Daily Flash | Cryptocurrency is entering the stage of global risky assets；The loss of Crema in the DeFi security incident ranked first in July；Rogers believes the worst bearish market is

Today's Headline - Bloomberg Intelligence: cryptocurrency is entering the stage of global risky assets

According to the mid-year crypto outlook analysis released by Bloomberg Intelligence, although the market value of cryptocurrency fell below $1 trillion in the first half of 2022, compared with the market value of approximately $25 trillion evaporated from the global stock market, this year's crypto bearish market is only a rounding error, and the evaporated market value of cryptocurrency accounts for only a "small part" of the evaporated market value of the global stock market.

At the beginning of July, the total market value of cryptocurrency accounted for approximately 1% of the market value of the global stock market. Although it was lower than the peak of 2%, it was approximately 10 times higher than the proportion of 0.1% in 2017.

In addition, it is also worth noting that cryptocurrency has recently begun to appear on the stage of global risky assets. In the digital world, Bitcoin and other cryptocurrencies are increasingly used as global collateral, which has formed an early trend.

When can cryptocurrency become the mainstream risk asset like gold and silver?

Chart of the Day - The loss of DeFi security incident in July was approximately $10.2 million

According to a report released by PeckShield, the amount of loss in the DeFi security incident in July was approximately $10.2 million.

Among them, the Crema Finance incident ranked first with a loss of $8.8 million. Crema Finance is a powerful centralized liquidity protocol based on Solana, which can provide excellent performance for traders and liquidity providers. It introduced a series of innovations to change the Solana DeFi game to improve the overall capital efficiency and trading depth.

In addition, a total of 3302 ETHs and 967 BNBs (approximately $5.9 million) flowed into Tornado Cash in July.

Tornado Cash (TORN) is a decentralized and user-oriented privacy solution project running on the Ethereum Network. It is designed for those who want to make private transactions on the Ethereum blockchain and accept the smart contract of ETH and ERC-20 deposits. By breaking the on-chain link between the recipient and the destination address to improve trading confidentiality, hackers are often used to launder coins.

Influencer of the Day - James Rogers didn’t buy any BTC and he stated that the "worst" bearish market is coming

On July 31, James Rogers, an American investor and founder of Quantum Group of Funds, said in an interview with Kitco News that the "worst" bearish market of his life was coming. Since 2009, the debt of the United States has increased several times, and he predicts that many stocks will fall by 70%, 80% and 90%.

In addition, Rogers stated that he did not buy any Bitcoin and reiterated his view that if cryptocurrency is adopted as a fiat currency, regulators will ban it because they do not like competition.

Rogers also reiterated that the dollar would lose its dominant position, and that "the conflict between Russia and Ukraine has accelerated the process".

Buzzes of Yesterday - #Ethereum's "shadow fork" will be launched in September; #Taiwan prohibits the use of credit cards to buy cryptocurrencies

Author: Gate.io Researcher Byron B.
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