Headlines
▌Bloomberg Analyst: The top 15 performing stock ETFs this year are all related to cryptocurrencies
Bloomberg analyst Eric Balchunas tweeted that every one of the top 15 performing stock ETFs this year is related to cryptocurrencies, with WGMI (Valkyrie Bitcoin Miners ETF) leading with a TYD return rate of 227%.
The analyst also stated that North America accounts for 98% of the global cryptocurrency ETF trading volume. This percentage could potentially reach 99.5% when spot ETFs are launched in the United States.
Market
As of the time of writing, according to coinmarketcap data:
- Zee Prime Co-founder Disappointed with the pseudo-innovation of DeFi, destruction of value outweighs creation of value.
- Essential knowledge for security audits What is the recent and difficult to prevent ‘read-only reentrancy attack’?
- The Demise of Saddle Finance From a Strong Competitor to Liquidation and Shutdown of Operations
BTC recent trading price is $29,455.3 with a daily change rate of -0.04%;
ETH recent trading price is $1,852.31 with a daily change rate of -0.08%;
BNB recent trading price is $241.38 with a daily change rate of -0.32%;
XRP recent trading price is $0.6330 with a daily change rate of +0.25%;
WLD recent trading price is $1.6822 with a daily change rate of -2.09%.
DOGE recent trading price is $0.0758 with a daily change rate of -0.41%;
ADA recent trading price is $0.2967 with a daily change rate of -0.25%;
MATIC recent trading price is $0.6856 with a daily change rate of -0.42%.
Policies
▌Texas offers new tax incentives to attract Bitcoin miners
The state of Texas in the United States will open a new incentive measure next month aimed at reducing greenhouse gas emissions caused by burning and emitting gases, providing tax exemptions for energy producers that power Bitcoin mining equipment by utilizing waste emissions.
▌SoFi: Cryptocurrency business may face significant risks if proposed SEC rules take effect
Financial technology company SoFi, which has an emerging cryptocurrency division, stated in its quarterly 8-K report that the U.S. Securities and Exchange Commission (SEC) adjusted its regulatory ATS and regulatory agency trading rules in April. This rule will reclassify the composition of cryptocurrency exchanges, and if the proposal is approved, entities eligible to operate as exchanges will face stricter regulation to facilitate trading of crypto assets considered securities. Therefore, its cryptocurrency business may face significant risks.
SoFi stated in the filing, “We may need to obtain additional regulatory licenses to conduct our business before the proposed rules are finally adopted. The time and cost involved in obtaining such licenses may be significant and uncertain. Additionally, we may need to suspend or alter certain aspects of our business until such licenses are obtained.”
▌FxMacro: High Possibility of Approving Ethereum Futures ETF on October 10th
FxMacro tweeted that there is a high possibility of approving Ethereum Futures ETF on October 10th, while BTC spot ETF may be delayed until the end of the year. ETH/BTC seems to be a good trade in the next 2-3 months.
▌Bitwise Applies to Modify its Bitcoin Futures ETF to Bitcoin + Ethereum Equal Weight Strategy ETF
According to Bloomberg analyst James Seyffart, Bitwise has just submitted an updated prospectus to change its BITC from Bitcoin Futures ETF to “Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF”, effective from October 9, 2023.
LianGuai previously reported that Valkyrie also included Ethereum Futures in its Bitcoin Futures ETF.
▌Bittrex Reaches $24 Million Settlement with SEC
According to a court filing submitted on Thursday, bankrupt cryptocurrency exchange Bittrex has reached a $24 million settlement with the U.S. Securities and Exchange Commission (SEC) for allegedly operating unregistered securities. The exchange neither admitted nor denied the charges. It is reported that Bittrex must pay the SEC within 90 days after its liquidation plan becomes effective, and if the fees and fines are not paid by March 1st next year, the regulatory agency may seek a court judgment.
Bittrex filed for bankruptcy protection under Chapter 11 of U.S. bankruptcy law in May. Bittrex stated during the bankruptcy filing that its assets and liabilities are estimated to be between $500 million and $1 billion. Bittrex had previously announced its decision to exit the U.S. market in early March.
According to data from The Block, the company was once one of the largest exchanges in the United States, with nearly 23% market share in USD-supported markets as of early 2018.
▌Former Celsius CEO Faces Electronic Monitoring and is Restricted from Transferring Funds Over $10,000 While on Bail
A federal judge has approved a joint request from Alex Mashinsky’s lawyers and the U.S. Department of Justice to modify the bail conditions for the former Celsius CEO, including the inclusion of electronic monitoring and a restriction on withdrawing, transferring, or receiving funds over $10,000 without prior court approval. Furthermore, on August 9th, the judge ordered that most of the undisclosed trial materials, especially through social media posts on Facebook or Twitter, shall not be disclosed by any party unless the prosecutor files a motion and obtains consent from Mashinsky’s legal team.
LianGuai previously reported that Mashinsky served as the CEO of the cryptocurrency lending platform Celsius until September 2022 and is facing charges of securities fraud, commodities fraud, and wire fraud for allegedly misleading and deceiving users. After being arrested on July 13th, he pleaded not guilty to all charges.
Blockchain Applications
▌Gemini Adds XRP Ledger as its 13th Supported Blockchain
Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has added support for the XRP Ledger, making it the 13th network supported by the exchange. Users will soon be able to trade Ripple (XRP) using USD, before the addition of trading pairs with GBP, EUR, CAD, AUD, HKD, and SGD.
Other blockchains supported on Gemini include Bitcoin, Ethereum, Solana, Litecoin, Bitcoin Cash, Polkadot, and Avalanche.
▌DappRadar: Web3 Game Financing in July Surges to $297 Million, with 63% Flowing into Infrastructure
According to a joint report released by DappRadar and Blockchain Game Alliance, web3 game financing rebounded to $297 million in July 2023, with 63% flowing into infrastructure. This detail indicates that the industry is still in its early stages. Investors are betting on tools and platforms that can facilitate future cryptocurrency and NFT-driven games.
Compared to the relatively modest $68 million in cryptocurrency game investment in June, July was an explosive month for the industry. The report speculates that the low figures in June may have been partially due to the U.S. Securities and Exchange Commission’s (SEC) attacks on Binance and Coinbase in June, which affected the wider crypto industry and caused industry uncertainty.
▌Report: Blockchain Technology Market to Grow by $11.04761 Billion from 2022 to 2027
According to the latest report from Technavio, the blockchain technology market is projected to grow by $11.04761 billion from 2022 to 2027, with a compound annual growth rate of 32.72%. The rise of blockchain as a service (BaaS) further drives this growth by ensuring secure record-keeping and transparency. Despite the initial high costs, the potential of blockchain in mitigating grid failures and ensuring data security continues to drive its adoption and expansion in the energy sector. The European region, especially the UK, Germany, and Russia, will be a focal point of this growth, contributing 38% to the overall market growth.
Cryptocurrencies
▌UN Report: North Korean Hackers Target Cryptocurrencies and Global Financial Exchanges
According to an unpublished UN report obtained by Reuters, North Korea continues to develop nuclear weapons and produce nuclear fissile material in 2023, evading sanctions aimed at cutting off funds for Pyongyang’s nuclear and ballistic missile programs. The report states that after reaching record levels of cyber theft in 2022 (estimated at $1.7 billion), North Korean hackers continue to target cryptocurrencies and global financial exchanges. The executive summary of the report states that North Korea continues to access the international financial system and engage in illicit financial activities, with a particular focus on cryptocurrencies, defense, energy, and health sector companies.
According to reports, the report will be released in the coming weeks. These inspectors report to the United Nations Security Council twice a year and have previously accused North Korea of using cyber attacks to fund its nuclear and missile programs.
▌Bloomberg Analyst: Only 2 of the top 20 ETFs in terms of returns in 2023 are not related to cryptocurrencies
James Seyffart, an ETF analyst at Bloomberg, said that only two non-leveraged US ETFs are not related to cryptocurrencies among the top 20 ETFs in terms of returns in 2023. They are TSLY (a single stock exposure to TSLA with options for substantial income) and FNGS (a concentrated ETN of FANG+ stocks). However, compared to the top-ranked crypto-related ETFs, the returns of these two ETFs are nearly 50% lower year-to-date.
▌Coinbase Ventures investment drives more than 9% increase in Rocket Pool token within 24 hours
After Coinbase Ventures announced the purchase of RPL, the native token of the liquidity staking network Rocket Pool, RPL, which provides direct incentives, insurance, and governance for the Rocket Pool ecosystem, has risen more than 9% in the past 24 hours, with a trading price of $28.82.
Although Coinbase Ventures did not disclose how much RPL they acquired, they stated on X (formerly Twitter) that the purchase of these tokens is a “strategic investment.”
According to the DefiLlama website, Rocket Pool offers a 3.33% annual interest rate for Ethereum (ETH) staking, with over 779,000 ETH worth approximately $1.4 billion, making it the third most popular liquidity staking platform, following Lido and Coinbase.
▌nd4.eth has burned over $8 million worth of cryptocurrency assets
Recently, an unknown individual with the ENS identifier nd4.eth has been destroying more cryptocurrency tokens and NFTs. So far, over $8 million worth of cryptocurrency assets have been destroyed. The NFTs sent to the designated burn address include 0xdea…069, works from the Bored Ape Yacht Club (#289 and #71), three Mutant Ape Yacht Club NFTs (#3573, #1826, and #1368), and Crypto Punk 5237.
Burning refers to the practice of permanently removing tokens from circulation by sending them to an unmanned controlled address. The specific intention behind these actions is unclear, and nd4.eth has not publicly commented or provided any explanation for these measures. Details about the individual’s identity and why they chose to destroy valuable cryptocurrency assets are still unknown.
▌Delphi Digital: Increasing DAI savings rate to 8% will reduce Maker’s projected annual profit from $84 million to $41 million
In an article, Delphi Digital stated that MakerDAO recently increased the DAI savings rate to 8%, which has significant financial implications. With the DSR currently set at 8%, Maker’s annual cost is estimated to be $54 million. Therefore, this will reduce Maker’s projected annual profit from $84 million to $41 million. However, it can be seen as a customer acquisition cost that reignites DAI demand. Compared to US Treasuries, the enhanced DAI DSR offers an attractive on-chain alternative. Given its higher yield, the DSR utilization rate may stabilize below 35%, consistent with the current Treasury benchmark interest rate of 5.5%. This strategic move aims to drive Maker’s development and lay the foundation for the introduction of the Maker SubDAO, aiming to increase the demand and utility of DAI and MKR tokens.
Important Economic Trends
▌China Securities: US inflation slowdown may not change high interest rates
China Securities research report indicates that US inflation in July met market expectations. The 0.2% month-on-month growth in core CPI for the second consecutive month is a positive signal, but the rebound in energy prices shows that inflation slowdown is not smooth sailing. The necessity of a September rate hike by the Federal Reserve has decreased, and we previously predicted that the Federal Reserve may “skip” September and raise rates next time in the fourth quarter. There are several other phenomena worth noting: first, the slowdown in rent inflation is lower than our expectations; second, the continuous decline in air ticket prices has caused disturbances; third, core service inflation, excluding rent and air tickets, has rebounded. These phenomena add uncertainty to future inflation trends. We believe that the recent slowdown in inflation is more related to supply improvement and many of them are imported, which does not fully reflect the resilience of US domestic demand. This means that although inflation is slowing down, it may be difficult to change the high interest rates in the United States. (Jinshi Data APP)
LianGuai Encyclopedia
▌What is Intent Computing
The introduction of Intent Computing is aimed at reducing the burden on users. Essentially, intent is a set of declarative constraints that allow users to delegate transaction creation to specialized third-party participant networks while retaining full control over the process. Simply put, if a transaction specifies “how” to execute an operation, then intent defines “what the expected result of that operation is.” This declarative approach brings exciting progress in user experience and efficiency. Through Intent Computing, users can easily express their expected results. This is in sharp contrast to the current imperative transactions where each parameter must be explicitly specified by the user.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for reference only and does not serve as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.
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