1. Powell: If Inflation Targets Are Met, Fed May Cut Rates as Early as September link

Federal Reserve Chairman Jerome Powell stated that if inflation meets the necessary criteria, an interest rate cut could be considered as early as September. Powell noted, “The question is whether the overall data, the evolving outlook, and the balance of risks are consistent with increased confidence in inflation and a stable labor market. If these conditions are met, we might consider a rate cut at the next meeting in September.” He emphasized that the decision on rate cuts would not be influenced by the upcoming presidential election, and the Federal Reserve would remain completely neutral. Powell made it clear that a 50 basis point rate cut is currently not being considered.

Previously, the Federal Reserve announced that it would keep interest rates unchanged at 5.25–5.5%, in line with market expectations. According to the FOMC statement, recent indicators show that economic activity continues to expand at a steady pace. Employment growth has slowed, and while the unemployment rate has risen, it remains low. Over the past year, inflation has eased but remains somewhat elevated. In recent months, the Federal Reserve has made some further progress towards achieving its 2% inflation target. The Fed seeks to achieve maximum employment and a 2% inflation rate over the long term. The risks of achieving its employment and inflation targets are becoming more balanced. The economic outlook is uncertain, and the Federal Reserve is focused on the risks to its dual mandate.

2. Bank of England Cuts Interest Rates for the First Time in Over Four Years link

The Bank of England announced its first interest rate cut in over four years on Thursday, lowering the benchmark rate to 5%. The decision was made with a vote of 5 to 4 in favor of the cut. The Bank of England will hold its next policy meeting on September 19, with additional meetings scheduled for November and December.

3. Bank of Japan Raises Interest Rates link

At the monetary policy meeting on the 31st, the Bank of Japan decided to further raise the policy rate used to control prices and the economic situation. The target for the uncollateralized overnight call rate, which serves as the policy rate, was increased from around 0–0.1% to approximately 0.25%. Bank of Japan Governor Kazuo Ueda indicated that the possibility of another rate hike this year would depend on the data, expressing a willingness to further increase rates if the price trends align with expectations.

4. Trump: If Elected, Will Fire Gensler; Bitcoin Could Surpass Gold link

During his speech at the Bitcoin Conference, Donald Trump stated that if he is elected in November, he will fire SEC Chairman Gary Gensler and prevent the U.S. from selling its Bitcoin holdings, instead establishing a “strategic Bitcoin reserve.” He also pledged to reduce the sentence of Silk Road founder Ross Ulbricht and halt the development of a Central Bank Digital Currency (CBDC) by the U.S. government. Trump expressed his support for the development of stablecoins and the Bitcoin mining industry in the U.S. He emphasized his desire to see Bitcoin mined, minted, and manufactured within the country and proposed a comprehensive cryptocurrency policy that would cover everything from stablecoin regulation to Bitcoin self-custody rights. Trump warned that continued Democratic leadership in the White House would be disastrous for cryptocurrencies and announced his intention to appoint a Bitcoin and cryptocurrency advisory committee upon taking office. He likened the current state of the cryptocurrency industry to the steel industry 100 years ago, suggesting that it is still in its early stages but could one day surpass gold in value.

In addition to his speech, Trump raised $21 million during the 2024 Bitcoin Conference. This funding mainly came from a fundraising event held after his Saturday speech, organized by Tennessee Republican Senator Bill Hagerty. The event, which included around 100 attendees, was Trump’s “second highest fundraising event.” Attendees paid $844,600 each for a “roundtable” discussion with Trump, with a photo opportunity costing at least $60,000. Participants included notable figures such as Gemini co-founders Tyler and Cameron Winklevoss. Previously, Trump reported owning between $100,000 and $250,000 in cryptocurrency in 2022. His campaign has so far raised a total of $221 million, with cash reserves of $128 million.

5. Fortune: Harris Campaign Team Reaches Out to Key Figures in Crypto Industry link

Vice President Kamala Harris’s campaign team has reached out to key figures in the cryptocurrency industry, including Coinbase, Circle, and Ripple Labs, with the aim of establishing relationships to help formulate a future regulatory framework. Sources reveal that Harris intends to convey the Democratic Party’s message of “supporting responsible business.” Ripple CEO Brad Garlinghouse noted that the Democrats’ anti-crypto stance has failed to attract voters, whereas the Republicans have benefited from encouraging innovation. Garlinghouse has expressed an open attitude towards the Harris team’s outreach for the time being.

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6. U.S. Senators Plan Legislation for the Country to Purchase 1 Million Bitcoins Within Five Years link

U.S. Republican Senator Cynthia Lummis plans to introduce legislation calling for the establishment of a “Strategic Bitcoin Reserve” by purchasing 1 million bitcoins over five years to reduce the national debt. She stated that the bitcoin would be held for at least 20 years. “This is the solution. This is the answer. This is our Louisiana Purchase moment,” said the Wyoming senator on stage following former President Donald Trump’s speech, where he supported the idea of a bitcoin reserve. At current prices, 1 million bitcoins are valued at approximately $68 billion.

7. Vitalik Delivers Keynote on Ethereum’s Next Decade, Emphasizing Focus on Building Applications link

At the EDCON2024 conference in Tokyo, Vitalik Buterin delivered a keynote speech on Ethereum’s next decade, emphasizing a focus on building applications. He highlighted several successful categories, including DeFi, DID (ENS), DAO, and NFT. Vitalik also specifically mentioned prediction market Polymarket, Mask Network’s social media aggregator Firefly, the Daimo wallet, and voting tool Rarimo.

Additionally, Vitalik proposed several ideas for the future:

- Encrypting private keys directly in the phone’s chip, effectively turning the phone into a wallet.

- Storing parts of private keys with compliant custodial institutions.

- Using ZK (Zero-Knowledge) technology to link personal KYC (Know Your Customer) information with wallets.

8. Musk: No Intentions to Promote Any Cryptocurrency link

In the “X Takeover” podcast, Elon Musk shared his current views on Bitcoin, Dogecoin, and cryptocurrencies. He stated that Bitcoin and some other cryptocurrencies have value. Musk expressed a fondness for the original MEME coin, Dogecoin, because he likes “dogs and memes.” He clarified that he does not intend to promote any cryptocurrency. If he does mention them, it is merely in a “joking manner.” Musk emphasized that any video showing him promoting cryptocurrencies is likely deepfake.

9. Snowden: Bitcoin Transactions Are Not Anonymous, Can Be Traced to Individuals link

In his keynote speech at the Bitcoin 2024 conference, renowned whistleblower Edward Snowden highlighted concerns about political loyalty traps and Bitcoin’s privacy issues. Snowden urged people to vote but cautioned against blindly following political ideologies, saying, “You can vote, but don’t join a cult.” He pointed out that Bitcoin transactions are not truly anonymous and can be traced back to individuals, posing a risk to personal privacy. Snowden explained that most transactions can be linked through various entry points, such as regulated exchanges, exposing users’ personal lives and relationships. He warned that governments and corporations might use AI to analyze this data and create detailed personal profiles without consent. Snowden called for heightened vigilance and enhanced security measures for Bitcoin transactions to protect user privacy in an increasingly digital and surveilled world.

10. MicroStrategy Reports Q2 Net Loss of $102.6 Million, Bitcoin Holdings Increase to 226,500 BTC link

MicroStrategy reported a net loss of $102.6 million for Q2 2024. The company’s total revenue for the quarter was $111.4 million, with a loss of $200 million compared to a loss of $26.7 million in the same period last year. In July, MicroStrategy purchased an additional 169 BTC for $11.4 million, bringing its total Bitcoin holdings to 226,500 BTC, valued at approximately $14.7 billion. The average purchase price per Bitcoin was $36,821. Since the beginning of Q2 2024, MicroStrategy has acquired 12,222 BTC for $805.2 million.

Fundraising

• The decentralized lending protocol Morpho has announced the completion of a $50 million strategic funding round. link

• The DePIN project Daylight has completed a $9 million Series A round, led by a16z Crypto. link

• Binance Labs has announced investments in the Monad ecosystem project aPriori. link

• Binance Labs has also announced investments in Particle Network. link

• Arthur Hayes has invested in the Bitcoin ecosystem wallet Oyl and introduced the Airheads Ordinals series. link

• Layer2 Financial has announced the completion of a $10.7 million Series A round. link

• The Bitcoin scaling network Mezo has secured $7.5 million in new funding. link

• NFT startup Mintify has announced a new round of $3.4 million in funding. link

• The UGA launch platform We.Rich has completed a $2 million seed round. link

• Icebreaker has announced the completion of a $5 million seed round. link

• The on-chain competition platform JokeRace has completed $3 million in funding, led by Maven 11. link

• Crypto proprietary trading firm Breakout has closed a $4.5 million seed round. link

• Trading protocol Pichi Finance has announced a $2.5 million seed round. link

• The governance project MetaDAO on Solana has announced the completion of $2.2 million in funding. link

• The Bitcoin-denominated trading service platform Roxom has secured $4.3 million in Pre-Seed round funding. link

• Long-tail asset liquidity solution Blonkfi has completed its Pre-Seed funding round, led by UOB Venture Management and Signum Capital. link

Learn more, check out crypto-fundraising.info.

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