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 Reserve’s 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 Fed’s banks’ 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 “offsetting the costs of strategic Bitcoin reserves.” Federal Reserve Bank gold certificates will also be revalued to reflect their fair market value.

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 Finance’s 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).

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.

US spot Bitcoin ETF had a net outflow of US$127 million yesterday
According to TraderT monitoring, the US spot Bitcoin ETF had a net outflow of US$127 million yesterday.😬😬😬

According to TON on the TON Core is working hard to find a solution. TON will continue to keep users informed of developments. There is no risk to users’ crypto assets.🤣🤣🤣

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 “fraud” 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.

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 (ЭПР) 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. “The ‘Christmas rally’ often seen by many crypto enthusiasts may not materialize for the first time this year if authorities start liquidating their cryptocurrency holdings en masse,” said Bartosz Lipiński, CEO of cryptocurrency trading platform Cube.Exchange.

Analysis: Bitcoin is expected to rise to $110,000, but may fall below $40,000 first.
Bitcoin (BTC) price is expected to reach $110,000 by 2025, according to analysis by crypto analysts Titan of Crypto and Elja Boom. Titan of Crypto notes that Bitcoin is forming a “cup-and-handle” pattern, a bullish chart pattern that suggests price increases may occur in the future. Elja Boom mentioned that once BTC’s “inverse head and shoulders” pattern breaks through, it will push the price to exceed $100,000. He predicts that this high will appear in the fourth quarter of 2024 and may reach $100,000 in the first quarter of 2025. Dollar.
However, not all analysts are so optimistic. Analyst Magoo PhD warns that Bitcoin may first pull back below $40,000 before a potential rally in 2025. In addition, analyst Mustace believes that even if there is a correction, the market bottom will be around $57,000.
According to data from CoinGlass, Bitcoin currently has significant support at $57,000, and a fall below this level could lead to the liquidation of more than $860 million in leveraged short positions.
Despite the uncertainty surrounding Bitcoin’s price trajectory, prices are widely expected to break six figures within the next few years.

Net outflows from U.S. spot Bitcoin ETFs exceeded $287 million yesterday
According to TraderT monitoring, the US spot Bitcoin ETF had a net outflow of US$287.78 million yesterday.

The European Parliament will elect a new European Commission this fall, which will decide the EU’s cryptocurrency policy for the next five years. Although the new committee won’t take office until November at the earliest, there are already some trends that predict its approach to cryptocurrency regulation.
First, the center of gravity of European politics is shifting to the right, which may affect discussions on taxation and innovation approaches. France will face more challenges in the future due to political instability.
Second, policymakers will compete for influence on innovation policy, with new legislators likely to enhance their personal stature by focusing on encryption policy, and senior policy advisers within committees likely vying for power.
Third, innovation will become a policy pillar, with digital privacy and artificial intelligence identified as EU policy priorities. The Commission is expected to actively implement the Digital Markets Act and the Digital Services Act.
On the market side, increased institutional adoption of cryptocurrencies could trigger political intervention, while the exposure of greater retail investment in cryptocurrencies in traditional finance could also trigger political reactions. The EU has made significant progress on global encryption policy, and new legislative work should ensure the effective implementation of existing rules.

The Singapore Token 2049 conference will be held as scheduled on September 18-19, 2024. During the Token 2049 conference, in addition to the main conference, there will be hundreds of side conferences, and there are nearly 600 official statistics alone.

As the top conference in the industry, many projects and practitioners in the crypto industry will gather from all over the world to exchange the latest industry trends. In order to help you better participate in the conference, we have compiled a conference guide.

1. Token 2049 main speakers Balaji Srinivasan, The Network State Founder, Investor, and Author Anatoly Yakovenko, Solana Co-Founder Richard Teng, Binance CEO Edward Snowden, Whistleblower Vitalik Buterin, Ethereum Co-Founder Max Verstappen, Oracle Red Bull Racing F1 Driver Arthur Hayes, Maelstrom CIO Olaf Carlson-Wee, Polychain Capital Founder Kyle Samani, Multicoin Capital Managing Partner Sreeram Kannan, EigenLayer Founder Stani Kulechov, Aave Labs Founder Shayne Coplan, Polymarket Founder and CEO Jeremy Allaire, Circle Co-Founder, Chairman, and CEO Rune Christensen, Sky Co-Founder Sergey Nazarov , Chainlink Co-Founder Keone Hon , Monad Co-Founder Sandeep Nailwal , Polygon Co-Founder Tim McCourt , CME Group Global Head of Financial and OTC Products Eric Wall , Taproot Wizards Co-Founder Haider Rafique , OKX CMO Guy Young , Ethena Labs CEO Antonio Juliano , dYdX Trading Founder and President Anthony Scaramucci , SkyBridge Capital Founder and Managing Partner Nick White , Celestia Labs COO Jose F ernandez da Ponte, PayPal SVP, Digital Currencies Fisher Yu, Babylon Co-Founder Sandy Peng, Scroll Co-Founder Gökhan Er, IOSG Ventures Managing Director Abhay Kumar, Helium Foundation CEO Jeff Feng, Sei Co-Founder Sascha D Mojtahedi, Founder, Parallel

Opinion: BTC outpaces U.S. stocks in trading hours since USD and gold decoupled
Bitcoin currently has more than 123,000 trading hours, exceeding the opening hours of U.S. stock markets since the dollar and gold decoupled. Since August 15, 1971, when President Nixon decoupled the U.S. dollar from gold and canceled the international convertibility of the U.S. dollar and gold in response to high inflation, the U.S. stock market has been open for trading for more than 100,700 hours. Bitcoin, launched in 2009, has officially surpassed the U.S. stock market in terms of trading hours, nearly 25% higher than the public stock trading hours in the era of full legal currency.

The probability that the Fed will cut interest rates by 25 basis points in September is 69%.
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 69%, and the probability of cutting interest rates by 50 basis points is 31%. The probability that the Federal Reserve will cut interest rates by 50 basis points cumulatively by November is 26.1%, the probability that it will cut interest rates by 75 basis points cumulatively is 54.6%, and the probability that it will cut interest rates by 100 basis points cumulatively is 19.3%.

Viewpoint: Bitcoin may break through six figures, regardless of the outcome of the US election.
CNBC published an article stating that despite the heated debate among candidates in the US election, investors in the cryptocurrency industry generally believe that Bitcoin will maintain strong performance in the long term and is expected to break through six figures soon. Steven Lubka of Swan Bitcoin said that no matter who wins the November election, the value of Bitcoin will almost certainly reach six figures. James Davies of Crypto Valley Exchange believes that even if Kamala Harris is elected president, it will not significantly affect the price of Bitcoin and the industry will continue to thrive.
Bitcoin traded between $55,000 and $70,000 for most of 2024, reaching an all-time high of $73,000 in March. Investors generally expect that the price of Bitcoin will remain relatively stable until the election results are determined. Although the debate between Harris and Donald Trump caused Bitcoin to fall in the short term, the main reason was attributed to other macroeconomic factors.
Analysts predict that if Trump is elected, Bitcoin may break through a new high of $80,000; while Harris's election may cause the price to fall back to $40,000. Despite some concerns about future market volatility, Bitcoin still shows strong investment potential in the current environment.