Public information shows that Trump plans to give a speech at the 2024 Bitcoin Conference.
Unlike crypto tokens that create their own MEME to promote the U.S. election, this time Trump actively wants to connect with crypto conferences, and political-related tokens may experience ups and downs again.
However, apart from individual figures, the US election, as a political phenomenon, can indeed bring new variables to the encryption market. What effect can it have? Letโs look forward to it together!๐ซก๐ซก๐ซก
Unlike crypto tokens that create their own MEME to promote the U.S. election, this time Trump actively wants to connect with crypto conferences, and political-related tokens may experience ups and downs again.
However, apart from individual figures, the US election, as a political phenomenon, can indeed bring new variables to the encryption market. What effect can it have? Letโs look forward to it together!๐ซก๐ซก๐ซก
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Cryptocurrency trading volume will exceed $108 trillion in 2024๏ผ
According to a study by CoinWire, global cryptocurrency trading is just starting to take off, with industry trading volume expected to exceed $108 trillion by the end of 2024.
Research shows year-end forecasts are 90% higher than 2022. The United States is expected to have the highest cryptocurrency trading volume this year, exceeding $2 trillion. But Europe leads the market in terms of global cryptocurrency transaction value, accounting for 37.32%.๐๐๐
According to a study by CoinWire, global cryptocurrency trading is just starting to take off, with industry trading volume expected to exceed $108 trillion by the end of 2024.
Research shows year-end forecasts are 90% higher than 2022. The United States is expected to have the highest cryptocurrency trading volume this year, exceeding $2 trillion. But Europe leads the market in terms of global cryptocurrency transaction value, accounting for 37.32%.๐๐๐
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A draft legislation proposed by U.S. Senator Cynthia Lummis (Bitcoin Act of 2024) shows that the purchase of Bitcoin as a new strategic reserve will be funded in part by revaluing the Federal Reserveโs gold. The program purchases up to 200,000 Bitcoins per year for five years, for a total of 1 million Bitcoins. The Bitcoins will be held for at least 20 years and used primarily to repay federal debt, after which no more than 10% of the assets will be sold in any two-year period. The draft also proposes a decentralized network of secure Bitcoin storage facilities across the United States.
In addition, the plan calls for allocating $6 billion to the Treasury from all net profits turned over by the Federal Reserve for fiscal years 2025 through 2029, and increasing the Fedโs banksโ discretionary surplus funds from the current $6.825 billion required under the Federal Reserve Act. reduced to $2.4 billion.
Bitcoin purchases would be financed in several ways, which are described in the draft bill as โoffsetting the costs of strategic Bitcoin reserves.โ Federal Reserve Bank gold certificates will also be revalued to reflect their fair market value.
In addition, the plan calls for allocating $6 billion to the Treasury from all net profits turned over by the Federal Reserve for fiscal years 2025 through 2029, and increasing the Fedโs banksโ discretionary surplus funds from the current $6.825 billion required under the Federal Reserve Act. reduced to $2.4 billion.
Bitcoin purchases would be financed in several ways, which are described in the draft bill as โoffsetting the costs of strategic Bitcoin reserves.โ Federal Reserve Bank gold certificates will also be revalued to reflect their fair market value.
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The size of the tokenized U.S. Treasury bond market exceeds US$2 billion, and BlackRock BUIDL fund ranks first
According to data from RWA monitoring platform RWA.xyz, as of August 25, the tokenized U.S. Treasury market size was US$2 billion and currently stands at US$2.02 billion. Among them, BlackRock's BUIDL fund ranks first with a size of US$502 million; followed by Franklin Templeton's FOBXX fund with a size of US$425 million. It is worth mentioning that Ondo Financeโs total TVL (tokenized U.S. Treasury bond market value) exceeds US$540 million (including OUSG and USDY), ranking first among various protocols.
In addition, the market value of U.S. Treasury tokens on the Ethereum chain is approximately US$1.45 billion, ranking first among various networks, followed by Stellar (approximately US$430 million).
According to data from RWA monitoring platform RWA.xyz, as of August 25, the tokenized U.S. Treasury market size was US$2 billion and currently stands at US$2.02 billion. Among them, BlackRock's BUIDL fund ranks first with a size of US$502 million; followed by Franklin Templeton's FOBXX fund with a size of US$425 million. It is worth mentioning that Ondo Financeโs total TVL (tokenized U.S. Treasury bond market value) exceeds US$540 million (including OUSG and USDY), ranking first among various protocols.
In addition, the market value of U.S. Treasury tokens on the Ethereum chain is approximately US$1.45 billion, ranking first among various networks, followed by Stellar (approximately US$430 million).
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Currently, more than 170,000 people around the world hold crypto assets worth more than US$1 million, which has doubled from last year.
News on August 27, CNBC reported that as Bitcoin exchange-traded funds and other crypto assets climbed, the number of global crypto millionaires surged 95% in the past year, according to reports from New World Wealth and Henley & Partners. . There are currently 172,300 people worldwide holding more than $1 million in crypto assets, up from 88,200 last year. The number of pure Bitcoin millionaires more than doubled to 85,400.
Cryptocurrency billionaires have climbed to the top of the wealth ladder. According to the report, there are currently 325 crypto multimillionaires (those who hold crypto assets worth $100 million or more) and 28 crypto billionaires. Of the six new cryptocurrency billionaires born in the past year, five can attribute their newfound wealth to Bitcoin.
"This highlights its dominance in attracting long-term investors who buy large amounts of assets," said Andrew Amoils, head of research at New World Wealth.
News on August 27, CNBC reported that as Bitcoin exchange-traded funds and other crypto assets climbed, the number of global crypto millionaires surged 95% in the past year, according to reports from New World Wealth and Henley & Partners. . There are currently 172,300 people worldwide holding more than $1 million in crypto assets, up from 88,200 last year. The number of pure Bitcoin millionaires more than doubled to 85,400.
Cryptocurrency billionaires have climbed to the top of the wealth ladder. According to the report, there are currently 325 crypto multimillionaires (those who hold crypto assets worth $100 million or more) and 28 crypto billionaires. Of the six new cryptocurrency billionaires born in the past year, five can attribute their newfound wealth to Bitcoin.
"This highlights its dominance in attracting long-term investors who buy large amounts of assets," said Andrew Amoils, head of research at New World Wealth.
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Key points to watch: The U.S. House of Representatives Financial Services Committee plans to hold multiple cryptocurrency hearings in September
Golden Finance reports that the U.S. House of Representatives Financial Services Committee plans to hold multiple hearings in September, focusing on cryptocurrency-related issues, including decentralized finance (DeFi), the regulation of the U.S. Securities and Exchange Commission (SEC), and โfraudโ scams. Influence. The first hearing on September 10 will focus on DeFi, there will be a hearing on SEC enforcement and "fraudulent" scams on September 18, and the full committee hearing on September 23 will involve SEC testimony and is expected to focus on numbers. Regulation of assets. Committee Chairman Patrick McHenry, who is retiring, said he hopes to have a cryptocurrency legislation completed by the end of the year.
Golden Finance reports that the U.S. House of Representatives Financial Services Committee plans to hold multiple hearings in September, focusing on cryptocurrency-related issues, including decentralized finance (DeFi), the regulation of the U.S. Securities and Exchange Commission (SEC), and โfraudโ scams. Influence. The first hearing on September 10 will focus on DeFi, there will be a hearing on SEC enforcement and "fraudulent" scams on September 18, and the full committee hearing on September 23 will involve SEC testimony and is expected to focus on numbers. Regulation of assets. Committee Chairman Patrick McHenry, who is retiring, said he hopes to have a cryptocurrency legislation completed by the end of the year.
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From today, Russia allows the use of cryptocurrencies for international trade
The Russian State Duma conducted its second and third deliberations on July 30, approving the use of Bitcoin for cross-border transactions as part of the experimental legal system (ะญะะ ) from September 1, 2024. Foreign media pointed out that the Russian President Putin government allowed the use of Ethereum (ETH) and USDT stablecoins, not limited to central bank digital currencies (CBDCs), which represents a major shift in Russia's attitude towards cryptocurrencies and also provides an experimental platform for the feasibility and risk control of digital currencies in practical applications.
Viewpoint: Market oversupply may continue to depress BTC prices
On August 31, the cryptocurrency market may have to deal with potential turbulence in the coming months as several major Bitcoin (BTC) holders - including defunct exchanges and government entities - may liquidate a large number of their holdings. The latest report from Kaiko, a crypto data provider, shows that the crypto market is currently facing a serious oversupply problem. This has been a persistent theme throughout the summer, with forced selling and liquidation of bankrupt crypto assets causing selling pressure at different stages between May and August. Dragonfly general partner Rob Hadick said that this summer, Bitcoin prices have faced significant pressure, which is mainly related to Mt. Gox issuance, the yen carry trade, and slowing demand. "The market is still concerned about the pressure from the government holdings and additional issuance from Mt. Gox," he said. One of the main sources of market anxiety is the ongoing redistribution of funds to Mt. Gox creditors. The bankrupt cryptocurrency exchange's assets still hold more than 46,000 Bitcoins, worth more than $2 billion, which will eventually be redistributed. Elaborating on the potential impact of such a distribution, Fideum co-founder Darren Franceschini said that according to forecasts, these Bitcoins worth more than $2.7 billion may be almost all sold - if creditors sell their entire holdings, it may add $8.2 billion in additional selling pressure. Other major holders may also increase selling pressure in the near future. For example, the US government holds more than $2 billion worth of Bitcoin. In addition, he added that other countries including the United Kingdom, China and Ukraine also have large Bitcoin reserves. โThe โChristmas rallyโ often seen by many crypto enthusiasts may not materialize for the first time this year if authorities start liquidating their cryptocurrency holdings en masse,โ said Bartosz Lipiลski, CEO of cryptocurrency trading platform Cube.Exchange.
The Russian State Duma conducted its second and third deliberations on July 30, approving the use of Bitcoin for cross-border transactions as part of the experimental legal system (ะญะะ ) from September 1, 2024. Foreign media pointed out that the Russian President Putin government allowed the use of Ethereum (ETH) and USDT stablecoins, not limited to central bank digital currencies (CBDCs), which represents a major shift in Russia's attitude towards cryptocurrencies and also provides an experimental platform for the feasibility and risk control of digital currencies in practical applications.
Viewpoint: Market oversupply may continue to depress BTC prices
On August 31, the cryptocurrency market may have to deal with potential turbulence in the coming months as several major Bitcoin (BTC) holders - including defunct exchanges and government entities - may liquidate a large number of their holdings. The latest report from Kaiko, a crypto data provider, shows that the crypto market is currently facing a serious oversupply problem. This has been a persistent theme throughout the summer, with forced selling and liquidation of bankrupt crypto assets causing selling pressure at different stages between May and August. Dragonfly general partner Rob Hadick said that this summer, Bitcoin prices have faced significant pressure, which is mainly related to Mt. Gox issuance, the yen carry trade, and slowing demand. "The market is still concerned about the pressure from the government holdings and additional issuance from Mt. Gox," he said. One of the main sources of market anxiety is the ongoing redistribution of funds to Mt. Gox creditors. The bankrupt cryptocurrency exchange's assets still hold more than 46,000 Bitcoins, worth more than $2 billion, which will eventually be redistributed. Elaborating on the potential impact of such a distribution, Fideum co-founder Darren Franceschini said that according to forecasts, these Bitcoins worth more than $2.7 billion may be almost all sold - if creditors sell their entire holdings, it may add $8.2 billion in additional selling pressure. Other major holders may also increase selling pressure in the near future. For example, the US government holds more than $2 billion worth of Bitcoin. In addition, he added that other countries including the United Kingdom, China and Ukraine also have large Bitcoin reserves. โThe โChristmas rallyโ often seen by many crypto enthusiasts may not materialize for the first time this year if authorities start liquidating their cryptocurrency holdings en masse,โ said Bartosz Lipiลski, CEO of cryptocurrency trading platform Cube.Exchange.
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