On August 23, both Bitcoin and Ethereum rose, $Bitcoin (BTC.CC)$ up 0.67% to $60,839; $Ethereum (ETH.CC)$ up 1.56% to $2,665.

Top stories

• Deribit analyst: Bitcoin may soon break through the $61,800 supply zone after multiple tests.

Deribit analyst Anand Raj released a report stating that the Federal Reserve may cut interest rates in September, as suggested by the minutes of the July meeting. At the same time, there has been an increase in the inflow of funds into the US Bitcoin ETF, and the key supply zone of $61,800 may soon be broken after multiple tests. From a technical perspective, the key supply zone of $61,800 has been tested multiple times, and no significant retracements or declines have been observed after these tests.

As this level is repeatedly challenged, the price of bitcoin may soon attempt to break through this level. Therefore, it can be expected that as institutional funds flow in, the price of bitcoin will continue to rise, thus restoring a bullish market environment. Therefore, it can be expected that as institutional funds flow in, the price of bitcoin will continue to rise, thus restoring a bullish market environment.

• The impact of the cryptocurrency industry on the US election is unprecedented! It accounts for half of the total corporate donations.

Public Citizen has released a new report showing that companies have donated $248 billion to US presidential candidates this year, with cryptocurrency giants contributing 48%, or about $119 billion, which is unprecedented in US history. The largest cryptocurrency donors are Coinbase and Ripple.

• Hong Kong Securities and Futures Commission Quarterly Report: The total market value of six virtual assets spot ETFs is 2.4 billion yuan, with 9 trading platforms included in the alert list.

The Securities and Futures Commission of Hong Kong today released the Quarterly Report for Q2 2024, which includes the following main contents related to virtual assets:

据悉，印度已经对加密货币交易实施了严格的税收制度，对全面监管持谨慎态度。2022年4月实施的对未实现加密货币收益征收30%的税和1%的源泉扣缴税(TDS)标志着政府首次采取重大举措对市场实施一定程度的控制。然而，尽管采取了这些措施，印度政府仍未对加密货币的买卖进行监管，而是专注于遏制与加密相关的洗钱和恐怖主义融资。

CryptoQuant：加密货币场外交易柜台目前持有价值超22 billion美元的比特币

据CoinDesk报道，根据数据追踪公司CryptoQuant的数据，加密货币场外交易（OTC）柜台充当两个交易方之间的中介，不会向公众透露交易信息，目前持有368,000枚比特币，价值超过22 billion美元。。这一数字在三个月内增加了153,000枚BTC，达到自2022年6月以来的最高水平。 机构和大宗交易者倾向于通过场外交易柜台或交易所订单簿进行交易，以避免影响资产的现行市场汇率。因此，据说场外交易柜台的活动反映了经验丰富的市场参与者的行为，包括加密矿工。CryptoQuant在一篇博客文章中表示：“矿工经常通过场外交易来出售比特币，寻求更好的执行，而不会像在交易所那样影响市场价格。场外交易余额的大幅增加表明矿工的抛售活动非常活跃。”CryptoQuant补充道：“从历史上看，比特币场外交易柜台余额的增加与比特币价格的下跌有关。”

5. In order to promote the development of the tokenization market in Hong Kong, the Securities and Futures Commission of Hong Kong has provided regulatory guidance on tokenization on multiple occasions. The Securities and Futures Commission of Hong Kong is also a founding member of the Ensemble project architecture working group established by the Hong Kong Monetary Authority, which aims to establish industry standards for wholesale central bank digital currency (wCBDC), tokenized currencies, and tokenized assets.

• The future of cryptocurrencies in India depends on the consultation paper of the Ministry of Economic Affairs in September or October.

According to Cointelegraph, the cryptocurrency landscape in India is about to change as the Department of Economic Affairs (DEA) prepares to release a crucial consultation paper, leaving the regulation of the country's future undecided. Local media reports indicate that the document is expected to be released in September or October this year and will seek feedback from stakeholders, indicating that the government is playing an active role in shaping the direction of digital currencies in India. The expected DEA document will address broader concerns surrounding the regulation of cryptocurrencies, including issues raised by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

In May of this year, the Securities and Exchange Board of India (SEBI) proposed a multi-regulatory approach where different aspects of cryptocurrency trading would be regulated by different financial institutions. This decentralized approach highlights the complexity of regulating the technology that spans traditional financial boundaries and brings unique challenges. On the other hand, the Reserve Bank of India has consistently warned of the macroeconomic risks posed by digital currencies. The central bank's stance reflects its deep concerns about the potential impact of cryptocurrencies on India's economic stability. This caution is reflected in the recent actions taken by the government against offshore cryptocurrency platforms and virtual digital asset (VDA) service providers, including the high-profile ban on Binance.

It is reported that India has implemented strict tax regulations on cryptocurrency trading and adopts a cautious approach to comprehensive regulation. The implementation of a 30% tax and 1% withholding tax (TDS) on unrealized cryptocurrency gains in April 2022 marked the government's first major step in imposing a certain degree of control on the market. However, despite these measures, the Indian government has yet to regulate the buying and selling of cryptocurrencies, instead focusing on curbing money laundering and terrorist financing related to cryptocurrency.

• CryptoQuant: Bitcoin holdings in cryptocurrency OTC trading desks currently exceed $22 billion.

According to CoinDesk, based on data from data tracking company CryptoQuant, cryptocurrency over-the-counter (OTC) trading desks act as intermediaries between two parties and do not disclose transaction information to the public. Currently, they hold 368,000 bitcoins, worth over $22 billion. This number has increased by 153,000 BTC in the past three months, reaching the highest level since June 2022. Institutions and large traders prefer to trade through OTC desks or exchange order books to avoid affecting the prevailing market rates of their assets. Therefore, the activities of OTC trading desks are said to reflect the behavior of experienced market participants, including cryptocurrency miners. CryptoQuant stated in a blog post: "Miners often sell bitcoins through OTC trading to seek better execution without affecting market prices as they would on exchanges. The significant increase in OTC trading balances indicates that miners' selling activities are very active." CryptoQuant added: "Historically, the increase in Bitcoin OTC trading desk balances has been associated with a decline in the price of Bitcoin."

• Trump promotes his family's new encrypted project, the Telegram channel "The DeFiant Ones", on social media platforms.

Former US President Donald Trump promoted his family's new encryption project on his social media platform Truth Social. Trump shared the link to the official Telegram channel "The DeFiant Ones" in his post, and wrote, "For a long time, ordinary Americans have been squeezed by big banks and financial elites. It's time for us to unite and resist together." Earlier, it was reported that Trump's son, Donald Trump Jr., has opened a Telegram channel for this new encryption project.

• Tianqiao Capital founder: Bitcoin is still in its early stages and not yet a "store of value" asset.

Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, shared his views on Bitcoin and cryptocurrencies in an interview with CNBC's "Squawk Box". Scaramucci is optimistic about the future of Bitcoin, especially in the second half of 2024. He stated that the "supply glut" seems to be coming to an end, which he interprets as a bullish signal for the price of Bitcoin. However, he also discussed the common argument of comparing Bitcoin to gold. Despite gold's 30% increase in the past two years, the price of Bitcoin has remained relatively stagnant. But Scaramucci reiterated his belief that Bitcoin is still in its early stages and is a technology, not a store of value. He stated that with the emergence of over 1 billion wallets, Bitcoin may eventually be seen as a store of value.

• Analysis: The proportion of US Treasury holdings of stablecoins is expected to soon increase to 15%, making them one of the top three holders.

Juan Leon, senior investment strategist at Bitwise, stated in a post on X, "According to a Bloomberg report, stablecoins currently hold about 1% of US Treasury bonds, but this proportion is expected to increase to 15%, making them one of the top three holders. Without regulation, the market value of stablecoins has grown from zero to nearly $170 billion in a few years. Now, a stablecoin bill has received bipartisan support in Congress, and Federal Reserve officials have recognized that stablecoins are a new tool that can increase the influence of the US dollar globally and support the US Treasury market."

With the regulation of stablecoins set to take effect in Europe in 2025 and the US aiming to catch up, stablecoins will increasingly be embedded in the channels of the digital economy. As AI agents become more prevalent, stablecoins will become the preferred mechanism for digital commerce. The digital economy already accounts for 15% of the global economy and is growing at a rate 2-3 times faster. The use of stablecoins is growing at an exponential rate, which means that the speed from $170 billion to $1 trillion will be faster than the speed from 0 to $170 billion. The purchase of $1 trillion in stablecoin government bonds will surpass the top 10 money market funds and make them one of the top three holders with over $800 billion.

• Fundstrat managing partner: If Trump wins the US election, bitcoin will surge.

Fundstrat Managing Partner Tom Lee said in an interview with CNBC that the hope of Trump winning the November election could boost asset prices, including bitcoin. The market currently believes that the possibility of Trump winning is higher than what the polls show, and sees it as a good thing. 'When the market becomes more confident in this, you will see cyclicals, small caps, and bitcoin perform better, as these are clear policy differences.' According to the current national polls on FiveThirtyEight, Democratic nominee Kamala Harris is leading Trump by 3.4%. In contrast, cryptocurrency investors on Polymarket believe that there is a 52% chance of Trump winning.

• Bitcoin network transaction fees have soared to 774 satoshis per byte.

mempool.space data shows that Bitcoin network transaction fees have now skyrocketed to 774 satoshis per byte, with medium priority currently reporting 1032 satoshis per byte, and high priority reporting 1231 satoshis per byte.