Headlines
Cryptocurrency Market Plunges, Bitcoin Dips Below 53000 USDT
Odaily Planet Daily News OKX market data shows that the cryptocurrency market experienced a plunge from last night to this morning, with BTC dipping below 53000 USDT, reaching a low of 52430.8 USDT; ETH dipped below 2100 USDT, reaching a low of 2084.69 USDT, and SOL dropped below 120 USDT, reaching a low of 119.37 USDT.
Currently, the total value of the cryptocurrency market is reported at 2.012 trillion US dollars, with a 9.4% decrease in the past 24 hours.
AXIOS: US Informs G7 that Iran May Attack Israel in the Next 24 Hours
Odaily Planet Daily News According to AXIOS, the US has informed the G7 that Iran may attack Israel in the next 24 hours. (Jinshi)
Odaily Planet Daily News Former US President and Republican presidential candidate Donald Trump stated in an interview with Fox Business Channel on Friday that if the US does not accept cryptocurrencies, China and other countries will, "so we had better be at the forefront." He added, "Who knows, maybe we will pay off our $35 trillion (debt) with a little cryptocurrency check. Give them a little Bitcoin, and then wipe out our $35 trillion." He also pointed out that the market value of cryptocurrencies has surpassed that of many companies and countries. "This is already a big deal; this is a different form of currency that will ultimately benefit the country."
Odaily Planet Daily News Politico Pro revealed that US White House officials and Democratic Party elites will hold a virtual roundtable meeting with cryptocurrency industry executives next Monday to discuss digital asset policies. It is reported that Vice President Harris's campaign officials have been invited to attend the meeting, and outgoing White House senior advisor Anita Dunn, billionaire Mark Cuban, New York Senator Kirsten Gillibrand, US National Economic Council Director Lael Brainard, and White House Deputy Chief of Staff Bruce Reed also plan to attend the meeting. (TheBlock)
MicroStrategy Seeks to Sell $2 Billion in Stocks to Buy More Bitcoin
Odaily Planet Daily News MicroStrategy is seeking to sell its Class A stocks to raise up to $2 billion to buy more Bitcoin and for general corporate purposes. In the regulatory filing submitted to the US SEC, MicroStrategy did not disclose the timetable for the stock sale, nor did it reveal how much of the proceeds would be used to purchase Bitcoin.
In June, MicroStrategy announced the issuance of $500 million in unsecured senior convertible notes to purchase more Bitcoin, and a day later increased the offering to $700 million.
Industry News
Jump Trading Suspected of Selling ETH, Involving Redemption of 120,000 wstETH
Odaily Planet Daily News According to on-chain analyst Yu Jin's monitoring, Jump Trading may be selling ETH: they have recently been redeeming a batch of 120,000 wstETH (worth $410 million) into ETH and then transferring it to exchanges such as Binance and OKX. As of now, they have redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (worth $191.4 million) has already entered the exchange. Currently, their wstETH deposit address still has 37,600 wstETH yet to be transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the address transferring to the exchange is awaiting transfer in batches to the exchange.
Paradigm Hires Instagram and Facebook Executives as CMO
Odaily Planet Daily News Paradigm has hired David Swain as its CMO. Swain previously served as Global Communications Lead at Instagram and Senior Director of Technical Communications at Facebook, and also served as Vice President of Global Partnerships at Strava, a social fitness app and community with over 120 million members.
Swain's appointment comes shortly after Paradigm raised $850 million for its third fund in June. (The Block)
Project News
Odaily Planet Daily News Starknet officials announced on X platform that Starknet v0.13.2 is coming soon, with the testnet release scheduled for August 5 (Monday) and the mainnet release scheduled for August 26 (Monday), reminding developers to upgrade the full node version.
JupiterDAO Votes to Pass Proposal to "Destroy 30% of JUP Token Supply"
Odaily Planet Daily News According to the governance page, JupiterDAO has voted to pass the proposal to "destroy 30% of JUP token supply," reducing the JUP token supply from 10 billion to 7 billion.
Uniswap Community Initiates "Deploy Uniswap v3 on X Layer" Temperature Check Proposal
Odaily Planet Daily News According to the Snapshot governance page, the Uniswap community has initiated a vote on the "Deploy Uniswap v3 on X Layer" temperature check proposal.
X Layer is an Ethereum-based zkEVM Layer 2 network launched by Pionex and supported by Polygon CDK.
Headlines
Kamino's Second Season Ends, 350 Million KMNO Tokens to be Distributed in Mid-August
Odaily Planet Daily News Kamino, a Solana lending platform, announced on the X platform that the second season of Kamino has ended. A total of 350 million KMNO tokens (worth $13.5 million) will be distributed to Kamino users in mid-August. The related rewards will be fully unlocked and automatically staked upon receipt. Users can unstake without a cooldown period, and the distribution check URL is https://app.kamino.finance. Once governance is initiated, users will be able to stake their KMNO tokens into the governance contract. The third season has already launched from the moment of the S2 snapshot, and complete information will be released next week. The third season will adjust protocols, points, and governance mechanisms to achieve Kamino's goal of reaching a $10 billion TVL.
ZKX Investors and Liquidity Providers Express Surprise at Sudden Shutdown
Odaily Planet Daily News Investors and liquidity providers involved in the recent shutdown of the ZKX project have expressed surprise at the closure announcement, stating that they did not receive any advance notice. Ye Su, founder of ArkStream Capital, stated on X, "As an investor, we received no information when ZKX closed. The team claimed they had no money, refused to provide any financial or expenditure details, and refused to communicate with us." HashKey Capital echoed Su's concerns in their own post, complaining that ZKX failed to share its financial situation and future plans with the venture capital firm. Amber Group, claiming to be an investor and liquidity provider for ZKX, stated that after repaying half of their initial 2 million token loan and purchasing 2 million tokens as part of their market-making operations since TGE, the company holds 3 million ZKX tokens. They emphasized their commitment to providing continuous liquidity, even at the cost of their own losses, and expressed the importance of open communication, transparency, and accountability for founders.
Celebrity Iggy Azalea to Attend Solana Break Point Conference Related to MOTHER Token
Odaily Planet Daily News Australian rapper Iggy Azalea announced on the X platform that she will be speaking at the Solana Break Point conference and is discussing topics related to celebrity tokens and how they drive the culture and product growth of cryptocurrencies with crypto KOL @ercwl.
Regulatory Developments
Trump: Either Debate with Harris on September 4th or No Debate
Odaily Planet Daily News Trump stated that he will either debate with Harris on September 4th or not debate. (Jinshi)
Earlier reports indicated that Harris's campaign spokesperson responded to Trump's proposal for a debate on September 4th, stating that Harris hopes to stick to the plan for a debate on September 10th on ABC.
Former White House Senior Advisor David Plouffe to Join Harris Campaign Team
Odaily Planet Daily News David Plouffe, who previously served in President Obama's team, will join Harris's campaign team as a senior advisor.
Plouffe is a senior figure in the crypto industry, having made several statements about cryptocurrencies. He also joined Binance's global advisory board in the past few years and served as a global strategic advisor for Alchemy Pay in 2023. (The Block)
"American Bitcoin Strategic Reserve Act" Officially Submitted to Congress for Review by the Senate Banking Committee
Odaily Planet Daily News According to official website information, the "American Bitcoin Strategic Reserve Act" proposed by Senator Cynthia Lummis has been officially submitted to Congress for review by the Senate Banking Committee. The purpose of the bill is to "establish a strategic Bitcoin reserve and other projects to ensure transparent management of Bitcoin holdings by the federal government, utilize certain resources of the Federal Reserve System to offset costs, and for other purposes."
The bill will undergo review by the Senate, House of Representatives, and the President to determine whether it will be passed into law.
Personal Insights
Vitalik: Writing Cryptography-themed Popular Science Posts to Ensure Empowerment for the Future
Odaily Planet Daily News Ethereum co-founder Vitalik discussed the technological myths reflected in the Dubai Future Museum and the Tokyo Future Museum and the behind-the-scenes technology in a recent blog post. He stated, "The main type of technology that the Dubai Future Museum lacks is social technology, especially governance. The only explicit description of governance structure I found in my imagined world of Dubai in 2064 was a casual mention in the description of the main space station on Mars—operated by: Global Space Administration and SpaceX. On the other hand, the structure of the Tokyo Future Museum emphasizes collaborative discussions, with frequent references to language, culture, government, and freedom of the press." He emphasized the need for advanced tools that are understandable and usable to ensure that more people can work together and ensure empowerment for the future.
QCP Capital: US Government's Transfer of BTC, Mt. Gox, and Genesis Repayments Bring Panic Selling Pressure to the Market
Odaily Planet Daily News QCP Capital posted on their official Telegram channel, stating that this week the market violently reversed the positive momentum brought by Trump to the cryptocurrency market. The price of BTC dropped from a high of 70,000 after his speech to nearly 60,000 this morning. The reasons for the decline include selling pressure from the US government (approximately 28,000 BTC), Mt. Gox (33,960 BTC), and Genesis (BTC and ETH worth $1.5 billion); the Bitcoin mining difficulty reaching a historical high, and increased expectations of a recession. Based on options market data, it is expected that price volatility will stabilize in the summer.
Top Trader Eugene: Closed All Positions, Uncertain if $60,000 Will Hold
Odaily Planet Daily News Top trader Eugene Ng Ah Sio posted on the X platform, stating, "To provide updates on how to deal with losses in real-time for some people, I recently experienced two drawdowns while trading perpetual contracts and also had a significant drawdown in spot trading due to recent price movements. The first trading mistake was due to a lack of discipline in executing my ETHBTC trade, closing my BTC short too early. In the end, I closed my ETH long, resulting in a net loss of $1.1 million across the two trading pairs. Although I avoided some pain, after the market's sharp drop on Friday, I decided to go long yesterday. However, the market clearly did not reward this decision, and the spot price continued to drop to 60k. The entire account lost about 3-4%, totaling $750,000, and I have closed all positions. After this, I am acutely aware that unknown unknowns have increased. While buying at support levels usually has a better risk-reward ratio than chasing momentum, I am uncertain if 60k will hold. Additionally, I felt emotionally imbalanced for the first time in a while, so I have decided to stay away from trading for the next few days and adjust my mindset. This is not always easy, but we will bounce back and continue moving forward."
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