This Week's Noteworthy Events(July.29, 2024-Aug.4, 2024)

Senator Lummis to Propose Bill for U.S. Treasury to Purchase 1 Million Bitcoin

Wyoming Senator Cynthia Lummis will introduce a bill this week requiring the U.S. Treasury to purchase 1 million Bitcoin over five years, worth approximately $68 billion at current prices. In an interview with The Block, Lummis said this move aims to combat the devaluation of the U.S. dollar.

“Bitcoin is a great store of value. Over the past four years, it has an average annual growth rate of about 55%. In the same period, the dollar has devalued, and we have seen an increase in inflation,” said Senator Lummis. Lummis has been a long-time supporter of Bitcoin, reportedly purchasing her first Bitcoin in 2013 and has been at the forefront of pushing for cryptocurrency legislation. (The Block)

CME and CF Benchmarks to Launch New Crypto Reference Rates and Real-Time Indices on July 29

CME Group and crypto benchmark index provider CF Benchmarks announced plans to launch new reference rates and real-time indices for XRP and ICP starting July 29. The benchmarks will be calculated and published daily by CF Benchmarks, using pricing data from major cryptocurrency trading platforms that are part of the CME CF benchmark reference rate and real-time index suite. Each new benchmark will use pricing data from at least two trading platforms, including Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

Federal Reserve to Hold FOMC Meeting on July 30-31

The International Monetary Fund (IMF) advises that the Federal Reserve should wait until “late 2024” before considering a rate cut and that the U.S. government needs to raise taxes to control the growing federal debt. These recommendations come from the IMF's latest annual “Article IV” assessment staff report on U.S. economic policy.

Recent weeks have seen the IMF emphasizing that despite strong U.S. economic growth, deficits continue to rise. The Republican and Democratic parties will develop tax and spending proposals before the November presidential election, requiring more cautious fiscal policies. Given the inflation risks indicated earlier this year, it is prudent to lower policy rates only after inflation sustainably falls to the Federal Open Market Committee's (FOMC) 2% target.

Federal Reserve Chairman Jerome Powell, at a Senate Banking Committee hearing, stated that high inflation is no longer the only risk facing the U.S. economy. The Fed is now dealing with high inflation and a cooling labor market, with economic growth slowing. Powell warned that lowering rates “too late or too small” could negatively impact the economy. He added that the Fed has made “considerable progress” in fighting inflation over the past two years but has not yet achieved its 2% inflation target. Recent inflation data shows “further progress,” and the Fed needs more “favorable data” before making future policy decisions. Powell expects no rate hikes at the next meeting and will consider rate cuts “at the appropriate time” as inflation cools.

Bloomberg ETF Analyst: Grayscale GBTC to Split into Mini Trust Fund BTC on July 31

According to Bloomberg ETF analyst James Seyffart on X, the date for Grayscale GBTC to split into Mini Trust Fund BTC is set for July 31, meaning that both Grayscale's Bitcoin and Ethereum Mini Trust Funds will launch by the end of July.

Jupiter, zkLend, Pixelverse Airdrop Claims to End on July 31

The Jupiter airdrop claim is open until July 31 at 23:00.

ZkLend announced on X that the ZEND Airdrop 1 claim window is open until July 31, urging users to claim their rewards.

Telegram ecosystem crypto game Pixelverse stated on X that tokens claimed in the airdrop would automatically be added to permanent staking. Unclaimed tokens will be transferred to the community incentive pool at 23:59 UTC on July 31 (7:59 AM Beijing time on August 1).

Market News: Thailand's Digital Wallet Registration to Open from August 1 to September 15

Market news reports that Thailand's digital wallet registration will be open from August 1 to September 15. Thailand's Deputy Finance Minister said that the digital wallet plan is expected to attract 45 million participants, and the government has prepared 450 billion baht for this initiative. Digital cash spending will begin in the fourth quarter.

Animoca Proposes to Partner with ApeCoin to Launch a New $10 Million Fund, Voting Ends on August 1

Market news reports that Animoca Ventures, the venture capital arm of Animoca Brands, has proposed to ApeCoin DAO to co-found a joint venture fund, ApeCoin Ventures.

The fund size is $10 million, with ApeCoin DAO allocating $5 million worth of APE (to be sold for fiat currency by Animoca Ventures), and Animoca Ventures contributing $5 million. The fund will invest in seed and Series A Web3 projects, prioritizing those integrating ApeCoin into their ecosystems to enhance its value, utility, synergy, network effect, and impact. The proposal is currently open for voting, which ends on August 1.

Indian Crypto Exchange WazirX to Implement Socialized Loss Strategy by August 3

In a significant update, Indian cryptocurrency exchange WazirX announced that a recent cyberattack resulted in the theft of approximately $230 million (45% of user funds). WazirX will implement a fair and transparent socialized loss strategy to ensure all users share the impact equitably. This strategy allows users immediate access to 55% of their assets, with the remaining 45% converted to equivalent USDT tokens and locked.

Users can choose between two asset management plans, each with specific benefits and conditions. The unlocked 55% asset value will create a balanced investment portfolio using available crypto assets on the platform. Affected tokens in the unlocked assets will be replaced with unaffected crypto assets. The unlocked asset value will be calculated based on the average price on CoinMarketCap and select global exchanges as of 8:30 PM IST on July 21, 2024. Users must complete their choices by 7:00 AM IST on August 3, 2024. The voting results will guide the final decision, considering investigation results, platform liquidity, and other factors.