Daily Report | Trump officially announces acceptance of the Republican presidential nomination; South Korea's first cryptocurrency regulatory framework comes into full effect, focusing on investor protection; imToken issues a security alert, warning against "imToken will soon shut down services" SMS scams
July 19 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Musk: Indeed created a political action committee, but donations are "far below" $45 million per month
- South Korea's first cryptocurrency regulatory framework fully effective, focusing on investor protection
- CryptoQuant founder: Retail investor demand for Bitcoin is at a three-year low
- Putin: Russia must "seize the opportunity" to create conditions for the circulation of digital assets
- Data: Tokens worth $132.49 million will be unlocked next week
- Trump officially announces acceptance of Republican presidential nomination
- Greeks.live: 21,000 BTC options and 140,000 ETH options expire
- U.S. Senator: Trump "sees the potential of Bitcoin as a savings technology"
What important events have occurred in the past 24 hours?
Musk responded to news about political donations on X. He stated that he did indeed create a political action committee (PAC) focused on supporting U.S. presidential candidates, but he has not promised any donations to anyone. So far, the donated funds are "far below" the previously reported level of $45 million per month.
According to The Block, South Korea's first cryptocurrency regulatory framework is now fully effective, focusing on investor protection. The new law, the "Virtual Asset User Protection Act," was officially approved on July 18, 2024, with a one-year grace period to refine regulatory details.
The law imposes stricter requirements on digital asset exchanges, which are now required to keep at least 80% of user deposits in cold wallets, thereby isolating user deposits from the exchange's own funds. Exchanges must also entrust user cash deposits to local licensed banks for safekeeping and hold cryptocurrency reserves equivalent to the quantity and type of customer deposits. Additionally, South Korean crypto services are now required to purchase sufficient insurance or establish reserve funds to address hacking incidents or liquidity crises.
In addition to measures to protect user funds, the law requires exchanges to establish real-time monitoring systems to report potentially illegal trading activities. Companies that do not comply with the new regulations may face penalties from the South Korean Financial Services Commission (FSC) or be suspended from service.
CryptoQuant founder: Retail investor demand for Bitcoin is at a three-year low
CryptoQuant founder Ki Young Ju posted data on social media indicating that retail investor demand for Bitcoin is currently at a three-year low, measured by a 30-day change curve of total transaction volume below $10,000.
According to Bitcoin.com, Russian President Vladimir Putin announced that now is the time for Russia to create and increase the necessary environment for the adoption of digital assets and the Russian CBDC (digital ruble). More than 30,000 transactions have already been conducted during the pilot testing phase of the digital ruble, with over 7,000 transactions constituting payments for goods and services.
According to Russia's official news agency TASS, Putin stated: "As they say, Russia must 'seize the opportunity' to timely establish a legal framework and regulations, develop infrastructure, and create conditions for the circulation of digital assets domestically and in relations with foreign partners."
Data: Tokens worth $132.49 million will be unlocked next week
Token Unlocks posted on X that tokens worth $132.49 million will be unlocked from July 22 to 28, including: ALT (42.08%): $104.17 million; ID (4.29%): $8.53 million; YGG (3.74%): $7.25 million; ENA (0.87%): $7.01 million; AGIX (1.32%): $5.18 million.
Trump officially announces acceptance of Republican presidential nomination
According to the Daily Economic News, former U.S. President Trump officially announced his acceptance of the Republican presidential nomination during the last day of the Republican National Convention on July 19, Beijing time.
Greeks.live: 21,000 BTC options and 140,000 ETH options expire
Greeks.live macro researcher Adam posted on X that 21,000 BTC options are expiring, with a Put Call Ratio of 1.2 and a maximum pain point of $62,000, with a nominal value of $1.3 billion. 140,000 ETH options are expiring, with a Put Call Ratio of 0.39 and a maximum pain point of $3,150, with a nominal value of $480 million.
Stimulated by multiple positive news, the crypto market rebounded significantly this week, with major term IVs showing a noticeable rebound, generally over 5% compared to a week ago. The market atmosphere is more optimistic; although the news about the ETH ETF is still delayed, the listing of ETFs and the overall growth of the crypto market are unstoppable, and the inflow of funds will ultimately drive crypto.
U.S. Senator: Trump "sees the potential of Bitcoin as a savings technology"
According to Bitcoin News on X, U.S. Senator Cynthia Lummis stated that Trump "sees the potential of Bitcoin as a savings technology."
Binance CEO Richard Teng posted on X that the market is cyclical, and experiencing ups and downs is not uncommon. It is very important to think long-term when making investment decisions. Here’s a reminder that it has only been three months since the last Bitcoin halving. This is not financial advice, DYOR. He also included a graphic showing Bitcoin's price increases 6 to 12 months after each halving, with a 7043% increase one year after the 2012 halving, a 289% increase one year after the 2016 halving, and a 559% increase one year after the 2020 halving.
imToken issues security reminder, beware of "imToken will soon shut down services" SMS scams
Digital asset wallet imToken officially issued a security reminder, stating that recently scammers have impersonated imToken officials, contacting users through SMS and other means, falsely claiming that "imToken will soon shut down services" to lure users to visit fake websites and enter their mnemonic phrases, resulting in asset losses. The imToken official reminds users that imToken will not proactively contact users via SMS or phone, and users should be vigilant against SMS scams, properly safeguard their mnemonic phrases or private keys, and not disclose them.
QCP Capital: Bitcoin will fluctuate between $61,000 and $71,000 in the short term
QCP Capital released an analysis report indicating that Bitcoin will fluctuate between $61,000 and $71,000 in the short term, especially as dealers hold a large number of options with a strike price of $67,000 expiring on July 26, with the market clearly betting on a breakout before the U.S. elections. Even if the spot price drops overnight, QCP Capital still sees significant institutional interest in $100,000 call options for December. This indicates that as the likelihood of Trump's victory increases, confidence in a year-end market rebound is stronger.
"What are some great articles worth reading in the past 24 hours?"
Systematic Review of GameFi Evolution: How Far Are We from the Next Hit Game?
Since the launch of the Ethereum mainnet on July 30, 2015, the arrival of the Web3 era has been officially announced. The smart contract deployment feature of the Ethereum mainnet supports the design and operation of DAPPs (decentralized applications). Based on this, a large number of popular DeFi (decentralized finance) projects have emerged, such as Uniswap achieving DEX (decentralized exchange) through automated market makers and MakerDAO enabling contract lending. These DeFi projects have attracted a large influx of capital with characteristics such as high investment returns, transparency, strong anonymity, and complete openness. The total market value of the DeFi track has grown from $50 million in 2015 to $100 billion in 2023.
Matrixport Research: Analyzing the Driving Forces Behind BTC's Short-Term Rapid Rebound
Matrixport's latest research indicates that BTC's short-term rapid rebound may be influenced by the following factors:
The end of Germany's BTC "emergency sale," easing selling pressure on BTC
BlackRock's CEO breaking from the norm, strongly supporting BTC as a legitimate financial instrument
"Supporting BTC" has become a key focus for Trump's current campaign, with election benefits still to be realized
For developers looking to build game projects on the blockchain or TON ecosystem, they must delve deeper into user behavior.
Worldcoin's "Money Grab" Plan: Price Manipulation, Deception, and Unexpected Victims
Worldcoin (WLD) has recently seen a significant price increase, rising about 45.1% over the past week. However, according to crypto researcher DeFi^2's revelations on X, this surge was deliberately orchestrated by the Worldcoin team for high-level selling. Here are the details.
Worldcoin is expected to begin internal unlocking within seven days, making it one of the lowest circulating tokens in crypto history, with only about 2.78% of tokens in circulation. Considering this, it makes sense to understand how the project achieved this state. This article reveals how the Worldcoin team secretly controlled the price to maintain an FDV of about $30 billion when internal unlocking begins.
First, some background. When Worldcoin was first launched, the circulating supply from the foundation was 1.4%, or 140 million WLD. While some were concerned that such a low circulation would lead to a very high FDV at launch, the team allocated 100 million WLD to market makers and provided them with call options, allowing them to repurchase a large number of tokens at slightly above $2 at the end of the contract, aiming to prevent the price from soaring too high. Allocating supply to market makers to create favorable prices is not uncommon in the industry.
Revitalization: The TON Chain is Saving Underappreciated Domestic Small and Medium Game Developers
Before meeting me, Xiao Ze had just met with a client to discuss selling the source code of a mini-game he developed. Compared to last year, Xiao Ze appeared completely different this time, no longer showing any signs of frustration, but rather ambitious, like a teenager returning to his youth.
Last year, he confided in me about his confusion and helplessness while working on a large chain game project, saying, "After three years in chain games, I haven't accomplished anything. This is very different from my ideals when I entered the field, and it might be a midlife crisis. I thought I was already in my thirties and hadn't created anything, which feels quite a failure."
More than half a year has passed, and he has finally regained his state, chatting with me throughout with a smile. It is said that recently many game production platforms on the TON chain have contacted them, wanting to buy their mini-game source code, with the highest offer reaching $100,000. The TON chain is a blockchain project developed by Telegram. Although the Telegram team withdrew from the project's development midway, the TON Foundation continued to develop it. Since the launch of the trading BOT last year, the TON chain has gradually thrived, providing more opportunities and possibilities for today's mini-game BOT.
