On Friday, U.S. stock indexes opened, with the Nasdaq index slightly rising by 0.05%, the S&P 500 index declining by 0.25%, and gold increasing by 0.83%. The Federal Reserve's meeting minutes indicated that most participants believe interest rates should be lowered this year if appropriate; a minority believe there should be no rate cuts this year; a few expressed willingness to lower rates at the July meeting. The market interpretation suggests that the watchful waiting period may end by the end of summer.

Returning to the main topic:

Reporter Eleanor Terrett reports: The U.S. Senate Banking Committee plans to postpone the discussion of the draft (cryptocurrency market structure bill) until next week, while the House has rescheduled a hearing on establishing the (21st-century cryptocurrency tax policy framework) to next Wednesday, coinciding with 'Cryptocurrency Week'. The U.S. Securities and Exchange Commission (SEC) issued a statement on the tokenization of securities: Tokenization has the potential to facilitate capital formation and enhance investors' ability to use their assets as collateral. However, despite the enormous potential of blockchain technology, it does not possess 'magic' to change the nature of the underlying assets. Tokenized securities remain securities. Therefore, market participants must carefully consider and comply with relevant provisions of federal securities laws when trading such instruments. Bloomberg reports: The U.S. Treasury has officially rescinded the reporting rule for cryptocurrency brokers, which required DeFi brokers to submit Form 1099, similar to traditional securities brokers, to report and provide user data. Critics argue that this rule stifled innovation. The UK crypto-friendly bank Ziglu is facing financial collapse, and the UK's Financial Conduct Authority (FCA) has taken action to protect consumers by implementing restrictions on specific products from Ziglu.

The U.S. Securities and Exchange Commission (SEC) has postponed the approval of BlackRock's physical redemption method for the spot ETH ETF. The SEC confirmed it received an amendment regarding the physical redemption method for Bitwise's spot BTC and ETH ETFs. Maple CEO Sid Powell stated that the sustainability of BTC's upward momentum largely depends on macroeconomic conditions and any new developments in the trade sector. If trade talks falter before Trump's August 1 deadline, it could pose resistance to BTC; conversely, if trade agreements progress and inflation data declines prompting the Fed to restart rate cuts, it could support BTC's upward momentum. Analyst Eugene noted that as long as this time BTC does not experience a false breakout followed by a sharp drop (which currently seems unlikely but cannot be entirely ruled out), ETH price tends to quickly reach around $4000 after breaking $2800, history does not simply repeat itself but often has similarities. Bitwise analysts report that the trend of tokenizing U.S. stocks, bonds, etc., through blockchain is reaching a critical turning point. Although the full realization of on-chain securities may still take a decade, the actions of major institutions indicate that momentum is forming. Even if only 1%-5% of the traditional securities market is tokenized, it could release trillions of dollars in value, far exceeding any other cryptocurrency use case, including BTC.

On July 10, $1.1756 billion flowed into the U.S. spot BTC ETF, marking six consecutive trading days of inflows; $383.1 million flowed into the ETH ETF, marking five consecutive trading days of inflows. The U.S. publicly listed company Sequans has increased its holdings by 370 BTC and plans to add over 3,000 BTC in the coming weeks. On July 10, Tether issued $1 billion in stablecoins. Bitwise's report shows that in the second quarter, the global corporate entity's holdings rose to 847,000 BTC, a quarter-over-quarter increase of 23.13%, valued at $91 billion; the number of publicly traded companies holding BTC reached 125, an increase of 46 from the previous quarter, with new purchases of 159,000 BTC this quarter. Politico reports that Trump is expected to achieve his first significant legislation on cryptocurrency policy next week, as the House prepares to pass a bill establishing new regulatory rules for stablecoins. The U.S. House of Representatives is expected to vote early next week on the Senate-proposed (GENIUS Act), which aims to create the first regulatory framework in the U.S. for so-called 'stablecoins' pegged to the dollar, likely becoming the first major cryptocurrency regulatory measure adopted by Congress while opening the door for traditional financial institutions to further engage in digital assets.

The Federal Reserve's meeting minutes show that most participants believe interest rates should be lowered this year if appropriate; a minority believe rates should not be cut this year; a few participants expressed their willingness to lower rates at the July meeting. Fed's Daly: The likelihood that tariffs have a milder impact on prices than expected is rising, inflation is moving toward the Fed's 2% target, consideration is being given to implementing rate cuts in the fall, with potentially two cuts this year. Trump stated: The Fed's rates are at least 3 percentage points (300 basis points) too high. 'Too late, Mr. Powell' is costing the U.S. $360 billion a year in refinancing costs; there is no inflation, lower the rates! White House trade advisor Navarro stated: The Fed should cut rates in July. Trump tweeted: The Nasdaq index hits a historic high! Cryptocurrency is 'breaking the ceiling', the Fed should quickly lower interest rates to reflect this strength; the Fed should cut rates quickly, there is no inflation! JPMorgan economists predict: After accounting for the tariffs Trump will impose on 14 countries on August 1, the average tariff rate in the U.S. is expected to rise from 13.4% to 14.6%. Deutsche Bank analysts estimate that the new average tariff rate could exceed 18%.

The market interprets the Federal Reserve's meeting minutes as indicating that the watchful waiting period may end by summer, with a possible rate cut in September. Interest rates will depend on data released in June, July, and August. If conditions align with expectations, it will strengthen market expectations for a rate cut in September, with the threshold for rate cuts gradually decreasing. On Friday, U.S. stock indexes opened, with the Nasdaq index slightly rising by 0.05%, the S&P 500 index declining by 0.25%, and gold increasing by 0.83%; BTC rose by 4% to $118,000, ETH rose by 6% to $3,000, and altcoins followed suit. In recent days, many seem to see the impact of the Fed's rate cuts on the cryptocurrency market. With the Fed ready to ease, a potential rate cut bubble is forming, and the Nasdaq and S&P 500 indexes reached new highs on Thursday. The cryptocurrency market has historically been a high-risk bubble, and during the Fed's rate cuts, it may be more susceptible to fluctuations. If a rate cut occurs in September, the Fed's meeting at the end of July and the Jackson Hole annual meeting in August are expected to continue the current dovish scenario. There is not much to write, hoping for a smooth entry into a new bull market phase of rate cuts while also being aware of bubble risks.