Morning News Wallet Transfers 1004 BTC After 106 Years Dormancy Biden Im Continuing Campaign

CoinDesk Report:
Headlines
▌ Dormant Wallet Transfers 1,004 BTC to New Wallet 50 Minutes Ago After 10.6 Years
According to Spot On Chain monitoring, a dormant wallet has awakened after 10.6 years and transferred 1,004 BTC ($57 million) to a new wallet approximately 50 minutes ago. The wallet originally received these BTC in 2013 and 2014 at an average price of only $731 per BTC ($737,000).
▌ Biden: I Will Continue Campaigning and Win Again
US President Biden stated, “I am campaigning and will win again; I will continue to campaign. I will not let the results of the last debate erase years of hard work.”
Market Data
As of the time of writing, according to Coingecko data:
BTC recent trading price is $56,479.65, with a daily change of -0.7%;
ETH recent trading price is $2,977.09, with a daily change of -3.29%;
BNB recent trading price is $500.54, with a daily change of -1.73%;
SOL recent trading price is $134.61, with a daily change of +5.54%;
DOGE recent trading price is $0.1068, with a daily change of -5.45%;
XPR recent trading price is $0.4272, with a daily change of +1.22%.
Policy
▌ US House to Vote on Overturning SAB 121 Veto
The US House of Representatives plans a crucial vote next week to overturn President Biden’s veto of Staff Accounting Bulletin 121 (SAB 121). This announcement has sparked controversy in the crypto industry, with concerns about its potential impact on bank custody of digital assets. Despite the House passing the resolution in May by a vote of 228-182, overturning the veto still requires a two-thirds majority in both houses. Political experts have mixed opinions on the likelihood of a successful overturn.
▌ South Korea Delays Virtual Asset Tax Regulations Until 2025
The South Korean government announced a delay in the implementation of new virtual asset tax regulations until January 2025 to address issues with individual investor tax burdens and regulatory clarity. Starting from 2025, the law will include income taxes for residents, withholding taxes for non-residents, and gift taxes on virtual assets. Investors welcomed the delay, believing it will help the government and industry better adjust for the smooth implementation of the new tax regime.
▌ Former US Attorney General Accuses Federal Regulators of Attempting to Segregate Digital Asset Industry from Traditional Economy
Former US Attorney General Donald Verrilli claimed that federal regulators are actively coordinating efforts to “de-bank” the digital asset industry. He supported Custodia Bank in court after its application for a Federal Reserve master account was rejected due to its involvement in cryptocurrency business. Verrilli believes this reflects efforts by federal regulators to isolate the digital asset industry from the traditional economy. Several political figures and organizations, including former Senator Pat Toomey and the Digital Chamber, also support Custodia’s appeal. The court has yet to announce its final decision on the case.
Blockchain Applications
▌ Valora Launches Mobile Stack to Simplify Creation of Web3 Native Apps on iOS and Android
P2P payment app Valora has launched the Mobile Stack to simplify the creation of Web3 native mobile applications on iOS and Android.
▌ JPMorgan, DBS, and Mizuho Test Partior Blockchain FX PvP Solution
Singapore’s Partior completed a proof of concept for Forex payment versus payment (PvP) settlement using its blockchain network, involving participants such as JPMorgan, DBS Bank, and Mizuho Bank. PvP settlement involves simultaneous exchange of two currencies, eliminating settlement risk. Partior’s solution supports 24/7 real-time atomic settlement and is planned for launch later this year.
▌ Chappyz Uses AI to Address Fake User Metrics, Boost Web3 Engagement
Chappyz co-founders John Sears and Daniel Pal introduced their AI-driven community platform during a Cointelegraph AMA, aimed at tackling fake users and vanity metrics in the Web3 community. Chappyz incentivizes genuine interaction and dialogue to promote user retention and engagement. The platform is designed to be plug-and-play, allowing users to simplify Web3 wallet setup by logging in via familiar platforms like Google and Apple. Chappyz uses a custom AI protocol to analyze user contributions and detect and remove fake accounts and malicious actors. Chappyz also plans to launch Chappyz V3 in July 2024, introducing real-time community health monitoring features for deep Web3 community analysis.
Cryptocurrency
▌ GSR Deposits and Sells 900,000 WLD on Binance
According to The Data Nerd, GSR deposited and sold 900,000 WLD (approximately $1.65 million) on Binance within 1 hour.
▌ BASE Network Locked Value Currently at $1.318 Billion, with a 24-hour Decrease of 6.66%
According to DefiLlama data, BASE Network TVL is currently $1.318 billion, with a 24-hour decrease of 6.66%. Top three ecosystem protocol TVL rankings are as follows:
Aerodrome TVL reaches $465 million, with a 7-day decrease of 21.29%;
Uniswap TVL reaches $233 million, with a 7-day decrease of 15.31%;
Extra Finance TVL reaches $80.11 million, with a 7-day decrease of 23.03%;
▌ In the Past 24 Hours, 19,331.59 BTC Flowed Out of Exchange Wallets
According to latest data, 19,331.59 BTC flowed out of exchange wallets in the past 24 hours, 7,219.29 BTC in the past 7 days, and 22,503.03 BTC in the past 30 days. As of the time of writing, total exchange wallet balance amounts to 2,472,856.26 BTC.
▌ 10,984 ETH Transferred from Unknown Wallet to Coinbase
According to Whale Alert monitoring, at 07:14:11 Beijing time today, 10,984 ETH ($32,782,038) was transferred from an unknown wallet to Coinbase.
▌ Bloomberg: One of the Fastest Growing Projects in Crypto This Year Is Telegram-Related
Bloomberg reports that “one of the fastest-growing projects in the cryptocurrency space this year is Telegram-related, with Telegram’s blockchain plans previously drawing scrutiny from US regulators.”
Important Economic Trends
▌ Derivatives Traders Firm on Two Rate Cuts by Fed This Year
US Treasury yields declined as job market data showed mixed signals, with derivatives traders betting on Federal Reserve officials cutting interest rates twice this year. Despite June’s non-farm payroll report indicating higher-than-expected job growth, downward revisions to previous months and an increase in the unemployment rate strengthened traders’ bets on two rate cuts this year, with the probability of Fed cutting rates as early as September around 76%. Jeff Klingelhofer, Co-Head of Investments at Thornburg Investment Management, said, “I think there is still room for US bonds to rise. Powell’s recent remarks suggest a strong inclination toward initiating a mild easing cycle, with the labor market returning to better balance and inflation facing downward risks, the economy may be heading towards a slowdown.” Jeffrey Rosenberg, Portfolio Manager at BlackRock, said, “To solidify expectations of a rate cut in September, we need support from another round of data, and more importantly, next week’s inflation data, as well as next month’s data.”
▌ Fed Semi-Annual Monetary Policy Report: Greater Confidence in Inflation Needed Before Rate Cuts
The Federal Reserve’s semi-annual monetary policy report indicated progress in inflation this year but emphasized the need for greater confidence before considering rate cuts. It forecasted gradual easing of inflation pressures associated with real estate and noted that despite pressures on commercial real estate investment portfolios at some banks, the financial system remains “healthy and resilient.” Most domestic banks continue to have ample liquidity.
▌ Interest Rate Swap Market Fully Prices Two Fed Rate Cuts by Year-End
The interest rate swap market has fully priced in two Fed rate cuts by year-end.
▌ US Stock Indices Close Higher, S&P 500 Up 1.95% for the Week
US stock indices closed higher, with the Dow up 0.17% and accumulating a 0.66% increase for the week; the Nasdaq up 0.9%, with a 3.5% increase for the week; and the S&P 500 up 0.54%, with a 1.95% increase for the week, setting new closing highs for the Nasdaq and S&P 500 indices. Leading tech stocks mostly rose, with Meta up nearly 6%, Google, Apple, and Tesla up over 2%, Tesla rising for the eighth consecutive day with a cumulative increase of nearly 30%, Microsoft and Amazon up over 1%, and Nvidia down nearly 2%.
Encyclopedia
▌ What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, aimed at providing enhanced scalability, efficiency, and democratic governance. Daniel Larimer introduced the DPoS concept in 2014 as an enhancement to traditional PoS, aimed at improving efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015.
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