| ARK Bitcoin Spot ETF application may be announced today; Bitcoin spot and derivative trading volume ratio hits historic low (August 11th)
Headline
Analyst: ARK Bitcoin Spot ETF Application Results May be Announced Tomorrow, Most Likely "Delayed"
Bloomberg financial analyst James Seyffart tweeted that the deadline for approval of the Bitcoin spot ETF application submitted by ARK Invest is August 13th. However, since this date falls on a Sunday, a clear response is expected to be announced this Friday. His personal prediction is that the SEC will announce the results after market close tomorrow, and it is almost certain that the SEC will "delay" the decision.
Industry News
Report: Stablecoins May be Key to Maintaining US Dollar's Global Reserve Status
In a commentary article in The Wall Street Journal, stablecoins are described as the core of a dollar-based revolution and may be a key factor in maintaining the US dollar as the dominant global currency.
The author points out, "If stablecoins thrive, citizens of other countries will increase their demand for the US dollar, independent of (and possibly contrary to) their government's political decisions." He adds, "US politicians need to agree that the re-dollarization of the global economy is important."
SEC Seeks Intermediate Appeal of Simplified Judgment in Ripple Labs Case
The SEC has submitted a letter to Judge Analisa Torres of the Southern District of New York seeking an intermediate appeal of two adverse liability rulings in the Ripple Labs case. The SEC states that it is seeking an appeal of certain parts of the judgment, while other parts will proceed to trial. Ripple must respond by August 16th, and the SEC will submit a pretrial memorandum on August 18th. The SEC states, "There is a need for intermediate review here, involving controlling legal issues where there is a difference of opinion reflected in the circuit split that has developed within this district."
The French Financial Markets Authority (AMF) has announced that France is amending the registration requirements for cryptocurrency companies to better comply with the new regulations for the industry under the EU MiCA.
The AMF states that the "enhanced" registration requirements will come into effect on January 1, 2024, and will be mandatory for "new entrants" seeking to provide any regulated services. These changes will also allow for the implementation of fast-track procedures to authorize companies that are already operating and approved in the country.
The AMF states that Digital Asset Service Providers (DASPs) that obtained a simple registration before January 1, 2024, will benefit from the "grandfathering" clause and continue to comply with the framework applicable before that date.
Recently, the AMF issued the first crypto license to the crypto division of BNP Paribas. Companies like Binance and Hex Trust have already registered with the regulatory authority.
Data Change
Data: Bitcoin Spot and Derivatives Trading Volume Ratio Hits Historic Low
CryptoQuant data shows that the ratio of Bitcoin spot trading volume to derivatives trading volume has reached a historic low.
UTXO Management analyst Dylan LeClair said that this data indicates that the current market is just a remnants of derivatives traders fighting against each other, as most of the spot bear traders have already sold out while the spot bull traders may have fully deployed their funds or are still waiting on the approval of the Bitcoin spot ETF.
Data: Top 15 Performing Stock ETFs This Year are All Crypto-related
Bitcoin Magazine states that the top 15 performing stock ETFs this year are all crypto-related.
Since the Shanghai Upgrade, Ethereum's Net Staking Rate has Increased by 147%
Token Unlocks data shows that the Shanghai upgrade of Ethereum has driven industry growth, especially in the ETH staking field. One of the most significant indicators of the surge is the substantial increase in staked Ethereum, with a total of 22.99 million ETH staked, accounting for approximately 18.86% of the total supply.
Since the Shanghai upgrade, the amount of staked ETH has reached 5.84 million, accounting for approximately 4.8% of the circulation, which demonstrates the direct impact of the Shanghai upgrade on its significant growth, with a net staking ratio soaring by 147%. Currently, 25% of ETH staking occurred after the Shanghai upgrade.
Data: zkSync Era 7-month on-chain profit surpasses Arbitrum and Optimism combined
Dune query data shows that the on-chain profit of zkSync Era in July amounted to 1,309 ETH, surpassing the combined total of Arbitrum and Optimism, which were 605 ETH and 517 ETH, respectively.
According to Spot On Chain monitoring, Justin Sun currently has a total of 157,000 stETH (equivalent to $330 million) staked, minted 117.8 million DAI, and deposited them into MakerDAO to earn its current 8% DAI savings rate (DSR).
Calculate at the current interest rate, the 117.8 million DAI deposited by Sun Yuchen is expected to generate an annual income of 6.53 million US dollars, with a daily income of approximately 17.9 thousand US dollars.
According to previous reports, Sun Yuchen mortgaged 102 thousand stETH to mint 77.8 million DAI and deposit it into Maker. Later, Sun Yuchen mortgaged 67 thousand wstETH and borrowed 58 million DAI, which was then deposited into Maker.
Project News
According to an official announcement, Binance Labs has invested $5 million in Curve DAO token (CRV). As part of the collaboration, Curve will explore deployment on BNB Chain.
Jay Chou's fashion brand PHANTACi collaborates with Highstreet to launch PHANTACi Peninsula
Jay Chou's fashion brand PHANTACi has reached a collaboration with the metaverse Highstreet, and both parties will launch a unique area called PHANTACi Peninsula in Highstreet World to provide fans with innovative interactive experiences, including virtual world attractions and immersive shopping.
Analysis: SEI token's market value could reach nearly $500 million after listing on Binance
Binance will launch Sei (SEI) on August 15th. According to the data disclosed by Binance, the total supply of SEI tokens is 10,000,000,000 SEI, with an initial circulation of 1,800,000,000 SEI (18% of the total supply).
Aevo recently launched Pre-Launch token futures, with the initial token being SEI. Aevo Pre-Launch token futures data shows that traders believe SEI will be traded at a price of $0.26 immediately after its initial launch. Based on this price, the market value of SEI will reach $486 million, placing it among the top 100 cryptocurrencies.
According to the data tracked by CoinGecko, SEI is currently not tradable on any cryptocurrency exchange.
Argentine Data Protection Agency is investigating Worldcoin
The Argentine Data Protection Agency (AAIP) announced an investigation into Worldcoin's handling of personal data, analyzing the processes and practices related to the collection, storage, and use of sensitive data such as biometrics. Additionally, appropriate measures will be taken to address any identified issues and ensure compliance with security and privacy standards.
Person's Voice
Tether CTO: Will launch USDT and XAUT mobile payment applications
Tether's Chief Technology Officer, Paolo Ardoino, tweeted that a mobile application fully based on USDT and XAUT will be launched to facilitate B2B, B2C, and C2C international settlement for purchases. It will support features such as direct payments, escrow services, and dispute resolution platforms, as well as the Bitcoin Lightning Network. Currently, the application is in testing and will be launched soon.
Circle CEO calls for the establishment of an on-chain USD system that embraces the DeFi world
Circle co-founder and CEO Jeremy Allaire has released a promotional video calling on the United States to "make a choice" about digital currencies and reiterating the threat to the US dollar.
In the video, Allaire mentions the ability of cryptocurrencies to "fundamentally change the way payments are made" and compares the current state of the internet to the dial-up internet of the late 1990s, stating that the "only thing that hasn't kept up with technological advancements is the US dollar."
Allaire states that the strong position of the US dollar in the current global economy is under threat. "Let's create a blockchain-based dollar, a powerful developer primitive, embracing the world of multi-chain, dynamic DeFi, including small payments and even large-scale capital markets. Let's build this system within the US and let the world know that US regulatory agencies are ensuring the security, transparency, and bank-level risk management standards of these systems."
X CEO: "Full Autonomy" in Running the Company
X Corp. (formerly Twitter) CEO Linda Yaccarino states that she has "full autonomy" in running the company under the leadership of her boss Elon Musk, and under her leadership, advertisers should feel confident returning to the platform.
Yaccarino also states that X Corp. is close to achieving a break-even point and that compared to a year ago, the X platform is healthier and safer. Yaccarino adds that layoffs are "necessary cost-cutting measures." Yaccarino says that X Corp. currently has around 1,500 employees. Prior to Musk's acquisition, the company had about 8,000 employees.
NFT
Nd 4.eth and Its Follower Address Destroyed 3 BAYC, 2 MAYC, and More within Half an Hour
On-chain data shows that Nd 4.eth and its associated follower address (blackholefaller.eth) have collectively transferred and destroyed 3 BAYC, 2 MAYC, and 2 BAKC tokens into a black hole address within half an hour.
