On Friday, U.S. stock indices opened, with the Nasdaq index down 0.11% at one point, and the S&P 500 index down 0.14%; the dollar index fell 0.25% to 98.3 points. The three crypto-related bills passed by the U.S. House set a clear regulatory tone for the U.S. digital asset industry, creating the most comprehensive regulatory framework in U.S. cryptocurrency history, boosting market sentiment.
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Paul Atkins, head of the U.S. Securities and Exchange Commission (SEC), stated that after the U.S. House of Representatives passed a landmark stablecoin bill, the SEC is considering whether to introduce an 'innovation exemption' under the existing regulatory framework to incentivize the market to advance the tokenization process. Circle stated that the U.S. House voted to approve the (GENIUS Act) for presidential signature, which is crucial for the future of the monetary and internet financial system, demonstrating support for responsible innovation and clearly indicating that the U.S. will play a role in the regulation of stablecoins, prioritizing consumer protection, financial integrity, and competitiveness. Wall Street's well-known short seller Jim Chanos sounded the alarm about the heated phenomenon of corporate BTC treasuries: Chanos compared it to the frenzied SPAC (Special Purpose Acquisition Company) wave in 2021, when $90 billion was raised in just three months, only to end in a catastrophic crash. This time, the BTC corporate treasury plan is strikingly similar to the craziness of 2021's SPACs. Chanos stated that there are significant announcements almost every day, with hundreds of millions of dollars being involved each evening.
U.S. publicly traded company Semler Scientific increased its holdings by 210 BTC, now holding a total of 4,846 BTC. U.S. publicly traded company Thumzup Media Corporation stated that the board has authorized the company to hold up to $250 million in cryptocurrency assets. SharpLink Gaming increased its holdings by 32,892 ETH, approximately $115 million. BlackRock's ETH spot ETF has submitted a staking application, which was submitted to Nasdaq under SEC Rule 19b-4. Fidelity's global macro chief Jurrien Timmer compared BTC to the internet wave and emphasized that BTC's growth trajectory is highly similar to the internet adoption curve over the past few decades. Timmer stated that BTC is still following the power law curve of address numbers and a demand model based on internet adoption rates, currently in the middle stage of the entire curve. Matrixport stated that recent U.S. policies, fiscal measures, and macro data have released many positive signals, and BTC has also entered a new range. Technical indicators suggest that the market may enter a consolidation phase in the next month or two. In a bull market, choosing to 'take profits' carries the inherent risk of missing out on subsequent gains, but considering that BTC might enter a consolidation phase in the summer, it is still a rational choice to moderately lock in some profits. It is expected that the Federal Reserve will not directly announce a rate cut at the meeting on July 30, but may release signals for expectations management to pave the way for policy adjustments in September.
On July 17, the U.S. BTC spot ETF saw inflows of $522.6 million, and the ETH spot ETF saw inflows of $602 million. On the 16th, the BTC spot ETF had inflows of $779.6 million; the ETH spot ETF also had inflows of $779.6 million, marking its highest record since launch. Over the past two days, Tether has issued an additional $2 billion and $1 billion, totaling $3 billion in stablecoins; the total market cap of stablecoins has risen to $260 billion, growing 1.43% in the past week. The altcoin season index has risen to 49, indicating that approximately 49 out of the top 100 cryptocurrencies by market cap have outperformed BTC over the past 90 days. GreeksLive analyst Adam stated that the market expects BTC to reach $150,000 in the fourth quarter, but a correction is anticipated before September, with a focus on ETH at $10,000 and BTC at $145,000. There is a divergence in the market regarding whether to maintain positions or hedge current exposures, and ETH is driving a warming trend in the entire altcoin market, with a certain degree of FOMO sentiment beginning to emerge, and institutional investors are also starting to become restless. Bankless co-founder Ryan Sean Adams stated that ETH has not yet reached the highs of December last year, and the market seems to have forgotten ETH's performance in 2021 and 2017; this time, the institutional push has just begun.
The U.S. House of Representatives passed three pieces of cryptocurrency-related legislation: the CLARITY Act, the GENIUS Act, and the Anti-Fed CBDC Surveillance Act. The CLARITY Act and the Anti-Fed CBDC Surveillance 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. (Please pay attention to relevant news reports.) The three major related bills in U.S. crypto: (The GENIUS Act) aims to clarify the regulatory framework for stablecoins; (The CLARITY Act) aims to clarify the classification of digital assets, regulatory division of labor, and compliance pathways; (The Anti-CBDC Surveillance Act) aims to prohibit the Federal Reserve from creating a CDBC digital currency. Almost simultaneously, the three major financial regulatory giants, the Fed, FDIC, and OCC, jointly issued guidance, clearly stating that U.S. banks can provide custody services for crypto assets to customers for the first time. White House Press Secretary Levitt confirmed that Trump supports the 'minimum tax exemption' policy for BTC and cryptocurrencies and stated that he will continue to push for legislative avenues to achieve this goal. The Financial Times reported that Trump is preparing to open cryptocurrencies, gold, and private equity to the $9 trillion U.S. retirement market, with Trump expected to sign an executive order as early as this week to open alternative investments outside of traditional stocks and bonds for 401k retirement plans. Trump retracted his statement, saying, 'There are no plans to fire Federal Reserve Chairman Powell,' and will consider White House National Economic Council Director Hassett for a position related to the Federal Reserve, showing interest only in 'low-interest-rate individuals' taking on Fed leadership. Trump stated that Powell has always acted too late, and the performance of Federal Reserve Chairman Powell has been poor, and he will continue to face challenges. Federal Reserve Governor Waller stated that the Fed should cut rates by 25 basis points at the July meeting. Federal Reserve Daly: Two rate cuts this year are a reasonable expectation. Former Federal Reserve Governor Warsh: Trump's public push for Fed rate cuts is correct. White House National Economic Council Director Hassett: The Fed's actions have been very, very slow, and inflation data has consistently performed well.
On Friday, U.S. stock indices opened, with the Nasdaq index down 0.11% at one point, and the S&P 500 index down 0.14%; the dollar index fell 0.25% to 98.3 points. BTC reached $120,000 on Friday, and ETH hit $3,600. The three crypto-related bills passed by the U.S. House set a clear regulatory tone for the U.S. digital asset industry, creating the most comprehensive regulatory framework in U.S. cryptocurrency history, boosting market sentiment. Trump continues to push the Federal Reserve to cut interest rates, even throwing out the idea of firing Powell. It is unlikely that there will be a rate cut in July, but the Fed's meeting at the end of July is likely to lay the groundwork for a rate cut in September, and the Jackson Hole central bank annual meeting in August may maintain a dovish tone. Regardless of whether it's the so-called U.S. policy bull, the Fed's rate cut bull, or the original cycle bull market, analyzing too much at this time is useless; the trend is forming, and one should go with the flow. The Fed's gates have begun to loosen, referred to as rate cuts and liquidity injections. As the water level rises, the Nasdaq index and S&P 500 index reached new highs on Thursday, with BTC, ETH, and altcoins clearly following suit, and sentiment is warming up. Analysts predict that the duration of the rate cut cycle will last until June next year, allowing for ample time for a smooth bull market and recovery of investments. Similarly, caution is advised regarding risks!