Rhythm Morning News｜A summary of important news from last night and this morning on August 1

Bitcoin fell below $65,000, down 2.26% in 24 hours

BlockBeats news, on August 1, according to HTX market data, Bitcoin fell below $65,000 and is currently quoted at $64,807, down 2.26% in 24 hours.

Solana chain's new meme coin GAY traded $15 million in 3 hours after launch, with a market value of over $4.2 million

BlockBeats news, on July 31, according to market information, Solana chain's new meme coin GAY traded $15 million in 3 hours after launch.

GAY is now quoted at $0.00426, with a 75.07% increase in the past hour, and a market value of over $4.2 million.

Community rumors say that the Meme project is suspected to be created by Frank, the founder of the NFT project DeGods.

BlockBeats reminds users that meme coins have no actual use cases and investment should be cautious.

Solana chain's new meme coin IQ traded $15 million in 2 hours after launch, with a market value of over $5.7 million

BlockBeats news, on July 31, according to market information, Solana chain's new meme coin IQ traded $15 million in 2 hours after launch.

IQ is currently quoted at $0.0057, with a 26.17% increase in the past hour, and a market value of $5.7 million.

According to reports, the makenow.meme platform only needs one tweet to issue a token for free. IQ is the token issued by Nansen CEO Alex Svanevik when testing the technology developed by his friends.

BlockBeats reminds users that meme coins have no real use cases and should be invested with caution.

In the past 24 hours, the entire network has a liquidation of 156 million US dollars, mainly long orders

BlockBeats news, on August 1, according to Coinglass data, in the past 24 hours, the entire network has a liquidation of 156 million US dollars, of which long orders have a liquidation of 122 million US dollars and short orders have a liquidation of 33.29 million US dollars.

Grayscale ETHE had a net outflow of US$133.3 million yesterday

BlockBeats news, on August 1, according to Farside Investors monitoring, Grayscale ETHE had a net outflow of US$133.3 million yesterday, the mini trust (code ETH) had a net inflow of US$19.5 million, Bitwise's ETHW had a net inflow of US$4.7 million yesterday, and Fidelity's FETH had a net inflow of US$18.8 million.

The market value of stablecoins has reached a nearly 2-year high, and liquidity is pouring into the crypto economy

BlockBeats news, on August 1, according to Coingecko data, the market value of stablecoins has reached 164 billion US dollars, a nearly 2-year high, with a 24-hour trading volume of 53.2 billion US dollars, and liquidity is pouring into the crypto economy.

Tether's profit in the first half of the year was 5.2 billion US dollars, a record high

BlockBeats news, on July 31, Tether released the second quarter of 2024 proof, with a profit of 5.2 billion US dollars in the first half of 2024, a record high, and a net operating profit of 1.3 billion US dollars. In the second quarter of 2024, direct and indirect holdings of U.S. Treasuries in the token's reserves exceeded $97.6 billion, a record high. Tether ranks 18th in the ranking of countries holding U.S. Treasuries and also ranks third in purchasing 3-month U.S. Treasuries, behind only the United Kingdom and the Cayman Islands.

Tether's consolidated net assets as of June 30, 2024 were $11.9 billion. Part of the profits in the second quarter were reinvested in strategic projects to support the ecosystem, while maintaining a large excess reserve ($5.3 billion). In the second quarter, more than $8.3 billion of USDT was issued.

Elixir launches "fully decentralized" synthetic dollar to challenge USDe

BlockBeats news, July 31, according to TheBlock, modular DPoS network Elixir launched a "fully decentralized" synthetic dollar deUSD, aiming to challenge Ethena's USDe. deUSD uses stETH as collateral to short Ethereum with a delta neutral position, ensuring stability and providing additional income.

Elixir claims that deUSD has the ability to remain stable during periods of extreme negative funding, has $1 billion in liquidity to support new yield tokens, and is expected to launch the mainnet in September.

Layer2 Financial Completes $10.7 Million Series A Financing, Galaxy Ventures Leads Investment

BlockBeats News, July 31, FortuneCrypto reported that cross-border payment infrastructure Layer2 Financial completed $10.7 million Series A financing, Galaxy Ventures led the investment, Accomplice and Sapphire Ventures participated.

It is reported that Layer2 Financial seeks to challenge Swift in cross-border payments.

DePIN project Daylight completes $9 million Series A financing, led by a16z Crypto

BlockBeats news, August 1, according to TheBlock report, DePIN project Daylight completed $9 million Series A financing, led by a16z Crypto, Framework Ventures, Lattice Fund, Escape Velocity and Lerer Hippeau participated in the investment, but its co-founder and CEO Jason Badeaux refused to disclose the structure, valuation and other information of this round of financing. So far, the company's total financing amount has reached $13 million.

It is reported that Daylight is committed to building a decentralized energy protocol on the Base blockchain, allowing users to connect energy devices and receive rewards through its applications. The market currently covers New York, New Jersey and Pennsylvania, and will expand to Texas and California in the future.

SEND: Solana mobile phone preorderers can receive SEND token airdrops within 24 hours

BlockBeats news, on August 1, Solana Blinks ecological project SEND posted on the X platform that it is airdropping to the top communities on Solana. Addresses holding Solana mobile phone preorder tokens Chapter2 Preorder Token can receive 500 SEND token airdrops for free. The collection link is Blinks below the official Twitter, which is only open for 24 hours.

BlockBeats reminds users to be careful to identify official links and guard against phishing scams.

US Senator Cynthia Lummis Introduced the Bitcoin Strategic Reserve Act in the Senate

BlockBeats news, on August 1, according to Cointelegraph, US Senator Cynthia Lummis of Wyoming formally proposed the Bitcoin Strategic Reserve Act, which will instruct the US government to establish a reserve fund for this scarce decentralized asset.

More specifically, the bill will establish a "decentralized secure Bitcoin vault network" controlled by the US Treasury Department. The bill also instructs legislators and officials to establish strict network security parameters and other physical security measures to ensure that Bitcoin (BTC) funds are not stolen.

The bill also sets a long-term goal of accumulating 1 million bitcoins over time, about 5% of the total supply of bitcoin. The bill plans to use existing U.S. Treasury funds to purchase bitcoin in an amount corresponding to the U.S. Treasury's gold allocation.

Economic Daily published an article "Risks and Challenges Coexist in the Global Stablecoin Market"

BlockBeats news, on August 1, the Economic Daily published an article titled "Risks and Challenges Coexist in the Global Stablecoin Market". The article points out that stablecoins are one of the most important cryptocurrencies in the crypto market. They are usually linked to stable assets such as legal tender, so their prices are relatively stable, and they can anchor the value of multiple cryptocurrencies and reduce the volatility of the crypto market.

Although many countries and regions have begun to formulate regulatory frameworks for stablecoins, there are differences in regulatory policies for stablecoins in different countries and regions, which will affect the cross-border flow and use of stablecoins.

The global stablecoin market is experiencing rapid growth. Data shows that the global quarterly transfer volume of stablecoins has increased 17 times in the past four years, reaching $4 trillion in the second quarter of this year. On July 17, 2024 alone, the total transaction volume of the stablecoin market reached $87 billion. Among them, Tether (USDT) ranked first in transaction volume, accounting for 83.3%.

Talking about the reasons for the rapid expansion of the stablecoin market, Zhao Wei, a senior researcher at the OKX Research Institute, a digital asset trading platform, said that stablecoins are one of the most important cryptocurrencies in the crypto market. They are usually linked to stable assets such as legal tender, so their prices are relatively stable. They can anchor the value of multiple cryptocurrencies and reduce the volatility of the crypto market, which is of great significance for balancing and stabilizing the cryptocurrency ecosystem.

In the view of Yu Jianing, co-chairman of the Blockchain Committee of the China Communications Industry Association and honorary chairman of the Hong Kong Blockchain Association, stablecoins combine the convenience of virtual assets with the stability of mainstream financial assets, serve as a value scale for virtual asset transactions, and provide virtual asset investors with an "entry channel" and "safe haven", playing an increasingly important role in the international payment system.

At the same time, challenges and risks coexist. "Although many countries and regions have begun to formulate regulatory frameworks for stablecoins, the regulatory environment is still not unified worldwide. There are differences in regulatory policies for stablecoins in different countries and regions, which will affect the cross-border flow and use of stablecoins." Yu Jianing said that although stablecoins are usually linked to real reserve assets, their market prices are still affected by changes in supply and demand, market sentiment and macroeconomic factors. Some stablecoin projects face the problem of insufficient short-term liquidity, especially when the market fluctuates greatly. It is difficult to maintain its stability. Furthermore, the issuance and operation of stablecoins require a high degree of transparency and trust. Any problems with insufficient reserve assets or opaque operations may cause the market's confidence in stablecoins to be damaged. In addition, stablecoins rely on blockchain technology and smart contracts, and their technical security is crucial. Code vulnerabilities, hacker attacks, and technical failures may lead to the collapse of the stablecoin system or loss of funds.

"Stablecoins are an important tool to maintain the stability of the crypto market, and changes in industry demand are one of the key factors affecting its development." Zhao Wei said that internal competition is also related to the trend of stablecoins. At present, stablecoins present a healthy competition trend with a hundred flowers blooming, which is conducive to investors' analysis and selection. In the future, as the market differentiates and develops, whether various currencies can operate in an orderly manner remains to be seen.

CME Fed Watch: The probability of the Fed cutting interest rates in September is 100%

BlockBeats news, on August 1, according to CME "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 90.5%, and the probability of cutting interest rates by 50 basis points is 9.5%.

The probability of the Fed cutting interest rates by 25 basis points by November is 21.7%, the probability of cutting interest rates by 50 basis points is 71.1%, and the probability of cutting interest rates by 75 basis points is 7.2%.

Federal Reserve does not seek authorization to issue CBDC

BlockBeats news, on August 1, Federal Reserve Chairman Powell: The Federal Reserve does not have the power to issue central bank digital currency (CBDC). Do not seek authorization to issue central bank digital currency. (Jinshi)

Federal Reserve maintains interest rate unchanged

BlockBeats news, on August 1, the Federal Reserve maintained the benchmark interest rate unchanged at 5.25%-5.50% for the eighth consecutive time, in line with market expectations. (Jinshi)

Powell: September (potential) rate cut should be non-political

BlockBeats news, August 1, Federal Reserve Chairman Powell: Absolutely think that the September (potential) rate cut should be non-political. Will not change our policy based on the political calendar.

The Fed's decision did not take into account the economic plans of presidential candidates. (Jinshi)

Two artists sued the US SEC, seeking to determine that their NFTs would not violate US securities laws

BlockBeats news, on August 1, two American artists filed a lawsuit against the US SEC on Monday, seeking a declaratory judgment from a Louisiana court that their upcoming NFT project would not violate US securities laws.

The harshly worded complaint was filed in the jurisdiction of the Fifth Circuit Court, which is known for its anti-regulatory nature, accusing the SEC of using two enforcement actions against NFT projects (Impact Theory and Stoner Cats) in 2023 to assert its jurisdiction over the entire NFT industry without congressional authorization.

The lawsuit states that, according to the regulations of US SEC Chairman Gensler, the regulator "has taken an extremely broad look at its authority in the context of digital assets" and has failed to make it clear to NFT artists under what circumstances the issuance and sale of NFTs may constitute securities issuance or sales.

In bringing NFTs into its regulatory scope through enforcement actions, the SEC has failed to effectively address the far-reaching impact that applying securities laws to artworks could have.

CryptoQuant CEO: Whales are preparing for the next round of altcoin rebound

BlockBeats news, on August 1, CryptoQuant CEO Ki Young Ju posted on social media, "Whales are preparing for the next round of altcoin rebound. The limit buy order volume of altcoins other than Bitcoin and Ethereum is increasing, indicating that a strong buy wall is being established.

In the trading platform, market orders will generate "take order volume" and limit orders will generate "order volume". Whales and institutions (such as market makers and brokers) often use limit orders for large transactions to avoid slippage.

The indicator is calculated by calculating the cumulative sum of the difference between the buy and sell order volumes, using a 1-year moving window for calculation. If an upward trend occurs, it means that the number of buyer orders is increasing, indicating that more powerful buy walls are forming. "

Bitcoin miners' income soared in July, easing the pressure on miners to sell reserves

BlockBeats news, on August 1, according to CryptoQuant report, miners are currently selling less bitcoin. Miners' daily income has increased by nearly 50% since the beginning of July. As of July 29, miners' hash rate was 604 EH/s, an increase of 6% since July 9.

"Miners' daily revenue is currently about $32 million, while the lowest revenue so far this year was $22 million in early July. Higher revenue supports the recovery of the network hash rate."

The increase in revenue has led to a decrease in the amount of BTC sold from miners' reserves in the past few weeks. According to the report, miners' capital outflows "are generally lower than earlier this year, indicating that miners' selling pressure has weakened as prices have recovered."

Tether: Net profit of US$5.2 billion in the first half of the year, excess reserves have reached US$5.3 billion

BlockBeats news, on August 1, Tether released a report showing that it achieved a net operating profit of US$1.3 billion in the second quarter of 2024 and set a net profit record of US$5.2 billion in the first half of the year.

In the second quarter of 2024, the direct and indirect holdings of U.S. Treasuries in Tether's reserves exceeded $97.6 billion, setting a new historical record. This makes Tether's holdings of U.S. Treasuries larger than those of Germany, the United Arab Emirates and Australia. Tether ranks 18th in the ranking of holdings of U.S. Treasuries.

In the second quarter of 2024, Tether Group's equity increased by $520 million, which was partially offset by the positive performance of gold (which brought unrealized gains and losses of $165 million) after taking into account the decline in the price of Bitcoin (which resulted in unrealized gains and losses of $653 million).

Tether Group announced its consolidated net equity, which reached $11.9 billion as of June 30, 2024.

Part of the profits in the second quarter were reinvested in strategic projects to support the ecosystem, while maintaining an excess reserve of $5.3 billion to further ensure the stability of its issued tokens.

In the second quarter, Tether issued more than $8.3 billion in USDT.

Early bird tickets for the documentary "Vitalik: An Ethereum Story" are now available for casting, priced at $20

BlockBeats news, August 1, according to official news, Ethereum Stories announced that the documentary "Vitalik: An Ethereum Story" will be released on September 20, 2024, and early bird streaming tickets are now available for casting, priced at $20, and the early bird price will last until August 23.

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