Daily Report | Harris officially receives the Democratic presidential nomination; Upbit will list Pendle; Game blockchain Ronin suspected of being attacked
August 6 News Overview整理：Fairy，ChainCatcher
Important News:
- PancakeSwap: Game blockchain Ronin suspected of being attacked, involving funds of $9.33 million
- Upbit will launch Pendle KRW and Bitcoin trading pairs
- Harris officially receives the Democratic presidential candidate nomination
- Biden's senior economic advisor Gene Sperling will join Harris's campaign team
- Over 60% of tokens in the top 50 cryptocurrencies have erased all gains during 2024
- Data: Bitcoin's trading volume today hits a new high post-halving, exceeding $1.14 billion
"What important events happened in the past 24 hours"
PancakeSwap: Game blockchain Ronin suspected of being attacked, involving funds of $9.33 million
According to PancakeSwap's warning monitoring, the game blockchain Ronin is suspected to have been hacked (it is unclear whether it was a white hat hacker or a malicious hacker), involving funds of $9.33 million.
Over 60% of tokens in the top 50 cryptocurrencies have erased all gains during 2024
According to Cointelegraph, the total market capitalization of the cryptocurrency market has dropped by $51 billion. CryptoQuant certified author Binhdangg stated on August 6 that after Black Monday, over 60% of the top 50 cryptocurrencies by market cap have lost all gains made during 2024.
Data: Bitcoin's trading volume today hits a new high post-halving, exceeding $1.14 billion
According to Cointelegraph, Bitcoin's trading volume has reached a new high post-halving, with trading volume exceeding $1.14 billion on August 6.
Binance questions India's $86 million tax penalty
According to CoinDesk, Binance has questioned the nearly $86 million tax penalty notice issued by the Indian tax authorities.
A person directly involved in the matter revealed that the Indian Directorate General of Goods and Services Tax Intelligence (DGGI) sent this request for clarification to Binance last week. The notice involves fees charged by Binance to Indian customers from July 2017 to March 2024.
It is reported that the DGGI is an agency responsible for collecting, organizing, and disseminating indirect tax evasion intelligence, under the Ministry of Finance of India. Currently, Binance has not responded to the matter.
Upbit will launch Pendle KRW and Bitcoin trading pairs
Upbit will launch Pendle, supporting KRW and Bitcoin markets.
Data: Jump Trading deposits 440 million USDC into Coinbase, may convert to USD
According to Lookonchain monitoring, since July 24 when Jump Trading began selling ETH, it has withdrawn 606 million USDC from Binance and deposited 440 million USDC into Coinbase, which may be converted to USD at a 1:1 ratio.
Harris officially receives the Democratic presidential candidate nomination
According to the Associated Press, U.S. Vice President Harris has officially received the Democratic presidential candidate nomination.
Biden's senior economic advisor Gene Sperling will join Harris's campaign team
U.S. President Biden's senior economic advisor and former Ripple Labs board member Gene Sperling will leave the White House to join Vice President Harris's 2024 presidential campaign team. Biden announced this personnel change on August 5.
It is reported that Sperling has served as a senior advisor to the Biden administration since 2021, previously serving in the Clinton and Obama administrations, and joined the Ripple board in 2015. Former Binance global advisory board member David Plouffe will also support Harris's campaign.
"What are the interesting articles worth reading in the past 24 hours"
The Fed's "firefighting," cryptocurrency rebounds, can we buy the dip?
After a bloody Monday, global markets welcomed a brief respite today.
Asian stock markets opened strongly on Tuesday, with the Nikkei index leading the way and the TOPIX index also rising significantly. Japan's benchmark Nikkei 225 index rose more than 8%, recovering some of the losses from Monday's 12% drop; the Australian stock market remained flat; U.S. stock index futures also rose, with Nasdaq 100 futures increasing by 2%.
Meanwhile, the cryptocurrency market also showed signs of rebound, with the total value of the global crypto market rising above $2 trillion in the past 24 hours, and BTC price returning to $55,000.
Although investors remain concerned about the slowing U.S. economy and geopolitical risks, they are actively seeking buying opportunities.
The Fed's dangerous gamble: Economic division behind robust data, the rich get richer, the poor still struggle
In our previous macro commentary, we focused on key topics related to potential market impacts, the global situation, and how to navigate these complex times.
We discussed the risks faced by small and medium-sized banks (in the month before bank panic surfaced and frightened the market) due to the uneven distribution of excess reserves, despite the large reserves in the system.
We repeatedly mentioned mixed economic data and discussed the concept of "duck economy": everything seems fine on the surface, but many things are happening behind the scenes. Beauty lies in the eyes of the observer. Despite strong headline economic data, a deeper analysis can weave any bullish or bearish narrative you prefer.
We also analyzed the comparison between the "magnificent seven" and other stock markets. Similar to economic data, stock indices performed well; however, upon closer examination, the stocks of the magnificent seven performed exceptionally well, while other parts of the market performed mediocre or even declined.
In this issue of Asymmetric Macro, we will combine all the concepts previously discussed into a coherent story, starting and ending with the theory of monetary policy itself.
Several popular games leave, is Polygon becoming the "Huangpu Military Academy" of chain games?
On August 2, two weeks after announcing a complete overhaul of its ecosystem, the Web3 gaming platform Planet Mojo successfully migrated its MOJO token from Polygon to the Base network. Planet Mojo changed its logo from a purple rune to a blue one that fits Base, and its auto-battler game Mojo Melee, parkour game GoGo Mojo, in-game avatar system Mojo Maker, and the upcoming role-playing game Prophecy of the Ancients have all become part of the Base ecosystem's active contributions.
Once the preferred network for deploying GameFi projects, Polygon has been favored by developers over the past few years. The 2022 developer report released by Electric Capital rated it as a top developer ecosystem. However, with the rise of various public chains and the departure of several popular games like Pixels and Crypto Unicorns, Polygon, once the "Huangpu Military Academy" of Web3 games, has lost its previous competitive edge, and its market share in gaming is gradually decreasing.
