🇺🇸 Web3 Wants Pro-Crypto Pivot From Democrats

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The web3 community reacted to Joe Biden’s sudden withdrawal from the 2024 U.S. presidential race by calling on the Democratic Party to launch a pro-crypto pivot. The news also drove carnage in the memecoin markets, with Biden-themed tokens tanking while assets using Trump or Kamala Harris-related branding rallied.

Ethereum’s quarterly burn rate plummeted 67% in Q2. During the previous three months, just seven days hosted deflationary supply pressure for ETH, posing a threat to Ethereum’s deflationary value proposition.

Binance launched a non-transferable token standard. The Binance Account Bound Token, which drew inspiration from Ethereum-based Soulbound tokens, seeks to serve digital identity utilities.

Also, digital assets suffered minor pullbacks despite analysts tipping that spot Ether ETFs will begin trading tomorrow.

✍️ In today’s newsletter:

Onlookers urge Democrats to back crypto industry
Ethereum supply inflates to highest level since December 2023
Binance launches non-transferable KYC tokens
Markets dip despite looming Ether ETF launch

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✊️Analysts Call For Pro-Crypto Pivot From Democrats After Biden Steps Down

Biden stepping down from the 2024 U.S. presidential race prompted calls from web3 researchers for the Democratic Party to launch a pro-crypto pivot. Biden-themed tokens plummeted by between 46% and 83% in response to the news, while KAMA and TREMP both posted double-digit gains.

️‍🔥Ethereum's Burn Rate Slumped 67% In Q2

Research compiled by CoinGecko found that Ethereum’s burn rate crashed by two-thirds in Q2. Data from Ultra Sound Money shows ETH’s supply at its highest level since December 2023 as low gas prices threaten Ethereum’s deflationary promise.

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🪙Binance Launches Proof-of-KYC Token That Can Be Used Across Platforms

Binance launched a new non-transferable token standard targeting digital identity functions. The exchange will issue Binance Account Bound Tokens (BABTs) to users who have passed its know-your-customer process.

📉Crypto Markets Dip Ahead of Ethereum ETF Launch

Crypto markets gave back some of their weekend gains on Monday morning as investors mulled over the impact of U.S. President Joe Biden dropping his reelection bid.

Bitcoin dipped 0.5% to $66,900, while Ether fell 2% to $3,450. Meanwhile, Solana continued its recent outperformance with a 3% rally in the last 24 hours, briefly trading as high as $184. SOL is up 17% in the past week, compared to 7% for BTC and 3% for ETH.

🌍 ELSEWHERE

Grayscale slashes Ethereum Mini Trust fees to 0.15%, lowest in market (CryptoSlate)
Italy's Top Banks Participate in 25M Euro Digital Bond Issuance on Polygon in ECB Trial (CoinDesk)
South Korea’s inaugural crypto law goes into full effect (The Block)
Spot Bitcoin ETF Balances Hit All-Time High (Unchained Crypto)