Overview of Important Overnight Developments
1. The US 'Genius Act' officially takes effect, establishing a regulatory framework for stablecoins
2. Global cryptocurrency market cap surpasses $4 trillion for the first time, Bitcoin retreats after hitting a new high
3. Hong Kong announces stablecoin regulation starting in August, emphasizing 'non-speculative nature'
4. Citigroup and Bank of America accelerate their stablecoin strategies, with cross-border payments becoming a core scenario
5. SEC delays Bitwise Bitcoin/Ethereum ETF physical redemption decision
6. CME plans to launch round-the-clock crypto trading, excluding meme coin products
7. ARK Invest reduces its Bitcoin ETF holdings, cashing out $8.7 million
8. Chinese automaker Leap Motor launches low-cost electric vehicles in the UK, impacting the local market
