Gate.io Blog Daily News | Ultimate Intention of Twitter's Rebranding Is Exposed; Tether Holds More US Bonds than Australia; Bitcoin's 180 Day Volatility Index Sets A Record Low

Daily News | Ultimate Intention of Twitter's Rebranding Is Exposed; Tether Holds More US Bonds than Australia; Bitcoin's 180 Day Volatility Index Sets A Record Low

04 August 12:12

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![](https://gimg2.gateimg.com/image/article/16911287650804.jpg)
## Crypto Daily Digest: The ultimate intention of Twitter's rebranding has been exposed, and Hong Kong has approved the first retail crypto-licensed trading platform
The ultimate intention of changing Twitter's name to X has come. Musk revealed early on that he envies WeChat in China because users can shop, pay, and use mini-programs in WeChat, users can do almost everything. WeChat is no longer a simple social software, but a powerful mobile platform. Musk now wants to turn Twitter into “WeChat of China” and in the future, he hopes that users can shop and pay, buy and sell stocks and other financial services on the X platform.

According to Semafor, citing insiders, Elon Musk's company X (formerly Twitter) is looking for a financial data giant to build a trading center within the application. The company has issued a request to large suppliers seeking solutions to provide financial content, real-time stock data, and other functions.

Elon Musk stated that he hopes X will become the first super app in the West, similar to WeChat in China, Gojek in Indonesia, Grab in Singapore, and Gozem in Africa, providing a range of consumer services in one app, such as food delivery, car hailing, payment, investment, and even identity authentication.

Twitter launched a limited service based on its "cashtag" feature this spring, where users can obtain real-time stock charts by searching for specific stock tags (such as $GM), provided by startup TradeView. The function of one-click purchase and sale of stocks, although originally planned to be launched in April, has yet to be implemented.

According to Semafor, citing insiders, US Department of Justice officials are considering filing fraud charges against Binance. Still, they are concerned that if they sue Binance, it may lead to a run similar to FTX, leading to consumer losses of funds and potentially triggering panic in the crypto market. Insiders stated that prosecutors are considering other options, such as fines, suspension of prosecution, or non-prosecution protocols. The result will be a compromise, making Binance responsible for so-called illegal activities while reducing consumer harm.

KPMG, a large accounting firm, issued a report highlighting the positive impact of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> on environmental, social, and governance (ESG) standards.

The report believes that Bitcoin mining can help stimulate clean energy production, enhance financial inclusiveness, and even reduce greenhouse gas emissions from industrial activities. In addition, the report also points out that Bitcoin provides many social benefits in low-income countries, especially reducing cross-border payment costs, which is very important for developing country immigrants who work overseas and regularly send remittances to their hometown relatives. In Africa, Bitcoin mining also helps subsidize the power grid, providing electricity to millions and reducing consumer costs.

<a href="/id/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> currently holds more US treasury bond bonds than Australia, the United Arab Emirates, and Spain. In addition, Tether's operating profit in the second quarter also exceeded $1 billion. In contrast, BlackRock, the world's largest asset management company, reported an operating profit of about $1.6 billion this quarter. On July 31, Tether, the stablecoin issuer, released the authentication opinion report in Q2 of 2023 completed by BDO, an independent accounting firm. Tether revealed that its excess reserves increased by approximately $850 million, with a total excess reserve of approximately $3.3 billion as of the end of Q2.

Mike McGlone, senior macro strategist at Bloomberg Intelligence, tweeted that data shows that the 180-day volatility index of Bitcoin had dropped to about 46% in early August, setting a historic low.

Although a decline in this indicator is usually beneficial for prices, Bitcoin prices have remained weak relative to the securities market since the end of the first quarter, which may indicate that all risky assets are still under pressure.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1691128798BTC.png)
The market continues to oscillate within a range but beware of potential sudden price movements after extended consolidation. Risk-seeking long entry strategy: $28,550 USD; Risk-seeking short entry strategy: $27,950 USD, with a continued outlook towards the $26.5K USD level.

### UNIBOT
![](https://gimg2.gateimg.com/image/article/1691128821UNIBOT.png)
A clear head and shoulders pattern has emerged on the four-hour chart. Pay attention to a potential break above the resistance at $157.56 USD. If it continues to hold, there's a chance to challenge the previous high at $198.19 USD and aim for $213.81 USD, $290.16 USD, and $335 USD.

## WLD
![](https://gimg2.gateimg.com/image/article/1691128838WLD.png)
The historical uptrend remains intact, with a major support line marked by the red rising trendline. A breakout above the previous high of $2.55 USD may lead to sequential targets at $2.584 USD, $2.785 USD, and $2.925 USD. Set stop-loss accordingly, considering the upper boundary of the rising trend.
 
## Macro: The US credit rating downgrade reaction continues to ferment, and the market should be vigilant but not panic
In the second quarter, non-agricultural productivity in the United States grew at an annualized rate of 3.7%, exceeding economists' expectations of 2%. This means increased labor efficiency, which is positive news for the capital market. Improving labor productivity can curb inflation, reduce labor costs, reduce unemployment rates, and make market investors comfortable.

The reaction to the US credit rating downgrade continues to ferment.

The CEO of JPMorgan Chase criticized Fitch's downgrade of the US credit rating as absurd. The cost of trading US treasury bond bonds in the market is determined by market supply and demand, but the rating of rating agencies still has an important impact on buyers.

Richmond Fed Chairman Barkin stated that he is not surprised by Fitch's downgrade of the US rating, but this will not impact the Fed's actions.

Buffett also stated that he was not worried about Fitch's downgrade, and his views on the US dollar and treasury bonds remained unchanged.

Regardless, the downgrade of credit rating agencies will have a certain impact on the capital market. The direct impact is that some traders, asset management, and other institutions decide whether to trade and how much to trade based on credit ratings.

Both S&P and Fitch have some impact on the capital market, but the market does not entirely rely on ratings, so it can only be said to have an impact, but there is no need to panic.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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