Coinbase disables FX trading feature Trump: The stock market is at a historical high.

Headlines

▌Coinbase: Trading function for Function X (FX) has been disabled

Coinbase stated that the trading feature for Function X (FX) has been disabled. After the project team re-enables the smart contract, the funds will still be usable, and withdrawal operations will continue.

▌Trump: The stock market is at historic highs

U.S. President Trump: The stock market is at an all-time high.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $117,742, with a 24-hour change of -0.9%;

The price of ETH is $4,474.88, with a 24-hour change of -3.2%;

The price of BNB is $834.13, with a 24-hour change of -1.2%;

The price of SOL is $187.98, with a 24-hour change of -3.3%;

The price of DOGE is $0.239, with a 24-hour change of +3.0%;

The price of XRP is $3.09, with a 24-hour change of -0.3%.

The price of TRX is $0.3537, with a 24-hour change of -1.9%.

Policy

▌New York State plans to introduce a cryptocurrency trading tax, potentially generating an additional $158 million annually

According to Decrypt, New York State Assemblyman Phil Steck has proposed a bill to impose a 0.2% sales tax on cryptocurrency transactions across the state, which is expected to generate an additional $158 million annually. The funds will be used for drug prevention and intervention programs in schools in upstate New York. This tax covers digital assets such as NFTs, mining and staking income, and stablecoins. Currently, eight states, including New York and California, treat cryptocurrencies as cash equivalents for tax purposes and have already imposed capital gains tax, gift tax, and inheritance tax on digital assets.

****▌The SEC's investigation into Roblox Corporation has concluded in May

Documents from the U.S. Securities and Exchange Commission (SEC) indicate that the investigation into Roblox Corporation concluded in May.

****▌The presidents of the US and Russia meet in Alaska

At around 11 a.m. local time on the 15th, U.S. President Trump and Russian President Putin met at the airport of the Elmendorf-Richardson Joint Military Base in Anchorage, Alaska. Subsequently, the two will hold the first face-to-face talks between U.S. and Russian leaders since June 2021.

****▌The Federal Reserve will cancel plans to specifically regulate banks' cryptocurrency and fintech activities

The Federal Reserve announced on Friday that it will cancel a so-called "novel activities" regulatory program, which was designed specifically to oversee banks' cryptocurrency and fintech activities. Instead, these activities will be incorporated into its regular bank regulation. The Federal Reserve launched this new program in 2023 to focus on how banks interact with these emerging technologies. However, the Federal Reserve stated that such a program is no longer necessary as it has already enhanced its understanding of these risks and how banks manage them.

Blockchain Applications

▌Meta Platforms plans to restructure its AI business again

Meta Platforms plans to restructure its AI business again, expecting it to be split into four departments.

Cryptocurrency

▌A certain whale has an unrealized loss of $535,000 on UNI and continues to add to its position to lower the cost

According to on-chain analyst Ai Yi (@ai 9684xtpa) monitoring, a certain whale converted 1,090 ETH into 415,005 UNI on August 13. After the price of UNI fell, the address bought an additional 115,005 UNI 10 hours ago to lower the average holding price. Currently, this address has accumulated an investment of 6.26 million dollars to purchase UNI, with an average holding cost of 11.82 dollars, resulting in an unrealized loss of approximately 535 thousand dollars.

****▌The Ethereum PoS network exit queue has risen to about 818,000 coins, while the entry queue has risen to about 362,000 coins

According to the validator queue tracking website validatorqueue data, the current Ethereum PoS network exit queue reports 818,352 ETH, which is approximately 3.72 billion dollars based on the current price for ETH exiting the PoS network, with a withdrawal delay currently reported at 14 days and 5 hours. At the same time, the demand for staking activated by new validators has rebounded, with today's admission queue rising to 362,300 coins, worth approximately $1.649 billion, and the current waiting time for the admission queue is 6 days and 7 hours.

****▌ARK Invest deposits 1,268 BTC into Coinbase, approximately $148.88 million

According to Lookonchain monitoring, ARK Invest deposited 1,268 BTC into Coinbase in the past 30 minutes, approximately 148.88 million USD.

****▌BitMine has once again invested $130 million to increase its holdings of 28,650 ETH

According to monitoring by Lookonchain, BitMine has further increased its holdings by 28,650 ETH (approximately 130 million USD) in the past hour, currently holding 1.174 million ETH (approximately 5.26 billion USD).

Important Economic Dynamics

▌Federal Reserve's Daly: It would be appropriate to cut interest rates around two times this year

After an economic report showed that last month's retail sales were stronger than expected and wholesale prices unexpectedly surged, 2027 FOMC voter and San Francisco Fed President Mary Daly hinted in an interview that she is still prepared to begin easing policy as early as next month. Daly stated that the labor market is softening and the economy is slowing, but not too slowly, compared to inflation that remains above the Fed's target, "there will be reasons to cut rates a few times this year at some point." "We will wait for more data, we may cut rates less, or we may cut rates more, but ultimately, I think two rate cuts this year is still a good prediction." "What I don't want to do is to be overly concerned that inflation might rise again or persist so much that we are waiting for that to clarify without supporting the labor market." ( Jin Shi )

****▌The 10-year U.S. Treasury yield rose by more than 4 basis points this week

On Friday (August 15), at the close in New York, the yield on the US 10-year Treasury rose by 3.89 basis points to 4.3238%, an increase of 4.08 basis points for the week. It had dropped to 4.1979% three minutes before the release of the US PPI data on August 14. The yield on the 2-year Treasury rose by 2.44 basis points to 3.7568%, with a cumulative decline of 0.55 basis points for the week, showing a V-shaped trend, having previously dropped to 3.6513% before the PPI data was released. The yield spread between the 2-year and 10-year Treasuries increased by 1.449 basis points to +56.485 basis points, with a cumulative increase of 4.429 basis points for the week.

****▌The three major U.S. stock indices closed mixed

The three major U.S. stock indices closed mixed, with each rising for two consecutive weeks. The Nasdaq fell 0.4%, with a total increase of 0.81% this week; the S&P 500 index fell 0.29%, with a total increase of 0.94% this week; the Dow rose 0.08%, with a total increase of 1.74% this week. Among them, both the Dow and the S&P 500 index once reached intraday historical highs.

Golden Encyclopedia

▌How did MicroStrategy's stock price soar over 1000 times with BTC?

The corporate treasury is the financial nerve center of an enterprise, responsible for ensuring liquidity, managing risk, and optimizing returns. Traditionally, they have been conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy has adopted Bitcoin as its primary reserve asset, breaking this mold. The goal of fund managers is to strike a delicate balance between risk and return. Their main objective is to protect the company's assets from market downturns or liquidity crises while ensuring the best returns on the company’s remaining funds. They should also manage risk during periods of market volatility and stress conditions. This is why MicroStrategy has incorporated Bitcoin into its treasury, challenging traditional norms and adopting a high-risk, high-return strategy. Consequently, this bold strategy has not only transformed its balance sheet but also its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption.

MicroStrategy co-founder and executive chairman Michael Saylor sees Bitcoin as a remedy for fiat inflation. He believes that the purchasing power of the dollar is rapidly weakening, while Bitcoin, due to its limited supply, has excellent value retention capabilities. This strategy has transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment tool. MicroStrategy co-founder and executive chairman Michael Saylor sees Bitcoin as a remedy for fiat inflation. He believes that the purchasing power of the dollar is rapidly weakening, while Bitcoin, due to its limited supply, has excellent value retention capabilities. This strategy has transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment tool. MicroStrategy utilizes financing strategies such as stock issuance, debt financing, free cash flow, and Bitcoin-backed loans to drive its Bitcoin purchases. Its strategy needs to comply with mainstream financial service regulations while ensuring it can handle volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, has transformed it from a struggling software company into a Bitcoin proxy firm, boosting its stock price by over 1,000 times and redefining its market image.