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Cointime August 17th News Express

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  • Putin: Russia "supports" Harris, calls her smile "contagious"

    According to foreign media such as TASS and Russia's Sputnik News, Jinse Finance reported that on the afternoon of September 5th local time, Russian President Putin said at the plenary session of the Eastern Economic Forum 2024 that Russia will "support" the US Democratic Party presidential candidate and vice president Harris as recommended by the US President Biden in the upcoming US presidential election. When asked how he viewed the 2024 US election, Putin said it was the choice of the American people. The new US president will be elected by the American people, and Russia will respect the choice of the American people. Putin also said that just as Biden suggested his supporters to support Harris, "we will do the same, we will support her." The report said that Putin also joked that Harris' laughter is "expressive and infectious," which shows that "she is doing everything well." He added that this may mean that she will avoid further sanctions against Russia.
  • Federal Reserve Beige Book: Respondents generally expect economic activity to remain stable or improve

    The Federal Reserve's Beige Book pointed out that economic activity in three regions has slightly increased, while the number of regions reporting flat or declining economic activity has increased from five in the previous quarter to nine in this quarter. Overall employment levels remain stable, although some reports indicate that companies are only filling necessary positions, reducing working hours and shifts, or reducing overall employment levels through natural attrition. However, reports of layoffs are still rare. Generally speaking, wage growth is moderate, and the growth rate of labor input costs and sales prices ranges from slight to moderate. Consumer spending has declined in most regions, while in the previous reporting period, consumer spending remained stable overall.
  • Nvidia: No subpoena received from the US Department of Justice

    Nvidia (NVDA.O) stated that it has not received a subpoena from the US Department of Justice.
  • Ripple CEO: Stablecoin RLUSD will be launched in the coming weeks

    Ripple CEO Brad Garlinghouse said during a fireside chat at the Korea Blockchain Week that the company will launch its new stablecoin in "weeks, not months". Garlinghouse also criticized the attitude of Gary Gensler, chairman of the US Securities and Exchange Commission, towards cryptocurrencies, calling OpenSea's experience "regrettable". The CEO of Ripple said he is more "optimistic" about the future of cryptocurrencies in the next five years than ever before.
  • Outlier Ventures: BTC’s strong performance after the 2020 halving is purely coincidental, and the four-year cycle driven by Bitcoin halving is no longer valid

    Jasper De Maere, a researcher at Outlier Ventures, stated that the 2024 halving will be the 5th period of Bitcoin halving, and the price of BTC performed the worst within 125 days after the halving occurred. The price dropped by -8% compared to the halving day, while the average increase in the previous periods was +22%. We believe that the 2016 halving was the last time that the halving had a significant fundamental impact on the BTC price trend. Since then, the BTC block reward scale for miners has become insignificant in the increasingly mature and diverse cryptocurrency market. The strong performance of BTC and the cryptocurrency market after the 2020 halving was purely coincidental, as the halving occurred during a period of unprecedented capital injection after the COVID-19 pandemic, with the US M2 money supply alone increasing by 25.3% that year. Some people believe that the 4-year cycle driven by the halving will still hold in 2024, but the approval of the BTC ETF in January 2024 will drive demand and cause BTC to rise strongly before the halving. This view is incorrect. The approval of the BTC ETF is a demand-driven catalyst, while the halving is a supply-driven catalyst, so they are not mutually exclusive. Within 125 days after the halving, the 5th period (2024) is the worst performing period since the halving and the only period where the BTC price has dropped compared to the halving day.
  • Independent Reserve to strengthen fraud prevention measures for elderly cryptocurrency users

    Adrian Przelozny, CEO of Australian cryptocurrency exchange Independent Reserve, stated that the exchange has implemented stricter monitoring measures for cryptocurrency transactions of elderly clients, especially those aged 80 and above. When the exchange detects elderly clients withdrawing cryptocurrency, they will make a phone call to confirm these transactions to prevent fraud.
  • Ethereum network gas fee falls back below 1 gwei

    According to Etherscan data, the current Ethereum network gas fee has fallen below 1 gwei, currently at 0.937 gwei.
  • Asset Management Firm Franklin Templeton Files S-1 for New Crypto Index ETF

    On August 17th, Franklin Templeton, an asset management company, is seeking to launch a new exchange-traded fund (ETF) that aims to be a one-stop-shop cryptocurrency investment portfolio, according to a document dated August 16th. The document states that the Franklin Crypto Index ETF will track the performance of the CF Benchmarks Digital Asset Index, which currently only includes Bitcoin and Ethereum. The document states that "the fund will achieve its investment objective by investing in digital assets with weights that are roughly similar to those of the underlying index," and that the ETF may hold other types of cryptocurrencies in the future.
  • VanEck and 21Shares Solana ETF Form 19b-4 Suspected to be Removed from CBOE Website

    According to X user @SummersThings, the 19b-4 form for VanEck and 21Shares Solana ETF seems to have been removed from the CBOE website on August 17th. The documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible through direct links and are no longer visible in BZX pending rule changes.
  • Cointime August 10th News Express

    1. The U.S. Internal Revenue Service has released a new draft of the crypto tax form, which no longer requires filling in wallet addresses and transaction IDs