July 14, 2024
Weekly: Latest Updates and Insights
U.S. June Unadjusted Core CPI Annual Rate Announced at 3.3%, Below Expectation: The U.S. Bureau of Labor Statistics announced that the unadjusted annual core CPI rate for June 2024 was 3.3%, lower than the expected 3.4% . This marked a slowdown in the pace of core inflation, which excludes volatile food and energy prices, and reached a new three-year low .The overall consumer price index (CPI) fell by 0.1% in June compared to May, the first monthly decline since May 2020 . This unexpected drop was largely driven by decreases in gasoline prices and prices for both new and used cars .The lower-than-anticipated inflation reading bolstered both crypto and equity markets, with U.S. stock futures surging on the positive news . Investors hope this development could prompt the Federal Reserve to reduce the prevailing high interest rates.
Citi’s Forecast on Fed Rate Cuts Amid Economic Slowdown: Citi analysts predict that the Federal Reserve may implement a series of rate cuts totaling 200 basis points over the next eight meetings, starting in September, as the U.S. economy shows signs of a sharper downturn. This projection comes amid rising unemployment and a decline in service sector activity, suggesting that the Fed’s easing measures may not be sufficient to avert a significant economic slowdown.
Trump to Speak at the 2024 Bitcoin Conference: Donald Trump is set to deliver a keynote speech at the 2024 Bitcoin Conference in Nashville, marking a notable shift in his stance from crypto skeptic to supporter. The event, scheduled for June 27, will also feature a high-profile fundraising effort, with tickets reaching up to $844,600, reflecting Trump’s growing alignment with the cryptocurrency community as part of his reelection strategy.
Republican Party champions crypto in 2024 party platform: The Republican Party has incorporated key cryptocurrency issues into its 2024 party platform, advocating for a regulatory framework that promotes innovation while protecting consumers. This move signals a growing recognition of the importance of digital assets within the party, aligning with broader trends in the financial landscape.
Cboe BZX Files for Solana ETFs Amid Ongoing Regulatory Process: Cboe BZX has submitted filings for Solana exchange-traded funds (ETFs) proposed by 21Shares and VanEck as they seek regulatory approval. This move reflects the growing interest in Solana-based investment products, despite the lengthy and uncertain approval process for cryptocurrency ETFs in the U.S.
German Government Transfers Over 30,000 Bitcoins This Week: The German government has transferred over 30,000 Bitcoins this week, continuing its trend of liquidating portions of its substantial Bitcoin reserves. This move, which has seen the government offload approximately $390 million in Bitcoin since mid-June, has raised concerns about potential downward pressure on the cryptocurrency market, as Bitcoin’s value recently dipped below $55,000 amid these sales.
Goldman Sachs to launch three tokenization projects by end of year, says digital assets chief: Goldman Sachs is set to launch three new tokenization projects by the end of 2024, focusing on real-world assets such as money market funds and real estate holdings. Mathew McDermott, the bank’s global head of digital assets, emphasized the importance of creating appealing investment products and noted a resurgence in client interest following the successful launch of Bitcoin exchange-traded funds (ETFs) earlier this year.
Stolen crypto doubled to $1.38 billion in the first half of 2024, research firm says: Hackers have stolen approximately $1.38 billion in cryptocurrency during the first half of 2024, more than double the $657 million taken in the same period last year, according to a report by TRM Labs. The surge in thefts is attributed to a small number of major breaches, with the top five attacks accounting for 70% of the total amount stolen, highlighting persistent vulnerabilities in the crypto security landscape despite no significant changes in hacking methods or industry defenses.
Vitalik Buterin pushes for Ethereum to respond to 51% attacks in a more automated way: Vitalik Buterin has proposed that Ethereum should develop more automated mechanisms to respond to potential 51% attacks, which could compromise the network’s integrity. This initiative aims to enhance the security of the Ethereum blockchain by allowing for quicker and more efficient responses to such threats, ensuring the network remains resilient against malicious actors.
Fundraising
Solana’s shared sequencer Rome has announced the completion of a $9 million funding round: Blockchain startup Rome has successfully raised $9 million in funding to utilize Solana as a supporting network for Ethereum layer-2 blockchains, aiming to enhance transaction processing and data availability. Founded by Anil Kumar and Sattvik Kansal, Rome plans to launch a closed network for developers this month, with a test network expected by the end of 2024 and a full main network launch slated for mid-2025.
Ampleforth’s Flatcoin project, a subsidiary, has secured $1 million in strategic funding.: Coinbase Ventures has invested in Ampleforth’s flatcoin, which is designed to maintain a stable value against inflation, as part of a broader strategy to support innovative financial solutions. The investment aims to enhance the functionality of flatcoins within the Coinbase ecosystem, particularly through integration with the Spot and Base platforms, as well as Aerodrome Finance.
Term Finance has raised $5.5 million and launched its token functionality: Term Finance has raised $5.5 million and launched its token functionality, marking a significant milestone in the company’s growth and expansion into the digital asset market.
Web3 identity layer idOS has completed a $4.5 million funding round.: Web3 identity layer idOS has successfully completed a $4.5 million funding round, led by Fabric Ventures. This financing aims to enhance the platform’s capabilities and strengthen its position within the Web3 ecosystem.
Cross-chain search engine Dora has secured $5.5 million in funding.: Cross-chain search engine Dora has successfully secured $5.5 million in funding, co-led by Dragonfly Capital and Lemniscap. The funds will be utilized to enhance Dora’s innovative search capabilities and cross-chain transaction functionalities, furthering its mission to provide a unified search experience across multiple blockchain networks.
Web3 infrastructure provider ThirdFi has announced the completion of a $2 million token financing.: Web3 infrastructure provider ThirdFi has announced the successful completion of a $2 million token financing round, backed by investors including Chainlink and Techstars. The funding aims to enhance accessibility to decentralized finance through API integration and support ThirdFi’s expansion into the growing blockchain artificial intelligence market, projected to reach $2.7 billion by 2031.
SocialFi platform RECRD has successfully raised $4 million.: SocialFi platform RECRD has successfully raised $4 million in funding, led by the Sui Foundation, with participation from notable investors such as Mitch Lowe, former Co-Founding Executive of Netflix, and former NBA player Mitch Richmond. The investment will support RECRD’s mission to enable creators to monetize their content through NFTs and dynamic video interactions, following a successful beta phase that attracted nearly half a million users.