Miniprogram: Daily Cryptocurrency News Summary
Elon Musk: does believe that Bitcoin and some other cryptos have value.
Elon Musk participated in the 'X Takeover' podcast hosted by the Silicon Valley account of tesla owners on X platform. When asked about his views on bitcoin, Musk stated that he does believe that bitcoin and some other cryptos have value, and he also admits to having a preference for the original meme coin DOGE because he likes 'dogs and memes.'
Elon Musk emphasizes that he will not promote any cryptocurrency and warns investors to be wary of deepfake videos.
According to U.Today, Musk participated in the X Takeover podcast program of the Tesla Owner Silicon Valley Club. In this program, Musk affirmed the advantages of Bitcoin and other cryptocurrencies, but emphasized that he did not promote any cryptocurrency. He admitted that he preferred Dogecoin because of his love for dogs and memes, but insisted that any promotion was just a joke. He also warned that videos showing his support for cryptocurrencies are likely deepfake videos. Although Musk has not mentioned Dogecoin on Twitter recently, his companies Tesla and SpaceX still accept Dogecoin as payment for goods, and he plans to continue the DOGE-1 lunar mission.
Bernstein: The United States will become a "Bitcoin mining superpower".
Bernstein analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia pointed out in a memo to clients on Monday: The United States will lead the world in Bitcoin and cryptocurrencies. The United States will become a "Bitcoin mining superpower"; Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, often criticizes the industry, and he may be replaced by a "cryptocurrency-friendly" new Chairman; the United States will not create a central bank digital currency (CBDC), ensuring clear self-custody rights and uncensored crypto transactions; the United States will launch a stablecoin framework and push the digital dollar to become a global standard and achieve cross-border payments; the United States will not sell its confiscated assets of about 213,246 bitcoins (equivalent to nearly US$15 billion), but use them as the basis of a "national strategic Bitcoin reserve".
Arkham: 0.01 million of the 0.0298 million BTC transferred by the US government earlier was deposited in institutional custody services.
According to Arkham monitoring, the US government distributed the 0.0298 million BTC transferred early this morning to two new addresses, transferring 0.01 million and 19,800 BTC respectively. Arkham stated that 0.01 million BTC was deposited in institutional custody services. Earlier, in July of this year, the US Marshals Service, a subsidiary of the Department of Justice, selected Coinbase Prime as its custodian and trading service provider for "Class A" high-market value digital assets.
Bitfinex report: Bitcoin is expected to enter a period of consolidation or slight retracement.
Bitfinex Alpha's latest report stated that Bitcoin has been unstoppable. Despite a brief retreat mid-week and encountering some strong resistance, it still broke through the $70,000 mark on Bitfinex today (July 29). Since the low point on July 5th, Bitcoin has rebounded by more than 30%, and it was previously predicted that the low point may be a partial bottom. This rising trend is consistent with the 2024 Bitcoin Nashville conference. The initial implied volatility of the Bitcoin options market also soared, but it later fell as traders reduced risk. As there will be a large number of options expiring on Friday, August 2nd, some calm returning to the market may indicate that the price will enter a period of consolidation or slight retracement. In fact, despite the breakthrough of resistance above, clear signs of net selling in the market last week, due to profit-taking pressure, were offset by the gradual distribution of Bitcoin to Mt. Gox creditors. However, the market has absorbed this well, indicating that there are stronger forces at play. In addition, the realized price of short-term holders is $65,700, which provides solid support. The futures market has also witnessed a surge in open interest, indicating the re-emergence of leverage. Although there has been selling in the spot market, the leverage longs have been supporting the price. Looking to the future, the next move of the market is crucial. The recent drop in implied volatility and increase in leverage positions indicate that there may be stagnation or range trading in the short term. With key support held and bullish momentum accumulating, the next week of Bitcoin will be full of interesting twists and turns. In the second quarter of 2024, the US economy showed stronger-than-expected growth, with a gross domestic product (GDP) growing at an annual rate of 2.8%, exceeding expectations. This growth was driven by significant consumer spending and corporate investment, highlighting the resilience of the economy. Inflation pressures have also eased, with commodity prices rising moderately, as the decrease in commodity costs offset the rise in service prices, which further strengthens the possibility of a Fed rate cut in September. However, the real estate market remains a drag on economic growth, with existing home sales falling more than expected as median home prices hit record highs. Despite this, the increase in the supply and the decline in mortgage rates have brought hope for a potential rebound. Overall, the economic outlook is cautiously optimistic, with the potential for steady growth, easing inflation, and improvements in the real estate market.
The US SEC has approved the Grayscale Bitcoin Mini Trust to trade on the NYSE Arca.
According to Decrypt, the US Securities and Exchange Commission (SEC) has approved the request of Grayscale's Bitcoin Mini Trust to list on the NYSE Arca. Last Friday, the regulatory agency approved the new derivative trading authorization application from NYSE Arca.
Bernstein believes that after Trump's promise on Bitcoin and Harris' olive branch, cryptocurrency is "no longer a bipartisan issue". The analyst referred to how Bitcoin traded leading up to the 2016 election, increasing chances for Trump winning and fluctuating throughout Biden's candidacy.
According to The Block, as the cryptocurrency industry becomes more prominent ahead of the US presidential election in November, analysts at research and brokerage firm Bernstein have looked into how candidates' stances could impact the market. The firm cited the way Bitcoin traded before the 2016 election, rising as the chances of Donald Trump winning increased and fluctuating during Biden's candidacy. The analysts said that such "Trump trades" entering the US election cycle would involve larger allocations to Bitcoin and Bitcoin-related stocks, including Riot Platforms, CleanSpark, IREN, Core Scientific and MicroStrategy.
According to Decrypt, Qatar is making a major push to establish a digital asset regulatory framework, indicating a shift in its previously hard-line stance towards cryptocurrencies. The country's regulators expect legislation to be finalised by Q4 2024.
As part of the European Central Bank's (ECB) central bank digital currency settlement experiment, Slovenia became the first EU country to issue €30m in sovereign digital bonds settled on-chain via France's central bank. This four-month bond will mature on 25 November and carries a coupon rate of 3.65%.
Hong Kong's Securities and Futures Commission (SFC) has added Proxinex to its list of suspected virtual asset trading platforms and websites.
As part of the European Central Bank's currency settlement experiment, Slovenia became the first EU member state to issue 30 million euros (32.5 million dollars) of sovereign digital bonds, settled on the chain through the tokenized cash system of the French bank. The four-month note will mature on November 25th, with a coupon rate of 3.65%. The Slovenian government said that settlements were made using wholesale central bank digital currencies (CBDC) on Thursday. The Slovenian government said, "These initial trades and wholesale tokenized CBDC experiments are important building blocks for improving transparency and efficiency in financial markets, and an important step in wider adoption of the technology. Although the value of issuance and/or trading is currently almost negligible in financial markets, we expect the importance of distributed ledger technology to increase significantly in the coming years." BNP Paribas served as the global coordinator and exclusive bookrunner for this issuance, and also serves as the distributed ledger technology platform operator for Neobonds, a private tokenization platform leveraging Canton blockchain created and utilized in collaboration with Digital Asset's DAML. The European Central Bank completed its first test of wholesale CBDC settlement in May and said it will conduct more trials and experiments in the coming months. At that time, the European Central Bank said the initial experiment was conducted by the Austrian central bank, which looked at the tokenization of central bank money for government bond trading in the secondary market and simulated delivery versus payment settlement.
According to the Hong Kong Securities and Futures Commission, Proxinex and its related websites have been added to the list of suspicious virtual asset trading platform warnings.
The Hong Kong Securities and Futures Commission (SFC) has issued a press release warning the public to beware of an entity operating under the name "Proxinex" for its alleged involvement in fraudulent activities related to virtual assets. Investors have reported having difficulties withdrawing virtual assets from Proxinex, and were later informed that their "accounts did not exist". The SFC also suspects that Proxinex has engaged agents to lure investors to deposit money through social networking apps. The agent may have forged documents claiming to be from a Hong Kong financial regulatory agency and a financial institution to enhance his resume. The SFC has included Proxinex and its related website in the list of SFC's suspicious virtual asset trading platforms warning on July 29, 2024. Although the relevant website is currently inaccessible, the public should beware of scammers who may continue to set up websites with similar domain names.
11. Blackrock warns investors to beware of scams targeting its spot bitcoin and ethereum ETFs.
According to Cointelegraph, asset management company BlackRock is warning investors to be cautious of scams targeting its iShares spot bitcoin and ethereum ETF products. The ETF reminds users not to interact with individuals or companies claiming to be BlackRock representatives on social media platforms such as WhatsApp or Telegram, as these scammers often use the provision of training or investment opportunities as bait to lure victims.
12. Fang Hongjin: it is suggested that Hong Kong foreign exchange funds continue to purchase and hold bitcoin for a long time.
Fang Hongjin, co-chairman of the Hong Kong Blockchain Association, recently suggested that the Hong Kong government's foreign exchange fund should continue to purchase and hold bitcoin for a long time to enhance the diversification and anti-inflation of foreign exchange fund assets, get rid of its dependence on a single dollar asset, enhance the autonomy of financial policy, and lay the foundation for the international voice of bitcoin to fight against international speculative attacks on Hong Kong's linked exchange rates by using bitcoin's pledge financing features. In addition, this measure will also provide financial credit guarantee for Hong Kong to become the capital of international Web3.0. Fang Hongjin pointed out that bitcoin's characteristics as digital gold have gradually been accepted by the international traditional financial industry, and many central banks may follow the trend of adopting bitcoin as reserve assets. For example, in 2021, El Salvador announced that bitcoin would be used as an official currency to anchor assets, while Switzerland has passed a bill to include bitcoin in national bank reserve assets. The United States may also list bitcoin as a strategic asset reserve, which will further promote the demand of central banks and traditional financial institutions for bitcoin. Fang Hongjin believes that bitcoin is expected to become an international financial mainstream asset comparable to or surpassing gold. The market value of bitcoin is currently about $1.4 trillion, and if its market value reaches the level of gold, the price of a bitcoin will soar from the current 0.068 million US dollars to nearly 0.6 million US dollars. Therefore, allocating a certain proportion of bitcoin in the Hong Kong foreign exchange fund and holding it for a long time can increase the chips for Hong Kong's financial stability and autonomy.
13. Democratic Congressman: cryptocurrency regulation should not be a "partisan political game."
According to CNBC, as the influence of cryptocurrency lobbyists and supporters in Washington increases, it remains to be seen whether the Democratic Party will maintain its tough regulatory stance over the past few years or relax it. Wiley Nickel, a Democratic Congressman from North Carolina, said in an interview that every presidential candidate needs to recognize that voters who support digital assets and innovation cannot be ignored, and emphasized that cryptocurrency regulation should not become a "partisan political game." Ro Khanna, a Democratic Congressman from California, also said that cryptocurrency should not be the focus of partisan debate, but should be regulated like other technologies. He pointed out, "Opposing bitcoin is like opposing cell phones, artificial intelligence, and laptops. It's a technology that requires thoughtful regulation." Khanna and Nickel are among the few Democratic lawmakers who attended the Bitcoin conference.
14. On Deribit, BTC bulk options are sold for call options and put options of 0.065 million up to the end of September.
Lin Chen, Deribit's Asia-Pacific business manager, wrote on X platform that today's largest BTC bulk options: a certain user sold
15. U.S. Presidential candidate Kennedy: Only Bitcoin can guarantee the reserve currency status of the U.S. dollar.
U.S. presidential candidate Robert F. Kennedy Jr. believes that American policy makers quickly realize the "inevitability" of Bitcoin and are rushing to formulate a coherent digital asset strategy to maintain America's financial dominance. Kennedy says that only Bitcoin can guarantee the reserve currency status of the U.S. dollar.
16. BlackRock: It is expected that the scale of cryptocurrency ETFs will be seen in the investment portfolio at the end of this year or next year
Blackrock's ETF and index investment Chief Investment Officer, Samara Cohen, discussed iShares Ethereum Trust ETF (ETHA) and expects to see crypto ETFs in portfolio allocation by the end of this year or 2025.