Daily News | Crypto Market Surged, Trump Chose a Crypto Supporter as Running Mate; Stablecoin USBD Raised $2.25M in Seed Round Funding; TOP Invested in Akedo to Create Telegram Game

2024-07-16, 04:01

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## Crypto Daily Digest: Trump chose a crypto supporter as his running mate; Bima Labs' stablecoin USBD raised $2.25 million in seed round funding; TOP invested in Akedo to create Telegram game
First, let's examine the trading activity of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on July 15, the Fidelity Bitcoin Spot ETF (FBTC) received an inflow of $36.1 million, the Bitwise Bitcoin Spot ETF (BITB) received an inflow of $15.2 million, and the ARK 21Shares Bitcoin Spot ETF (ARKB) received an inflow of $117.2 million.

**Donald Trump chose a crypto supporter JD Vance as his running mate**

Republican presidential candidate Donald Trump has chosen Senator JD Vance as his running mate for 2024. Vance is a crypto supporter who has posted positive posts on social media and voted in support of relevant legislation. On July 15, Trump announced on Truth Social that the Ohio senator would join his campaign as the Republican vice presidential candidate.

In the financial disclosure report submitted to the US Senate in 2022, Vance reported holding Bitcoin worth between $100,001 and $250,000. He also voted in favor of a joint resolution to overturn the U.S. Securities and Exchange Commission's rule that banks list cryptocurrencies as liabilities on their balance sheets - a legislation that was vetoed by President Joe Biden.

Cryptocurrency and blockchain are becoming important topics in the 2024 election. Trump's campaign team will accept crypto donations and may guide Republican platforms, including statements defending BTC miners and opposing central bank digital currencies.

**Bima Labs' stablecoin USBD raised $2.25 million in seed round funding**

Bima Labs announced a seed round funding of $2.25 million, led by Portal Ventures with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO, and Halo Capital. Angel investors include Ryan Fang from <a href="/id/price/ankr-ankr" target="_blank" class="blog_inner_link">Ankr</a>, Brian Crain from Chorus One, Jeffrey Feng from Sei Labs, and Smokey from Berachain.

Bima Labs has developed USBD, a stablecoin backed by Bitcoin, which is minted by providing Bitcoin liquidity staking and re-staked tokens as collateral. USBD can be used for lending and exchange purposes in decentralized financial applications. USBD is currently launched on the testnet, and the mainnet is expected to be launched in the fourth quarter of this year. At that time, Bima will also launch its governance token BIMA.

**TOP invested in Akedo to build Telegram games in the TON chain ecosystem**

Web3 venture capital firm The Open Platform (TOP) has made a strategic investment in Akedo Games to support its development of Telegram games in the TON blockchain ecosystem. The Akedo Games team has participated in the development of games such as PUBG Mobile, LOL, AFK Arena, and Rise of Kingdoms.

Akedo's first Telegram game, Akedo, will be released on July 18th with the aim of tapping into Telegram's 900 million user base. This game allows players to click to obtain their Telegram NFT pet Akedogs, collect, merge, cultivate, and trade these pets to enhance their combat abilities.

TOP's strategic support not only includes funding, but also utilizes its TON blockchain technology developer network and ecosystem resources to ensure the sustainable development of Akedo.

## Market Trends: BTC rises sharply, approaching $65,000. Ethereum ETFs will start trading on July 23
BTC surged sharply, with prices approaching $65,000 at one point. Bitcoin spot ETFs continued to see net inflows, with inflows reaching $170 million yesterday.

ETH has also surged, with a price close to $3,500. The ETH spot ETFs will be listed for trading on July 23.

Under the leadership of the market, Altcoins have generally risen, and the overall performance of the Altcoin market is strong. The popular Meme token is leading the market in terms of price increase.

Data Indicators
AHR999 Index: Today's index is at 0.87, continuing to rise and getting closer to the fixed investment index.

Fear Greed Index: Currently at 65, indicating a significant improvement in market sentiment, even entering the greedy range.
### Macroeconomics
The three major indexes of the US stock market rose together: the overall performance of the US stock market was strong.

Powell's speech: Federal Reserve Chairman Powell said that the path of inflation decline is feasible, and dovish remarks are positive for the risk asset market.
### Market Hotspots:
**Meme Sector**
Trending Meme tokens have surged: POPCAT, SATS, MYRO, FLOKI, WIF, BILLY and other tokens have surged by over 20%.

POPCAT hits a historic high: market cap exceeds $800 million.

**AI Sector**
WLD rebound: WLD forced short rebound exceeds 25%; Starting from July 24, WLD will unlock nearly $20 million worth of tokens daily for a period of two years, which may bring sustained selling pressure.

Other AI tokens: ASI, a token formed by the merger of FET, AGIX, and OCEAN, is waiting to be launched in the market and may be a good trading opportunity.

Sector performance: The main narratives of the AI and Meme sectors in this round of market trends.

**RWA Sector**
Overall increase: The RWA sector has risen nearly 10% overall.

Performance of leading tokens: Leading RWA tokens such as TOKEN, OM, POLYX perform better. RWA, as a relatively novel narrative in this round of market trends, deserves continuous attention.

**Polifi Concept**
Trump updates official website image: suspected to have announced a new campaign slogan as “Fear not”. The related Meme tokens once rose nearly 100 times on the <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain.

Future narrative: The concept of the US presidential election may be one of the mainstream narratives in the industry for the next six months.
### Summary
The overall market performance is strong, with significant increases in BTC and ETH prices. The inflow of Bitcoin spot ETFs and the adoption of <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs have further boosted market enthusiasm. The performance of Meme and AI sectors is particularly impressive, driving positive sentiment in the overall market. The concepts of RWA and Polifi have also become market hotspots and are worth investors' attention. The improvement of the macroeconomic environment and the dovish statements of the Fed have also provided strong support for the market.

## Macro: Investors bet on Trump's victory and interest rate cuts, Wall Street closes higher, Asian markets fall
On July 15, the Wall Street stock market closed higher on Monday, continuing Friday's gains. Investors' expectations for Donald Trump's re-election as president are increasingly high, fueling hopes for a more relaxed regulatory environment.

Meanwhile, the possibility of the Federal Reserve starting to lower benchmark interest rates as early as September is increasing, which has also boosted the market's risk appetite. Despite all three major US stock indices closing well below their intraday highs, the Dow Jones Industrial Average hit a historic closing high.

Specific three major indices: Dow Jones Index: up 0.53; Standard & Poor's index: up 0.28%; NASDAQ index: up 0.40%.

Federal Reserve Chairman Jerome Powell reiterated in his speech at the Washington Economic Club that he believes that the US economy can avoid recession. Recent data shows that there has been progress in lowering the inflation rate to the central bank's 2% target. Therefore, the market's <a href="/id/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about a total of three interest rate cuts by the end of the year has been boosted, and the Federal Reserve will enter the expected interest rate cut phase as early as September.

On July 16, Asian stock markets fell in early trading on Tuesday, despite dovish comments from the Federal Reserve triggering market bets that the United States will further cut interest rates this year, the US dollar rose for the second consecutive day.

The MSCI Asia Pacific stock index fell 0.5%, while the Nikkei index rose 0.4% after Japan returned from a public holiday. In terms of China, due to Trump's running mate JD Vance standing in a direct confrontation with China, this will influence the market sentiment towards China. The Shanghai Composite Index fell 0.21%, while the Hang Seng Index in Hong Kong fell 1.36%. The current weak economic data performance in China has increased the risk that Beijing will not be able to achieve its growth target of 5%.

Regarding commodities, oil prices have fallen due to concerns about the slowdown of the Chinese economy suppressing demand. Brent crude oil futures fell 0.2% to $84.72 per barrel, while US West Texas Intermediate (WTI) futures fell 0.2% to $81.77 per barrel.

Gold rose 0.2% to $2,426.18 per ounce, approaching a two month high.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, 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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