Report by Coin World:
00:00-08:00
Keywords: Wang Song, Deputy Director of the Cyberspace Administration of China: Accelerating the Construction of Digital Infrastructure, Jin Zhuanglong, Minister of MIIT: Forward-looking Deployment for Future Industrial Development, Guiyang Plans to Purchase Virtual Currency Crime Fighting Patent Technology Services, Financial Times: Former President Trump May Return to the White House Triggering a Significant Surge in Bitcoin Value, Bitcoin ETF Investors Buy on Dips on Friday with a Net Inflow of Over $140 Million, Input Output Global (IOG): Latest Development of Cardano
1. On July 8th, Stake DAO announced on X that PrimeDAO has added 3 voting incentives on Balancer Votemarket.
2. Avalanche’s ecosystem social protocol The Arena announced a delay in the release of the ARENA token until late July. The official mentioned that they will deploy a new security wallet solution, announce the token release date 7 days before launch, and release the token economics. The Arena previously released the V2 Beta version to address platform adoption issues and will introduce new features to improve the platform, add new creator tools, and increase profitability.
3. Deputy Director of the Cyberspace Administration of China, Wang Song, attended and delivered a speech at the main forum of the 2024 Global Digital Economy Conference at the Beijing National Convention Center on the afternoon of the 2nd. Wang Song emphasized the importance of digital economy as a support for new production forces and a key engine for global economic recovery and growth. He stressed the need to accelerate the construction of digital infrastructure around the development needs and characteristics of gigabit optical networks, data centers, 5G/6G, IPv6, satellite internet, blockchain, etc.
4. Minister of MIIT, Jin Zhuanglong, stated at a press conference of the State Council Information Office today that future industries need to plan ahead. In January of this year, a joint implementation opinion was issued with the education, science and technology departments to promote the innovation and development of future industries, focusing on six futures — future manufacturing, future information, future materials, future energy, future space, and future health. The next step will focus on areas such as humanoid robots, brain-machine interfaces, metaverse, next-generation Internet, 6G, quantum technology, atomic-level manufacturing, deep-sea and aerospace development.
5. A judge overseeing the multi-billion-dollar collective lawsuit against GitHub, OpenAI, and Microsoft dismissed some of the accusations against the defendants for allegedly using intellectual property (IP) without authorization to train the “GitHub Copilot” AI coding software. This marks a victory for large tech companies and the AI industry, which are facing multiple related lawsuits. The lawsuit alleges that OpenAI “plagiarized” GitHub and used manually written code snippets without permission, payment, or attribution to train GitHub Copilot. Based on the lawsuit, Copilot copied the manually written code line by line, prompting the plaintiffs to seek $1 billion in compensation.
6. Since falling below $54,000 earlier on Friday, the price of the world’s largest cryptocurrency has seen a moderate rebound, currently trading at $58,283. According to data compiled by Farside Investors, the US spot Bitcoin ETF saw a net inflow of $143.1 million on Friday, the highest inflow level in at least two weeks. The largest inflow was in Fidelity’s Wise Origin Bitcoin Fund (FBTC), which had a net inflow of $117.4 million. Other funds with net inflows include Bitwise Bitcoin ETF (BITB), ARK/21 Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL).
7. Dogecoin founder Billy Markus strongly opposed a recent psychological study that discriminated against cryptocurrency investors in a post on X. The study claimed that those investing in cryptocurrency assets tend to have “dark personality traits,” especially the “Dark Tetrad.” The study, which surveyed 2,001 adults in the US, found that around 30% admitted to owning cryptocurrency. Apart from questions about owning cryptocurrency, researchers also collected other information about their psychological, political, and other personality characteristics.
8. According to analysts cited by the UK Financial Times, former President Donald Trump’s potential return to the White House could trigger a significant surge in Bitcoin value. Due to the former president’s “perceived support for cryptocurrency positions and policies,” the concept of “Trump trades” is becoming increasingly popular among cryptocurrency traders. The recent performance of this flagship cryptocurrency has been hindered by miner sell-offs and regulatory actions by US and German authorities.
9. North Carolina Governor Roy Cooper vetoed a bill that would prohibit the state from accepting payments in Central Bank Digital Currency (CBDC) issued by the Federal Reserve. House Bill 690 would also restrict the state from participating in any CBDC testing by the Federal Reserve. Cooper stated that the federal government is working to ensure that any CBDC has appropriate standards and consumer protections, and vetoing the bill would open the door for those who may want to use CBDC for transactions.
10. According to The Wall Street Journal, the net worth of the US Baby Boomer generation is $7.8 million, accounting for 51% of the national wealth, but their Bitcoin ownership is less than 10%. The Millennial generation owns 9.2% of the national wealth but accounts for over 50% of BTC ownership. Bitcoin presents an asymmetric opportunity for this generation.
11. The Wudang Sub-bureau of the Guiyang Public Security Bureau issued a termination notice for the virtual currency crime-fighting patent technology service project, citing that the supplier’s commitment letter was not stamped with an official seal. However, the tender project information revealed that it included the “Dandelion Organization Leadership Pyramid Scheme” involving the analysis of nearly 10T+ data addresses and 25+ billion account relationships on public chains such as Ethereum and Tron.
12. Lin Chen, Head of Deribit Asia Pacific Business, announced that except for a small net outflow on Tuesday and Wednesday, and the rest of the days being net inflows, the total net inflow of BTC spot ETFs this week amounted to $237.8 million. Despite the low market sentiment this week, BTC rebounded from $54,000 to $57,000, and attention will be on the US stock market opening next Monday to see if this dip has ended.
13. Antonio Juliano, founder of dYdX, mentioned in a post that the number of cryptocurrencies is growing exponentially, similar to the information on the internet. With this evolution, we are seeing a shift from listings to searching to socializing.
14. Paolo Ardoino, CEO of Tether, revealed the prevention method for OpenAI hacks. Tether, the issuer of the USDT stablecoin, is developing decentralized artificial intelligence (AI) models as part of its foray into the field.
15. Material Indicators LLC, a fintech startup providing algorithmic trading indicators and tools, stated that Bitcoin faces strong technical resistance at the 200-day moving average. If the bulls can break through this resistance by the Sunday close, it should drive some short-term momentum. If Bitcoin fails to do so, be prepared for the market to test support levels in the range of $50,000 to $53,000.
16. Input Output Global (IOG) released the weekly Cardano development update on X. According to the latest report, Cardano has seen significant growth in various metrics such as total transactions, native tokens, and token policies. The total transaction volume for Cardano is currently at 93.3 million, showing a 0.43% increase compared to the previous week.
17. Bitcoin continues to flow out of the German government wallet, even over the weekend. They did not repurchase Bitcoin yesterday; instead, their sell orders were not fully executed, so the unsold Bitcoin was returned to their account.
18. Michael Saylor, founder and chairman of MicroStrategy, reiterated his bullish stance on Bitcoin in his latest post on X, stating that the design of this cryptocurrency is intended to surpass traditional investment tools. This statement comes at a time when the price of Bitcoin has plummeted, leading to a widespread reshuffling of the entire crypto market. Saylor’s post provides a striking chart comparing the price performance of various asset categories over 13 years, including Bitcoin, US growth stocks, the Nasdaq 100 Index, gold, emerging market (EM) stocks, commodities, emerging market bonds, convertible bonds, the entire bond market, and long-term government bonds. Among all the compared assets, Bitcoin, US growth stocks, the Nasdaq 100 Index, and US large-cap stocks performed the best.
