Headlines
U.S. Senator Warren again criticized the Trump family for profiting from cryptocurrency and failing to fulfill the promise to reduce inflation
U.S. Democratic Senator Elizabeth Warren posted a video on platform X again criticizing Trump, accusing him of failing to fulfill his promise to reduce inflation, while at the same time, his family's cryptocurrency business has increased his wealth by billions of dollars. She stated, "What shocks everyone is that Trump is actually a big liar. He has not reduced grocery prices but instead played a 'red light, green light' game on tariffs, effectively increasing your shopping costs. Reports indicate that the Trump family's holdings in the World Freedom Financial Company token significantly increased in value after the token was listed, bringing them about $5 billion in paper wealth. Trump made a fortune during his presidency, while you have to pay higher costs, which is a betrayal, and we will never let him succeed."
▌This week's NFT trading volume decreased by 22.65% to $104.5 million, marking one of the largest weekly declines in recent months
According to CryptoSlam data, the NFT market's trading volume dropped by 22.65% to $104.5 million in the past week, marking one of the largest weekly declines in recent months. The number of NFT buyers increased by 14.89% to 622,535, while the number of NFT sellers increased by 16.25% to 447,821. However, the number of NFT transactions declined by 3.07% to 1,699,318. The Ethereum network's trading volume was $37.7 million, a decrease of 29.88% from the previous week. The Polygon network's trading volume was $15.7 million, down 17.43%. The Mythos Chain network's trading volume was $10.1 million, a decrease of 1.73%. The BNB Chain network's trading volume was $9.5 million, down 23.59%. The Bitcoin network's trading volume was $7.8 million, down 32.40%. The Solana network's trading volume was $5.1 million, down 6.81%.
Market
As of the time of writing, according to CoinGecko data:
The price of BTC is $110,494, with a 24-hour change of -0.2%;
The price of ETH is $4,289.84, with a 24-hour change of -0.3%;
The price of BNB is $861.34, with a 24-hour change of +1.0%;
The price of SOL is $202.46, with a 24-hour change of -0.6%;
The price of DOGE is $0.2167, with a 24-hour change of -0.2%;
The price of XRP is $2.82, with a 24-hour change of +0.2%;
The price of TRX is $0.3235, with a 24-hour change of -2.2%;
The price of WLFI is $0.2248, with a 24-hour change of +22.96%.
Policy
▌The Senate market structure bill draft proposes the establishment of a joint committee by the SEC and CFTC to end the turf war in the cryptocurrency space
A U.S. senator has released the latest draft of an important crypto market structure bill, which calls for the formation of a joint advisory committee on digital assets by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), bringing together regulatory agencies that sometimes treat crypto assets differently. Although this advisory committee only provides non-binding recommendations, each committee must issue a public statement explaining its decision on whether to take action each time it submits findings or recommendations.
▌Trump became an FBI informant in the Epstein case
U.S. House Speaker Johnson stated to CNN that after the first appearance of Epstein's criminal rumors, Trump became an informant for the FBI in the Epstein case. Johnson told reporters: "Trump did not say what Epstein did was a scam; it was a horrible, indescribable evil. He believes that himself. When he first heard the rumor, he kicked him out of Mar-a-Lago. He was an informant for the FBI trying to expose the crimes." (Zhitong Finance)
▌The President of Belarus calls for stricter cryptocurrency regulation to protect investors and the economy
According to local media reports, Belarusian President Alexander Lukashenko urged the government to implement stricter regulation on the crypto industry. Reports state that Lukashenko warned that lax regulation is undermining investor safety and national economic interests. National audits found that about half of citizens' investments have been transferred to foreign crypto platforms without returns, which the president condemned in a high-level government meeting. The checks conducted by the national regulatory committee also uncovered violations in the registration process of domestic financial platforms.
Blockchain applications
▌The national consumer finance company's first credit asset-backed security utilizing blockchain technology has been launched
Immediately Consumer Finance launched the first financial blockchain management platform for national consumer finance companies at the “2025 Smart Expo · Digital Industry Ecosystem Conference.” Based on this platform, Immediately Consumer Finance successfully issued the "Anyihua 2025 3rd Phase Personal Consumer Loan Asset-Backed Securities." According to relevant personnel from Immediately Consumer Finance, this is the first credit asset-backed security in the national consumer finance companies using blockchain technology. The subsequent issuance of financial bonds, asset-backed securities, and other financial products will regularly utilize this platform's technology, continually expanding the application boundaries of blockchain in consumer finance. (Jin Shi)
▌The cryptocurrency compliance platform Kea has completed a €6 million expansion seed round financing
The cryptocurrency compliance platform Kea announced the completion of a €6 million expansion seed round financing at a post-money valuation of €40 million, led by a Swiss private investor whose name remains undisclosed. The company mainly provides compliance management services for cryptocurrencies, stablecoins, forex, SEPA, SWIFT, and IBAN accounts. The new funds will be used to apply for EMI licenses in the UK, UAE, and EU, while also developing stablecoin infrastructure on demand.
Cryptocurrency
▌RMRK founder: WLFI is "America's modern-day mafia", has received a reply stating tokens cannot be unlocked
RMRK founder Bruno Skvorc posted on X platform stating: "I have received a reply from Trump's family's crypto project WLFI, indicating that the tokens cannot be unlocked. Simply put, they stole my money because they are part of the Trump family, so I am powerless; they are America's modern-day mafia, no one can complain, no one can argue, and no one can sue; that's just how it is..." Previously, Skvorc indicated that his address had been mistakenly flagged as high-risk by the WLFI team, and the tokens have been locked.
▌The Ethereum Foundation-associated wallet transferred 4,000 ETH to a new address after being dormant for 9 years
According to Onchain Lens monitoring, a wallet associated with the Ethereum Foundation (0x0f0...213) transferred 4,000 ETH to a new wallet (00xACA...3B9) after being dormant for 9 years, valued at approximately $17.19 million.
▌Bitcoin mining difficulty increased by 4.89% to 136.04 T, reaching a historical high
According to CloverPool data, Bitcoin mining difficulty faced an adjustment at block height 913,248, increasing by 4.89% to 136.04 T, marking a historical high.
▌A whale that previously went long on ETH and lost $35.84 million has increased its short positions on BTC and ETH, with a value of $200 million
According to on-chain analyst Yu Jin's monitoring, a whale that previously lost $35.84 million by going long on ETH has since increased its short position on BTC and added a new short position on ETH. This whale currently holds a value of $200 million in short positions, with a floating profit of $1.5 million. Specific positions: 25x leverage short on 1,351 BTC, valued at $150 million, with an opening price of $111,292 and a liquidation price of $114,770; 15x leverage short on 11,800 ETH, valued at $50 million, with an opening price of $4,278 and a liquidation price of $4,798.
▌Vitalik: It is expected that ideas regarding Ethereum scalability will be implemented while achieving key milestones in the short-term scalability roadmap
Ethereum co-founder Vitalik Buterin posted on X platform that the Ethereum team has performed exceptionally well this year, contributing in various ways to ensure Ethereum's long-term scalability, decentralization, and resilience. All these ideas are expected to be ready for implementation while achieving key milestones in the short-term scalability roadmap. According to a retweet by Vitalik Buterin, Ethereum developers have proposed a minimal zkVM called "leanVM" suitable for streamlining Ethereum and have optimized for XMSS aggregation and recursion. Compared to Cairo, leanVM maximizes the commitment cost reduction with its four-instruction ISA, multi-linear STARK, and logup* lookup.
▌A whale averaged down on 1,354 ETH when the price dropped to $4,282 and currently shows a floating loss of $841,000
According to @ai_9684xtpa monitoring, the address 0x54d...e6029 purchased ETH at $4,710 and is now stuck, trying to average down. Ten hours ago, when ETH dropped, it bought 1,354 ETH for $4,282 (about $5.8 million); after this averaging down, its average price for ETH at $3,477 decreased to $4,543, currently showing a floating loss of $841,000.
Important economic dynamics
▌Analysts predict the Fed may cut rates in September
Data released by the U.S. Department of Labor on the 5th shows that in August, the unemployment rate in the U.S. rose to 4.3%, the highest in nearly four years. The worsening employment data reinforced market expectations for a rate cut by the Federal Reserve, with analysts predicting the Fed may initiate a new round of rate cuts in September. Data from the Chicago Mercantile Exchange's FedWatch Tool released on the night of the 5th indicates that the soft labor market has strengthened expectations for at least a 25 basis point rate cut at the Fed's monetary policy meeting in September, while not ruling out the possibility of a 50 basis point cut. (CCTV News)
Golden Encyclopedia
▌What is a rug pull in cryptocurrency? How to identify it?
"Carpet pulls" occur when teams or developers withdraw support for a project, rendering the tokens in investors' hands worthless. Crypto scams are common in decentralized finance (DeFi) due to the lack of regulatory frameworks overseeing project operations. Individuals or groups of developers create excitement around a crypto project to attract traders. As the excitement builds, many invest by purchasing tokens or minting non-fungible tokens (NFTs). Then, the developers suddenly sell off their assets and disappear, leaving investors shocked and empty-handed. The abrupt end of the project causes the token price to plummet, resulting in significant losses for investors. However, by understanding the signs of a "carpet pull" in blockchain, you can identify warning signals early. If you know the signs of a cryptocurrency "carpet pull", you can spot potential scams before it's too late. From checking the project team to analyzing tokenomics and community involvement, here are key steps to detect warning signals and make informed investment decisions: 1. Unknown or unverified developers; 2. Lack of liquidity locking; 3. Sell order restrictions; 4. Limited number of token holders with extreme price volatility; 5. Suspiciously high yields; 6. No external audits.
Imagine a crowded market where vendors sell various goods. A "carpet pull" is like a vendor setting up an impressive stall, promising valuable items to attract buyers. The vendor pre-sells these items at high prices. Just when the market is bustling, the vendor suddenly disappears, leaving an empty stall and worthless receipts. In the context of cryptocurrency, vendors can implement this fraud in various ways. One method is for fraudulent developers to introduce hidden vulnerabilities in smart contracts to control native tokens or steal cryptocurrency from investors. Secondly, developers can use a technique called dumping. Thirdly, scammers might implement "carpet" operations by restricting sell orders.
