Headlines
▌CZ denies participating in fundraising to create a BNB Treasury Reserve Company
Binance founder CZ denies participating in fundraising to create a BNB Treasury Reserve Company.
A community member said today, "CZ participated in a listed company and held 28% of the shares himself. MicroStrategy, which raised funds to create BNB, closed the seed round last weekend, but did not disclose which company it was." CZ responded to this statement, "Fake."
▌Hong Kong stablecoin issuance "countdown" related concept stocks shine
As the Hong Kong "Stablecoin Ordinance" will officially take effect on August 1, the issuance of stablecoins has entered the "countdown" stage, and the market's attention to this field continues to rise. In this context, stablecoin concept stocks in the Hong Kong and A-share markets have recently shined, with not only many stocks with astonishing gains, but also some "10-fold bull stocks". Brokerage analysts believe that the regulatory framework for stablecoins has become clearer, and compliance will become the core booster for the development of the stablecoin industry. The development of stablecoins is expected to inject new impetus into the internationalization of the RMB, and the popularity of related sectors may continue. (Securities Times)
Market
As of press time, according to CoinGecko data:
BTC price is $118,332, 24-hour increase or decrease of -0.3%;
ETH price is $3,705.52, 24-hour increase or decrease of +2.1%;
BNB price is $772.60, 24-hour increase or decrease of -0.4%;
SOL price is $183.30, 24-hour increase or decrease of -3.5%;
DOGE price is $0.2323, 24-hour increase or decrease of -3.8%;
Policy
▌Dragonfly partner responds to potential charges from the U.S. Department of Justice: intends to defend itself with all its strength
Dragonfly partner Haseeb responded to "The U.S. Department of Justice is considering bringing charges against DragonFly employees in the Tornado Cash case", "Dragonfly invested in PepperSec, Inc, the developer of Tornado Cash, in August 2020. The reason for this investment is its belief in the importance of open source privacy protection technology. Before the investment, Dragonfly had obtained external legal opinions confirming that Tornado Cash was built in compliance with legal requirements and in accordance with the guidelines issued in 2019 by FinCEN, an agency of the U.S. Treasury Department. The U.S. government has now stated in open court that they are considering bringing charges against Dragonfly. Based on the advice of our lawyers, we have not made any public comments for the time being, but have decided not to remain silent any longer."
"We firmly believe that Americans have a right to privacy, and the lack of privacy remains one of the biggest unsolved problems in the cryptocurrency space. That's why we stick to our investment position. The charges against Dragonfly after so many years are outrageous, contrary to the facts and the law, and will have a chilling effect on all investments in encryption and privacy protection technologies in the United States. Dragonfly intends to defend itself vigorously."
Blockchain Applications
▌Uniswap Foundation: New MEV-proof DEX Angstrom is now online
The Uniswap Foundation announced that the new DEX Angstrom launched by Sorella Labs, a developer of anti-MEV tools, is now online, providing native MEV protection for token swaps and LPs, and is supported by the Uniswap v4 Hook Design Lab. Sorella Labs, a crypto startup dedicated to solving the Ethereum MEV problem, completed a $7.5 million seed round of financing in August last year, led by Paradigm, with participation from Uniswap Ventures, Bankless Ventures, Robot Ventures and Nascent. Sorella Labs is developing tools to solve the maximum extractable value (MEV) problem of Ethereum, including Angstrom.
Cryptocurrency
▌8 newly created addresses have hoarded 583,000 ETH since July 9
According to Lookonchain monitoring, 8 newly created addresses have accumulated another 42,788 ETH (US$159 million) today. Since July 9, these 8 newly created addresses have hoarded 583,248 ETH (about US$2.17 billion).
▌Coinbase adds ResearchCoin (RSC) to its coin listing roadmap
Coinbase announced that it will add ResearchCoin (RSC) to its coin listing roadmap.
▌Coinbase CEO clarifies "Adding RSC to the Coin Listing Roadmap"
Coinbase CEO Brian Armstrong clarified "Coinbase adds ResearchCoin (RSC) to the coin listing roadmap":
"As a co-founder of ResearchHub, I want to share some details about the precautions taken a few years ago to eliminate conflicts of interest: All assets listed on Coinbase will be reviewed by our Digital Asset Support Group (DASG). DASG will review all assets listed on Coinbase from a legal, compliance, and cybersecurity perspective; I am not a member of DASG and therefore have no voting rights to decide which assets are approved for listing; My relationship with ResearchHub has been disclosed to the Coinbase board of directors, which is standard practice; I wrote a blog post on this topic in March 2022 and publicly committed not to sell RSC for at least four years - this has not changed to this day."
▌An ancient BTC whale that has been dormant for 14.5 years has transferred again, with a holding value of about $457 million
According to the monitoring of chain analyst Ai Yi (@ai_9684xtpa), the selling pressure of the ancient whale holding 80,000 BTC is coming to an end, and another ancient whale that has been dormant for 14.5 years may sell. The address "bc1qsea3m" made its first external transfer since January 2011 yesterday, and the receiving address transferred 50 BTC to the address "bc1q5" 2 hours ago. The latter is unknown, but has interacted with Coinbase, B2C2 and Galaxy Digital related addresses.
The ancient whale holds 3,963 BTC, about $457 million, with a cost as low as $0.32.
▌Citigroup predicts Bitcoin could reach $199,000 by the end of the year
Wall Street banking giant Citigroup predicts Bitcoin could reach $199,000 by the end of the year.
Important Economic Dynamics
▌Hedge Funds' Bullish Bets on Gold Rise to Highest Since April
Fund managers raised their bullish bets on gold to the highest level since April this year ahead of progress in trade talks between the United States and the European Union. Hedge funds and other large speculators increased their net long positions by 19% to 170,868 contracts in the week ended July 22. That was the highest level in 16 weeks, according to U.S. government data released on Friday. The trade war launched by the Trump administration has pushed gold prices up 27% this year. Although the easing of trade tensions will weaken safe-haven demand, gold has also been supported by strong buying by central banks.
▌The S&P 500 and Nasdaq 100 both climbed to intraday highs
The S&P 500 and Nasdaq 100 both climbed to intraday highs, and von der Leyen said she would meet with Trump in Scotland on Sunday.
▌South Korean Presidential Office: Will make every effort to achieve reciprocal results in South Korea-US tariff consultations
The South Korean presidential office said on the 25th regarding the progress of South Korea-US tariff negotiations that the government will do its utmost to strive for results that are in the interests of both South Korea and the United States based on the principle of giving top priority to national interests. The Presidential Office held a meeting on economic and trade countermeasures on the same day. The meeting was chaired by Secretary General Kang Hoon-sik. National Security Office Director Wi Shenglu, Policy Office Director Kim Yong-beom, and Deputy Prime Minister and Minister of Strategy and Finance Gu Yun-chul attended the meeting. At the press conference after the meeting, Wi Shenglu answered the question of "in which area the negotiations encountered obstacles" and said that the South Korean side put forward proposals that benefited both sides, and the US side expressed concern about some of them. The two sides are in practical consultations. He also introduced that the package consultations in the security field are progressing more steadily than other fields, and it is expected that it will have a positive impact on consultations in other fields.
▌British media: Cracks in the US-Japan trade agreement, Japan denies the US plan to share 90% of the profits
According to the Financial Times, the United States and Japan have obvious differences in the interpretation of the details of the agreement reached earlier. Tokyo said on Friday that if the United States wants to obtain 90% of the profits from joint investment, it must bear a corresponding proportion of risks and financing responsibilities. Earlier, U.S. Commerce Secretary Lutnick announced that under the latest tariff agreement, Japan will finance $550 billion in investments in strategic industries in the United States, and the United States will receive 90% of the profits. But a slide released by the Japanese Cabinet Office on Friday made it clear that profit distribution "will be determined based on the contribution and risk of each party." Japanese officials pointed out that Japan and the United States have not reached any written agreement on the investment, nor have they signed a legally binding agreement. According to people familiar with the matter, the agreement was hastily reached by Japan's chief negotiator Ryomasa Akasawa and the U.S. side in a meeting of only 70 minutes on Tuesday. The Trump team is worried that if Japanese Prime Minister Shigeru Ishiba steps down due to political instability, it will have to renegotiate, so it is eager to finalize the agreement.
Golden Encyclopedia
▌What role do gold, oil, and BTC play in U.S. reserves?
The U.S. government has long relied on gold and oil as reserve assets, but as Bitcoin has become increasingly popular among institutions, its potential role as a strategic reserve has significantly increased. While gold has historically been the backstop of the monetary system and oil remains an important economic and security asset, Bitcoin represents a new type of digital reserve that challenges the traditional financial paradigm. The United States has large gold and oil reserves, but its Bitcoin holdings are relatively small, mainly acquired through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and 24/7 accessibility. Gold, oil, and Bitcoin all play a strategic role in the global economy, with gold being a hedge and oil influencing geopolitical stability. All of these assets have strategic and macroeconomic significance over time. Their narratives related to the broader capital markets may be just what is needed to attract investor interest. As institutional adoption grows, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy initiatives suggest that establishing a strategic Bitcoin reserve could allow it to stand alongside traditional assets such as gold and oil in the future.