Trump: Make America Great Again US SEC ends investigation into short sellers

Headline

▌Trump’s latest post on X platform: Make America Great Again

Former US President Trump said in a latest post on X (original Twitter) platform, “Are you better off now than when I was President of the United States? Our economy is in tatters. Our borders have disappeared. Our country is in decline. Make the American dream viable again. Make America safe again. Make America great again.”

▌The U.S. Department of Justice and the SEC ended their investigation into short seller Carson Block without taking action

Sources said that the U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) ended their investigation into short seller Carson Block without taking action.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 59,342.50 US dollars, with a daily increase or decrease of +1.1%;

ETH's latest transaction price is 59,342.50 yuan, with a daily increase or decrease of +6.7%;

BNB's latest transaction price is 518.78 US dollars, with a daily increase or decrease of +3.2%;

SOL's latest transaction price is 146.47 US dollars, with a daily increase or decrease of +3.7%；

DOGE's latest transaction price is 0.1077 yuan, with a daily increase or decrease of +7.2%；

XPR's latest transaction price is 0.5684 US dollars, with a daily increase or decrease of +3.0%.

Policy

▌El Salvador receives $1.62 billion investment from Turkey's Yilport to support construction of 'Bitcoin City'

The Salvadoran government said on Sunday that Turkish holding company Yilport will invest $1.62 billion in two seaports in El Salvador, the largest private investment in the country's history, which is expected to support the construction of its "Bitcoin City". 

"It will be a company jointly owned by Yilport and El Salvador that will operate the two seaports for the next 50 years," the government said in a video statement shared by Salvadoran President Nayib Bukele on Monday. The agreement is the product of Bukele's visit to Turkey in 2022. One of the ports is the Acajutla seaport, which handles most of the country's exports of coffee, sugar and Peruvian balsamic vinegar. The other is the La Union seaport, an idle and abandoned seaport located on the site where Bitcoin City is planned to be built.

▌U.S. Congressman Vivek Ramaswamy predicts Harris will embrace Bitcoin and the crypto industry

U.S. Senator Vivek Ramaswamy predicts Kamala Harris will embrace Bitcoin and the crypto industry. Ramaswamy said, "I think this is a good thing for the country... This should not be a partisan issue."

Blockchain Applications

▌Trac Systems' Tap Protocol launches "Bitcoin native smart contracts"

Trac Systems' Tap Protocol launches "Bitcoin native smart contracts", which the team claims is the first Bitcoin native smart contract and DeFi tool that runs directly on Bitcoin Layer 1. The protocol relies on the Ordinals meta-protocol.  

According to the team: "This breakthrough allows smart contracts, exchanges, and liquidity pools to be independent of layer 2 solutions. Tap integrates with systems such as ICP to enable decentralized operations, enhancing the practicality and security of Bitcoin for DeFi activities directly on the mainnet without the need for complex layer 2 setups."

▌German state-owned bank KfW to launch blockchain-based digital bonds

German state-owned bank KfW will launch blockchain-based digital bonds. The bank has selected Stuttgart Digital Exchange (BSD) as an infrastructure provider partner to prepare for the upcoming blockchain-based digital bond issuance.  

It is reported that KfW plans to issue bonds under the German Electronic Securities Act (eWpG) in the coming weeks. BSD will oversee crypto wallets and protect private keys during issuance and redemption. The upcoming service will be part of the European Central Bank's trial of using central bank money to settle blockchain transactions.

▌Optimism is developing a native interoperable system for Layer2 blockchains

Optimism developers plan to introduce interoperability between various Layer2 blockchains in the ecosystem, including OP Mainnet, Zora, Base, etc., including providing a messaging protocol, a universal token standard (SuperchainERC20), and an error-proofing system for secure asset transfers.

Cryptocurrency

▌Solana ecosystem DEX transaction volume fell by more than 10% in the past week, while Ethereum DEX increased by 12%

According to DeFiLlama data, the transaction volume of Solana-based decentralized exchanges (DEXs) fell by more than 10% in the past week. In contrast, the transaction volume on Ethereum, Base, and Sui blockchains increased by about 12%, 11%, and 77%, respectively, during the same period. In terms of network transaction volume in US dollars over the past week, Ethereum led with $16.5 billion. Solana’s DEX activity ranked second at just over $11 billion, while DEX volume on Base totaled $5.4 billion in the same period. Ethereum remains ahead of Solana in terms of total DEX value locked (TVL), with a TVL of over $6.44 billion, compared to Solana’s $1.74 billion. Binance: Platform access restricted for Venezuelan users Binance said in a post on X that Venezuelan users of Binance had difficulty accessing the site, saying: “Like the websites of several companies in different fields such as Venezuelan social media, Binance’s pages are also facing access restrictions.” The company said it was “closely monitoring developments to resolve this issue in the best and fastest way possible,” and said that users’ funds were protected by “SAFU” (Security Asset Fund for Users).  

According to human rights group VE sin Filtro, CANTV, the country’s state-run telephone and internet service provider, is blocking Amazon CloudFront’s services, causing massive network congestion. The restrictions come after Venezuelan President Nicolas Maduro announced on Thursday that he would block System X for 10 days to “put an end to the spread of violence, hatred and plans to attack Venezuela from abroad.”

▌Liquidators of Three Arrows Capital are seeking at least $1.3 billion in damages from Terraform Labs

Liquidators of bankrupt cryptocurrency hedge fund Three Arrows Capital are seeking at least $1.3 billion in damages from bankrupt Terraform Labs for losses incurred by the fund following the collapse of TerraUSD and Luna tokens in 2022.

▌DeFi market capitalization share has fallen to its lowest level in three years

DeFi dominance, which measures the percentage of DeFi market capitalization as a percentage of global cryptocurrency market capitalization, has fallen to its lowest level in three years, falling from 3.82% on Monday to a low of 2.84% on Friday, according to data from The Block. This is the lowest point of the index since early January 2021, just before the sharp appreciation before the "Summer of DeFi" in 2021.  

Since September 2022, when DeFi dominance was about 4.8%, this number has gradually trended downward, with occasional small rebounds. By the beginning of 2024, this proportion had fallen to 4.47%.  

In 2024, sectors such as memecoin outperformed the market, and the launch of ETFs for BTC and ETH also attracted institutional interest in these assets. As a result, most DeFi tokens are in limbo. This has led to a 29% decline in DeFi dominance so far this year, with market participants showing little interest in the performance of most DeFi tokens.

▌Brazilian Deputy Finance Minister: There is no clear understanding of the motivations for the demand for crypto assets

Galipolo, Brazil's Deputy Finance Minister, said that crypto assets (value) have been growing and have reached high values, but there is no clear understanding of the motivations for this demand.

Important Economic Dynamics

▌The probability of a 50 basis point rate cut by the Federal Reserve in September is 48%

According to CME's "Fed Watch", the probability of a 25 basis point rate cut by the Federal Reserve in September is 52%, and the probability of a 50 basis point rate cut is 48%. The probability of the Federal Reserve cutting interest rates by 50 basis points by November is 35.6%, the probability of cutting interest rates by 75 basis points is 49.3%, and the probability of cutting interest rates by 100 basis points is 15.1%.

▌Goldman Sachs technical experts expect a window for bargain hunting in U.S. stocks at the end of the month

Goldman Sachs Group technical expert Scott Rubner pointed out that as the selling pressure from systematic funds eased and listed companies increased stock buybacks, investors would usher in a short window for bargain hunting in U.S. stocks at the end of August. Rubner said this was his last bearish stock market in August because the most serious stock market supply and demand mismatch in August was about to end, and he would then turn tactically bullish on the stock market on August 30. Previously, Rubner had recommended at the end of June to reduce U.S. stock market exposure after July 4. As expected, the index has fallen about 6% since closing at a record high on July 16. Rubner also reminded investors that the stock market outlook will deteriorate after reaching a certain point in September, and the market will not show a clear upward trend line before the fourth quarter and the US election in November.

Golden Encyclopedia

▌What is Zero-Knowledge Proof

Zero-knowledge proof (ZKP) is a cryptographic method that allows multiple parties to verify the authenticity of a statement without revealing information other than the statement itself. Many blockchains use ZKP to improve the security of interactions involving sensitive data. Therefore, participants in a blockchain with ZKP can interact more confidently because private information is less likely to be leaked or used by malicious actors.

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 concept and be sure to improve risk awareness.