Miniprogram: Daily Cryptocurrency News Summary

1. Bitcoin dominance reached the highest level since April 2021.

Bitcoin dominance (an indicator measuring Bitcoin's market cap relative to the total market cap of cryptos) reached a high of 52.7% last week, the highest level in three years since April 2021. Starting from June 22nd, BTC's market share was only 48.2%. However, after the launch of the ETH ETF on Tuesday, this value quickly rose to 51.9% and continued to gradually rise within a week. In contrast, ETH has shown weakness in its price trend. In addition, various altcoins have shown considerable weakness compared to BTC, further pushing BTC's dominance to its highest level in three years.

2. The Wall Street Journal: Trump's proposal to make bitcoin a strategic reserve asset conflicts with the core values of cryptos.

According to CoinDesk, former President Donald Trump's proposal to make Bitcoin a strategic reserve asset conflicts with the core values of cryptos. The Wall Street Journal editorial board pointed out that Trump, at the Nashville Bitcoin Conference, said that Bitcoin represents freedom, sovereignty, and independence from government control. However, this view conflicts with his plan to make Bitcoin a strategic reserve asset. The Wall Street Journal believes that Trump's proposal to manufacture all future Bitcoins in the United States would not only restrict freedom but also require a larger power grid to support the high-energy consumption mining of Bitcoin. Additionally, a bill introduced by Senator Cynthia Lummis has also sparked controversy. Lummis believes that Bitcoin can combat inflation, promote US growth in the global financial system, and ensure the position of the US dollar as the world's reserve currency. However, the Wall Street Journal criticized, 'If cryptocurrencies are indeed a free investment tool that is not subject to political influence, they should be traded without the government's help.' Trump's plan has been criticized for its many contradictions with his MAGA platform and many core concepts of cryptos.

3. Senator Lummis's Bitcoin strategic reserve bill will provide funding by reevaluating the Fed's gold.

According to CoinDesk, the new strategic Bitcoin reserve plan bill proposed by US Senator Cynthia Lummis shows that part of the funds to purchase Bitcoin will be realized by reevaluating the Fed's gold. According to the bill, the plan will purchase up to 200,000 BTC per year for a total of 1 million BTC within five years. Bitcoin will be held for at least 20 years and used only to repay federal debt. After that, assets sold within two years may not exceed 10%. The funds to buy Bitcoin will come from reducing the surplus funds of the Federal Reserve Banks and the difference in revaluation of gold certificates. According to the draft bill, states could voluntarily participate in storing Bitcoin in reserves. The program, provisionally known as the '2024 Bitcoin Bill', calls for a decentralized network of secure Bitcoin storage facilities across the United States and for the Treasury Department to choose the location of the vaults based on comprehensive risk assessments, prioritizing geographic diversity, security, and accessibility. The program requires $6 billion of the Fed's net income from the 2025 to 2029 fiscal years to be allocated to the Treasury Department and reduces the Fed's bank's freely disposable surplus funds from the current $6.825 billion specified in the Federal Reserve Act to $2.4 billion.

4. Goldman Sachs CEO: Bitcoin may have a use case as a store of value.

Ryan Rasmussen, head of Bitwise Research, said on the X platform that Goldman Sachs CEO David Solomon said in a CNBC interview this morning at the Olympics,'Bitcoin may have a use case as a store of value.'

5. Jefferies report: Bitcoin's future may be closely related to the US election results.

According to CoinDesk, investment bank Jefferies Financial said in a research report on Monday that as several Republican and Democratic politicians and former President Donald Trump attended the Nashville Bitcoin Conference last week, this crypto event was politically tinged. Analysts Jonathan Petersen and Joe Dickstein wrote, 'He proposes to set up cryptocurrency-friendly regulatory agencies for the industry, which could lead to the recent BTC price being linked to the results of the US presidential election.' Jefferies pointed out that Trump pledged to select regulatory agencies that are friendly to cryptocurrencies, establish a cryptocurrency industry presidential advisory committee, and make the United States the 'global cryptocurrency capital.' Trump's positive change in cryptocurrency policy only recently emerged, but it may affect the price of Bitcoin in the short term, depending on who wins the November election. Additionally, Jefferies pointed out that large Bitcoin miners are still in growth mode, and comments from mining company management teams indicate that the industry may see more mergers and acquisitions, as 'obtaining electricity may be more valuable than mining teams.'

The top ten highest revenue generating crypto projects are: Tron, Solana, Pump, and Ethereum.

According to Lookonchain statistical data, the top ten highest revenue generating crypto projects in the past 24 hours and 7 days are: Tron is ranked first with revenue of 1.42 million USD in 24 hours and 8.67 million USD in 7 days; Solana is ranked second with revenue of 0.94 million USD and 6.38 million USD in 24 hours and 7 days respectively; Pump is ranked third with revenue of 0.8674 million USD and 6.31 million USD in 24 hours and 7 days respectively; Ethereum is ranked fourth with revenue of 0.8443 million USD and 8.08 million USD in 24 hours and 7 days respectively; Trojan is ranked fifth with revenue of 0.6734 million USD and 3.19 million USD in 24 hours and 7 days respectively; Lido, PancakeSwap, Maker, Uniswap Labs and Aerodrome are ranked among the top ten with revenue of 0.2826 million USD, 0.2773 million USD, 0.2589 million USD, 0.2256 million USD and 22.28 thousand USD respectively in the past 24 hours, and 2.04 million USD, 1.7 million USD, 1.8 million USD, 1.53 million USD and 1.56 million USD respectively in the past 7 days.

In the cryptocurrency industry, the median base salary of women is 15% higher than that of men according to a study by Pantera Capital.

According to CoinDesk, the latest research from Pantera Capital shows that the median base salary of women in the cryptocurrency industry is 15% higher than that of men. The researchers pointed out that women in the cryptocurrency industry often have more experience, usually in intermediate to senior positions, and have more than five years of work experience in similar roles.

According to CoinDesk, Morgan Creek Digital co-founder Anthony Pompliano predicts that the United States will include Bitcoin in its national balance sheet or strategic reserve within the next 10 to 15 years. He also revealed that he invested in Solana for less than 1 USD and is optimistic about its future performance. Pompliano said that Bitcoin dominates his investment portfolio, with Solana in second place. He believes that the US government will eventually hold Bitcoin, but the specific scale and strategy are yet to be determined.

According to Business Wire, the Securities Commission of the Bahamas announced that the Digital Assets and Registered Exchanges Act 2024 (DARE 2024) has become law after being passed by the Bahamian Parliament. The law, based on the 2020 DARE Act, introduces comprehensive reforms to address the ever-changing landscape of digital assets and cryptocurrency markets. The new law covers a broader range of digital asset activities, including advisory management services, digital asset derivatives, and investment services. At the same time, the new law incorporates digital asset custody provisions and introduces the first digital asset pledging disclosure system. DARE 2024 also provides a clear definition of stablecoin, specifies the registration of existing stablecoin and acceptable forms of reserve assets, and establishes new requirements for the custody, segregation, reporting, and redemption of reserve assets. The issuance of algorithmic stablecoins is explicitly prohibited.

According to the US Securities and Exchange Commission (SEC), Nader Al-Naji implemented a fraudulent cryptocurrency asset plan valued at hundreds of millions of dollars involving a social media platform called BitClout and its native token, BTCLT. The lawsuit alleges that, since November 2020, Al-Naji has raised over 257 million USD with the unregistered issuance and sale of BTCLT, falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In fact, the lawsuit alleges that Al-Naji has used over 7 million USD of investor funds for personal expenses, such as paying rent for a Beverly Hills mansion and giving extravagant cash gifts to his family. The SEC's complaint further alleges that, to evade regulation, Al-Naji portrayed BitClout as a decentralized project with "no company behind it... just tokens and code", and launched the project under the pseudonym "Diamondhands", further creating the illusion of the project's autonomy, when in fact he was the driving force of the project. Additionally, Al-Naji reportedly received a letter from a prominent law firm that argued that BTCLT was unlikely to be considered a security under federal law based on his incorrect description of the project's nature. At the same time, Al-Naji allegedly told some investors in secret that he used this trickery to evade legal sanctions. The lawsuit filed by SEC charges that Al-Naji violated the registration and anti-fraud provisions of the Securities Act of 1933 and the anti-fraud provisions of the Securities Exchange Act of 1934. The lawsuit also names Naji's wife, mother, and wholly-owned entities as defendants, seeking restitution of investor funds transferred to them.

According to Bloomberg analysts, the Grayscale Bitcoin Mini Trust trade still needs the final approval of the US SEC.

The top ten highest revenue generating crypto projects are: Tron, Solana, Pump, and Ethereum.

According to Lookonchain statistical data, the top ten highest revenue generating crypto projects in the past 24 hours and 7 days are: Tron is ranked first with revenue of 1.42 million USD in 24 hours and 8.67 million USD in 7 days; Solana is ranked second with revenue of 0.94 million USD and 6.38 million USD in 24 hours and 7 days respectively; Pump is ranked third with revenue of 0.8674 million USD and 6.31 million USD in 24 hours and 7 days respectively; Ethereum is ranked fourth with revenue of 0.8443 million USD and 8.08 million USD in 24 hours and 7 days respectively; Trojan is ranked fifth with revenue of 0.6734 million USD and 3.19 million USD in 24 hours and 7 days respectively; Lido, PancakeSwap, Maker, Uniswap Labs and Aerodrome are ranked among the top ten with revenue of 0.2826 million USD, 0.2773 million USD, 0.2589 million USD, 0.2256 million USD and 22.28 thousand USD respectively in the past 24 hours, and 2.04 million USD, 1.7 million USD, 1.8 million USD, 1.53 million USD and 1.56 million USD respectively in the past 7 days.

According to CoinDesk, Pantera Capital's latest study shows that the median base salary of women in the cryptocurrency industry is 15% higher than that of men. The researchers pointed out that women in the cryptocurrency industry often have more experience, usually in intermediate to senior positions, and have more than five years of work experience in similar roles.

Bloomberg analyst James Seyffart stated on X platform that currently, it is only expected that Grayscale Bitcoin Trust (BTC) will begin trading tomorrow, but still needs to obtain final approval from the US Securities and Exchange Commission. The regulatory agency needs to confirm the validity of related prospectus documents, and it is expected to give results after today's market close or before and after the close.

12. The Russian Duma pass the Digital Currency Cross-border Payment Act and the Crypto Mining Legalization Act.

According to reports from TASS, the Russian Duma has passed a law in the second and third readings, which allows for digital currency cross-border settlement and exchange transactions within the experimental legal regime (EPR) framework from September 1, 2024. In addition, the Russian Duma also passed a law in the second and third readings to legalize cryptocurrency mining in Russia starting from November. The law stipulates the procedures and conditions for conducting such activities. Russian legal entities and individual entrepreneurs registered with the Register of the Ministry of Digital Development of the Russian Federation will be authorized to engage in cryptocurrency mining activities.