Ron Conway Severs Ties With Crypto Super PACs After They Pledge $12 Million Without His Knowledge Ron Conway, a prominent Democratic donor and tech billionaire, has cut ties with a network of crypto super PACs after they pledged $12 million to defeat Sen. Sherrod Brown (D-OH) without his knowledge. Conway believes this jeopardizes efforts to pass crypto-friendly legislation in Congress, which he has actively supported. In an email to influential figures in the crypto industry, Conway expressed his outrage and criticized the decision as "short-sighted and stupid."

Protocol to June 3, OPEC+ extended its production cut agreement in an attempt to support fragile markets, but also set a date for resuming some oil supplies later this year. The protocol reached in Riyadh on Sunday exceeded market expectations in some respects, extending what key member states such as Saudi Arabia and Russia called "voluntary" production cuts into next year. However, it will also begin easing supply cuts in October, earlier than some OPEC watchers expected. The market reaction to the conference was mixed, with Amrita Sen, head of research and co-founder of Energy Aspects, saying: "This will reduce our oil reserves by a significant part this year and next." She believes that the protocol allows OPEC+ to continue to control the market. Others expressed concern about the market's ability to absorb additional crude in October.

On May 31, Panson macroeconomist Claus Vistesen said in a report that higher-than-expected inflation in the eurozone in May completely killed hopes of the European Central Bank cutting interest rates for the second time in the summer. He stressed that the jump in services inflation to 4.1% from 3.7% in April signals sticky core inflation going forward. He commented that the May figure was almost certainly due to the reversal of the impact of Easter in March, as well as a base effect in the transport sector with the arrival of the 12-month anniversary of the introduction of concessions in Germany. "That being said, this is still a heavy blow to the Central Bank's doves," Vistesen added. Panson Macro expects the Central Bank to make three layoffs this year in June, September and December.

Analysts warn that: Pay attention to 91,500 US dollars, a key Bitcoin level that could trigger a sharp rise. Famous cryptocurrency analyst Josh Olszewicz shared a technical analysis article on the social platform X, stating that Bitcoin seems to be forming a clear bullish sentiment, especially when it breaks through the key resistance level of $72,000. Olszewicz used Ichimoku Cloud and Fibonacci extensions to describe a situation where breaking this key resistance level could push Bitcoin towards the target of $91,500. This analysis utilizes Ichimoku Cloud, which is a complex technical indicator that provides insights into market momentum, trend direction, and potential support and resistance areas across different timeframes. Currently, the price trend of Bitcoin is depicted as being in a rising phase, above the cloud. This position above the cloud is traditionally considered a bullish signal, indicating a strong upward trend with strong support formed by the lower boundary of the cloud. In Ichimoku settings, the Conversion Line (Tenkan-sen) and the Base Line (Kijun-sen) occasionally cross, providing buy or sell signals based on their intersections with the cloud. In the latest chart, the Conversion Line recently crossed above the Base Line, reinforcing the bullish outlook depicted by the cloud positioning. To add another layer of meaning to the technical narrative, the Fibonacci extension levels have risen from a significant low point of $56,485.87 to a high point, providing potential targets and resistance levels. The 0.5 Fibonacci extension level is marked at $63,727.40, and the current price trajectory has exceeded this level. 1.0 Extension line is at $71,897.29, very close to the key level of $72,000 pointed out by analysts. In addition, the 1.618 extension line is at $83,456.87, representing the first profitable price target, while the final 2.0 extension line is at $91,513.53. One key observation is the Trading Volume curve, which shows a decreasing trend in volume. The decrease in Trading Volume typically indicates an accumulation period, as less selling pressure stabilizes prices and may set the stage for an upward breakout. The decreasing trend line of Trading Volume has supported a period of consolidation over the past few months, indicating that once the accumulation phase ends, significant fluctuations may be imminent. Olszewicz's emphatic comment "BTC: When it reaches $72,000, you will see some serious problems" emphasizes the high risk associated with this resistance level. This is not just a technical observation, but a signal to the market that once $72,000 is decisively broken, the path to higher levels will become increasingly likely. This kind of breakthrough may trigger a series of trading activities, as both retail and institutional investors may see it as a confirmation of the ongoing upward trend and potentially push the price towards the significant level of $91,500 indicated by the 2.0 Fibonacci extension. The current BTC trading price is $67,783. (Data Source: Jake Simmons)

The important news from the UK Purchasing Managers' Index survey in May, according to Rob Wood, Chief UK Economist at Pantheon Macroeconomics, is that output price inflation has fallen to its lowest level since February 2021. This gives hope to the Bank of England that inflation in the services sector will slow down again in the coming months, while the surge of 5.9% in April was mainly due to annual price resets. However, Wood warns that there is doubt whether the policymakers are willing to fully trust the PMI data, given the continued strong economic growth and the lack of pressure for a rapid interest rate cut from the Monetary Policy Committee. Wood also adds that Pantheon Macroeconomics expects the Bank of England to cut interest rates in August and then quarterly thereafter.

Pantheon Macro believes that the UK's GDP growth rate may continue to exceed expectations for the remaining time this year. Data released on Friday showed that boosted by the development of the service industry and industrial recovery, the UK's GDP rebounded strongly in early 2024 (with a growth of 0.6% in the first three months), helping the UK to escape recession. This growth exceeded the forecast of the UK's central bank and appears to continue to maintain this growth momentum for the rest of this year. With the surge in consumption, the average quarterly GDP growth rate for this year may reach 0.3% or even higher.

Golden Ten Data on May 7, Pan Sen Macro: The narrowing of France's trade deficit may have boosted economic rise in the first quarter. Data released on Tuesday showed that the country's trade deficit in goods narrowed in March to its lowest level in three years as exports grew faster than imports. In the first three months of the year, the contribution of net trade to economic rise was neutral, but the narrowing of net trade in March could mean a trade boost and an upward revision to the overall rise.

On May 3, Ian Shepherdson of Pan Sen Macro said in a note on today's data that the lower-than-expected U.S. payrolls are still likely to be downgraded, with 175,000 new jobs added in April, below average. March's figure was revised upwards to 315,000 from 303,000, but Shepherdson noted that the recent revisions to large long "have all been revised downwards, in line with the view that small businesses that are under the most pressure from austerity policy are the main reason for the decline in initial response rates." He expects employment to continue to decline and said it will be in line with data showing a decline in hiring intentions from small businesses.

On April 30, Melanie Debono of Pan Sen Macro wrote in a report that a stronger-than-expected economic rebound in the euro area in the first quarter will not prevent the European Central Bank from cutting interest rates in June. Economic output rising 0.3% in the first quarter from the previous quarter, higher than expected, capping off a technical recession in the second half of last year. But Debono, citing weak survey data, said rise could slow slightly in the second quarter. In any case, the Central Bank is more concerned about inflation, which has remained stable this month and no longer needs unusually tight monetary policy to maintain inflation.

U.S. Senator Sen Jack Reed of Rhode Island and Senator Laphonza Butler of California jointly sent a letter to SEC Chairman Gary Gensler, asking the agency to step in to ensure proper disclosures when broker-dealers provide BTC ETFs to investors, in addition, Sen Jack Reed also called on the U.S. SEC not to approve other crypto ETFs. The letter explains that while the Bitcoin market has shown some weaknesses, it is more mature and subject to greater scrutiny than other cryptocurrencies. No matter how susceptible Bitcoin is to fraud and manipulation, other cryptocurrencies are much more affected by misconduct, and other cryptocurrencies do not have enough trading volume or integrity to support the ETF in question.

U.S. House Financial Services Committee Chairman Patrick McHenry (R-North Carolina) and Sen. Cynthia Lummis (R-Wyoming) sent a letter to prudential regulators along with colleagues from both parties: the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed), The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) urged these regulators not to enforce the SEC's crypto accounting bulletin (SAB 121). The letter states that SAB 121 was issued without consultation with any of your respective institutions and requires custodians to recognize liabilities and corresponding offsets on their balance sheets, measured at the fair value of the digital assets under custody by the customer. This accounting approach deviates from established accounting standards, does not accurately reflect the custodian's basic legal and economic obligations, and exposes consumers to a greater risk of loss.

Ripple lawyer John E Deaton said on social media X (formerly Twitter) that Gary Gensler and the SEC believe they exist and operate with complete impunity — because they do. For more than two years, Congress has not exercised any oversight. The Senate Banking Committee has officially abdicated its duties. Sen. Elizabeth Warren intends to ask questions at upcoming hearings and suggested answers and said she doesn't want to embarrass the chairman. For this alone, she lost her re-election. Meanwhile, it is likely that the Financial Supervisory Commission is drafting a scathing letter for the 9th threatening subpoena. It was previously reported that House Financial Committee Chairman McHenry threatened Gensler with a subpoena if it continued to ignore regulatory requests.

According to DoNews, on August 16, the medical AI team of Ali Dharma Institute, together with Sun Yat-sen University Cancer Center, Sichuan Cancer Hospital, Zhejiang University First Affiliated Hospital, Shengjing Hospital, Guangdong Provincial People's Hospital and other units, proposed a unified Multi-cancer image analysis universal model (cancerUniT), based on Mask Transformer semantic segmentation, solves the problem of unified detection, segmentation and diagnosis of various tumor images, and is applicable to eight mainstream high-incidence and high-lethal cancers (lung, colorectal, Liver, stomach, breast, esophagus, pancreas, kidney) and tumor subtypes in related organs. It is understood that the paper results of this model have been included in ICCV 2023, the top conference of computer vision, and have been applied and tested in Shanghai First People's Hospital and other cooperative hospitals.

Sen. Elizabeth Warren of Massachusetts wrote to the Securities and Exchange Commission on Monday, urging it to investigate Tesla (TSLA.O) and its board of directors for "conflicts of interest, misappropriation of company assets" related to Musk's acquisition of Twitter, Jinse Finance reported. and other negative effects on Tesla shareholders". Warren said Musk may have "violated state and federal labor laws" by taking Tesla employees to Twitter and that Tesla's board had not properly informed shareholders of how the two companies were or could be working together. Warren also said that the appointment of Linda Jacarino as Twitter CEO effectively still puts Musk in charge of Twitter, an arrangement that may lead to a conflict of interest. Musk could "maximize Twitter's much-needed revenue, even if that includes offering big deals to Tesla's competitors and potentially hurting Tesla," or he could choose to "generate through favorable algorithms or free advertising." Run Twitter to benefit Tesla."

According to news from IT House on July 17, 20th Century Pictures released the Chinese trailer for the sci-fi movie "AI Creator" today. The film will be released overseas on September 29, and the domestic release has not yet been finalized. It is reported that the film is directed by "Star Wars Story: Rogue One" director Gareth Edwards, John David Washington, Gemma Chen, Allison Janney, Watanabe Ken, Ralph Ine Starring Sen and others, will tell the story of the struggle between humans and artificial intelligence

Odaily Planet Daily News US Senators Cynthia Lummis and Kirsten Gillibrand re-introduced the "Responsible Financial Innovation Act". The bill proposes that cryptocurrency exchanges be regulated by the CFTC, the SEC will take a backseat, and all stablecoin issuers should be regulated depository institutions. Last year's first bipartisan bill failed to make significant progress, and the will of key figures such as Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee, remains unclear this year. The key content of the bill is to delineate the boundary between securities regulation and other regulatory objects. Broadly speaking, assets that do not confer economic benefit to investors should not be considered securities, even if they "benefit from entrepreneurial and managerial efforts that determine the asset's value." Those companies that issue cryptocurrencies will disclose to the SEC twice a year, but as long as their tokens don't represent debt or equity, or other forms of ownership, they won't be affected by the SEC -- except as the agency outlines in the bill. Victory in court challenge. As it stands, the bill would bring most cryptocurrencies under the CFTC’s commodity domain and would give the agency authority over crypto transactions. Nonetheless, the two agencies, the SEC and CFTC, will receive the same amount of funding ($500 million) and they will both have equal powers in a new crypto self-regulatory organization (SRO). Creating such an intermediary entity, like the National Futures Association or the Financial Industry Regulatory Authority for the securities industry, remains controversial. Basically, Lummis and Gillibrand propose creating an independent organization to manage industry standards, with penalties for violations. In this case, it is described as a "consumer protection and market integrity authority". The bill would also require complete segregation of customers' assets, implement new risk management standards for crypto lending, and outright ban "rehypothecation," in which crypto firms use customers' assets to extend their own credit. Lummis and Gillibrand also pushed for a definition of DeFi that sets strict rules for when a software project strays into more centralized business work and when it needs to register as an exchange. (CoinDesk) In previous news, U.S. Senators Cynthia Lummis and Kirsten Gillibrand will reintroduce their "Responsible Financial Innovation Act", as the U.S. Congress will continue to talk about the future of digital asset regulation. “This legislation is the most comprehensive proposal to date, providing strong consumer protections and appropriately addressing the current crypto asset situation,” Lummis said. The bill aims to address key issues such as market structure, stablecoin regulation, and taxation. Lummis and Gillibrand first introduced the bill in June 2022.