Musk faces shareholder lawsuit, and related memes rise after Biden's son is sentenced

Headlines

▌Musk faces shareholder lawsuit for Twitter acquisition that harmed Tesla

A new shareholder derivative lawsuit alleges that Musk sold Tesla shares and misappropriated Tesla resources in the process of acquiring the social media platform then called Twitter (now renamed "X"), violating his obligations to Tesla shareholders. On Monday, the Rhode Island State Employees' Retirement System sued Musk, Tesla and Tesla board members, alleging that Musk's heavy investment in the acquisition of Twitter distracted him from his duties at Tesla, created a conflict of interest and harmed Tesla's interests.

▌Hunter Boden, a meme coin associated with Biden's son, rose after his son was convicted

The U.S. political theme Meme (meme) coin market suffered a heavy blow, with market value falling by more than 13% in the past 24 hours. In contrast, Bitcoin fell by about 4% and Ethereum fell by 5.4%. FreeTrump token (TRUMP) led the decline, down 45%; MAGA (TRUMP), the largest in market value, fell 13%. The market is volatile, please do a good job of risk control. A federal jury in the United States found Hunter Biden guilty on three federal felony gun charges, the first time the son of a sitting President Biden has been convicted. After the announcement, the Hunter Boden token (HUNTERBODEN) on Solana rose more than 30% in 24 hours to $0.001514. Jeo Boden (BODEN) fell 5.5% to $0.1855. Stocks also faced selling pressure as they awaited the monthly consumer price index report and the Federal Reserve's monetary policy announcement. Expectations of a Fed rate cut have weakened in recent weeks.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,326.16, with a daily increase or decrease of -3.1%;

ETH's latest transaction price is $3,498.66, with a daily increase or decrease of -4.6%;

BNB's latest transaction price is $601.98, with a daily increase or decrease of -3.6%;

SOL's latest transaction price is $149.38, with a daily increase or decrease of -6.0%;

DOGE's latest transaction price is 0.1381 US dollars, with a daily increase or decrease of -4.7%;

XPR's latest transaction price is 0.4803 US dollars, with a daily increase or decrease of -3.3%.

Policy

▌Biden is expected to choose Goldsmith Romero as the next FDIC chairman

The White House is preparing to select Christy Goldsmith Romero, a senior member of the U.S. derivatives regulator, to lead the reform of the Federal Deposit Insurance Corporation (FDIC), according to people familiar with the matter. No final decision has been made, and the announcement could be made as early as this week, people familiar with the matter said.

▌Viewpoint: The U.S. crypto industry shows signs of recovery after the regulatory storm

Alex Gluchowski, CEO of Matter Labs, said the U.S. crypto industry has become a "powerful electoral force." Last year, the crypto market was sluggish due to the deteriorating regulatory environment, but the situation has improved this year, with projects such as Circle planning to go public in the U.S.  

Despite the regulatory challenges of the Securities and Exchange Commission, Blockworks co-founder Jason Yanowitz pointed out that the number of conference speakers has rebounded this year, indicating that confidence in the industry has recovered. Bill Hughes, chief legal officer of Consensys, believes that regulatory uncertainty inhibits innovation and gives large companies a competitive advantage. Joshua Riezeman, deputy general counsel of GCR, warned that the United States needs to clarify the regulatory framework, otherwise it will lose more crypto companies. Despite the challenges, Gluchowski emphasized that the influence of the US crypto community has increased, as exemplified by the bipartisan FIT21 bill. Hughes believes that the United States has advantages in capital and talent and can still lead the crypto field. ▌ EU Security Innovation Center: Crypto mixers, privacy coins and L2 technology complicate law enforcement tracking According to a report by the EU Internal Security Innovation Center (a network of laboratories that supports internal security organizations in 27 EU countries), privacy coins, mixers and L2 platforms may make it difficult for law enforcement agencies to track funds. The report, released by anti-crime agencies such as Europol and Eurojust and the European Commission and other institutions, tells law enforcement agencies that they need to be prepared to encounter such tools in investigations. The report stated: "Mixer Tornado.cash has also been using zero-knowledge proofs to allow users to withdraw funds from the mixer without revealing their original deposit amount. This greatly increases the difficulty for law enforcement to trace the source of (illegal) cryptocurrency."

▌Judge approves sports star's $2.4 million settlement with Voyager

A Florida judge has preliminarily approved a $2.4 million settlement between Robert Gronkowski, Victor Oladipo and Landon Cassill and crypto company Voyager Digital. The three faced a class action lawsuit for promoting the company, with Gronkowski paying $1.9 million. The settlement does not include former Mavericks owner Mark Cuban. Meanwhile, Voyager is still dealing with other legal issues, including claims for funds with FTX and Three Arrows Capital.

Blockchain Applications

▌Nansen: Provided some data on specific wallet categories to Matter Labs

Nansen issued a clarification on the X platform to dispel some confusion in the community about the zkSync airdrop. Nansen provided Matter Labs with some data on specific wallet categories, such as huge users and known scammers, but did not take anti-sybil measures or make recommendations on the airdrop allocation itself. If you see someone tweeting a distorted truth, they are spreading false information. Congratulations to all ZK holders, and Nansen will support all other participants in the zkSync ecosystem.

▌LayerZero: Symbiotic will be integrated into the LayerZero DVN framework

LayerZero Labs announced on the X platform that Symbiotic will land on LayerZero. Through Ethena Labs, Symbiotic will be integrated into the LayerZero DVN framework, enabling users to stake ENA to ensure cross-chain transfers of Ethena assets.

▌ENS ranks first in the NFT market with more than $4.27 million in sales in a single day

According to statistics from the data platform CryptoSlam, Ethereum Name Service (ENS) ranks first in the NFT market with more than $4.27 million in sales. Other collections on the list include PIZZA BRC-20 NFT (sales of $2.18 million) and Guild of Guardians Avatars (sales of $1.24 million).  

The Ethereum blockchain had a total of $8.45 million in sales on Monday, while the Bitcoin blockchain had $4.11 million. Solana and Polygon blockchains had sales of $2.68 million and $2.44 million, respectively.

▌Aave Community Proposes to Launch Phase 3 of Aave Liquidity Committee Funding

The Aave community proposed to launch the third phase of Aave Liquidity Committee (ALC) funding, proposing to provide 600,000 GHO to the Aave Liquidity Committee to continue to support GHO liquidity and DeFi integration on Ethereum over the next three months.

▌Biconomy Launches Delegated Authorization Network Biconomy DAN

Web3 developer and transaction infrastructure platform Biconomy announced the launch of the delegated authorization network Biconomy DAN on the X platform, which supports securely entrusting artificial intelligence agents to authorize transactions on behalf of users, and only within the scope of user-defined permissions.

Cryptocurrency

▌DACFP founder: US financial advisors are beginning to accept Bitcoin

Ric Edelman, founder of the Digital Asset Financial Professionals Council (DACFP), said that US financial advisors are now more willing to include Bitcoin in their portfolios because they see data showing that risk-adjusted returns have improved.  

Ric Edelman said that in the past three months, the number of financial advisors willing to include BTC in their portfolios in the next year has increased by 80%, thanks to the listing of the spot Bitcoin ETF in January and the participation of asset management giant BlackRock.

▌Subsidiary of Spain's second largest bank BBVA launches cryptocurrency custody service in Turkey

Garanti BBVA, a Turkish subsidiary of Spain's second largest bank BBVA, with assets of $700 billion, has begun to provide crypto custody services. "Garanti BBVA Digital Assets now allows clients to transfer and store BTC, ETH and USDC assets on its mobile platform Garanti BBVA Crypto," the bank said in a statement. 

Garanti BBVA Executive Vice President Çağrı Süzer said the pilot study of the new service was a success. He said: "The beta version of the Garanti BBVA Crypto app has previously provided this service to some clients, and now it is available to all clients. Although we initially provide services for BTC, ETH and USDC, we will continue to grow in the future by increasing the diversity of assets and service infrastructure."

▌Bloomberg ETF Analyst: Everyone agrees that tokenization is important

Bloomberg ETF Analyst Eric Balchunas said on the X platform, "Today at the Proof of Talk inside the Louvre with 21Shares co-founder Ophelia Snyder, digital asset analyst Matthew Sigel and Jason Xavier had an illuminating discussion, with all agreeing that tokenization is important, but probably not a replacement for ETFs. Sigel predicted that Bitcoin ETFs will be over $500 billion in the U.S. within five years, and Snyder said that the world could exceed that number. They all thought I might have underestimated the demand for an Ethereum ETF, which they planned to position as a "production tech stock," the "ultimate app store," very different from the hype surrounding Bitcoin. ”

▌Marathon Digital sold 1,200 BTC yesterday

Ki Young Ju, CEO of CryptoQuant, wrote that Bitcoin mining company Marathon Digital sold 1,200 BTC yesterday, possibly to cover expenses, recording its highest daily OTC volume since late March.

▌Core: BTCfi Summer Hackathon is being launched

Core is a Layer-1 blockchain project compatible with Ethereum that relies on Bitcoin for its security setup. According to the team, "BTCfi Summer Hackathon is being launched, a 12-week event designed to inspire innovation in the Bitcoin economy. The hackathon was launched on June 6, and the winners will be announced on August 19."

Important Economic Dynamics

▌Nasdaq and S&P 500 both hit record closing highs

The three major U.S. stock indexes closed mixed, with the Nasdaq up 0.88%, the S&P 500 up 0.27%, and the Dow down 0.31%. Among them, the Nasdaq and S&P 500 both hit record closing highs. Apple rose more than 7%, setting a new record high, the largest single-day increase since November 2022, with a total market value of 3.18 trillion U.S. dollars. Microsoft rose more than 1%, Meta, Netflix, Google, and Amazon rose slightly; Tesla fell more than 1%, and Nvidia fell slightly. WSB concept hot stocks rose sharply, GameStop rose more than 22%, and AMC Cinemas rose more than 10%.

▌The probability of the Fed keeping interest rates unchanged this week is 99.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in June is 99.4%, and the probability of a 25 basis point rate cut is 0.6%. The probability of the Fed keeping interest rates unchanged by August is 91.1%, the probability of a cumulative 25 basis point rate cut is 8.8%, and the probability of a cumulative 50 basis point rate cut is 0.1%.

Golden Encyclopedia

▌What isValidiums

Validiums is a Layer 2 scaling solution designed to optimize Ethereum's performance by processing transactions off-chain. Vailidiums is primarily responsible for reducing the load on the Ethereum blockchain by processing most transactions off-chain and only sending concise proofs to the mainnet for verification. The off-chain transaction processing method can significantly increase throughput and reduce mainnet congestion, resulting in a more efficient and economical Ethereum experience.

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