Rhythm Morning News｜A summary of important news from last night and this morning on August 13
1. Bitcoin price fell, hitting $58,000, down 3.79% in 24 hours. 2. Musk and Trump began to speak, and the number of Space participants exceeded 1 million. 3. Three Arrows Capital liquidators sought at least $1.3 billion in compensation from Terraform Labs. 4. Coinbase submitted an opinion brief to the US SEC, arguing that the SEC's proposal to expand the definition of a trading platform should be withdrawn and revised. 5. The Nikkei 225 index recovered its losses since the plunge on August 5.
Bitcoin fell to $58,000, down 3.79% in 24 hours
BlockBeats news, on August 12, according to HTX market data, Bitcoin fell to $58,000 and is now quoted at $58,192, down 3.79% in 24 hours.
Modular track tokens generally rose, SAGA rose more than 31% in 24 hours
BlockBeats news, on August 13, according to HTX market data, modular track tokens saw a general rise, including:
SAGA is currently trading at US$1.676, a 24-hour increase of 31.72%;
DYM is currently trading at US$1.521, a 24-hour increase of 18.92%;
TIA is currently trading at US$5.933, a 24-hour increase of 9.55%.
AUCTION rose nearly 5% in a short time, temporarily reported at $14.77
BlockBeats news, on August 12, or affected by the upcoming new project on Bounce Launchpad, AUCTION rose nearly 5% in a short time, temporarily reported at $14.77.
Musk and Trump began to speak, and the number of Space participants exceeded 1 million
BlockBeats news, on August 13, Musk and Trump made opening remarks for this live broadcast, saying that it was "not easy" to conduct this Space and they were honored, and the number of Space participants exceeded 1 million.
Axelar (AXL) will provide technical support for the cross-chain integration of wstETH into BNB Chain
BlockBeats news, on August 13, Axelar issued a statement saying that the new official cross-chain bridge has been approved. In the on-chain vote completed on August 9, Lido DAO approved the integration of Axelar and Wormhole as the canonical solution for bridging Lido Staked ETH to BNB Chain, and Lido's wstETH will be integrated cross-chain to BNB Chain.
Currently, the cross-chain and UI are awaiting testing, and this is also the second time Axelar has connected Lido outside the Ethereum L2 ecosystem. Previously in 2023, Axelar became the cross-chain bridge that brought wstETH to Cosmos-this was its first time to step out of Ethereum L2.
Lido DAO's collaboration with Axelar established its first official bridge outside of L2verse. In addition, the link will enable dApps to integrate wstETH on BNB Chain into a unified UX with full programmability on the open stack.
BlockBeats News, on August 12, Paul Grewal, Chief Legal Officer of Coinbase, posted on social media that "Today, Coinbase submitted another opinion brief to the U.S. Securities and Exchange Commission (SEC) on the agency's proposal to expand the definition of "trading platform." In short, the SEC's proposal lacks key analysis, is based on unreasonable assumptions, fails to prove the existence of any problems that require regulation, and greatly exaggerates the benefits claimed by the proposal. At the very least, the proposal should be withdrawn and revised.
The SEC failed to gather basic information and did not conduct any economic analysis of how this proposal would affect DEXs. Yet it persisted with its unjustified assumptions.
The SEC should reject extending this proposed rule to DEXs. Failing to do so could have serious implications for the millions of Americans engaging in digital assets. Not to mention the harm it could bring to innovation in the growing DEX market.
Furthermore, the SEC assumes that there is some problem with the industry that needs to be corrected, but has failed to prove that the problem exists. This is not the way to make rules. At the very least, the proposal should be withdrawn and corrected.
As always, Coinbase thanks the SEC for taking our comments seriously and looks forward to further exploring this important topic. ”
Coinbase will list Gravity (G)
BlockBeats news, on August 12, according to the official announcement, Coinbase will add support for Gravity (G) on the Ethereum network (ERC-20 token). Please do not send this asset through other networks, otherwise funds may be lost.
If liquidity conditions are met, trading will begin at approximately 12 noon Eastern Time on August 13, 2024.
Three Arrows Capital Liquidators Seek at Least $1.3 Billion in Compensation from Terraform Labs
BlockBeats reported that on August 13, the liquidators of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) are seeking at least $1.3 billion in compensation from Terraform Labs to make up for the losses suffered by the fund after the collapse of TerraUSD and Luna tokens in 2022.
The liquidators stated in court documents that before the collapse of these tokens, Terraform induced 3AC to buy Luna and TerraUSD by manipulating the markets for these tokens, "artificially raising asset prices." They claimed that the collapse not only wiped out 3AC's investment in these tokens, but also caused significant losses in other assets.
BlockBeats news, on August 12, according to market news, the US Securities and Exchange Commission (SEC) sent letters to venture capital funds such as a16z and USV regarding Uniswap issues.
Real Vision founder: I would be surprised if SUI could break the downward trend immediately
BlockBeats news, on August 12, Raoul Pal, former Goldman Sachs executive and founder of macro research firm Real Vision, posted on social media, "Apparently, everyone was found to not hold any SUI, while its price has skyrocketed. To prove that it deserves to be the next big hit, it needs to effectively compare with SOL by breaking the downward trend... It hasn't done it yet, and I'd be surprised if it does it soon."
Pump.fun issued 11,796 Meme tokens in the past 24 hours, and only 157 were finally listed on Raydium
BlockBeats news, on August 12, according to Dune panel data, Pump.fun issued 11,796 Meme tokens in the past 24 hours, and only 157 were finally listed on Raydium, accounting for only 1.33%. As of now, Pump.fun has issued a total of 1,210,635 Meme tokens.
Nikkei 225 Index Recovers Losses Since August 5th
BlockBeats reported that on August 13, the Nikkei 225 Index recovered to the level before it fell more than 12% on August 5th. As of 10 a.m. Tokyo time, the Nikkei 225 Index rose 2.7% to 35,961.95 points.
Ikuo Mitsui, fund manager at Aizawa Securities, said: "The massive sell-off peaked last week, and investors' attention is turning to fundamentals such as corporate profitability." "Investors are buying stocks at low valuations."
Ryuta Otsuka, strategist at Toyo Securities, said, "Today's Japanese stock market is likely to be the first calm in a while. The stability of the yen will also help stabilize the Japanese stock market." (Jinshi)
Yesterday's spot Ethereum ETF had a net inflow of US$4.9 million
BlockBeats news, on August 13, according to Trader T monitoring, yesterday's spot Ethereum ETF had a net inflow of US$4.9 million, ending three consecutive days of net outflows.
ARKB had a net inflow of US$35.4 million yesterday, and BITB had a net outflow of US$17.1 million
BlockBeats news, on August 13, according to farside monitoring, ARKB had a net inflow of US$35.4 million yesterday;
BITB had a net outflow of US$17.1 million; GBTC had a net outflow of US$11.8 million.
Yesterday's Grayscale ETHE inflow/outflow was 0, and ETHW had a net inflow of 2.9 million US dollars
BlockBeats news, on August 13, according to farside monitoring, yesterday's Grayscale ETHE fund inflow/outflow was 0, which was the first day without fund flow since its launch. ETHW had a net inflow of 2.9 million US dollars, and EZET had a net inflow of 1 million US dollars;
ETHV had a net outflow of 2.9 million US dollars.
Yesterday's U.S. spot Bitcoin ETF had a net inflow of US$28 million
BlockBeats news, on August 13, according to Trader T monitoring, yesterday's U.S. spot Bitcoin ETF had a net inflow of US$28 million, of which ARKB had a net inflow of US$35.4 million, IBIT had a net inflow of US$13.6 million, and Grayscale BTC had a net inflow of US$7.9 million;
BITB had a net outflow of US$17 million; GBTC had a net outflow of US$11.8 million.
IntoTheBlock: Currently only 66% of Ethereum addresses are profitable
BlockBeats news, on August 12, according to IntoTheBlock data, currently only 66% of Ethereum addresses are profitable.
Last week's market drop had a significant impact on Ethereum, leaving many holders in the red.
The last time a similar proportion of profitable holders was seen was in October 2023, when Ethereum was trading at around $1,800.
Matrixport: New OTC funds enter the market, or plan ahead for the Fed's rate cut
BlockBeats news, on August 12, Matrixport released its latest view that Bitcoin prices rebounded after the plunge last Monday. Although Bitcoin spot ETF funds are still flowing out, some people took the opportunity to buy on dips, as can be seen from the rebound in the 30-day minting ratio (black).
This shows that new fiat money has flowed into the crypto market, and investors are taking advantage of low prices, or planning ahead for the expected interest rate cut by the Federal Reserve in September.
BlockBeats news, on August 12, Greeks.live macro researcher Adam posted on social media that after a week of adjustment, the market has come out of the blow of the Bank of Japan's interest rate hike. The recent dovish remarks of the Bank of Japan have also given the market confidence. Although the market has been plagued by negative news, the market sentiment is relatively optimistic this week. This week's macro focus has returned to the US economic data. The probability of a rate cut in September continues to rise, which also gives the market some confidence. If this week's data gives the market confidence in a rate cut, the rebound will continue.
After a week of panic, market confidence has recovered by more than half, so the IVs of major maturities have fallen compared to last week. Currently, IVs are at a relatively high level, and there is still obvious downward pressure this week. The cryptocurrency market still maintains the wide range of fluctuations since March, among which ETH is relatively sluggish and the exchange rate has fallen sharply. Choosing the right IV at the right time can buy short-term call options, and building an inverse calendar spread is also a good choice.
In the crypto interest rate market, Bitfinex interest rate market occasionally has good interest rate orders. If you encounter a suitable interest rate order, you can actively trade it, especially when there is a market, it is worth paying special attention.
BlockBeats news, on August 13, BitMEX co-founder Arthur Hayes said in his latest blog post that Yellen will inject at least $301 billion and up to $1.05 trillion from now until the end of the year. This will create a brilliant bull market for all risk assets, including cryptocurrencies, before the election.
Since April this year, the crypto risk market has been trading sideways, and liquidity has been drawn out of the system due to a net reduction in outstanding Treasury bills. Cash is still trapped on the Fed's balance sheet (RRP) and cannot drive up prices of financial assets.
Therefore, according to Yellen, net issuance of U.S. Treasury bills will reach $301 billion between now and the end of the year. If this relationship holds, Bitcoin will quickly give back the sell-off caused by the appreciation of the yen. The next stop for Bitcoin is $100,000.
The alt season will only return after Bitcoin and Ethereum break through $70,000 and $4,000 respectively.
Hayes also said, "This year is the best time for liquidity. Therefore, I will sell on the highs. And put the money into and stake it in Ethena USD (sUSDe). Once Yellen and Powell join forces, China will release its long-awaited fiscal stimulus plan. The US-China cryptocurrency bull market in 2025 will be brilliant."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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