Yesterday, the market value of the seven largest U.S. stocks evaporated by about US$580 billion, or about RMB 4.21 trillion, overnight, marking the largest single-day drop since December 2022.
Affected by the sharp drop in U.S. stocks, the crypto market also pulled back, with Bitcoin returning to the $64,500 level and Ethereum returning to the $3,400 level.
Altcoin as a whole are also following the market's correction, among which the AI sector is relatively resilient, with RNDR, WLD, and LPT rising against the trend.
The news worth noting is:
1. According to Fed mouthpiece Nick Timiraos, Fed's Williams hinted that if inflation continues to slow recently, there may be reason to cut interest rates in the coming months, but there will be no rate cut at the Fed meeting in two weeks.
This means that the Fed is likely to cut interest rates at its mid-September meeting, but only if there are no major surprises in the economic situation.
2. According to the data of Bitcoin spot ETF, 9 ETFs increased their holdings of 5,763 BTC yesterday, equivalent to US$374.8 million.
This shows that funds from American investors are continuing to flow into the market, which will provide certain support to the short-term price of Bitcoin.
3. The US SEC approved the Grayscale Spot Ethereum Mini ETF 19b-4 filing.
Currently, the fees of the nine spot Ethereum ETFs have been announced. It is worth noting that BlackRock's fee is only 0.25%, while Grayscale's fee is 2.5%. Its fee is 10 times that of BlackRock.
It is expected that after the Ethereum spot ETF is officially launched, most users will choose to redeem and switch to other ETF products with lower fees. A small wave of selling may occur in the short term.
4. Pierce of the US SEC said that the pledge function of the Ethereum ETF may need to be reconsidered. This will benefit projects such as Lido and SSV.
5. Trump said that JPMorgan Chase CEO Dimon suddenly changed his stance against Bitcoin.
Trump also said that if he is elected, he would consider nominating Dimon as the US Treasury Secretary. As expected, the butt determines the head. If you can't beat them, just join them.
Trump also announced plans to launch a fourth NFT series. In an interview with Bloomberg, he said that the previous NFT collection was "very successful" and sold out 45,000 cards in one day. He believes in supply and demand because the first three series have performed well.
6. Billionaire and well-known investor Mark Cuban said that BTC may become a safe haven for funds and a global currency.
He believes that Trump's support for cryptocurrencies is good news, but it does not really affect the prices of cryptocurrencies.
What drives the price of BTC is lower taxes and tariffs, but if history is any guide, the underlying reason is inflation.
Coupled with global uncertainty over the US’ geopolitical role and the impact on the dollar as a reserve currency, BTC will become a safe haven for funds.
Cuban also said that with inflation and uncertainty about the U.S.’s role in geopolitics becoming a foregone conclusion under Trump’s leadership, there is no better time for Bitcoin prices to accelerate, and such an environment could drive BTC to become a global currency.
The core of Trump's economics is tax cuts and low interest rates, both of which will bring huge benefits to the cryptocurrency market.
With the Trump administration coming to power, the United States may enter a new era of fully embracing cryptocurrency, and blockchain and AI will become the two major technologies leading American technological innovation.
Therefore, judging from the big trend, Bitcoin is likely to rise in the long term.
7. According to a statement from the White House, Biden tested positive for COVID-19 after his first event in Las Vegas that day. Biden had previously stated that he would withdraw from the presidential election if he had health problems.
8. Analyst Adam tweeted that the current bullish force is obviously stronger than the bearish force, but it has not yet entered the FOMO stage.
More than half of BTC option block trades come from active purchases of call options, while more than half of ETH’s ordinary trading volume comes from active purchases of call options.
From a short-term perspective, bullish forces are clearly stronger than bearish ones, and everyone remains optimistic about the future price trend.
9. Bernstein said: Bitcoin ETF will be approved by major brokerage firms and large bank platforms in the third or fourth quarter of this year, and the second wave is coming.
If this is true, it means that new funds will enter the market in the second half of the year, which will be beneficial to the trend of the second half of the bull market.
10. According to the data, the total amount of liquidation in the entire network in the past 24 hours was 142 million US dollars, with long orders being liquidated for 62.49 million US dollars and short orders being liquidated for 79.12 million US dollars. This is another long and short double explosion market.
Under the current market conditions, it is recommended that you do not touch contract trading.
11. Grayscale has established a decentralized AI fund company to promote AI investment in the cryptocurrency industry.
The first batch of projects included in the fund include TAO, FIL, LPT, NEAR, and RNDR. This may be beneficial to the price trend of these projects in the short term. The AI track is one of the hottest tracks in this round of bull market and deserves our special attention.
12. The Depin project IOTEX posted on Twitter that they will enter the 2.0 era and announced a new vision.
They upgraded the IoTeX L1 blockchain to an open modular infrastructure for all DePINs. This project has received a lot of attention in the market recently and is worth studying.
13. Aethir stated: The token exchange with http://IO.NET has been temporarily shelved, and a $50 million community reward plan will be launched.
14. MEET48 will officially release the first TON ecological fishing game product CoinFish in August.
In general, although the US stock market fell sharply yesterday, the overall performance of the crypto market was relatively strong. Bitcoin spot ETF funds also continued to flow in, which would provide some support for the price of Bitcoin.
As the Ethereum spot ETF is about to be officially traded, it will bring more new funds and rising expectations to the market. For more practical content, you can add assistant changjian018 to join the group
