Planet Daily | Cryptocurrency market plummets; Democratic Party to hold digital asset-related meeting (August 5)

Headlines

The cryptocurrency market plummeted, and Bitcoin once fell below 53,000 USDT

Odaily Planet Daily News OKX market data shows that the cryptocurrency market suffered a sharp drop from last night to this morning. BTC fell below 53,000 USDT at one point, reaching a low of 52,430.8 USDT; ETH fell below 2,100 USDT at one point, reaching a low of 2,084.69 USDT, and SOL fell below 120 USDT, falling to a low of 119.37 USDT.

Currently, the total value of the cryptocurrency market is $2.012 trillion, down 9.4% in 24 hours.

AXIOS: US tells G7 that Iran could attack Israel within next 24 hours

Odaily Planet Daily News According to AXIOS: The United States told the G7 that Iran may attack Israel in the next 24 hours. (Jinshi)

Trump: The US government may consider using Bitcoin to repay 35 trillion US Treasury bonds. The market value of cryptocurrencies has exceeded that of many countries and companies.

Odaily Planet Daily News: Former US President and Republican presidential candidate Donald Trump said in an interview with Fox Business Channel on Friday that if the United States does not accept cryptocurrency, China and other countries will accept it, so we better be in the forefront. He added: Who knows, maybe we will pay off our $35 trillion (national debt) and give them a small cryptocurrency check. Give them a little Bitcoin and wipe out our $35 trillion. He also pointed out that the market value of cryptocurrency has surpassed many companies and countries. This is already a big deal. This is a different form of currency that will ultimately benefit the country.

Politico: U.S. Democratic Party elites and cryptocurrency industry leaders plan to hold a virtual roundtable meeting next Monday

Odaily Planet Daily News Politico Pro disclosed that White House officials and Democratic elites will hold a virtual roundtable meeting with crypto industry executives next Monday to discuss digital asset policies. It is reported that U.S. Vice President Harris campaign officials have been invited to attend the meeting. In addition, outgoing White House senior adviser Anita Dunn, billionaire Mark Cuban, New York Senator Kirsten Gillibrand, U.S. National Economic Council Director Lael Brainard, and White House Deputy Chief of Staff Bruce Reed also plan to attend the meeting. (TheBlock)

MicroStrategy Seeks to Sell $2 Billion in Stock to Buy More Bitcoin

Odaily Planet Daily News MicroStrategy is seeking to sell its Class A shares to raise up to $2 billion to buy more Bitcoin and for general corporate purposes. In regulatory documents filed with the U.S. SEC, MicroStrategy did not disclose a timetable for stock sales or how much proceeds would be used to buy Bitcoin.
Earlier in June, MicroStrategy announced the issuance of $500 million in unsecured senior convertible notes to purchase more Bitcoin, and a day later raised the issue price to $700 million.

Industry News

Jump Trading is suspected of selling ETH, involving 120,000 wstETH redemptions

According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million into ETH in batches and then transferring it to exchanges such as Binance and OKX. So far, they have redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (worth $191.4 million) have entered the exchange. At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address are being redeemed into ETH; 20,000 ETH in the ETH transfer exchange address are waiting to enter the exchange in batches.

Paradigm hires Instagram and Facebook exec as CMO

Paradigm has hired David Swain as its CMO. Swain previously served as Instagram’s global communications director and Facebook’s senior director of technical communications. He also served as vice president of global partnerships at Strava, a social fitness app and community with more than 120 million members.
Swain’s appointment comes shortly after Paradigm raised $850 million for its third fund in June. (The Block)

Project News

Starknet: Starknet v 0.13.2 testnet will be released next Monday, and the mainnet will be released on the 26th of this month

Odaily Planet Daily News Starknet officials posted on the X platform that Starknet v 0.13.2 is coming soon, the test network will be released on August 5 (Monday); the main network will be released on August 26 (Monday), and developers are reminded to upgrade the full node version.

JupiterDAO votes to burn 30% of JUP token supply

Odaily Planet Daily reported that according to the governance page, JupiterDAO voted to pass the proposal to destroy 30% of the JUP token supply, and the JUP token supply will be reduced from 10 billion to 7 billion.

Uniswap community launches temperature check proposal for Uniswap v3 deployment on X Layer

Odaily Planet Daily News According to the Snapshot governance page, the Uniswap community initiated a temperature check proposal vote for Deploying Uniswap v3 on X Layer.
It is reported that X Layer is a zkEVM Layer 2 network based on Ethereum launched by OKX and supported by Polygon CDK.

Kamino: S2 campaign has ended, $13.5 million worth of KMNO token rewards will be distributed in mid-August, S3 has started now

Odaily Planet Daily News Solana lending platform Kamino announced on the X platform that Kamino Season 2 has ended, and a total of 350 million KMNO (worth $13.5 million) will be distributed to Kamino users in mid-August. The relevant rewards will be fully unlocked and automatically staked when they are collected. Users can cancel the stake without a cool-down period, and the allocation check URL is https://app.kamino.finance. Once governance is launched, users will be able to stake their KMNO to the governance contract. From the moment the S 2 snapshot occurs, Season 3 is now online, and full information will be released next week. Season 3 will adjust the protocol, points, and governance mechanisms to achieve Kaminos goal of reaching $10 billion TVL.

ZKX investors and market makers: We were surprised by the sudden shutdown of ZKX and did not receive any advance notice

Odaily Planet Daily News Investors and market makers who participated in the recently shut down ZKX project said they were surprised by the closure announcement and did not receive any news in advance. When ZKX closed, as investors, we received no news at all. The team claimed that they had no money, refused to provide any financial or expenditure details, and refused to communicate with us. HashKey Capital echoed Sus concerns in its own post, complaining that ZKX failed to share its financial situation and future plans with the venture capital firm. Amber Group, which claims to be an investor and market maker in ZKX, said it holds 3 million ZKX tokens after returning half of its initial 2 million token loan and purchasing 2 million tokens as part of market making operations since the TGE. “Due to the lack of buying interest at launch and our commitment to providing ongoing liquidity, we have been net buying ZKX tokens since listing, even as prices have fallen. This approach is consistent with our commitment to supporting projects and their communities, ensuring stable market conditions, potentially even at our own expense. Starting a business inherently involves risk and the possibility of failure, so open communication, transparency, and accountability are invaluable qualities for founders. We hope that founders recognize that a good reputation is an important asset to secure future financing.” (TheBlock)

MOTHER Token Celebrity Iggy Azalea to Attend Solana Break Point Conference

Odaily Planet Daily reported that Australian rapper Iggy Azalea posted on the X platform that she will speak at the Solana Break Point conference and is discussing topics such as celebrity coins and how they drive the culture and product growth of cryptocurrencies with crypto KOL @ercwl.

Regulatory trends

Trump: Either debate Harris on September 4, or not debate

Odaily Planet Daily News: Trump said that he would either debate with Harris on September 4 or not debate at all. (Jin Shi)
Earlier news, a Harris campaign spokesperson responded to Trumps proposal to hold a debate on Fox on September 4, saying that Harris hopes to stick to her plan to hold a debate on ABC on September 10.

Former White House senior adviser David Plouffe to join Harris campaign

Odaily Planet Daily reported that David Plouffe, who once worked on former President Obamas team, will join Harris campaign team and serve as a senior adviser.
It is reported that Plouffe is a veteran in the crypto industry who has made multiple statements on cryptocurrencies, joined Binances global advisory board in the past few years, and served as a global strategic advisor to Alchemy Pay in 2023. (The Block)

The United States Bitcoin Strategic Reserve Act has been formally submitted to Congress and submitted to the Senate Banking Committee for review

According to the official website, the U.S. Bitcoin Strategic Reserve Act proposed by Senator Lummis Cynthia has been officially submitted to Congress and submitted to the Senate Banking Committee for deliberation. The bill aims to establish strategic bitcoin reserves and other projects to ensure transparent management of the federal governments bitcoin holdings, use certain resources of the Federal Reserve System to offset costs, and other purposes.
The bill will then be reviewed by the Senate, the House of Representatives and the President to decide whether to pass it before it becomes law.

Character*Voice

Vitalik: Writing popular science posts on cryptography in the spirit of ensuring that people are empowered in the future. We need tools, and we need them to be understood and used.

Odaily Planet Daily News: Ethereum co-founder Vitalik discussed the Dubai Future Museum and the Tokyo Future Museum in Japan and the technological myths reflected behind the two in his personal blog. He believes that the main type of technology missing from the Dubai Future Museum is social technology, especially governance. The only clear description of the governance structure I found in Dubais imaginary world in 2064 was a casual remark in the description of the main space station on Mars-the operators are: the Global Space Administration and SpaceX. On the other hand, the structure of the Future Museum in Japan itself emphasizes collaborative discussion, and you will see frequent references to language, culture, government and freedom of the press. In addition, he mentioned that the two have specific and positive imaginations of a technologically advanced future, not just the 3478th Black Mirror-style Hollywood dystopia.
Finally, he stressed: We do need advanced tools, but we also need them to be understandable and usable to ensure that more people can work together and to ensure that the future empowers people rather than becoming a series of iPhone interfaces built by a few people that the rest of us can only access in a standardized way.

QCP Capital: The US governments transfer of BTC, Mt. Gox and Genesis repayments have brought panic selling pressure to the market

Odaily Planet Daily News QCP Capital posted on its official Telegram channel that this week the market violently reversed the positive rise that Trump brought to the cryptocurrency market, with the price of BTC falling from a high of 70,000 after the speech to nearly 60,000 this morning. The reasons for the decline include selling pressure from the US government (about 28,000 BTC), Mt.Gox (33,960 BTC) and Genesis (worth $1.5 billion in BTC and ETH); the difficulty of Bitcoin mining was raised to a record high, and peoples expectations of a recession increased. Judging from the options market data, price fluctuations are expected to stabilize in the summer.

Top trader Eugene: All positions have been closed, not sure whether $60,000 can be maintained

Odaily Planet Daily News Top trader Eugene Ng Ah Sio posted on the X platform, To provide some people with updates on how to deal with losses in real time, I recently experienced two drawdowns when trading perpetual contracts, and due to recent price movements, there have also been larger drawdowns in spot trading. The first trading error was due to a lack of discipline in executing my ETHBTC trade and closing the BTC short position too early. In the end, I closed the ETH long position and lost a net of $1.1 million on both trading pairs. Although I avoided some pain, I decided to go long yesterday after the market crash on Friday. However, the market obviously did not reward this decision, and the spot price continued to fall to 60k. The entire account lost about 3-4%, a total of $750,000, and I have closed all positions. After this, I clearly realized that the unknown unknown factors have increased. Although the risk-reward ratio of buying support is generally better than chasing momentum, I am not sure about 60k. Will it hold? Also, I’m feeling emotionally unbalanced for the first time in a while, so I’ve decided to step away from trading for the next few days and adjust my mindset. It won’t always be easy, but we’ll pick ourselves up and keep going.”