Headlines
▌Vitalik Supports Roman Storm: Hoping the US Will Lead the Way to a Safer World with Less Data Leakage
Ethereum founder Vitalik wrote that the interview with Tornado Cash co-founder Roman Storm was excellent. He hopes the US will lead the way to a safer, freer world with less data leakage, starting by sending a clear signal to developers that this important work is welcome.
▌CZ: Realizing He Entered the Crypto Field Too Late After Seeing a Whale Casually Transfer Crypto Obtained for $0.1 in 2011
Binance founder CZ stated that after seeing a whale from 2011 casually transfer BTC obtained for $0.1, he realized he entered the crypto field too late.
Market
According to CoinGecko data at the time of writing:
BTC price is $107,616, 24-hour change -1.4%;
ETH price is $2,513.37, 24-hour change -3.0%;
BNB price is $654.98, 24-hour change -1.2%;
SOL price is $148.39, 24-hour change -2.9%;
Doge price is $0.163, 24-hour change -5.5%;
XRP price is $2.22, 24-hour change -5.8%.
TRX price is $0.2828, 24-hour change -1.4%.
Policy
▌US Crypto Week Will Review Three Key Bills: CLARITY Act, Anti-CBDC Act, and GENIUS Act
During the US Crypto Week (July 14-18), Congress will review three key bills: CLARITY Act, Anti-CBDC Act, and GENIUS Act.
▌Turkey Bans PancakeSwap for Unauthorized Crypto Activities
The Turkish Capital Markets Board (SPK) announced the ban of decentralized exchange PancakeSwap for providing crypto asset services without permission to Turkish residents. This is part of a larger crackdown on unlicensed platforms, involving over 60 crypto and forex websites.
▌Swedish Minister of Justice Urges Increased Seizure of Criminal Crypto Assets
Swedish Justice Minister Gunnar Strommer called for enhanced seizure of criminal proceeds, including cryptocurrencies. Currently, about $8.4 million in assets have been seized.
Blockchain Applications
▌Coinbase Executive: "$8 Billion BTC Transfer by 14-Year Dormant Whale" May Involve Private Key Leak
Coinbase executive Conor Grogan suggested that the massive BTC transfer by a 14-year dormant whale might involve stolen or leaked private keys.
▌Bank of Canada Explores Retail CBDC Technical Pathways
The Bank of Canada is exploring the technical feasibility of a digital Canadian dollar, focusing on a system designed for retail CBDC with an emphasis on privacy, speed, and decentralization.
Cryptocurrencies
▌Data: Over 30.4% of Bitcoin Has Been Idle for More Than 5 Years
According to Cointelegraph, over 30.4% of Bitcoin has remained stationary at its respective addresses for more than 5 years.
▌SIM Swap Attacks Cause Nearly $50 Million in Crypto Asset Losses
FBI statistics show over 1,000 SIM swap attacks in 2023, resulting in nearly $50 million in losses.
▌Coinbase CEO: Banks Close on US Independence Day, While Crypto Serves You Every Day
Coinbase CEO Brian Armstrong noted that banks close on US Independence Day, while crypto serves you every day.
▌"Insider Whale" Again Increases Short Positions on Bitcoin and Ethereum, Total Losses Exceed $14 Million
According to OnchainLens, the "insider whale" @qwatio has again increased short positions on Bitcoin and Ethereum, with total losses exceeding $14 million.
▌Address Withdraws 7.03 Million FORM, Approximately $19.82 Million
On-chain analyst EmberCN detected a whale/institution withdrawing 7.03 million FORM (approximately $19.82 million) from Binance in the last half hour.
Important Economic Developments
▌Analyst: Market Preference for US Dollar is Weakening
According to Swissquote senior market analyst Ipek Ozkardeskaya, preference for the US dollar is weakening due to US debt concerns and potential economic growth challenges.
▌US Official: EU Trade Negotiations Continuing, Optimistic About Quick Agreement
White House official: EU trade negotiations are ongoing, with optimism about reaching an agreement soon.
▌Analysis: Non-Farm Report Will Not Change the Fed's Wait-and-See Stance
After the non-farm employment data showed that the US economy added significantly more jobs than expected and the unemployment rate unexpectedly declined, gold experienced temporary pressure in the previous trading day. However, Linh Tran, an analyst at XS.com, said in a report that this report does not indicate an overheating economy, but rather shows a relatively stable growth rate. Tran said this is not enough to force the Federal Reserve to reconsider its wait-and-see stance on monetary policy, which is also the reason why gold prices did not fall further.
▌British Media: US Proposes Last-Minute Demand, Threatens 17% Tax on EU Agricultural Products
According to the Financial Times, three sources said that the US threatened to impose a 17% tariff on EU agricultural product exports, which sharply escalated its trade conflict with the EU. The US made this last-minute request before the trade agreement deadline on July 9. The US stated that if no agreement is reached, it will impose a 20% tariff on all EU goods. EU Trade Commissioner Sefkovic received this request at a meeting in Washington on Thursday and handed it over to ambassadors of 27 member states on Friday. European Commission President von der Leyen said on Thursday that she hopes to reach a "principle agreement" that allows both sides to continue negotiations before reaching a final agreement. However, Washington is pushing countries to reach a binding agreement before the deadline set by Trump.
▌No Breakthrough Achieved, US-EU Trade Negotiations to Continue Through Weekend
According to CCTV News, on the local date of the 4th, EU diplomats stated that EU negotiators failed to achieve a breakthrough in US-EU trade negotiations, and related talks will continue through the weekend. EU negotiators said that if a broader trade agreement cannot be reached, they hope to ensure an extension of the US temporary tariff suspension period. It is reported that the EU's second round of countermeasures has been reduced from the initial 95 billion euros to 72 billion euros. EU diplomats stated that the US threatens to potentially impose a 17% tariff on EU agricultural product exports.
Golden Encyclopedia
▌What is the Difference Between Gold-Backed and US Dollar-Backed Stablecoins?
Gold-backed tokens and US dollar-backed tokens are both stablecoins, but they differ in several aspects. Gold-backed and US dollar-backed stablecoins mainly differ in the collateral supporting their value. Gold-backed stablecoins are pegged to physical gold, usually at a fixed ratio, while some US dollar-backed stablecoins are supported by US dollars, short-term, and cash deposit reserves. The value of gold-backed stablecoins fluctuates based on gold market prices, which may experience short-term volatility but often appreciate in the long term. US dollar-backed stablecoins maintain a 1:1 peg with the US dollar, ensuring more predictable short-term stability. Unless external factors like regulatory changes or poor reserve management affect the exchange rate, their value remains stable. US dollar-backed stablecoins have higher liquidity and are widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are frequently used for trading and lending. Gold-backed stablecoins, while helpful for value preservation, are rarely integrated into DeFi protocols due to liquidity concerns. Gold-backed stablecoins can hedge against inflation, attracting investors seeking growth. US dollar-backed stablecoins are favored by investors seeking stability and value storage.
