Trump and Musk discuss cryptocurrency; Harris may contact Coinbase

Headlines

▌People familiar with the matter: Trump has discussed cryptocurrency policy with Musk

People familiar with the matter revealed that Trump has discussed cryptocurrency policy with Tesla CEO Elon Musk. He also hosted executives of crypto mining companies at his Mar-a-Lago estate and vowed to reduce the sentence of Ross Ulbricht. Ross Ulbricht was sentenced to life imprisonment for operating the dark web market Silk Road, which is designed to only allow access through Tor to ensure anonymity and only uses Bitcoin as a transaction medium. On top of that, Trump's campaign team said in May that it would begin accepting donations in digital assets. Since then, they have raised $4 million from various digital tokens, according to an unnamed campaign aide.

▌Sources: Harris advisers have contacted crypto companies such as Coinbase and Circle

Sources say advisers to the Harris campaign have been contacting major players in the crypto industry to build relationships that could ultimately inform regulatory frameworks. In recent days, the outreach effort has included cryptocurrency exchange Coinbase, stablecoin company Circle and blockchain payment company Ripple Labs, the report said. Sources said the message Harris wants to convey is that Democrats are "pro-business, responsible enterprises."

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 67794 US dollars, with a daily increase or decrease of +0.1%;

ETH's latest transaction price is 3241.37 yuan, with a daily increase or decrease of -0.6%;

BNB's latest transaction price is 580.73 US dollars, with a daily increase or decrease of +0.4%；

SOL's latest transaction price is 184.41 US dollars, with a daily increase or decrease of +1.2%；

DOGE's latest transaction price is 0.1312 US dollars, with a daily increase or decrease of -1.8%；

XPR's latest transaction price is 0.5964 US dollars, with a daily increase or decrease of -0.7%.

Policy

▌Senator Cynthia Lummis will propose a bill for the U.S. Treasury to buy 1 million bitcoins

The Block reported that Senator Cynthia Lummis said she will introduce a bill next week to instruct the U.S. Treasury to buy 1 million bitcoins (worth about $69 billion) within five years. She said the move was to offset the impact of the depreciation of the dollar.

▌Trump: If elected president, he will fire the current SEC chairman

Former U.S. President Trump said at the Bitcoin 2024 conference that he would fire the current SEC Chairman Gray Gensler if he was elected president, and the persecution of the encryption industry would end.

▌Bitcoin Policy Group recommends that the UK retain its Bitcoin holdings

The Bitcoin Policy Group has issued a warning to the UK, advising it not to sell its 61,000 Bitcoins. The group believes that retaining these Bitcoins is essential to the UK's economic strategy and future financial stability. The Bitcoin Policy Group emphasized in the letter that retaining the UK's Bitcoin holdings can increase national wealth and hedge against future economic uncertainties. In addition, the letter also called for supportive policies to promote the development of the Bitcoin industry in the UK. Recommendations include creating a favorable regulatory environment, ensuring that Bitcoin businesses have access to banking services, and conducting feasibility studies on Bitcoin mining as part of the UK's net zero goal. The Bitcoin Policy Group claims that these measures will not only protect the value of the UK's Bitcoin assets, but will also make the UK a leader in the digital economy.

▌Trump once again promised to commute the sentence of Ross Ulbricht, the founder of Silk Road

Former US President Trump said at the Bitcoin 2024 conference that he once again promised to commute the sentence of Ross Ulbricht, the founder of Silk Road, after being elected president.

▌Senator Cynthia Lummis will propose a bill for the US Treasury to purchase 1 million bitcoins

The Block reported that Senator Cynthia Lummis said she will introduce a bill next week to instruct the US Treasury to purchase 1 million bitcoins (worth about $69 billion) within five years. She said the move was to offset the impact of the depreciation of the US dollar.

Blockchain Application

▌Base Ecological Chain Game Fren Pet plans to make major updates to the game, token economics, incentive mechanism, etc.

Base Ecological Chain Game Fren Pet posted on X that the team is making major updates to the game, token economics, incentive mechanism and user experience design, and will launch some new features in the next 10 days. For the biggest changes, such as incentives and in-game token economics, the team will first develop a detailed proposal to get feedback from the community.

Cryptocurrency

▌SOL fell below $180

The market shows that SOL fell below $180 and is now trading at $179.98, with a daily decline of 1.17%. The market is volatile, so please do a good job of risk control.

▌Trump: Never sell your Bitcoin, will stop the US government from selling Bitcoin after being elected

Former US President Trump said at the Bitcoin 2024 conference, "Never sell your Bitcoin, will stop the US government from selling Bitcoin after being elected."

▌Trump: Bitcoin is not a threat to the US dollar, the future threat comes from Washington, DC

Former US President Trump said at the Bitcoin 2024 conference that Bitcoin is not a threat to the US dollar, and those who think Bitcoin is a threat to the US dollar are completely wrong. The future danger does not come from cryptocurrencies, but from Washington, DC.

▌TRUMP fell below $6

The market shows that TRUMP fell below $6 and is now quoted at $5.95, with a 24-hour drop of 12.1%. The market fluctuates greatly, so please do a good job of risk control.

Important Economic Dynamics

▌Analyst: PCE data gives the Fed a green light for a rate cut later

Bret Kenwell, an analyst at financial investment service company eToro, said that the US PCE report for June was basically in line with economists' expectations, while the year-on-year increase in the core PCE index was only slightly higher than expected. Despite this, there was no sign in the report that inflation would accelerate unexpectedly. Coupled with the lower-than-expected CPI report earlier this month and the recent trend of lower inflation data, this should give the Fed a green light to cut interest rates later this quarter. At next week's Fed meeting, all eyes will turn to Powell, who is hoped and expected to lay the groundwork for a rate cut in September. The Fed has been very transparent in recent years, announcing its actions long in advance, adding more certainty, and markets like certainty.

Golden Encyclopedia

▌What areBitcoin whales?

Bitcoin whales are individuals or organizations that own large amounts of Bitcoin and are able to influence the market through their trading strategies. The term "Bitcoin whale" is often used to refer to holders who own a large amount of Bitcoin compared to smaller players, who are often referred to as "minnows" in the market. The owner of a wallet or cluster of wallets controlled by one entity could be an individual or a group that is pooling funds for a large investment. Their large assets are accumulated through mining, early investment and other methods. Whales can hold a large number of Bitcoins, which gives them the ability to manipulate the market through large-scale asset purchases or sales that cause price fluctuations. In the field of cryptocurrency, large numbers of whales and extreme volatility are often linked.

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 concept and be sure to increase risk awareness.