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Gate.io Blog Daily News | 1inch Team Bought 6087.7 ETHs at An Average Price of $1,655; Ethereum Trading Fees Hit An 8-month Low, Fed Is Accused of Obstructing Payment of Stablecoin Legislation

Daily News | 1inch Team Bought 6087.7 ETHs at An Average Price of $1,655; Ethereum Trading Fees Hit An 8-month Low, Fed Is Accused of Obstructing Payment of Stablecoin Legislation

29 August 11:45

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![](https://gimg2.gateimg.com/image/article/16932874630829.jpg)
## Crypto Daily Digest: The <a href="/price/1inch-1inch" target="_blank" class="blog_inner_link">1inch</a> team bought 6,087.7 ETHs at an average price of $1,655; <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> trading fees hit an 8-month low, BlackRock was the second largest shareholder of the top five mining companies in terms of market cap
Yesterday morning, Terry Gou, founder of Hon Hai Technology Group (Foxconn), which had previously called for the development of blockchain in Taiwan, held a "Mainstream Public Opinion Alliance Press Conference" at the Zhang Rongfa Foundation in Taipei, officially announcing his candidacy for the 2024 Taiwan leadership.

Terry Gou once claimed to shape Taiwan into an AI technology experimental island and used Facebook's Libra payment plan as an example to introduce blockchain finance into Taiwan. He also mentioned that the metaverse concept will take 5-10 years to implement, and pointed out that the virtual currency market is mixed and still highly speculative.

Yesterday, Crypto KOL-The ₿itcoin Therapist posted on Twitter that BlackRock is the second largest shareholder of four of the top five mining companies in terms of market value, Riot Blockchain, Marathon Digital Holdings, Cipher Mining, and TeraWulf.

According to @EmberCN monitoring, the <a href="/price/1inch-1inch" target="_blank" class="blog_inner_link">1inch</a> team address (labeled as 1inch: Team Investment Fund Collection) purchased 6,087.7 ETHs on August 28th using 10 million USDTs and 70,000 USDCs (approximately $10.07 million), with an average purchase price of $1,655.

Previously, it was reported that on July 5th, the 1inch team sold approximately 11,000 ETHs, converting them into WETH and exchanging them for DAI in several transactions. Subsequently, Sergej Kunz, co-founder of 1inch, stated that the reason for selling 11,000 ETHs earlier was that the team was testing new features in Fusion mode.

Recently, the incident of PEPE being smashed has also caused a stir.

Yesterday, founder whistleblower PAULY posted on Twitter that the PEPE team had previously stolen over $10 million worth of funds from CEX's wallet and sold it in the public market. Now they have transferred the remaining $9.6 million to a wallet controlled by a 25-year-old anonymous person. They had already arranged many short orders for insider trading before stealing CEX funds. Their market manipulation and insider trading violations continue.

In terms of data, according to data released by Bitrace's DeTrust risk data platform, over 115 billion USDT flowed into some Southeast Asian platform addresses in 2022, mainly including $37.16 billion online gambling funds and $69.78 billion money laundering funds, with approximately 460 million fraudulent USDT involved.

The recently popular SocialFi platform, friend.tech, has generated only $160,000 in protocol fees over the past 24 hours. It has dropped significantly from its peak and is far behind well-known DeFi protocols such as Lido, <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>, and MakerDAO.

In contrast, the protocol can generate up to $1.12 million in protocol fees within 24 hours of its peak, and the current figure is less than 20% of its peak.

The NFT market continues to be sluggish, and according to Dune data, the trading volume of the NFT market in the past week was only $8.91 million, reaching a new low in two years.

According to CryptoQuant data, the daily fee paid by users for executing exchanges on <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> on August 27th was 1,719 ETH, which is the lowest point since December 26th last year and a decrease of 89% compared to the annual high of 16,720 ETH on May 5th. The decrease in total payment fees indicates low network usage, possibly due to the increasing popularity of L2 scalability solutions, a long-term positive development for Ethereum.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1693280667BTC 0829.png)
The 4-hour chart shows narrow consolidation and oscillation. Today's focus should be on whether the $26,510 resistance level is breached, which could form a double bottom pattern. The lower support stands at $25,606, while the major defense line remains at $24,226.
### SEI
![](https://gimg2.gateimg.com/image/article/1693280678SEI 0829.png)
There are signs of a short-term bottom, and the crucial neckline is formed precisely at $0.1290 USD. A potential inverse head and shoulders pattern appeared on the hourly chart, enabling a short-term rebound strategy of around $0.13 USD. Short-term targets are $0.1395 USD and $0.1433 USD – quick in and out.
### DOGE
![](https://gimg2.gateimg.com/image/article/1693280695DOGE 0829.png)
The overall daily chart has been downtrend for 835 days, possibly gearing up for significant price action before the year-end. The base price holds at $0.05099 USD. In the case of an independent rally, sequential targets are $0.10799 USD, $0.15879 USD, $0.43360 USD, and a new historical high.
## Macro: US stocks drive market <a href="/price/optimism-op" target="_blank" class="blog_inner_link">optimism</a>, with the House condemning the Federal Reserve for obstructing payment of stablecoin legislation
The US stock market rose across the board, and <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> in the Asia Pacific region permeated Europe and the United States. The Dow Jones Index closed up 0.62%, the S&P 500 Index rose 0.63%, and the Nasdaq Index rose 0.84%; Gold prices climbed 0.3% to stand at $1920; US treasury bond bonds rose, and the yield of two-year treasury bond bonds fell 4.1 basis points to 5.0371%; The yield of 10-year treasury bond fell 3.7 basis points to 4.198%;

On Monday, the market continued to digest Powell's speech last week, betting that the probability of a 25 basis point rate hike in November would increase from 33% a week ago to 51%, and they were betting that interest rates would remain high for a period of time.

Traders predict the probability of the Federal Reserve lowering interest rates from current levels by June 2024 is 58%, lower than last Friday's 62% and a week ago's 83%. Rising interest rates may be an ominous sign for the stock market.

Waiting for a series of heavyweight data this week, the major risk point for this week will start from Thursday, when the Federal Reserve's favorite inflation indicators, the July core PCE price index and non-farm employment report, will be released. They will either strengthen the two pillars of the rebound, namely soft landing and inflation pullback, or weaken these drivers. It is expected that both the US ADP data and non-farm data will decrease compared to previous values.

On the other hand, in a letter to Federal Reserve Chairman Powell on August 28th, the Chairman of the Financial Services Committee of the United States House of Representatives, McHenry, stated that the Federal Reserve's recent supervisory and regulatory letters (SR 23-7 and SR 23-8) have undermined the progress made by Congress in legislating to establish a regulatory framework for payment stablecoins and will undoubtedly prevent financial institutions from participating in the digital asset ecosystem.

Congressman Patrick French Hill and Bill Huizeng wrote in their letters, "The Federal Reserve prevents banks from issuing payment stablecoin or participating in the payment stablecoin ecosystem by issuing these regulatory letters. The regulatory framework established by Congress will better protect consumers and provide certainty for market participants, which led to the introduction of the Clarity for Payment stablecoins Act. However, less than two weeks after this, the Federal Reserve released SR 23-7 and SR 23-8 without working with Congress to establish a feasible mechanism.”

<div class="blog-details-info">
<div>Author:**Byron B.**, 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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