Trump will debate with Harris on September 4. Rising unemployment rate makes it difficult for investors to hold on to their coins.

Headline

▌Trump says he has reached an agreement with Fox News to debate with Harris on September 4

On August 3, Republican presidential candidate Trump said he had reached an agreement with Fox News to debate with Vice President Harris on September 4. If she is "unwilling or unable" to attend on that day, he will hold a town hall meeting online. Trump said in a post on Truth Social that the debate will be held in Pennsylvania at a location to be determined. Trump was originally scheduled to face President Biden in a debate hosted by ABC News, and Harris has been urging Trump to still attend. Trump posted that ABC's debate "has been partially terminated because Biden is no longer running." (Jinshi)

▌The rising unemployment rate makes it difficult for investors to hold coins, and liquidity is not enough to support a full bull market

According to Bloomberg, in response to the decline of Bitcoin in recent days, Dan Dolev, senior analyst at Mizuho Securities, said that Bitcoin is not yet the safe-haven tool that people hope for. If the unemployment rate rises and people lose their jobs, investors will have to cash out their tokens. Matthew Graham, founder and managing partner of Ryze Labs, said that several factors are affecting the price of Bitcoin in the short term, including the possibility of lower interest rates, the possibility of Trump's victory in the upcoming election, and the potential impact of the Harris administration's reform of cryptocurrency policy. The market is keenly assessing the possibility and potential consequences of such a policy shift. In the days leading up to the Federal Reserve meeting on Thursday, the price of Bitcoin has fallen from nearly $70,000, even if policymakers ultimately choose to keep interest rates unchanged. Youwei Yang, chief economist at BIT Mining, said this suggests that the cryptocurrency market may have priced in a broader market downturn before it happens. The current market is entering a risk-off phase, with funds seeking safe havens. With the maturation of ETFs and the regulatory environment, Bitcoin is now a more mainstream consideration in this category than before. However, the volatility of the token suggests that these signals are unreliable. Overall, the market's hot money liquidity is not yet enough to support a full-scale bull market, but it may be enough after a certain degree of interest rate cuts.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $60,718.72, with a daily increase or decrease of -0.7%;

ETH's latest transaction price is 2,914.47 yuan, with a daily increase or decrease of -1.6%;

BNB's latest transaction price is $531.16, with a daily increase or decrease of -0.1%;

SOL's latest transaction price is $143.98, with a daily increase or decrease of -4.5%;

DOGE's latest transaction price is 0.1084 US dollars, and its intraday change is -1.3%;

XPR's latest transaction price is 0.5561 US dollars, and its intraday change is -0.8%.

Policy

▌U.S. Senators have received more than 2,200 letters in support of the "Bitcoin Strategic Reserve Act" proposed by Cynthia Lummis

Golden Finance reported that Dennis Porter, founder of Satoshi Action Fund, said on social media that within 48 hours, more than 2,200 letters were sent to U.S. senators, urging them to co-sponsor and support the "Bitcoin Strategic Reserve" bill recently proposed by Senator Cynthia Lummis. Democrats received 1,333 letters, Republicans received 850 letters, and independents received 41 letters. This bipartisan linkage shows that interest in Bitcoin and its potential strategic value is not limited to a single political ideology, but is gaining comprehensive traction.

▌Harris campaign spokesperson: Harris hopes to stick to the plan to debate on ABC on September 10

Golden Finance reported that Harris campaign spokesperson responded to Trump's proposal to hold a debate on Fox on September 4, and Harris hopes to stick to the plan to debate on ABC on September 10.

▌Hong Kong Legislative Council member Lam Lam: Stablecoins denominated in Hong Kong dollars and using multiple assets as collateral should be implemented as soon as possible

On August 3, Lam Lam, a member of the Hong Kong Democratic Alliance for the Betterment and Progress of Hong Kong, pointed out that ASEAN countries have started to develop Web 3.0. If Hong Kong does not develop it, it will lag far behind. It is recommended that the SAR government should develop the digitization and tokenization of real assets (RWA) and formulate and introduce a legal system for the circulation of RWA tokens in a timely manner. She suggested that the implementation of stablecoins denominated in Hong Kong dollars and using multiple assets as collateral should be accelerated, and the Hong Kong dollar stablecoin issued based on multiple assets should be promoted. The vigorous development of the Web 3.0 industry can enable Hong Kong to maintain its position in financial technology and attract more companies in related industrial chains to settle in Hong Kong, including a large amount of capital and related talents, to drive the economy.

▌The Bitcoin Reserve Bill has been formally submitted to Congress and submitted to the Senate Banking Committee for deliberation

Bitcoin News said on the X platform that the Bitcoin Reserve Bill has been formally submitted to Congress and submitted to the Senate Banking Committee for deliberation.

Blockchain Applications

▌Abstract Launches Ecosystem Account

Abstract, an encrypted consumer application under the parent company of Pudgy Penguins, announced the launch of the ecosystem account Abstract Ecosystem Account, which will focus on all content related to Abstract Chain, including culture, community and builders. Abstract has previously announced the launch of the test network and plans to launch the main network later this year.

Cryptocurrency

▌The value of Trump's cryptocurrency holdings fell below $7 million, down about 80% from the high point in early June

According to Arkham data monitoring, the value of crypto assets held by former US President Donald Trump's address fell below the $7 million mark, currently falling to $6,387,138.53, but down about 80% from the high point of over $31 million in early June. The current holdings of this address mainly include: -210.345 billion TROG, worth about $456,000; -579,290 TRUMP, worth about $2.71 million; -492.449 ETH, worth about $1.47 million; -377.415 WETH, worth about $1.13 million.

▌The total TVL of the prediction market sector exceeded 1.1 billion US dollars, setting a record high

DefiLlama data shows that the TVL of the prediction market sector is 1.17 billion US dollars, a record high. Among them, Polymarket topped the list with a TVL of 89.94 million US dollars. Other protocol platforms with TVL exceeding 1 million US dollars include Azuro, GnosisProtocolV1, LumiFinance, Augur, EtherFlip, and WINRProtocol.

▌BTC fell below 60,000 US dollars

The market shows that BTC fell below 60,000 US dollars and is now at 59,974.12 US dollars. The intraday decline reached 4.57%. The market fluctuates greatly, so please do a good job of risk control.

Important Economic Dynamics

▌CME Fed Watch: The probability of the Fed cutting interest rates by 50 basis points in September is 22%

On August 3, according to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 78%, and the probability of cutting interest rates by 50 basis points is 22%. The probability of the Fed cutting interest rates by 25 basis points by November is 3.7%, the probability of cutting interest rates by 50 basis points is 75.3%, and the probability of cutting interest rates by 75 basis points is 21%.

▌Today's Fear and Greed Index dropped to 34

Today's Fear and Greed Index dropped to 34, and the level changed from greed to fear (yesterday's 37). Note: The panic index threshold is 0-100, including indicators: volatility (25%) + market trading volume (25%) + social media heat (15%) + market research (15%) + Bitcoin's proportion in the entire market (10%) + Google hot word analysis (10%).

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, aiming 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. Eos, in particular, used a consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted 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 the correct investment concept and be sure to increase risk awareness.