SEC Commissioner Peirce defends privacy rights in transactions, Tornado Cash case verdict imminent

OKX-BTC/USDT is currently trading at $114026.40, with a 5-minute decline of 0.09%. Please be aware of the market fluctuations.

BlockBeats News: On August 5th, according to GMGN data, the top five tokens in terms of market value on the Solana chain, the "next blue chip" sector, in the past 6 hours were PUMP, MarsMi, DUMP, Ani, and Bucky. Among them, DUMP has been online for less than 24 hours, with low transaction volume and less than a thousand coin holding addresses, which may pose significant risks. On the Base chain, the top five token transactions released on Clanker in the past 24 hours were BNKR, CLANKER, Fartcoin, NET, and QR, with the latter two being newly listed and showing impressive performance in the past two days. BlockBeats reminds users that many Meme coins have no practical use cases and their prices fluctuate greatly. Investors should be cautious.

On August 5th, Chloe (@ Chloe Talk1), a columnist for HTX DeepThink and a researcher at HTX Research, analyzed that the FOMC meeting in July maintained interest rates at 5.25% -5.50% without providing any guidance on future interest rate cuts, which has raised concerns in the market about "maintaining high interest rates for a longer period of time". The yield of 10-year US Treasury bonds immediately rose to 4.24%, the US dollar index returned above 100, gold fell below $3270, Bitcoin experienced a short-term correction to the $116000 range, and on chain activity simultaneously decreased. However, the July non farm payroll report released three days later unexpectedly experienced a "cliff like decline": only 73000 new jobs were added, lower than the expected 180000, and the cumulative employment data for May and June was revised down by about 90%. The reality of "systemic overvaluation" in the labor market has prompted a rapid reassessment of the Federal Reserve's policy path, with the probability of a CME FedWatch rate cut skyrocketing from 38% to 82%, and the bet on two rate cuts within the year rising to 64%. The 10-year yield subsequently fell below 4.10%, with gold rebounding by $40 during the day and Bitcoin briefly rebounding before falling again to around $112000. Despite the sharp drop in short-term employment data causing severe market volatility, structural data such as household debt ratios, credit card default rates, and commercial loans indicate that the United States is still in a "growth slowdown" rather than a systemic recession stage. This combination of "employment decline+inflation easing" may indicate that monetary policy is about to shift from tight to loose, and risk assets are in a window period of high volatility and liquidity game. Note: The content of this article is not investment advice and does not constitute an offer, solicitation, or recommendation for any investment product.

According to BlockBeats news, on August 5th, according to on chain analyst Ai Yi (@ ai_9684xtpa) monitoring, address 0x21F... 514b3 opened a warehouse for 176 WBTCs ($9.92 million) at an average price of $56410.89 between April and May 2021, which was once cut to $2.89 million; There has never been any selling behavior during this period. Four hours ago, I recharged 50 coins to Binance. If I sell them, I will make a profit of 2.91 million US dollars. The remaining 138.25 coins still have a floating profit of 8.03 million US dollars.

According to Cointelegraph, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated on Monday that legislation and regulatory agencies should protect people's right to privately trade cryptocurrencies. At present, the Tornado Cash trial of Roman Storm is nearing its verdict, as it is accused of using the cryptocurrency mixing service for money laundering. Peirce believes that privacy protection technologies and autonomous hosting rights should be protected, and developers should not be held responsible for the software usage behavior of others. It is futile to demand that open source agreements comply with financial regulatory measures. Peirce also pointed out that regulatory agencies should not require companies to record trading partners, as the decentralized financial broker rules during the Biden administration attempted to implement this requirement but have since been abolished. In addition, if Storm is convicted or faces up to 40 years in prison, its defense team and industry believe that software developers should not be held responsible for the actions of others. In a similar case, the co-founder of Samourai Wallet has pleaded guilty.