Trump Bitcoin Conference Raises $21 Million, Solana DEX Transactions Surge

Headline

▌Trump campaign raised $21 million during 2024 Bitcoin Conference

Former U.S. President Donald J. Trump's campaign raised $21 million during the 2024 Bitcoin Conference. It is reported that the funds mainly came from a fundraising event after Trump's speech on Saturday, which was organized by Republican Senator Bill Hagerty of Tennessee and reportedly attended by 100 people. Bitcoin Magazine CEO said: "This is the second highest amount of money Trump has raised in his three presidential campaigns, and the funds come from a combination of industry and whales/OGs." Trump previously reported that he personally owned $100,000 to $250,000 worth of cryptocurrency in 2022. According to documents from the Federal Election Commission, his campaign raised a total of $221 million and currently has $128 million in cash on hand.

▌Solana DEX transaction volume surges, with weekly active addresses reaching 2 million

The Block data shows that Solana DEX transaction volume has surged, with weekly active addresses reaching 2 million. Solana Ethereum DEX transaction volume ratio hit a record high of 136%, a shift that may indicate that Solana's DEX ecosystem has now surpassed Ethereum in terms of trading activity. Raydium is one of the largest DEXs on the Solana chain, reporting a transaction volume of up to $24 billion.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 66213.63 US dollars, with a daily increase or decrease of -0.9%;

ETH's latest transaction price is 3278.09 yuan, with a daily increase or decrease of -1.3%;

BNB's latest transaction price is 587.09 US dollars, with a daily increase or decrease of +2.4%；

SOL's latest transaction price is 179.04 US dollars, with a daily increase or decrease of -2.1%；

DOGE's latest transaction price is 0.1255 US dollars, with a daily increase or decrease of -2.4%；

XPR's latest transaction price is 0.6276 US dollars, with a daily increase or decrease of +4.3%.

Policy

▌The United States intends to raise part of the funds for Bitcoin reserves by revaluing gold

A draft legislation proposed by U.S. Senator Cynthia Lummis (Bitcoin Act of 2024) shows that part of the funds for purchasing Bitcoin as a new strategic reserve will be raised by revaluing the Federal Reserve's gold. The plan is to purchase up to 200,000 Bitcoins per year for five years, totaling 1 million Bitcoins. These Bitcoins will be held for at least 20 years, mainly used to repay federal debts, after which no more than 10% of the assets may be sold in any two years. The draft also proposes to establish a decentralized network of secure Bitcoin storage facilities across the United States.  

In addition, the plan requires that $6 billion be allocated to the Treasury from all net profits submitted by the Federal Reserve from fiscal years 2025 to 2029, and that the Federal Reserve Bank's discretionary surplus funds be reduced from the current $6.825 billion stipulated in the Federal Reserve Act to $2.4 billion.  

The bitcoin purchases will be financed in several ways, which are described in the draft bill as "offsetting the cost of strategic bitcoin reserves." Gold certificates held by Federal Reserve banks will also be revalued to reflect their fair market value.

▌Bernstein: Harris's cryptocurrency shift is unlikely to influence voters

Bernstein analysts believe that U.S. Vice President Harris' latest shift in the cryptocurrency field is unlikely to influence key voters in the presidential election. Although Harris has actively reached out to companies in the crypto industry in an attempt to improve relations, her moves are seen as reactive and lack necessary policy changes. In contrast, former President Donald Trump won strong support from the crypto community through pro-crypto policies and direct engagement.

▌Bahamas Launches Digital Asset DARE 2024 Bill

The Securities Commission of the Bahamas announced that the Bahamas Parliament has passed the Digital Assets and Registered Exchanges Bill 2024 (DARE 2024), a move that solidifies the country's position in the digital asset regulatory space. The bill builds on the foundation laid by the DARE Act 2020 and introduces comprehensive reforms designed to address the changing landscape of the digital asset and cryptocurrency markets.  

Christina Rolle, Executive Director of the Bahamas Securities Commission, said: "DARE 2024 represents a new standard in digital asset regulation. The framework we have created not only focuses on investor protection, but also encourages responsible innovation, making the Bahamas a leader in global digital asset regulation."

▌Judge approves former FTX executive Ryan Salame's request to postpone prison

A U.S. federal judge approved a motion filed by lawyers for former FTX Digital Markets co-CEO Ryan Salame to postpone his prison sentence until October 13.

Blockchain Applications

▌Ghana pilots blockchain-based digital credentials and cross-border payments

The Bank of Ghana (BoG) has completed a proof of concept to explore the use of digital credentials for international trade and cross-border payments based on CBDC. The proof of concept is part of the "Digital Economy Semi-Fungible Tokens" (Project Desft), an exploration by the Bank of Ghana and the Monetary Authority of Singapore on how to use technology to promote the participation of micro, small and medium-sized enterprises in developing countries in international trade.  

Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, said: "Project Desft aims to support African SMEs to participate in international trade by removing significant barriers they face in international trade, such as building trust with overseas trading partners and accessing cross-border payments and supply chain financing."

▌Bank of Italy Develops New Permissioned Consensus Protocol for Central Bank DLT System

The Bank of Italy plans to conduct a large amount of research on distributed ledger technology (DLT). In a report released today, the Bank of Italy shared a new permissioned consensus protocol that has been adapted to suit Bitcoin and is being open sourced. This is not the first time a permissioned version has been created for Bitcoin, but it adds a new detail that provides confidentiality of the identity of validators. Its work aims to create a central bank DLT system.

Cryptocurrency

▌Viewpoint: The United States will include Bitcoin in its balance sheet or strategic reserves in the next 10 to 15 years

Anthony Pompliano, CEO of Professional Capital, predicts that the United States will include Bitcoin in its balance sheet or strategic reserves in the next 10 to 15 years, but the key lies in how active the United States is. Pompliano said that Bitcoin dominates his portfolio, while Solana is the second largest investment. Investment in Solana began last year when the price was between $45 and $48, and continued to increase thereafter. He is optimistic about Solana's prospects and believes that its activity growth rate may exceed that of Ethereum.  

Pompliano also mentioned that he believes Solana can eat into Ethereum's market share in certain areas, thereby driving its price up. Although he is optimistic about the long-term prospects of Bitcoin and Solana, he also talked about mistakes in investment, especially the failure to seize early investment opportunities such as DoorDash. He believes that these experiences have made him realize the importance of understanding portfolio construction and capital allocation.

▌Survey: Women Earn More Than Men in Crypto

According to Pantera Capital's salary survey, women in the crypto industry earn 15% more than men. This is a bright spot in the crypto industry, especially compared to traditional industries where women typically earn only 84% of what men do. The survey shows that women in the crypto industry are generally more experienced and tend to be in mid-level to senior positions, with more than five years of experience. Even after controlling for experience, women still earn more, perhaps because they have overcome more obstacles in the industry and show greater resilience and ability.  

Alternative theories, such as men earn less than women or women are more risk-averse, do not fit the data. The crypto industry's reversing wage gap may indicate that it provides better opportunities for women, marking the potential for this emerging field to move toward greater gender equality. WSJ: Bitcoin as a strategic reserve asset contradicts the claim of "freedom from government" The Wall Street Journal (WSJ) editorial board wrote that former President Donald Trump's alleged plan to make Bitcoin a strategic reserve asset is inconsistent with the value of cryptocurrency. Trump said at a Bitcoin conference in Nashville last week that Bitcoin represents freedom and independence from government, etc., but this view is inconsistent with the way he has used Bitcoin since his election in November, the WSJ wrote. "What he is proposing is not freedom from government, he wants all Bitcoin to be made in the United States in the future, which is a restriction on freedom and requires a larger power grid because Bitcoin mining requires a lot of energy," the column stated. The column claims that if Trump does take office in January, he will develop a "rough plan" to turn Senator Cynthia Lummis' bill into reality, which echoes many contradictions of the billionaire's "Make America Great Again" slogan and conflicts with much of what cryptocurrency stands for.

▌Yesterday, GBTC had a net outflow of US$73.6 million, and ETHE had a net outflow of US$120.3 million

According to Farside Investors, as of press time, the data of US spot Bitcoin ETF and spot Ethereum ETF (July 30) are as follows: Spot Bitcoin ETF: GBTC net outflow of US$73.6 million; BITB net outflow of US$3.2 million; ARKB net outflow of US$7.9 million. Spot Ethereum ETF: ETHE net outflow of US$120.3 million; EZET net inflow of US$3.7 million; ETHW net inflow of US$3.5 million; Grayscale Ethereum Mini ETF ETH net inflow of US$12.4 million. Barclays expects Trump win to push up interest rate volatility, Harris vice versa Barclays' interest rate strategists have new ideas for the so-called "Trump trade" and also introduced a possible "Harris trade." Interest rate volatility typically rises in the three months after a challenger wins a presidential election, according to research published Tuesday by Amrut Nashikkar and Maria Chiara Russo. However, when the White House remains in the hands of the incumbent president's party, interest rate volatility falls. So far, Wall Street has focused on trades that might perform well after Republican Trump is re-elected, including bets on higher longer-dated bond yields in response to expected looser fiscal policy. Citing past market reactions to changes in the White House, the Barclays report expects "implied volatility to rise for bonds in the belly of the yield curve."

▌Bitcoin dominance hits highest level since April 2021

Bitcoin dominance (a measure of Bitcoin's market value relative to the total market value of cryptocurrencies) reached a high of 52.7% last week, the highest level in three years since April 2021.  

Starting on June 22, BTC's market value accounted for only 48.2%, and immediately after the launch of the ETH ETF on Tuesday, this value quickly rose to 51.9%, and gradually continued to rise within a week. In sharp contrast, ETH has shown weakness in price action. In addition, various altcoins have also shown considerable weakness against BTC, further pushing BTC's dominance to its highest level in three years.

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged this week is 95.9%

According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged this week is 95.9%, and the probability of a 25 basis point rate cut is 4.1%. The probability of the Federal Reserve keeping interest rates unchanged by September is 0%, the probability of a cumulative 25 basis point rate cut is 86.8%, the probability of a cumulative 50 basis point rate cut is 12.8%, and the probability of a cumulative 75 basis point rate cut is 0.4%.

▌Goldman Sachs' market value exceeds that of its long-term rival Morgan Stanley for the first time in four years

For the first time since the outbreak of the epidemic, Goldman Sachs' (GS.N) market value has surpassed its long-term Wall Street rival Morgan Stanley (MS.N). Goldman Sachs' shares rose 2.6% on Tuesday, and its market value rose to $168.9 billion, narrowly surpassing Morgan Stanley's market value of $168.6 billion. It’s been a rapid rise for Goldman, which saw the gap in market value between the two companies exceed $20 billion at the start of the year. “Given the potential for positive EPS revisions and long-term re-ratings, Goldman’s stock is one of the best risk/reward plays in our universe,” said Ebrahim Poonawala, an analyst at Bank of America Global Research. Goldman’s shares have risen 31% this year to a record high, boosted by strong trading revenue and banking fees. Morgan Stanley’s shares are up just 11% through 2024, lagging its largest peer and the broader market as its wealth management business has been lackluster.

▌Fed, Bank of Japan and Bank of England all set to announce key rate decisions this week

Three major central banks, including the Federal Reserve, Bank of Japan and Bank of England, are set to hold policy meetings this week, with results expected to be at least somewhat different from one another.  

The Bank of Japan will be the first to announce its decision on Wednesday, with analysts currently split on whether it will raise its policy rate from the current 0%-0.1% or signal an imminent hike.  

The Federal Reserve will announce its interest rate decision early Thursday morning Beijing time. While few expect the Fed to start cutting rates immediately, almost everyone expects the Fed to indicate that it will cut rates at its next meeting in mid-September.  

The Bank of England will announce its policy decision early Thursday afternoon, with economists and interest rate markets roughly evenly divided on whether the central bank will ease policy for the first time in several years. More certain is that even if the Bank of England does cut rates, it may indicate a very cautious approach, suggesting to the market that a series of easing policies should not be expected.

Golden Encyclopedia

▌What is Delegated Proof of Stake (DPoS)?

DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement of the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. In particular, Eos, which used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, attracted a lot of attention to DPoS, highlighting its potential in achieving high performance and decentralized governance.

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 increase risk awareness.