Market digests Powell's hint of rate cut; Trump participates in debate with Harris

Headline

▌Institution: Cryptocurrency plummets, the market is still digesting Powell's hint of interest rate cut last week

Cryptocurrency plummeted this morning, and institutional analysis believes that major tokens are digesting the boost they received last week from Federal Reserve Chairman Powell's hint that the Federal Reserve will lower the benchmark interest rate from a high of more than two decades.

▌Trump confirms to participate in the debate with Harris on September 10

Former US President Trump said on the social platform Truth Social that he has confirmed that he will attend the presidential election debate with US Vice President Harris on September 10 (next Tuesday), which will be hosted by the American Broadcasting Corporation (ABC). Trump had previously accused ABC of bias and threatened to withdraw from the debate completely. As for the rules of this debate, Harris spokesman Brian Fallon said on Monday that the campaign team hopes that the microphone will remain open throughout the debate, rather than being turned off when the other party speaks as in the last CNN debate. Trump said in a statement today that the debate rules will be the same as last time, candidates are not allowed to bring notes or "cheats", and neither side will get questions in advance. Trump also said that the third debate, which may be hosted by NBC News, has not yet been agreed to by the Democratic Party.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 59,367.16 US dollars, with a daily increase or decrease of -5.5%;

ETH's latest transaction price is 2,452.17 yuan, with a daily increase or decrease of -8.6%;

BNB's latest transaction price is 532.27 US dollars, with a daily increase or decrease of -2.9%;

SOL's latest transaction price is 146.52 US dollars, with a daily increase or decrease of -6.8%；

DOGE's latest transaction price is $0.09866, with a daily change of -6.4%；

XPR's latest transaction price is $0.5651, with a daily change of -3.8%。

Policy

▌Survey: US voters prefer Trump's economic policies, with a support rate of 43%, while Harris's support rate is 40%

According to a Reuters/Ipsos survey, US voters prefer Trump's economic policies, with a support rate of 43%, while Harris's support rate is 40%. The gap is down from 11 percentage points in July.

▌AI Training Data Transparency Draft Passes California Legislature

A measure requiring artificial intelligence companies to be more transparent about the data used to train their models passed the California Legislature on Tuesday. The draft will go to Governor Newsom, who has not yet commented on it.

Blockchain Applications

▌Ondo Finance Expands Access to Its Yield Token USDY to Arbitrum

Real World Asset (RWA) protocol Ondo Finance is expanding access to the Ondo USD Yield Token (USDY) to Ethereum Layer 2 scaling network Arbitrum, according to an Aug. 27 blog post. Ondo’s USDY is a yield token designed to allow users to earn up to 5.35% annual returns through stablecoins such as USD Coin, and Ondo said each USDY token is backed by bank deposits and short-term treasury bills. USDY has a total locked value of $364 million and is also available on eight blockchain networks including Ethereum and Solana.

▌Animoca Brands-backed KOR Protocol launches new decentralized music platform KOR Player

KOR Protocol, a startup backed by Animoca Brands, has launched a new decentralized music platform KOR Player, which allows users to mix music using a suite of tools including a “sound library” and identity verification services. DJs including Joel Zimmerman (better known as deadmau5), Plastkman, Inder Phull, Ben Turner and Dean Wilson have joined as early supporters. The startup claims to have 550,000 registered users, with Japanese telecom giant KDDI as an early backer.

Crypto

▌BlackRock iShares Ethereum ETF to List on Brazil’s B3 Exchange on Wednesday

BlackRock will list its iShares Ethereum Trust (ETHA) on Brazil’s B3 exchange on Wednesday, according to local media Portal do Bitcoin. The ETF will trade under the ticker ETHA39 in the form of Brazilian Depository Receipts (BDRs), which are certificates representing shares of foreign companies traded in the South American country.

In March, BlackRock’s iShares Bitcoin Trust ETF (IBIT) also began trading on the Brazilian Stock Exchange, which has become a solid market for institutional products. In addition to Bitcoin and Ethereum, Brazil’s Securities and Exchange Commission (CVM) recently approved two Solana-based ETFs for listing on B3.

▌Marathon Digital follows MicroStrategy in buying Bitcoin with debt to meet mining challenges

Bitcoin miner Marathon Digital recently sold $300 million in convertible notes to buy 4,144 bitcoins, following MicroStrategy's strategy. MicroStrategy's executive chairman Michael Saylor borrowed money to buy bitcoin on a large scale, making his company one of the world's largest bitcoin holders. Marathon Digital's move reflects the plight of the mining industry: mining profits have fallen sharply, and miners have had to find other ways to maintain operations.  

Due to the Bitcoin halving and increased mining difficulty, Marathon Digital has chosen a "full HODL" strategy, retaining all the bitcoins mined and buying more through debt financing. The strategy aims to increase the company's reserves by holding Bitcoin and opportunistic purchases at market lows, hoping that future increases in Bitcoin prices will bring higher returns on investment.  

Industry experts believe that as Bitcoin mining profit margins decline and pressure on miners increases, debt financing may revive across the industry. Marathon's strategy is seen as a pragmatic choice to deal with current industry challenges, while also reflecting its confidence in the long-term value of Bitcoin.

▌Bitwise Bitcoin ETF to acquire assets of Osprey Bitcoin Trust

Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, in which BITB will acquire all assets of the OBTC fund.  

Previously, Osprey said in March that the company was considering a sale or merger with the Bitcoin ETF, among other strategic moves. Osprey must complete the sale or merger by September 1, 2024, otherwise it will liquidate OBTC.  

Osprey Funds wrote in a press release: "As part of this transaction, OBTC unit holders will receive BITB shares as part of the OBTC liquidation distribution. For existing BITB holders, there will be no changes to their shares, and there will be no changes to BITB's operations."

▌Binance CEO: Nigeria should not continue to detain Tigran Gambaryan on unfounded charges

Binance CEO Richard Teng said in the official Binance blog that former US federal agent Tigran Gambaryan's physical and mental health deteriorated rapidly after being detained in Nigeria for six months. Tigran is currently in unbearable pain due to a herniated disc and cannot walk, but the Nigerian government refuses to provide him with adequate medical care, including basic needs such as the use of a wheelchair. The Nigerian government should not continue to detain Tigran on unfounded charges, and there is no need to imprison innocent employees to be held accountable for any allegations against Binance.  

Richard also said: "As an American citizen, Tigran should not be treated unfairly. I sincerely hope that the US government and relevant political institutions can exert their power to bring Tigran home as soon as possible so that he can receive proper treatment and reunite with his family." He added, "Once these issues are resolved, we hope to work with the Nigerian government to support the development of the Web3 industry, create more opportunities for its young and talented workforce, and strive to attract more international investment opportunities."

▌Bitcoin net realized profit/loss indicator stabilizes in the second half of this year

According to Glassnode data, Bitcoin's net realized profit/loss reflects the overall profitability of on-chain transactions. So far this year, the indicator has become more volatile, peaking in the first quarter when Bitcoin soared above $70,000. Despite this rebound, the indicator stabilized in the second half of 2024, indicating a balance between profits and losses as the market matures after the halving.  

Note: Net realized profit/loss is the net profit or loss of all mobile coins, defined by the difference between realized profit and realized loss.

▌In the past 4 hours, the total network contract liquidation was 202 million US dollars, mainly long orders

Data shows that in the past 4 hours, the total network contract liquidation of the cryptocurrency market was 202 million US dollars, of which long orders liquidated 193 million US dollars and short orders liquidated 8.6745 million US dollars. The total amount of BTC liquidation was 71.9278 million US dollars, and the total amount of ETH liquidation was 57.8228 million US dollars.

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 66%

According to CME's "Fed Watch", the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 66%, and the probability of cutting interest rates by 50 basis points is 34%. The probability of the Federal Reserve cutting interest rates by 50 basis points by November is 41%, the probability of cutting interest rates by 75 basis points is 46%, and the probability of cutting interest rates by 100 basis points is 13%.

▌US bank institutional clients sold US stocks for the first time in three weeks

As companies slowed down the pace of stock buybacks, US bank clients withdrew $4.6 billion from the US stock market last week, ending a two-week buying frenzy. Quantitative strategists including Jill Carey Hall wrote in a note to clients on Tuesday that all major client groups, except for enterprises, were net sellers, with institutions and hedge funds that bought in the previous week leading the liquidation. Technology stocks experienced a withdrawal of funds for the first time in three weeks, with the largest outflow of funds from technology stocks among 11 industry categories. Meanwhile, communication services stocks attracted inflows for the 21st consecutive week.

Golden Encyclopedia

▌What is the new domain name dacc.eth registered by Vitalik?

Ethereum co-founder Vitalik Buterin has chosen a new Ethereum domain name specifically referring to "defensive accelerationism." Buterin's d/acc advocates a controlled, cautious approach to technological development and promotes more decentralization. This philosophy "seeks to create and maintain a more democratic world and tries to avoid centralization as the preferred solution to our problems."

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