LianGuai Morning Post | The market value of stablecoins falls to the lowest level since August 2021.
LianGuai Morning Post | Stablecoin market value hits lowest level since August 2021.
Headlines
▌Stablecoin Market Cap Falls to Lowest Level Since August 2021
LianGuai reports that the market cap of stablecoins has dropped to $127 billion, declining for 16 consecutive months and reaching its lowest level since August 2021.
▌Tesla Removes “Bitcoin” Related Source Code from Payment Page
On July 21st, Tesla removed the “bitcoin” related source code from its car payment page. The last modification date of the JS code file was July 21st Beijing time. Yesterday, a user discovered the word “bitcoin” in the source code of Tesla’s car payment page. The source file was last updated on July 13th. However, it does not mean that the “bitcoin” related code was added on July 13th, and it cannot be proven whether Tesla has deleted the relevant code after canceling support for Bitcoin payments in May 2021.
Market
As of press time, according to coinmarketcap data:
- Bitcoin Lightning Network + Nostr Decentralized Social Payment New ...
- OmniBOLT Bitcoin-based Smart Asset Circulation Protocol
- CCData Stablecoin market value has been declining for 16 consecutiv...
The recent trading price of BTC is $29,901.3, with a daily change of +0.34%;
The recent trading price of ETH is $1,890.63, with a daily change of -0.03%;
The recent trading price of BNB is $243.5, with a daily change of +0.25%;
The recent trading price of XRP is $0.77329, with a daily change of -2.61%;
The recent trading price of DOGE is $0.073327, with a daily change of +3.90%;
The recent trading price of ADA is $0.3132, with a daily change of -0.83%;
The recent trading price of SOL is $25.614, with a daily change of +0.96%.
Policies
▌U.S. Department of Justice Reorganizes National Cryptocurrency Enforcement Team
On July 21st, Nicole M. Argentieri, Deputy Assistant Attorney General of the U.S. Department of Justice, gave a speech at the Strategic and International Studies Center, stating that starting this week, the National Cryptocurrency Enforcement Team (NCET) will be merged into the Computer Crime and Intellectual Property Section (CCIPS). NCET will investigate and prosecute criminal offenses involving the abuse of cryptocurrencies, including working with the Money Laundering and Asset Recovery Section (MLARS) to investigate and prosecute cryptocurrency exchanges that facilitate money laundering. This merger means that the number of criminal division attorneys handling cryptocurrency criminal cases will more than double and give equal status to cryptocurrency work within the criminal division as computer crime and intellectual property work. In addition, NCET will enhance the department’s ability to track cryptocurrencies, prosecute cases involving cryptocurrency crimes, and seize and return cryptocurrency funds to victims. Furthermore, the inaugural director of NCET, Eun Young Choi, has resigned, and Claudia Quiroz will serve as the acting director of NCET.
▌Indonesian National Cryptocurrency Exchange Begins Operations
LianGuai reports that according to a statement from the Indonesian Commodity Futures Trading Regulatory Agency (CFTRA), the national cryptocurrency exchange announced by the Indonesian government a week ago has started operating. The platform will be the only one in the country allowed to exchange digital assets legally. CFTRA confirmed that the exchange opened on July 20th. In addition, CFTRA’s regulations have established a futures clearinghouse together with the exchange. The clearinghouse essentially acts as a mediator between buyers and sellers, ensuring smooth transactions. Previously, it was reported that CFTRA would restrict cryptocurrency sales to local transactions while aligning it with international market development. Licensed traders will have one month to join the exchange.
▌South Korean Financial Services Commission Drafting Stablecoin Regulations and Initiates Review of Establishing Virtual Asset Disclosure System
On July 21, the South Korean Financial Services Commission began the second phase of legislative work, drafting stablecoin regulations and initiating the review of establishing a virtual asset disclosure system. The plans after the review must be reported to the National Assembly’s Political Affairs Committee by July 2024, before the implementation of the Virtual Asset User Protection Act. The second phase of legislative work will be developed based on the opinions of the Financial Services Commission, which will include regulations related to the issuance of virtual assets and the regulatory system for different types of virtual assets. Through this research service, the Financial Services Commission will review methods to address conflicts of interest that arise from virtual asset operators during the issuance and distribution of virtual assets. In addition, it plans to establish a regulatory system based on the types of virtual assets, such as fixed-price stablecoins, security tokens, and utility tokens. It also plans to establish regulatory systems for virtual asset evaluation businesses, consulting businesses, and public disclosure businesses, and to review the establishment of a system that can provide comprehensive market prices and comprehensive information disclosure based on relevant systems.
Blockchain Applications
▌Domestic Blockchain Platform Performance Breaks Through 200,000 CTPS for the First Time
LianGuai reports that the performance indicators of domestic blockchain manufacturers have surpassed 200,000 CTPS for the first time, greatly improving the on-chain throughput capacity. It is understood that this is the best historical result measured by the Institute of Information and Telecommunication Engineering under unified hardware environment and 4 nodes, achieved by the domestic independently controllable blockchain platform AntChain. CTPS (Confirmed Transactions Per Second) refers to the number of transactions per second on the blockchain platform, representing the throughput capacity of the blockchain.
▌The 166th Ethereum Core Developer Meeting: Next Ethereum Execution Layer Upgrade to Prague
On July 21st, Ethereum core developer Tim Beiko stated that at the 166th Ethereum core developer meeting, developers discussed the current status of the Dencun upgrade devnets: devnet-7 is still running, and work on tool support is also underway, especially the development of a blob explorer containing all blobs since the genesis. Developers discussed the naming issue for the next Ethereum upgrade, with EL using Prague and CL using Electra.
▌French Central Bank Tests Show Wholesale CBDC Will Improve Cross-Border Payments
LianGuai reports that the French central bank announced on Friday that after conducting extensive tests using encryption technology, it has confirmed that its central bank digital currency (wCBDC) will improve cross-border payments, settlement finality, and the security of a large number of financial assets. The French central bank started testing wCBDC in March 2020. By mid-2022, it conducted the second phase of experiments and has completed 12 experiments so far, including one involving the settlement of bonds worth 100 million euros ($104 million) with Luxembourg. Other experiments include projects in collaboration with the Monetary Authority of Singapore, the Swiss National Bank, and the Innovation Center of the Bank for International Settlements (BIS).
Cryptocurrency
▌Conic Finance suffers attack, losing about $3.2 million
On July 21st, on-chain data shows that Conic Finance’s ETH omnipool has suffered a series of small-scale hacker attacks, resulting in a loss of about $3.2 million. The stolen funds were transferred to the address: 0x3d32C5a2E592c7B17e16bdDc87EAb75f33ae3010. Conic Finance responded that it is currently investigating the vulnerability involving ETH Omnipool and will share updates as soon as they are available.
▌Conic Finance has disabled ETH Omnipool deposits on the front end
LianGuai reports that Conic Finance tweeted an update: the root cause of the vulnerability involving ETH Omnipool is still being investigated, and ETH Omnipool deposits have been disabled on the front end of Conic. Previously, Conic Finance suffered an attack, resulting in a loss of about $3.2 million. Conic Finance is built for liquidity providers, allowing users to provide liquidity to the Conic Omnipool, which allocates funds on Curve according to the protocol-controlled pool weights.
▌Hua Fu Jian Ye Securities in Hong Kong has launched virtual asset trading for shareholders
LianGuai reports that Changqiao Technology, which provides digital services to securities firms, has launched a 7×24 one-stop virtual asset trading system solution for securities firms. According to the actual needs of securities firms, it provides two major services: application programs and counter services, and charges securities firms a monthly fee. Huafu Jianye Securities, a subsidiary of China Tonghai International Financial (0952), has become the first securities firm to launch virtual asset trading using Changqiao Technology. Changqiao Technology, together with two virtual asset exchanges HashKey and OSL, provides solutions to securities firms, offering users market data, historical K-line charts, transaction statistics, and trading and clearing settlement services. At the press conference today, Zhen Jingmin, Managing Director of Huafu Jianye Securities, demonstrated the completion of the first virtual asset transaction using a customized application developed by Changqiao Technology. Hu Guowen, CEO of Changqiao Technology (Hong Kong), said that in addition to Huafu Jianye Securities, there are currently more than 20 securities firms interested in cooperation, and it is expected to collaborate with around 30 securities firms this year. When asked about the fact that currently only professional investors in Hong Kong can invest in virtual assets and that only Bitcoin, Ethereum, and Litecoin are accepted, Hu Guowen said that if in the future it becomes possible to accept general investors and other currencies for investment, the platform can accommodate them as well.
▌Bitfinex hacker will be confiscated nearly $4.5 billion worth of Bitcoin, and face a maximum of 20 years imprisonment
LianGuai reported that according to the latest publicly available court documents, the couple involved in the $4.5 billion cryptocurrency money laundering case related to the Bitfinex hack has signed a plea agreement with US prosecutors. According to the court documents, the couple is accused of conspiring to launder 119,754 bitcoins, all of which were stolen during the 2016 Bitfinex hack. US prosecutors said that the criminals used “numerous sophisticated money laundering techniques,” allegedly using false identities, automated trading, and then depositing funds into various exchanges and darknet markets. As part of the plea agreement, the couple has agreed to surrender these billions of dollars worth of bitcoins and will appear in court on August 3 for trial, facing a maximum of 20 years imprisonment.
Important Economic Trends
▌Federal Reserve’s ability to combat inflation is in doubt, investors turn to TIPS bonds
Investors this week have expressed doubts about the Federal Reserve’s ability to achieve its 2% inflation target. The breakeven inflation rate for Treasury Inflation-Protected Securities (TIPS) has risen to a level about 2.3 percentage points lower than the normal yield of regular US Treasury bonds, representing the difference that investors believe can offset the loss in yield. If the CPI increase exceeds 2.3%, it is best for investors to buy TIPS. On Thursday, the bid yield for the 10-year TIPS was more than 5 basis points lower than the market yield at the bid deadline, indicating demand exceeding traders’ expectations. Also on Thursday, the iShares TIPS Bond ETF attracted $193 million in funds, making it the fourth largest inflow so far this year. (Jinshi Data APP)
LianGuai Encyclopedia
▌Turing test
From 1945 to 1948, Turing was responsible for research on the Automatic Computing Engine (ACE) at the National Physical Laboratory. In 1949, he became the deputy director of the Computing Laboratory at the University of Manchester, responsible for the early software work of the first real computer, the Manchester Mark 1. During this time, he continued to do some abstract research, such as “Computing Machinery and Intelligence”. In his research on artificial intelligence, Turing proposed an experiment called the Turing test, attempting to establish a criterion for determining whether a machine has consciousness.
In 1952, Turing wrote a chess program. However, at that time, no computer had enough computing power to execute the program, so he imitated a computer and took half an hour for each move. He played a game with a colleague, and the program lost.
Later, a research group at Los Alamos National Laboratory in New Mexico, USA, based on Turing’s theory, designed the world’s first computer program for chess, Los Alamos Chess, on ENIAC.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
