Blockchain Update Morning Reference for July 8 2024

Currency World reported:
00:00-08:00
Keywords: Wang Song, Deputy Director of the Cyberspace Administration of China: Speed up the construction of digital infrastructure, Jin Zhuanglong, Minister of Industry and Information Technology: Make forward-looking deployments for future industrial development around six major directions, Guiyang plans to purchase virtual currency crime-fighting patent technology services, Financial Times: Former President Trump may return to the White House, which will trigger a sharp increase in the value of Bitcoin, Bitcoin ETF investors bought on the dip on Friday with a net inflow of over $140 million, Input Output Global (IOG): Latest development progress of Cardano
1. On July 8th, Stake DAO posted on X, stating that PrimeDAO has added 3 voting incentives on Balancer Votemarket.
2. According to reports, The Arena, a social protocol in the Avalanche ecosystem, announced that the release of the ARENA token will be delayed until late July. The team considered this the best decision for users, the product, and the upcoming plans. Additionally, a new secure wallet solution will be deployed, and the token release date will be announced 7 days before release, along with the token economics. Previously, The Arena announced the release of the V2 Beta version to address some product issues hindering broader adoption of the platform. The team aims to release a series of new features to continue improving the product and add new creator tools for higher profitability.
3. Wang Song, Deputy Director of the Cyberspace Administration of China, attended and delivered a speech at the main forum of the 2024 Global Digital Economy Conference at the Beijing National Convention Center on the afternoon of the 2nd. Wang Song stated that the digital economy has become an important support and key engine for the development of new quality production forces, providing new momentum and feasible paths for global economic recovery and growth. It is necessary to accelerate the construction of digital infrastructure around the needs and characteristics of development such as gigabit optical network, data centers, 5G/6G, IPv6, satellite internet, blockchain, etc. Establish a complete data element resource system, improve the data management system, promote the orderly and free flow of data in accordance with the law. Vigorously promote the innovation and application of artificial intelligence, carry out the “AI+” action, deepen the AI social experiments, promote the development and governance of AI. Accelerate the legislative process of the digital economy, govern illegal activities according to law, and improve the governance system of the digital economy.
4. Jin Zhuanglong, Minister of Industry and Information Technology, stated at a press conference of the State Council Information Office today that future industries need to layout ahead. In January of this year, we issued the implementation opinions on promoting the innovative development of future industries in conjunction with the departments of education, science and technology, focusing on six futures—future manufacturing, future information, future materials, future energy, future space, future health—and making forward-looking deployments for the development of future industries. Next, we will focus on these six directions, especially focusing on areas such as humanoid robots, brain-machine interfaces, metaverse, next-generation Internet, 6G, quantum technology, atomic-level manufacturing, deep-sea and aerospace development, implementing a number of scientific research projects, breaking through key core technologies, forming iconic products, achieving landmark results, and building enterprise incubators. Support regions with conditions to take the lead, develop typical application scenarios, explore the construction of future industrial leading zones, cultivate more high-tech enterprises, unicorn enterprises, and specialized and new small and medium-sized enterprises.
5. According to reports, a judge overseeing a multi-billion dollar collective lawsuit against GitHub, OpenAI, and Microsoft for allegedly unauthorized use of intellectual property (IP) to train the “GitHub Copilot” artificial intelligence (AI) coding software partially dismissed the charges against the defendants. This marks a victory for large tech companies and the AI industry, which is currently facing multiple related lawsuits. The plaintiffs in the lawsuit accused OpenAI of “plagiarizing” GitHub and using manually written code snippets to train GitHub Copilot without permission, payment, or attribution. According to the lawsuit, Copilot copied the manually written code line by line, so the plaintiffs are seeking compensation of $1 billion. There are five anonymous complainants in this case, ostensibly representing a class action, each marked as “John Doe” in court documents released to the public so far.
6. Reports indicate that since falling below $54,000 earlier on Friday, the price of the world’s largest cryptocurrency has seen a mild rebound, currently trading at $58,283. According to data compiled by Farside Investors, the net inflow of the US Bitcoin spot ETF on Friday was $143.1 million, the highest level of inflow in at least two weeks. The fund with the highest inflow was the WiseOrigin Bitcoin fund (FBTC) under Fidelity, which saw a net inflow of $117.4 million. Other funds with net inflows include the Bitwise Bitcoin ETF (BITB), ARK/21 Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL).
7. Dogecoin founder Billy Markus posted on X strongly opposing a recent psychological study that discriminates against cryptocurrency investors. The study claims that those investing in cryptocurrency assets tend to have “dark personality traits,” especially the “dark tetrad.” An article in The Independent reported on a study of 2,001 adults residing in the United States, who were asked if they owned any cryptocurrency. About 30% of these adults admitted to owning cryptocurrency. In addition to questions about owning cryptocurrency, researchers collected some other information about them, including their psychological, political, and other personality traits. Based on this data, researchers attempted to determine the characteristics that best predict whether someone purchased cryptocurrency assets. The study indicated that cryptocurrency owners among these respondents rely on “edgy social media sources,” “believe in conspiracy theories,” and “feel victimized.” Considering that X is also a very popular platform in the cryptocurrency community, the article and the study it is based on seem to be attempting to discriminate against both X and cryptocurrency in the eyes of the American public.
8. According to the Financial Times citing several analysts, former President Donald Trump may return to the White House, triggering a significant surge in the value of Bitcoin. Due to the former president’s “perceived support for cryptocurrency positions and policies,” the concept of “Trump trades” is becoming increasingly popular among cryptocurrency traders. Recently, the performance of this flagship cryptocurrency has been hindered by miner sell-offs and regulatory actions by US and German authorities. Anticipation of repayments from the Mt.Gox bankruptcy case has also exacerbated market volatility, resulting in Bitcoin falling below $54,000 for the first time in months. However, analysts remain optimistic that Trump’s victory could lead to a significant increase in Bitcoin and potentially reach another historical high in August, reaching $100,000 on election day.
9. North Carolina Governor Roy Cooper vetoed a bill that would prohibit the state from accepting payments in Central Bank Digital Currency (CBDC) issued by the Federal Reserve. House Bill 690 would also restrict the state from participating in any CBDC testing by the Federal Reserve. Cooper noted in a statement that the federal government is working to ensure that any CBDC has appropriate standards and consumer protections. He added that vetoing the bill would open doors for those who may want to transact using CBDC. Cooper stated that North Carolina should “wait and see” how CBDCs operate and then make a final decision. He said that the bill was not suitable for becoming law, being premature, ambiguous, and reactionary, and providing final results for important monetary decisions that have not yet been made.
10. The Wall Street Journal reported that the net assets of the Baby Boomer generation in the United States are $7.8 million, accounting for 51% of the national wealth, but their Bitcoin ownership is less than 10%. The Millennial generation holds 9.2% of the national wealth but owns over 50% of BTC. Bitcoin represents an asymmetric opportunity for this generation.
11. The Wudang Branch of the Public Security Bureau in Guiyang issued a termination notice for the virtual currency crime-fighting patent technology service project, citing the reason for termination as the supplier’s commitment letter not being affixed with the official seal. However, the project tender information shows that the tender project includes the “Dandelion Organization Leadership Pyramid Scheme,” involving the analysis of nearly 10T+ data addresses and 25+ billion account relationships on public chains such as Ethereum and Tron. Secure blockchain data collection and analysis of a large number of addresses, location of fund flows, identification of fund retention, identification of transaction relationships, as well as the ability to analyze data labels, identify overseas exchange addresses, and provide overseas exchange evidence services are required. The project budget is 9.5 million RMB.
12. Lin Chen, Head of Business at Deribit Asia-Pacific, posted that this week the BTC spot ETF had a net outflow only on Tuesday and Wednesday, rested on Independence Day on Thursday, and had net inflows on the other days, totaling a net inflow of $237.8 million for the week. Market sentiment remains depressed this week; however, BTC rebounded from $54,000 to $57,000. We need to pay attention to the opening of US stocks next Monday. If it rises again, this bottoming out wave may end.
13. Antonio Juliano, founder of dYdX, stated that the number of crypto assets is growing exponentially, and the same thing is happening with information on the internet. With this development, we are seeing this evolution: listing -> search -> social.
14. Paolo Ardoino, CEO of Tether, revealed the prevention method of OpenAI’s hacker attack, stating that Tether, the issuer of the USDT stablecoin, is developing a decentralized artificial intelligence (AI) model as part of its foray into the field.
15. Material Indicators LLC, a fintech startup providing algorithmic trading indicators and tools, stated that Bitcoin faces strong technical resistance at the 200-day moving average, and if the bulls can break through this resistance by the Sunday close, it should push some short-term momentum. If Bitcoin fails to do so, be prepared for the market to test support levels in the range of $50,000 to $53,000.
16. Input Output Global (IOG) released its weekly Cardano development update on X. According to their latest report, Cardano has seen significant growth in various indicators such as total transactions, native tokens, and token policies. The total transaction volume of Cardano is currently 93.3 million, an increase of 0.43% from the previous week’s 92.9 million. Additionally, the number of native tokens in the Cardano ecosystem increased by 40,000 in the past week, reaching 10.17 million. Furthermore, the token policies on Cardano increased from 136,594 to 141,712 in a week, representing a 3.74% increase. Moreover, this week, the Cardano network added 2,970 Plutus scripts, bringing the total to 64,248.
17. Bitcoin News reported that Bitcoin continues to flow out of the German government wallet, even on the weekend. They did not buy back Bitcoin yesterday; instead, their sell order was not completely filled, so the unsold Bitcoin was returned to their account.
18. Michael Saylor, founder and chairman of MicroStrategy, reiterated his bullish stance on Bitcoin in his latest post on X, claiming that the design of this cryptocurrency aims to surpass traditional investment tools. This statement comes at a time when the price of Bitcoin has plummeted, leading to a widespread reshuffling of the entire crypto market. Saylor’s post features a striking chart comparing the price performance of various asset classes over 13 years, including Bitcoin, US growth, the Nasdaq 100 index, gold, emerging market (EM) stocks, commodities, emerging market bonds, convertible bonds, the entire bond market, and long-term government bonds. Among all the compared assets, Bitcoin, US growth stocks, the Nasdaq 100 index, and US large-cap stocks performed the best. While these assets have generally shown positive returns almost every year since 2011, Bitcoin’s investment return rate is the most impressive.