broader cryptocurrency market have been priced in. in, including Morgan Stanley Wealth Advisors offering crypto ETFs to its clients, the impending end of Mt. Gox repayments, and both parties in the U.S. pointing to favorable regulation.  

The bank said these positive catalysts appear to have been reflected in the current prices of digital assets. "The stock market remains vulnerable due to limited de-risking in the CME Bitcoin futures space... Despite the recent correction, we remain cautious on the cryptocurrency market."  

The bank said any rebound in the crypto market in the short term is likely to be short-lived as Bitcoin prices remain too high relative to its production costs and gold. The bank's analysts currently estimate that the average production cost of Bitcoin mining is about $49,000, and any price movement below that level will put pressure on miners, further depressing BTC prices.

▌BTC breaks through $62,500

The market shows that BTC breaks through $62,500 and is now at $62,500.26, with a daily increase of 13.06%. The market fluctuates greatly, so please do a good job of risk control.

Important Economic Dynamics

▌Federal Reserve Chairman Schmid hints that he is not ready to cut interest rates

Kansas Fed Chairman Schmid hinted that he is not ready to support a rate cut because inflation is above target and the labor market is still healthy despite some cooling. In a speech to the Kansas Bankers Association, Schmid said that the recent decline in inflation is "encouraging" and more reports of low price pressures will increase his confidence that inflation is returning to the central bank's 2% target and will therefore be able to lower interest rates. "We are close, but not quite there yet," Schmid said. He did not comment on when the Fed should cut rates, saying "the policy path will be determined by data and economic momentum." Although U.S. nonfarm payrolls in July were weaker than expected, Fed officials ignored calls for aggressive action. The market expects the Fed to cut interest rates by 50 basis points in September with a greater than 50% chance. "Overall, the labor market still looks healthy," Schmid said. "Last week's July jobs report has many questioning this resilience. But it's worth noting that many other indicators show continued strength."

▌Federal Reserve Schmid: If inflation remains low, a rate cut is appropriate

Federal Reserve Schmid said that if inflation remains low, a rate cut is appropriate; close to the inflation target, but "not yet fully achieved"; support reforms to make the Fed's discount window tool more effective; the discount window can be a liquidity risk management tool; despite the weak July jobs report, economic growth and demand remain strong; the Fed's current policy stance is "not that restrictive."

▌The probability of the Fed cutting interest rates by 50 basis points in September is 56.5%

According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 43.5%, and the probability of cutting interest rates by 50 basis points is 56.55%. The probability of the Fed cutting interest rates by 50 basis points by November is 28.2%, the probability of cutting interest rates by 75 basis points is 51.9%, and the probability of cutting interest rates by 100 basis points is 19.9%.

▌UBS: The surge in Wall Street's panic index provides an opportunity to enter the market

While traders who were overwhelmed by this week's stock market crash are thinking about what to do next, UBS analyst Solita Marcelli is still optimistic that U.S. stocks will continue to maintain an upward trend in the coming months. She said a brief spike in the Cboe Volatility Index (VIX) to a multi-year high earlier this week also provided an entry opportunity for traders, especially those who were on the sidelines. She noted that U.S. stock returns are typically above average in the three, six and 12 months following a spike in Wall Street's fear index. "We're going to have some volatility, but I think there's some nice upside," Marcelli said.

Golden Encyclopedia

▌What is an inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a drop in price. The nature of inverse futures contracts is nonlinear. When traders go long on a BTC/USD inverse futures contract, they are shorting the U.S. dollar. Because the contract is inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher its value relative to the U.S. dollar.

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