Tether Releases Q2 2024 Attestation | Cryptocurrency Trends

1. Mainstream Exchange Trends:

• No trends of note.

2. Cryptocurrency Trends:

• According to CME FedWatch, there is a 90.5% probability that the Fed will cut rates by 25 basis points in September, and a 9.5% probability of a 50 basis point cut.
• Tether releases its attestation report for Q2 2024, showing a record profit of $5.2 billion and a net operating profit of $1.3 billion for the first half of 2024.
• Elixir, a modular DPoS network, launches deUSD, a "fully decentralized" synthetic dollar designed to challenge Ethena's USDe.
• Fidelity International lists physical Bitcoin ETP on the London Stock Exchange.
• The average daily trading volume of Bitcoin runes over the past seven days was only $1.457 million, down 86.12% from its peak of over $10.5 million in early June.
• Coinlist announces the reintroduction of its "auctions" feature on X. Unlike traditional fixed-price public sales, this feature allows the market to determine the final token sale price.
• ETF Store President Nate Geraci states on X that the SEC's decision to move away from classifying tokens like SOL as securities does not increase the likelihood of approval for spot Solana ETFs.
• Futong Securities International (Hong Kong) announces that it will officially launch its cryptocurrency trading service on August 1st, making it the first brokerage in Hong Kong to offer zero-commission cryptocurrency trading.

3. Financing Trends:

• Daylight, a DePIN project, raises $9 million in a Series A funding round led by a16z Crypto, with participation from Framework Ventures, Lattice Fund, Escape Velocity, and Lerer Hippeau. However, its co-founder and CEO, Jason Badeaux, declined to disclose details regarding the structure and valuation of this funding round. So far, the company has raised a total of $13 million.
• Layer2 Financial, a cross-border payment infrastructure, raises $10.7 million in Series A funding led by Galaxy Ventures, with participation from Accomplice and Sapphire Ventures.

4. Regulatory Trends:

• The Bank for International Settlements and the Bank of England state that stablecoin balance sheets can be supervised.