Week in Review
1. SEC postpones all Bitcoin ETF decisions until 2024.
Comment: The most important event this week was that the SEC first postponed the ETF application of the institution on August 13, and then decided to postpone all Bitcoin ETF applications until next year. The spot ETF application, which has always been regarded as the only antidote to the market, was postponed, so there was a sharp drop. The fundamental reason for the current crypto circle is that there is no new narrative, new money has not come in, and the current user retention pvp. If the spot ETF application can be approved, some US institutions and even pension accounts will be able to enter the crypto circle more conveniently, and new money will be able to come in. However, at this stage, the SEC is also waiting to see whether the application will be approved, and the results of the 2024 US election will be seen.
2. Binance will list CyberConnect (CYBER) and Sei (SEI) on August 15.
Comments: Binance launched two IEO projects this week. It may be that there are two IEOs at the same time, and the market does not have enough money. The market value is much lower than the valuation before the opening. Let's look at CC first. Because of its good reputation in the past and a certain degree of popularity, and it is rumored that its market maker is DWF, many people choose to open the market for it, but they are trapped. As for SEI, many people are scolding it because of the airdrop issue. However, such a project is listed on upbit and cb, and Binance, which has never been seen in the past IEO, indicating that the project party has very strong financial strength. And even if the airdrop is issued later, the personal quota is still not high, and the potential selling pressure is small, so it can be continued.
3. Wall Street Journal: SpaceX writes down $373 million in Bitcoin.
Comment: The Wall Street Journal was vague and did not specify the specific time when Musk sold Bitcoin, but one thing is certain, Musk has sold all of it, which is a big blow to the market. Especially in a bear market, confidence is more precious than gold. However, in the long run, Musk's sale will reduce the potential selling pressure, and now there are multiple institutions such as BlackRock and Fidelity entering the market, and the chips will change hands, and perhaps it will fly higher in the future.
4. Data: The total transaction volume of friend.tech market is close to 14 million US dollars.
Comment: The popularity and transactions have been declining recently. As a newcomer in the social track, tokenizing KOLs is not the first. Bitclout has played something similar before. Moreover, the main function of the platform is that fans and KOLs can communicate directly, but fan tokens do not have any real empowerment. The communication between fans and KOLs still depends on the desire of the KOLs themselves. However, the top KOLs themselves are not short of money. The distribution of tokens by friend.tech is more like icing on the cake, not a necessity. Think about it another way. Even if KOLs choose to perform, they can set up thresholds by opening up telegrams, WeChat, and other ways to communicate directly with themselves. This is easier. Why choose friend.tech?