1. Ethereum continues to rise today, breaking through $4700
ETH briefly broke through $4700, currently priced at $4675.57, with a 24-hour increase of 6.71%. BTC briefly broke through $122,000, currently priced at $121,958, with a 24-hour increase of 2.63%.
2. U.S. Treasury Secretary Bessent calls on the Federal Reserve to consider a 50 basis point rate cut in September
U.S. Treasury Secretary Scott Bessent stated that the Federal Reserve should consider a 50 basis point rate cut at the September 16-17 meeting, citing that the latest revisions show employment growth in May and June was weaker than previously reported, and the latest inflation data did not show expected increases in commodity prices due to tariffs. He hopes that President Donald Trump's nominee for the Federal Reserve Board, Stephen Miran, can be confirmed by the Senate before the meeting, stating that this appointment would change the composition of the Federal Reserve.
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3. OKX: X Layer completes PP upgrade and permanently destroys 65.25 million OKB
OKX announces a strategic upgrade to X Layer, transforming it into a public chain focused on DeFi, payments, and RWA scenarios. This upgrade is accompanied by the optimization of the OKB Gas Token economic model, with OKB continuing as the only Gas and native token of X Layer. OKX will permanently destroy 65,256,712.097 OKB from historical buybacks and reserves, and after completion, upgrade the OKB smart contract to remove the inflation and manual destruction features, fixing the total issuance at 21 million. Meanwhile, OKTChain will be phased out, and trading will cease on OKX starting from August 13, 2025, at 14:10 (UTC+8), with OKT being regularly exchanged for an equivalent amount of OKB based on the average closing price from July 13 to August 12, 2025. On-chain OKT exchanges will be supported until January 1, 2026. In response to this news, OKB briefly surged to a historic high of $99.27, currently retreating to around $84, with a market cap of $1.76 billion.
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4. Reuters: Do Kwon admits to fraud charges, facing up to 25 years in prison
Terraform Labs co-founder Do Kwon pleaded guilty in the U.S. on Tuesday, admitting to two federal charges: conspiracy to commit fraud and wire fraud. Kwon developed two cryptocurrencies, TerraUSD and Luna, whose collapse resulted in approximately $40 billion in losses. If convicted, Kwon faces up to 25 years in prison.
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