Market Dynamics Yesterday

The U.S. House of Representatives passed three cryptocurrency bills.

On Thursday local time, the U.S. House of Representatives passed three cryptocurrency-related legislations: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance National Act. The CLARITY Act and the Anti-CBDC Surveillance National Act will be sent to the Senate for review. The GENIUS Act is expected to be signed into law by Trump on Friday local time.

The number of initial jobless claims in the U.S. for the week ending July 12 is 221,000, compared to an expectation of 235,000.

According to Jin10 data, the number of initial jobless claims in the U.S. for the week ending July 12 is 221,000, with an expectation of 235,000, and the previous value was revised from 227,000 to 228,000.

The Trump administration supports the cryptocurrency de minimis tax exemption to make crypto payments more convenient and efficient.

According to The Block, White House Press Secretary Karoline Leavitt stated on July 17 that the Trump administration would continue to support the "de minimis exemption" policy for cryptocurrency transactions, making crypto payments more convenient and efficient. This exemption would relieve small daily expenses (such as "buying a cup of coffee") from tax reporting obligations. Although a related amendment in the (One Big Beautiful Bill Act) signed on July 4 did not pass, the government plans to explore new legislative solutions. Leavitt also revealed that the Trump administration is planning a signing ceremony for the stablecoin (GENIUS Act) expected to pass Congress, aiming to make the U.S. the "world's cryptocurrency capital."

Trump plans to issue an executive order allowing cryptocurrencies to be included in 401(k) retirement plans.

According to the Financial Times, U.S. President Trump plans to issue an executive order allowing "alternative investments" such as cryptocurrencies, gold, and private equity to be included in 401(k) retirement plans. The order will require regulators to review existing barriers to pave the way for these assets to enter professionally managed retirement funds. The U.S. Department of Labor withdrew its earlier warning regarding the inclusion of cryptocurrencies in investment strategies in May. As of March this year, the U.S. 401(k) retirement fund market was approximately $8.7 trillion. Several states have taken action, with Michigan holding about 6.6 million dollars in Bitcoin ETFs and $10 million in Ethereum ETFs in its retirement system, and Wisconsin holding $163 million in Bitcoin ETFs.

U.S. stock market close: S&P 500, NASDAQ, and NVIDIA all hit new highs.

Market data shows that the U.S. stock market closed on Thursday with the Dow Jones up 0.52%, S&P 500 up 0.54%, and NASDAQ up 0.75%, with the last two hitting historic highs. NVIDIA (NVDA.O) rose nearly 1%, closing with a market cap exceeding $4.2 trillion, achieving another record. Coinbase rose 3.15% to $410.75.

Coinbase announced the launch of the "one-stop" Base App to replace Coinbase Wallet.

According to The Block, Coinbase announced on Wednesday the launch of the "everything app" — the "Base App," aimed at attracting more users into the cryptocurrency economy. This new application, which replaces Coinbase Wallet, integrates wallet, trading, and payment functions while incorporating social media, instant messaging, and mini-program support, all operating on its self-developed Ethereum Layer 2 network, Base. For Coinbase, this move aims to expand beyond its core cryptocurrency trading business and reach a broader potential user base.

Sonic will launch the AI-driven development platform Spark, allowing users to build and deploy full-stack decentralized applications without coding.

According to the official announcement, Sonic has announced the launch of the Spark platform, an AI-driven development platform that allows users to build and deploy full-stack decentralized applications without coding. The platform is powered by Google's Gemini large language model and features key functionalities such as no-code full-stack building, self-debugging, built-in security logic, and context-aware interfaces. Spark is still in development, with early access opening soon.

Binance Alpha: Will crack down on violations, and those with serious cases may be permanently banned.

According to the official announcement, Binance Alpha will implement several optimization measures, including advance notifications and streamlined processes, to enhance the fairness and convenience of airdrop participation.

In response to user feedback regarding violations, the platform has launched a multi-dimensional investigation. If any users are found to have violated activity rules, appropriate measures will be taken, and those with serious cases may be permanently banned.

Yala releases its token economics model: total supply of 1 billion tokens, with 3.4% allocated to airdrops.

According to the official announcement, Yala has released its token economics model, with a total supply of 1 billion YALA tokens.

The token distribution plan includes: 15.98% for investors, 20% for the ecosystem and community, 29.12% for the foundation and treasury, 10% for marketing, 20% for the team, 3.4% for airdrops, and 1.5% for market makers. Among these, the airdrop portion will be fully unlocked at the TGE (Token Generation Event), while the team and investor tokens will have a 1-year lock-up period.

U.S. publicly listed company Bit Origin has secured $500 million in financing and plans to launch a DOGE treasury program.

According to Globenewire, NASDAQ-listed company Bit Origin (NASDAQ: BTOG) announced it has reached agreements with several qualified investors to launch a DOGE treasury reserve, with total financing amounting to $500 million, including $400 million in equity financing and $100 million in convertible bond financing.

The company plans to hold DOGE as a core asset for the long term, aiming to become one of the largest publicly listed DOGE holders globally, and achieve long-term value enhancement through "increased shares held."

Bit Origin stated that DOGE, with its extremely fast settlement speed, large community size, and increasingly expanding merchant acceptance, is playing a growing role in peer-to-peer payments and e-commerce scenarios. The company hopes DOGE will become an important part of Elon Musk's X platform "X Money" payment system.

BTCT announces a strategic shift to Ethereum, converting all Bitcoin reserves to ETH.

According to PRNewswire, BTC Digital Ltd., a blockchain technology company listed on the U.S. stock market (NASDAQ: BTCT), announced a strategic shift today, fully adopting Ethereum (ETH) as its core asset and operational foundation. As part of this plan, BTCT completed a $6 million financing and added a $1 million ETH position.

BTCT CEO Siguang Peng stated that Ethereum has become the preferred platform for decentralized finance, tokenization of real assets, and scalable smart contract innovations.

Market Dynamics

Huang Renxun: Financial freedom 30 years later, I have no dreams.

This article documents Huang Renxun's speech at the Chain Expo, sharing his views on AI, autonomous driving chips, and the Chinese tech market. He emphasized NVIDIA's innovative capabilities and leadership in the AI field while revealing interest in China's new energy vehicles. The article also mentions Meta's competition for AI talent in Silicon Valley and the significant implications of NVIDIA's H20 chip regaining export licenses.

Who did Pump.fun's token issuance make rich?

This article analyzes the token issuance process, market performance, and controversies surrounding Pump.fun, exploring the current state and future development trends of the MEME market. It provides a detailed interpretation of Pump.fun's token economics, market popularity, and valuation, as well as its position and challenges in the MEME market.

A sneak peek at the new Coinbase wallet: what are the differences compared to the old version?

This article revolves around the launch of the new Coinbase wallet, integrating Farcaster social features, focusing on discovery, trading, and network effects, bringing a clean interface and built-in AI assistant to enhance user experience.

Wall Street is chasing cryptocurrencies, with Ethereum shining in the spotlight.

This article discusses Wall Street's attention to the cryptocurrency sector, with Ethereum becoming the focus. Traditional finance is struggling with growth, and crypto assets are back in the spotlight, especially the investment potential of Ethereum. Wall Street investors are mainly interested in Ethereum's market performance and future catalysts. Despite challenges, Ethereum is attracting new capital inflows, which may drive its price up.

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