LianGuai Morning Post | US Media Zhao Changpeng Once Attempted to Shut Down Binance’s Exchange in the United States

US Media Zhao Changpeng Once Attempted to Shut Down Binance's US Exchange

Headlines

▌US Media: Zhao Changpeng Once Tried to Shut Down Binance’s US Exchange

Two sources familiar with the matter told US media The Information that Binance CEO Zhao Changpeng had tried to shut down the US branch of the cryptocurrency exchange earlier this year. This indicates that, in the face of increasingly stringent regulatory scrutiny, he is willing to sacrifice Binance.US to protect the widely-traded institution and take it further. One source said that the US board of directors, chaired by Zhao Changpeng, held a vote on whether to liquidate the company, but failed to obtain the necessary unanimous support. The company obtained a valuation of $4.5 billion from investors last year. The source said that Binance.US CEO Brian Shroder was the only one who opposed the decision because he was concerned that a sudden shutdown could force customers of the US exchange to quickly transfer or liquidate cryptocurrencies, thereby harming their interests.

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Market

As of press time, according to coinmarketcap data:

The recent trading price of BTC is $29,691, with a daily change of +2.55%;

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The recent trading price of ETH is $1,871.21, with a daily change of +1.97%;

The recent trading price of BNB is $247.54, with a daily change of +1.00%;

The recent trading price of XRP is $0.7053, with a daily change of +1.64%;

The recent trading price of DOGE is $0.078, with a daily change of +1.39%;

The recent trading price of ADA is $0.3111, with a daily change of +1.18%;

The recent trading price of MATIC is $0.7, with a daily change of +2.37%;

The recent trading price of WLD is $2.4191, with a daily change of +4.77%.

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Policies

▌Bank of England Appoints CBDC Working Group Member Sarah Breeden as Deputy Governor

The Bank of England announced that Bank of England official Sarah Breeden will succeed Jon Cunliffe as Deputy Governor, as Jon’s term is coming to an end. Breeden was a member of the Bank of England’s Central Bank Digital Currency (CBDC) Working Group and will officially assume Jon Cunliffe’s position on November 1, 2023. She will serve as a member of the Financial Policy, Monetary Policy, and Prudential Regulation Committees, and establish connections between financial stability and monetary policy.

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Blockchain Applications

▌Balancer Announces Deployment of its Technology on the Avalanche Chain

Balancer announced on social media that it is deploying its technology on the Avalanche chain to drive the growth of Liquid Staked tokens and provide participants with a unique and flexible DeFi technology stack.

Balancer states that, compared to the typical stable pools implemented by DEX for LST, Balancer’s customizable stable pools ensure that all rights of Yield Bearing tokens flow to liquidity providers through programming. These unique pools utilize built-in interest providers, constantly querying the blockchain to update tokens at the correct ratio and feedback accrued earnings to limited partners. Balancer’s weighted mathematics also provides the ability to implement #ve8020 on Avalanche for all protocols. This allows protocols to establish native token liquidity, mitigate profit-driven incentive schemes, and unlock the next phase of governance token economics.

▌Exhibition supported by the Tezos Foundation will showcase Allen Ginsberg’s poetry collection generated by artificial intelligence

Fahey/Klein Gallery in Los Angeles will exhibit a poetry collection generated by artificial intelligence. These poems were trained by AI using the literary works of renowned poet Allen Ginsberg and have received support from Allen Ginsberg’s estate. Ginsberg, known for his poem “Howl” created in 1955, passed away in 1997.

Reportedly, the exhibition, which will run from August 10th to September, was developed in collaboration with the NFT Poetry Gallery and digital community TheVERSEverse with the support of the Tezos Foundation. The series utilizes AI cameras to transform visual images into text.

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Cryptocurrencies

▌MicroStrategy plans to raise $750 million through stock sales to purchase Bitcoin

MicroStrategy plans to raise up to $750 million through additional stock sales and intends to use the proceeds to purchase more Bitcoin as well as provide funds for other purposes.

As previously reported by LianGuai, according to MicroStrategy’s latest earnings report, as of July 31, 2023, MicroStrategy’s Bitcoin holdings increased to 152,800 coins, with an addition of 12,333 coins in the second quarter, marking the largest quarterly increase since the second quarter of 2021. Based on current prices, the value is slightly under $4.5 billion.

▌Litecoin founder: Halving helps achieve mass adoption without sacrificing network security

Charlie Lee, the founder of Litecoin, stated during a Twitter Spaces event that deflationary halving helps achieve mass adoption without sacrificing network security. He explained that prices are driven by supply and demand, and if the supply side is reduced by half while demand remains the same, the price should increase. Many price trends are self-fulfilling prophecies simply because people believe that halving will lead to price increases, and they buy before or even after the halving. For Bitcoin and Litecoin, sometimes the price rises before halving, sometimes after, and sometimes it doesn’t have a significant impact. It all depends on the market’s reaction to halving.

▌MKR is the token with the highest increase in the Coindesk Market Index (CMI) in July, with a 47% increase.

MakerDAO’s MKR is the token with the highest increase in the Coindesk Market Index (CMI) in July, with a 47% increase. Ripple Labs’ native token XRP follows closely behind, with a 46.6% increase in July, as a US judge ruled that the sale of XRP tokens on exchanges does not constitute an investment contract. Both BTC and ETH declined by 4% in July.

The worst-performing assets in July include Bitcoin Cash (BCH), which fell by 20%, and Litecoin (LTC), which fell by 18%.

▌DeFiLlama: If CRV falls to $0.36 or below, the founder of Curve will be liquidated on Aave

According to DeFiLlama’s data, if the CRV price falls to $0.36 or lower, Curve Finance founder Micheal Egorov’s loan on Aave will be liquidated.

LianGuai previously reported that on August 1st, Egorov sold 39.25 million CRV stablecoins to numerous DeFi investors, including Justin Sun, Machi Big Brother, and DWF Labs, for a total value of $15.8 million. The buyers purchased CRV at a price of $0.40 per token, which was 25% lower than the market price at that time.

▌GameStop removes crypto wallet due to regulatory uncertainty

GameStop, a well-known video game retailer, announced that it will cancel support for its crypto wallet just one year after its launch, citing regulatory uncertainty in the United States. The website states that due to regulatory uncertainty in the cryptocurrency field, GameStop has decided to remove its iOS and Chrome extension wallets from the market on November 1, 2023, and customers can access them until October 1.

The GameStop crypto wallet was launched approximately a year ago, allowing users to manage cryptocurrencies and NFTs through decentralized applications and support transactions on GameStop’s NFT marketplace. In December of last year, the company conducted layoffs, including several software engineers responsible for developing its crypto wallet.

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Important Economic Trends

▌82.5% probability that the Fed will maintain interest rates in September

According to CME’s “Fed Watch”: there is an 82.5% probability that the Fed will maintain interest rates at 5.25%-5.50% in September, a 17.5% probability of a 25 basis point hike to the 5.50%-5.75% range. The probability of maintaining interest rates in November is 65.5%, with a 30.9% probability of a cumulative 25 basis point hike and a 3.6% probability of a cumulative 50 basis point hike.

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LianGuai Encyclopedia

▌What is UniswapX

UniswapX aims to improve swaps in various ways: obtaining better prices through aggregated liquidity sources, gasless swaps, preventing MEV, no fees for failed transactions. In the coming months, UniswapX will expand to gasless cross-chain swaps.

Disclaimer: As a blockchain news platform, LianGuai’s published content is for informational reference only and should not be considered as actual investment advice. Please establish a correct investment concept and be sure to increase risk awareness.

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