Author: TechFlow
Market Dynamics Yesterday
China and the US Again Suspend 24% Tariffs for 90 Days
China-US Stockholm Economic and Trade Consultation Joint Statement: First, the US will continue to modify the implementation of ad valorem tariffs on Chinese goods (including goods from the Hong Kong and Macau Special Administrative Regions) specified in the Executive Order No. 14257 dated April 2, 2025, suspending the 24% tariffs for another 90 days starting from August 12, 2025, while retaining the remaining 10% tariffs on these goods as stipulated in the order. Second, China will continue to (1) modify the implementation of ad valorem tariffs on US goods specified in the Tariff Commission Announcement 2025 No. 4, suspending the 24% tariffs for another 90 days starting from August 12, 2025, while retaining the remaining 10% tariffs on these goods; and (2) take or maintain necessary measures to suspend or cancel non-tariff countermeasures against the US in accordance with the Geneva Joint Statement.
Trump Media Tech Group: Bitcoin ETF to be Launched Later This Year
According to Golden Ten data, Trump Media Tech Group stated that a Bitcoin ETF will be launched later this year.
Previously, Trump Media Tech Group disclosed the submission of a Bitcoin ETF amendment registration statement.
Terraform Labs Co-founder Do Kwon May Plead Guilty in the US
According to The Block, court documents from the Southern District of New York Federal Court indicate that Terraform Labs co-founder Do Kwon may change his stance and plead guilty on Tuesday morning. Previously, Do Kwon was charged by US prosecutors in March 2023 with multiple offenses related to the collapse of the algorithmic stablecoin Terra USD (UST), including conspiracy to commit fraud, commodity fraud, wire fraud, securities fraud, market manipulation, and money laundering.
Judge Paul Engelmayer stated in the scheduling order that "the court has been informed that the defendant may change his plea" and requested the defendant to be prepared to make a statement about the charges. Do Kwon previously pleaded not guilty to all charges in January this year.
Bloomberg: Bullish Plans to Expand IPO Scale to Up to $990 Million, Raising Target Valuation to $4.82 Billion
According to Bloomberg, crypto exchange Bullish has raised its initial public offering (IPO) scale to up to $990 million, previously $629 million; the target valuation has been increased to $4.82 billion, previously estimated at $4.2 billion; the planned number of shares has been increased from 20.3 million to 30 million.
Uniswap Foundation Proposes DUNA DAO Framework to Pave the Way for Protocol Fee Switch
According to The Block, decentralized exchange Uniswap Foundation has proposed establishing a new legal entity for its governance organization, adopting the Decentralized Unincorporated Non-Profit Association (DUNA) framework in Wyoming. The proposal will allocate 16.5 million USD worth of UNI tokens to the new entity DUNI for past tax and legal defense budgets.
Uniswap Foundation's Legal Counsel Brian Nistler stated that adopting the DUNA framework will create conditions for turning on the protocol fee switch. It is reported that the new entity will not change the Uniswap protocol, token, or governance structure, and fee income cannot be directly allocated to UNI holders.
Fintech Company Stripe Collaborates with Paradigm to Develop Payment Blockchain Tempo
According to Fortune, fintech giant Stripe is collaborating with crypto venture capital firm Paradigm to develop a blockchain called Tempo, positioned as a high-performance, payment-focused Layer 1 blockchain compatible with Ethereum's programming language.
Tempo is currently in stealth development mode with a team of 5 people. Previously, Stripe acquired the stablecoin infrastructure company Bridge for $1.1 billion and acquired crypto wallet developer Privy to further deploy stablecoin technology.
Arthur Hayes Makes Large Purchases of Ethereum Ecosystem Tokens
According to on-chain analyst Onchain Lens (@OnchainLens), BitMEX co-founder Arthur Hayes purchased Ethereum ecosystem tokens in the past 19 hours, including:
1,500 ETH, worth approximately $6.34 million
424,860 LDO, worth approximately $563,000
420,000 ETHFI, worth approximately $511,000
92,005 PENDLE, worth approximately $504,000
Ant Group Refutes Rumors of Rare Earth RMB Stablecoin Collaboration
According to Cailian Press, in response to online rumors about "Ant Group collaborating with the People's Bank of China and China Rare Earth Group to build the world's first rare earth RMB stablecoin," Ant Group officially responded that they have never had such plans with the relevant institutions and reminded the public to identify information and prevent risks.
Fundamental Global Announces Purchase of 47,331 ETH, Targeting 10% Stake in Ethereum Network
According to Globe Newswire, Nasdaq-listed Fundamental Global Inc (ticker: FGNX, FGNXP) announced the purchase of 47,331 ETH at $4,228.40 per ETH. The company stated that it has used all the funds from the previously announced $200 million private placement to buy ETH.
Maja Vujinovic, CEO of the company's digital assets division, stated that the company plans to continue promoting global adoption of ETH as a reserve asset, with the goal of holding a 10% stake in the Ethereum network. The company has established partnerships with crypto custody firm Anchorage Digital and asset management company Galaxy.
Nasdaq-listed Fintech Company ALT5 Sigma Announces $1.5 Billion Financing to Launch WLFI Treasury Strategy
According to Investing.com, Nasdaq-listed fintech company ALT5 Sigma Corporation announced a total of $1.5 billion in registered direct offering and simultaneous private placement to launch the World Liberty Financial (WLFI) treasury strategy.
WLFI will subscribe to 100 million shares, with the remaining 100 million shares issued to institutional investors. After the transaction, ALT5 will hold approximately 7.5% of the total supply of WLFI tokens. Additionally, WLFI CEO Zach Witkoff will serve as chairman, and Eric Trump will join the board.
Nasdaq-listed Company Safety Shot Announces Launch of BONK Treasury Strategy
According to Stocktitan, Nasdaq-listed company Safety Shot announced a strategic alliance with Bonk founding contributors to launch a BONK treasury strategy. The company will receive BONK tokens worth $25 million in exchange for issuing preferred shares convertible to common stock, with a total value of $35 million.
Market Dynamics
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Did this MEME launchpad spend nearly $80,000 to buy a $30 hat?
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Historically, 401(k) Retirement Funds Introduce Crypto Assets
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