Exchange returns $163 million in BTC to Germany; Apple ranks first in total market value of US stocks

Headline

▌Exchanges return $163 million worth of Bitcoin to the German government, possibly because they failed to sell it within the target price range

According to Arkham Intelligence data, as of 4:15 p.m. EST on Monday, the German government address had received 2,898 bitcoins returned by exchanges, equivalent to about $163 million, mainly from Coinbase, Kraken and Bitstamp.

Steven Zheng, head of research at The Block, said that the exchange is likely to return the bitcoins because it could not sell them within the target price range. Steven Zheng said: "Considering that some bitcoins have been returned from Coinbase to the German government address, it can be assumed that they are unsold bitcoins and are part of the sales agreement between the cryptocurrency exchange and the country." Data shows that the German government currently holds more than $2 billion worth of bitcoins.

▌Apple's total market value returns to the top of the US stock market

Apple's stock price hit a record high, now up more than 0.2% to $226.82, with a total market value of nearly $3.5 trillion, surpassing Microsoft to return to the top of the US stock market. Previously, industry chain insiders said that Apple raised its iPhone 16 series stocking target to about 90 million units this year; Apple's sales increased significantly during the 618 e-commerce promotion, which may have boosted Apple's sales expectations for the iPhone 16 series.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $56662.99, with a daily increase or decrease of +1.5%;

ETH's latest transaction price is $3017.23, with a daily increase or decrease of +3.0%;

BNB's latest transaction price is $510.47, with a daily increase or decrease of +4.1%；

SOL's latest transaction price is 139.49 US dollars, with a daily increase or decrease of +6.1%；

DOGE's latest transaction price is 0.1076 US dollars, with a daily increase or decrease of +3.4%；

XPR's latest transaction price is 0.4315 US dollars, with a daily increase or decrease of +3.0%。

Policy

▌Six U.S. spot Ethereum ETF applicants have submitted S-1 document updates

Six U.S. spot Ethereum ETF applicants have submitted S-1 document updates, including Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock.

▌Analysis: The final approval deadline for the Solana ETF is mid-March 2025

According to Bloomberg ETF analyst Eric Balchunas Yu X, "It looks like the final deadline for the Solana ETF is mid-March 2025. But the most important date between now and then is November. If Biden wins, these ETFs are likely to be eliminated. If Trump wins, anything is possible."

▌Polymarket: US Congressman JD Vance has a 29% chance of becoming the vice presidential candidate

Senator JD Vance (R-Ohio), who has pushed for changes to cryptocurrency regulation, has a 29% chance of becoming former President Donald Trump's running mate. This is based on bets from traders on the crypto prediction market platform Polymarket. Trump is reportedly expected to announce his vice presidential candidate next week.

▌Singapore Court Rules in Fantom Foundation’s Favorable Case Against Multichain

Fantom Foundation has successfully won a lawsuit against Multichain in the Singapore High Court, finding Multichain in breach of contract and awarding it $2.1 million in damages. The court noted that Multichain’s leadership’s actions to control crypto assets violated the user agreement, and the case was based on Multichain’s admission of key breaches on social media. Fantom Foundation plans to continue to promote Multichain’s liquidation process and provide support for the recovery and distribution of affected parties’ assets.

▌US Republican Party Supports Multiple Crypto Policy Measures in Its Official 2024 Party Platform

The Republican National Committee of the United States has expressed support for multiple crypto policy measures that benefit digital asset companies and holders in its official party platform for the 2024 US election.  

The Republican Party's "Make America Great Again" platform vows to end the "illegal and un-American crackdown" on the US cryptocurrency industry, according to an official document released by Republican presidential candidate Donald Trump's campaign team on Monday. The platform also promises to "defend the right to mine Bitcoin" and allow cryptocurrency holders to keep their tokens themselves, in addition to opposing the creation of a central bank digital currency (CBDC). "We will defend the right to transact without government surveillance and control," the document reads.

Blockchain Applications

▌Visa collaborates with HSBC and Hang Seng Bank to promote tokenized deposit pilot

Visa, HSBC and Hang Seng Bank have launched a tokenized deposit trial in the Hong Kong e-HKD pilot program. The trial covers two major use cases: real estate transaction settlement and Visa card payment. Visa pointed out that tokenized deposits can not only improve settlement efficiency, but also innovate new business applications.  

HSBC's Vincent Lau said that realizing the benefits of tokenized deposits requires further development of interoperability between different banks. The trial showed that tokenized deposits can improve business efficiency and transparency through simplified processes, reduced manual verification and almost real-time settlement time, while blockchain technology also enhances data transparency.  

Despite the challenges of regulatory evolution and infrastructure construction, Visa and HSBC are optimistic about the actual effect of tokenized deposits. This progress shows Hong Kong's positive attitude in exploring and promoting new financial technologies, especially in the application of CBDC and interbank settlement.

▌Dubai Customs Launches Blockchain Platform to Improve Operational Transparency

Dubai Customs has introduced a new blockchain platform to improve the transparency of business operations and enhance the government's cooperation with the logistics industry. The move is part of Dubai's broader blockchain strategy to promote the adoption of digital transactions and web3. Sultan Ahmed bin Sulayem, chairman of Ports, Customs and Free Zones Corporation, said this marks a significant progress in Dubai's efforts to improve the efficiency of business operations.  

The platform will simplify customs declaration and commercial transaction procedures, ensure the security and tamper-proofness of data sharing, and enhance trust and visibility in the supply chain. Abdullah Busnad, Director General of Dubai Customs, stressed that the platform will not only benefit Dubai Customs, but will also promote cooperation with other government entities, simplifying and making Dubai's business environment transparent. This move will help consolidate Dubai's position as a global trade and logistics hub.

Cryptocurrency

▌German Government Has Sold More Than Half of Seized Assets

The German government transferred 16,309 bitcoins it held to cryptocurrency exchanges and market makers on Monday (July 8). Blockchain data shows that due to this transfer, more than $900 million worth of bitcoin assets flowed out of the German government's wallet, causing Bitcoin (BTC) to fall in European markets on Monday afternoon.  

The bitcoins were transferred in batches to external addresses, including cryptocurrency exchanges Bitstamp, Kraken and Coinbase, and market maker Flow Traders, according to blockchain data platform Arkham Intelligence. Arkham Intelligence data also showed that wallets associated with the German government still hold about 23,788 bitcoins, which means they have sold more than half of the seized assets.

▌BlackRock's BUIDL fund exceeds $500 million

The market value of the BUIDL token, issued by global asset management company BlackRock in partnership with Securitize and backed by U.S. Treasuries, exceeded $500 million on Monday.

▌Report: Cryptocurrency Vulnerabilities Loss Nearly $1.4 Billion This Year

According to the mid-year Web3 security report of cybersecurity company Cyvers, the total amount of cryptocurrency funds stolen so far this year has reached nearly $1.4 billion, as centralized exchanges have become a new attack flashpoint. In the second quarter of 2024, total cryptocurrency losses exceeded $600 million, an increase of 100% over the same period last year. The report said that the main reason for the surge in stolen funds was a 900% increase in losses from centralized exchanges.

▌Viewpoint: Cryptocurrency is expected to receive $6 trillion from inheritance, and young investors are actively deploying

Matthew Sigel, head of digital asset research at Bitwise, predicts that more than $6 trillion will flow into the cryptocurrency market in the next 20 years, mainly from the huge wealth inherited by young American investors. According to research from Bank of America, Generation X and Millennials are likely to inherit $84 trillion from seniors and baby boomers, and they expect to put 14% of their assets into cryptocurrencies. Young investors are generally optimistic about the growth prospects of cryptocurrencies, with 28% believing that it has the greatest investment opportunity, second only to real estate and private equity. At the same time, investors aged 44 and above are significantly less interested in cryptocurrencies than the younger generation, with only 4% believing that it has the greatest growth opportunity. This trend shows a shift in the traditional investment model among young investors, who generally believe that traditional stocks and bonds alone cannot achieve high returns.

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 93.3%

According to CME's "Fed Watch": The probability of the Federal Reserve keeping interest rates unchanged in August is 93.3%, and the probability of a 25 basis point rate cut is 6.7%. The probability that the Federal Reserve will keep interest rates unchanged by September is 24.3%, the probability of a cumulative interest rate cut of 25 basis points is 70.8%, and the probability of a cumulative interest rate cut of 50 basis points is 5.0%.

▌The three major U.S. stock indexes closed mixed

The three major U.S. stock indexes closed mixed, with the Dow Jones Industrial Average down 0.08%, the Nasdaq up 0.28%, and the S&P 500 up 0.1%. Hot technology stocks rose and fell, with solar energy and computer hardware sectors leading the gains.

Golden Encyclopedia

▌What is the market depth of cryptocurrency trading?

In cryptocurrency trading, market depth describes the ability of a market to withstand a large number of orders without a noticeable impact on the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.