Daily Report | Bitcoin conference agenda tonight focuses on Bitcoin mining; Harris has an open attitude towards cryptocurrency; key members of the Syscoin Foundation plan to resign and form a new entity
July 25 News Overview整理：Fairy，ChainCatcher
Important News:
- Billionaire Michael Novogratz's Galaxy is raising $113 million for a new crypto venture capital fund
- The Bitcoin Conference agenda tonight focuses on Bitcoin mining, Bloomberg ETF analyst James Seyffart will speak
- Insiders: Key members of the L1 project Syscoin Foundation plan to resign and form a new entity
- The Information: OpenAI may lose up to $5 billion this year, cash could run out in 12 months
- US Senator Lummis plans to announce legislation to designate Bitcoin as a strategic reserve asset at the Bitcoin Conference
- SkyBridge Capital founder: Harris has an open attitude towards cryptocurrencies and will take a more moderate approach
What important events have occurred in the past 24 hours?
Billionaire Michael Novogratz's Galaxy is raising $113 million for a new crypto venture capital fund
According to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management has raised $113 million for its new venture fund, which invests in early-stage startups focused on crypto software, infrastructure, and financial applications.
Galaxy Ventures Fund I LP aims to build a portfolio of about 30 investments. The fund has already invested in projects such as Ethena, Monad, and Plume. Galaxy Digital Holdings stated in a press release on Thursday that the fund expects to continue raising funds, aiming to reach a target of $150 million by next year at the latest. Will Nuelle, another general partner of the fund, stated that the fund expects to invest between $3 million and $5 million in each project, although the amounts may vary.
The Bitcoin Conference agenda tonight focuses on Bitcoin mining, Bloomberg ETF analyst James Seyffart will speak
The 2024 Bitcoin Conference will officially begin tonight at 9 PM Beijing time (8:00 AM local time in Nashville), with today's agenda primarily focusing on Bitcoin mining. Well-known mining companies such as Core Scientific and Riot Platforms will be speaking.
Key speeches to watch today:
Topic: FROM STRATEGY TO INNOVATION: BLACKROCK'S BITCOIN JOURNEY
- Time: 1:30 PM - 2:00 PM (Beijing time July 26, 2:30 - 3:00 AM)
- Guests: Robert Mitchnick, Head of Digital Assets at BlackRock; James Seyffart, Bloomberg ETF Strategist
Topic: BITCOIN ON THE BALANCE SHEET
- Time: 3:00 PM - 3:45 PM (Beijing time July 26, 4:00 - 4:45 AM)
- Guests: Eric Semler, Chairman of Semler Scientific; Dylan LeClair, Research Director at Bitcoin Magazine; Simon Gerovich, President of Metaplanet Inc.; Andrew Kang, CFO of MicroStrategy
Topic: A LOOK BEHIND THE SCENES OF DEALS IN THE MINING INDUSTRY
- Time: 11:30 AM - 12:00 PM (Beijing time July 26, 00:30 - 1:00 AM)
- Guests: Kevin Dede, Managing Director and Senior Research Analyst at H.C. Wainwright; Steve Weiner, Managing Director and Head of M&A at Cohen & Company Capital Markets; Andrew Bond, Chief Strategy Officer at Arkon Energy
Data: Ark Invest sold 118,000 shares of ARKB spot Bitcoin ETF yesterday, worth $7.76 million
According to The Block, Ark Invest sold 118,209 shares of ARKB spot Bitcoin ETF worth $7.76 million on Wednesday as it rebalanced its fund weights. This is the first time Ark has sold ARKB shares since launching the spot Bitcoin ETF in January.
Ark's investment strategy aims to prevent any single holding from exceeding 10% of the exchange-traded fund's portfolio. This is to maintain diversification within its funds—meaning if ARKB rises relative to other holdings in the fund, it is likely to continue adjusting its weight.
Coinbase's CB PAYMENTS LIMITED fined $4.5 million by FCA
According to The Block Pro, Coinbase's CB PAYMENTS LIMITED was fined $4.5 million by the FCA for violations related to "high-risk" customers.
Insiders: Key members of the L1 project Syscoin Foundation plan to resign and form a new entity
Multiple insiders revealed that due to mismanagement and lack of financial transparency, the early L1 project Syscoin is expected to undergo leadership changes in the coming days. Key members of the Syscoin Foundation plan to resign and form a new entity—Syscoin Red. The Syscoin Foundation is a non-profit organization aimed at further developing the project.
Insiders stated that an internal dispute over fund allocation between the foundation and another for-profit entity, SYS Labs, has erupted, leading to discontent within the foundation. Willy Ko, a board member and CFO of the foundation, stated that the new entity aims to restore transparency and trust within the Syscoin community and clearly define who controls the project funds.
The Information: OpenAI may lose up to $5 billion this year, cash could run out in 12 months
The Information reported that OpenAI may face losses of up to $5 billion in 2024 and could run out of cash within 12 months.
The report stated that OpenAI expects to spend $7 billion on AI training and $1.5 billion on employee expenses, far exceeding its competitors. This may force the company to seek additional funding within 12 months. OpenAI has completed seven funding rounds, raising over $11 billion in total. Meanwhile, the company is developing a new AI model called "Strawberry," which has stronger reasoning capabilities.
Additionally, OpenAI faces a potential investigation by the SEC and scrutiny from US lawmakers regarding safety standards and employment practices.
SkyBridge Capital founder: Harris has an open attitude towards cryptocurrencies and will take a more moderate approach
SkyBridge Capital founder Anthony Scaramucci tweeted that US Vice President Kamala Harris faced some criticism for not speaking at the Bitcoin conference, but Scaramucci pointed out that Trump referred to Bitcoin as a "scam" in 2022, and his administration had a hostile attitude towards digital assets. Harris has an open attitude towards cryptocurrencies and does not make decisions on crypto policy within the Biden administration. Harris has a strained relationship with Elizabeth Warren, and if Harris becomes president, Gary Gensler is expected to be dismissed, with Warren excluded from financial services matters. Scaramucci suggested maintaining bipartisan support for cryptocurrencies to benefit the long-term health of the ecosystem.
Scaramucci believes that attacks on Bitcoin within the Democratic Party mainly come from Elizabeth Warren and her supporters. It was a mistake for the Biden administration to assign financial services to Warren. Harris will take a more moderate stance on cryptocurrencies. Although Trump now supports cryptocurrencies, he did not study Bitcoin in 2018. Scaramucci called for giving Harris the same opportunity to formulate her own cryptocurrency policy, stating that her presidency would not continue Warren's anti-crypto stance.
US Senator Lummis plans to announce legislation to designate Bitcoin as a strategic reserve asset at the Bitcoin Conference
According to FOX Business, US Senator Cynthia Lummis from Wyoming plans to announce legislation at the Nashville Bitcoin Conference that would require the Federal Reserve to hold Bitcoin as a strategic reserve asset.
Lummis's plan is still uncertain and may be delayed. This move aims to establish Bitcoin as a mainstream financial asset and gain support from the president and Congress. Lummis's team hopes Trump will support the bill and announce it at Saturday's conference.
Biden speaks on withdrawal from the 2024 US presidential election
According to Jinshi, on the 24th local time, US President Biden spoke in the Oval Office to explain his reasons for withdrawing from the 2024 presidential race. On July 21, local time, President Biden announced his withdrawal from the 2024 presidential election. In a letter posted on his personal social media that day, Biden stated that he initially intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on fulfilling his presidential duties during his term.
Hashdex submits S1 filing to the SEC for Bitcoin and Ethereum ETF to establish a crypto index ETF
Hashdex has submitted an S1 filing to the SEC for its Bitcoin and Ethereum ETF to establish a cryptocurrency index-based ETF. The fund will hold Bitcoin and Ethereum but may hold more assets depending on the regulatory environment. Once approved, the fund will be listed and traded on Nasdaq, with Coinbase Custody and BitGo Trust serving as custodians.
"What are some noteworthy articles to read in the past 24 hours?"
Besides Trump, which politicians will also attend this year's Bitcoin Conference?
Bitcoin Magazine CEO David Bailey confirmed today that Vice President Harris will not speak at the Bitcoin 2024 Conference. Despite Harris's absence, this year's Bitcoin Conference is not lacking in the presence of US politicians. The conference has invited ten political guests from the US, including Trump, of which eight are Republicans, one is a Democrat, and one is an independent (former Democrat).
This is not surprising. On one hand, Nashville, where the conference is held, is a traditional "red state" and a stronghold of the Republican Party, with both senators from Tennessee attending. On the other hand, compared to the Democrats' conservatism, most Republicans have an optimistic attitude towards cryptocurrencies. A recent Paradigm poll showed that 28% of Republicans own or have purchased cryptocurrencies, exceeding the national average, and 60% of Republicans prefer Congress to clarify crypto regulations. A more intuitive data point is that in May, the Republicans led and pushed through the FIT21 bill, which visually reflects the voting results and attitudes towards digital asset regulation between the two parties. Recently, the Republican National Convention also approved a new platform proposed by Trump, which includes support for innovative crypto policies.
Selling V3 trading software and suffering a hack, what is DeFi derivatives leader dYdX planning?
On July 24, ChainCatcher reported that decentralized derivatives trading leader dYdX is reportedly planning to sell its dYdX V3 trading software.
However, less than an hour after the news broke, the dYdX V3 website (dydx.exchange) was attacked by hackers, who first took over the site and then implanted phishing links. If users authorize their information, they risk having their assets or information stolen.
Once the plan to sell V3 was exposed, its domain was attacked by hackers, leading the community to speculate whether this was purely coincidental or a premeditated action.
The sale of dYdX and the security incident triggered a series of chain reactions, with users and investors showing significant concern. The price of the DYDX token quickly dropped in response to the news, falling from $1.45 to a low of $1.23, with a daily decline of over 15%. At the time of writing, the price was fluctuating around $1.27.
Why sell V3? Is the dYdX team looking to cash out? Why did hackers choose this timing to attack? Can DYDX tokens still be held? A series of questions flooded the community chat pages.
Entering the stablecoin market, JD.com picks up blockchain once again
On July 24, according to Caixin, JD Coin Chain Technology (Hong Kong) will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar.
JD Coin Chain Technology (Hong Kong) is a subsidiary of JD Technology Group and is the only potential stablecoin issuer under JD.com. According to information on its official website, the JD stablecoin is a stablecoin based on a public chain and pegged 1:1 to the Hong Kong dollar (HKD), which will be issued on a public blockchain.
Each JD stablecoin can be redeemed at a 1:1 ratio, with reserves consisting of highly liquid and trustworthy assets, securely stored in independent accounts at licensed financial institutions, and rigorously verified for reserve integrity through regular disclosures and audit reports. In terms of regulation, JD stablecoin will actively cooperate with global regulatory authorities and comply with existing and evolving legal and regulatory standards.
