Curve founder saves the day, the Reserve Bank of Australia has suspended interest rate hikes. Today, the US released data showing that the July ISM manufacturing PMI was 46.4, lower than the expected value of 46.8 and lower than the previous value of 46. In June, the number of JOLTs job vacancies was 9.582 million, lower than the expected value of 9.61 million and lower than the previous value of 9.824 million. The number of job vacancies has declined, the lowest since April 2021, and the manufacturing PMI has declined slightly. The probability of keeping interest rates unchanged in September is 82%. The Reserve Bank of Australia's interest rate decision shows that the interest rate will remain unchanged at 4.1% in August, and the interest rates will remain at 4.1% in June, July and August.

Back to the topic:

The CEO of Standard Chartered Bank in Hong Kong said: The group regards virtual assets as an important part of the future of the financial sector, and has a specific framework for such account opening. As long as the relevant companies meet the due diligence, anti-money laundering and risk management requirements, they will open accounts, and there are also successful cases. Forbes China: The number of unicorns in the Web3 field in China and the United States in the first half of 2023 is 0, a decrease of 7 from the previous month. A Coinbase spokesperson said that the U.S. Securities and Exchange Commission (SEC) has not asked CB to remove any assets, and the Financial Times previously reported this inaccurately. The latest tax guidance from the U.S. Internal Revenue Service: Once crypto investors who are rewarded for verification activities on the Proof of Stake (POS) network receive reward tokens, the staking rewards are taxable. The value should be calculated from the moment the U.S. taxpayer obtains control of the proxy market. This rule also applies to investors who pledge tokens through crypto exchanges.

Solv Protocol, an on-chain fund agreement, has completed a $6 million financing, with Laser Digital, a subsidiary of Japanese banking giant Nomura Securities, participating in the investment. IDG Capital increased its holdings of crypto mining company Bitdeer by 91,308 shares, about $931,000. German investment bank Berenberg raised MicroStrategy's target share price from $412.30 to $510, with a buy rating. TD Cowen analysts set its target share price at $520. The Ethereum official website shows that the total number of Ethereum beacon chain stakers has reached 700,000, with a pledged amount of 22,263,198, and an annualized APR of 4.27%.

Rune Christensen, co-founder of MakerDAO, said: The vulnerability of Curve over the weekend has caused widespread concern in the entire decentralized financial field. It seems to be a moment of lamenting "it's over", but perhaps it is just "the last crash before the bull market, and everything will come back a hundred times stronger." Robert Kiyosaki, author of "Rich Dad, Poor Dad", said: As the national debt continues to increase, the United States is bankrupt, and it still prefers gold, silver and Bitcoin. Grayscale said that the court is expected to make a ruling on GBTC in the fall of 2023, and the result is related to the application of BTC spot ETF. Galaxy Digital CEO Mike Novogratz said that BlackRock CEO Larry Fink has transformed from a skeptic to a BTC supporter, and the spot ETF application in June showed signs of breaking the deadlock in the approval process of such funds by the US SEC. This is "the most important thing that has happened in the BTC field this year." Bitcoin News reported that Uber CEO Dara Khosrowshahi said that Uber will soon begin accepting BTC payments.

A month ago, Curve founder Michael Egorov successively pledged CRV (cash out stablecoins), with the pledged amount reaching 450 million, accounting for half of the CRV circulation. Last weekend, Curve was hacked due to the underlying code vulnerability (Vyper vulnerability), and the price of CRV fell, causing founder Egorov to face liquidation risks, with a liquidation price of $0.38 to $0.4. If liquidated, a huge amount of CRV will be thrown into the market, and the Defi sector and Bitcoin will bear negative impacts. On Monday, CRV founder Egorov successively sold 54.5 million CRV at a price of $0.4 (6-month lock-up period) to repay the loan and avoid the liquidation crisis. Some institutions including Sun Ge "helped". MakerDAO co-founder Rune Christensen said: The Curve incident may be "the last crash before the bull market, and everything will return strongly." I hope Curve/CRV can survive the crisis.

Today, the JOLTs job vacancies and manufacturing PMI index released by the United States were lower than expected, with 1.6 jobs for each unemployed person. Employment and the economy slowed down slightly, and the probability of no rate hike at the next interest rate meeting was 82%. The Reserve Bank of Australia once again paused interest rate hikes today, and the interest rate remained unchanged at 4.1% (market expectations were 4.35%). Citibank raised the S&P 500 index from the previous forecast of 4,000 points at the end of 2023 to 4,600 points, and raised the forecast for June 2024 from 4,400 points to 5,000 points. It also said: Short-term obstacles are now over, and the possibility of a soft landing of the economy has increased. Recently, investment banks have completely changed their pessimistic attitude towards risky assets and are turning to optimism.

For Bitcoin, what the old man has to do is very simple. He buys when interest rates rise and sells when interest rates fall. You may remember that those who were most optimistic about BTC in 2021 were precisely those well-known giants. They promoted/boasted the BTC dream to people, and then were all cut off by FTX. Similarly, when interest rates fall, fund managers don’t want to miss the most volatile currency market, so just sell them when the time comes. As for the current time, it is not very important. If you doubt the cyclical bull and bear laws of Bitcoin, "betting wrong" is the first time that Bitcoin's cyclical nature is shattered. So what if you bet right? Risk is proportional to reward. I personally think it is worth it to cross the bull and bear markets and complete the leap. #BTC #ETH #BinanceTournament