On Monday, US stocks opened, with the Nasdaq index rising 0.7% intraday and the S&P 500 index rising 0.5%, both reaching new highs; gold rose 1.4%, and the dollar index fell 0.7% to 97.7 points. Trump called for a rate cut: rates should be lowered to 1%, and in many ways, the Federal Reserve Board should bear equal responsibility. Federal Reserve Governor Waller stated: if the Federal Reserve waits another six weeks to cut rates, it may not be a problem, but there is no reason to continue delaying.
Trump formally signed the (GENIUS Act) (Guiding and Establishing the US Stablecoin National Innovation Act), also known as the (Genius Act), meaning that federal legislation regarding cryptocurrency regulation has officially taken effect for the first time in history. The act sets stricter requirements for stablecoin regulatory standards: issuers must have 1:1 reserve support with liquid assets like dollars and short-term Treasury bonds, and must publicly disclose reserve composition monthly. According to the Hong Kong Economic Daily, on the eve of the implementation of Hong Kong's (Stablecoin Regulation) on August 1, dozens of companies have expressed their intention to apply for or participate in stablecoin business. Hong Kong Financial Development Bureau director Hong Pizheng stated: stablecoins should not become objects of speculation; the digitalization of asset markets is a long-term strategy, and stablecoins should play a stabilizing role without a short-sighted perspective. He believes that Hong Kong's current development pace is leading among other financial centers. BlackRock has submitted an application to the US Securities and Exchange Commission (SEC) to add a staking feature to its ETH spot ETF, reigniting discussions around the SEC's batch approval process. Previously, Franklin Templeton, Grayscale, 21Shares, and Fidelity had submitted similar requests, and analysts expect the SEC to issue a unified ruling as early as the fourth quarter of this year.
The UK Daily Telegraph reported: the UK Home Office plans to sell a batch of cryptocurrencies, with the total amount yet to be determined. The tender announcement indicates that the average time between asset seizure and the end of legal proceedings (liquidation) is less than one year, while more complex cases may take 3 to 4 years. The UK-listed company Vaultz Capital increased its BTC holdings by 20, totaling 70 BTC. European listed company The Blockchain Group increased its BTC holdings by 22, totaling 1,955 BTC. Analyst Min Jung from Presto Research stated: supported by sustained institutional demand, BTC is hovering near historical highs. The inflow of ETH spot ETFs recently reached a historical high, showing early signs of a busy altcoin season, including stable BTC prices and rising ETH prices, while BTC's dominance declines. Glassnode stated that the majority of BTC address sizes are currently almost all in accumulation mode again, even whales holding over 10,000 BTC have returned to levels seen in December 2024, indicating widespread confidence in the current upward trend. Matrixport stated: ETH continues to show resilience under multiple important catalysts, with Asian influence becoming increasingly significant, and the notable recovery in DeFi also provides support for ETH's upward trend.
Last week, US BTC spot ETFs saw inflows of $2.386 billion, and US ETH spot ETFs saw inflows of $2.1824 billion. Nate Geraci, president of The ETF Store, stated: BlackRock's ETF IBIT led all over 4,300 ETFs in inflows over the past week, ranking first, while the ETH ETF ETHA ranked fifth. The altcoin season index rose to 52, indicating that approximately 52 out of the top 100 by market capitalization have outperformed BTC over the past 90 days. BTC's market share decreased by 5.66% over the past week to 60.95%, while the total cryptocurrency market capitalization increased by 4.35% over the past week, and the total market capitalization excluding BTC increased by 15.13%. Matrixport stated: a continuous decline in BTC's market share signifies the true arrival of the altcoin season. Jack Yi, founder of LD Capital, stated: there has always been a cyclical pattern in bull markets, with BTC and ETH peaking first, followed by mainstream mid-cap increases, and finally various altcoins rising. According to Executive Order No. 14178, the White House will release its first cryptocurrency policy report on July 22.
White House cryptocurrency and artificial intelligence director David Sacks stated: Trump signed the (GENIUS Act), establishing a legal framework for stablecoins, which will promote the development of the US cryptocurrency industry in the following ways: formulating clear regulatory rules, changing the past four years of regulatory practices through litigation, innovating traditional payment systems based on blockchain technology, consolidating the dollar's dominance, and creating trillions of dollars in demand for US Treasury bonds. The White House stated: the (GENIUS Act) is historic legislation that will pave the way for the US to lead in digital currency. Trump called the act a clear and concise regulatory framework to establish and unleash the enormous potential of dollar-backed stablecoins, which could be the greatest reform in the fintech field since the birth of the internet. Trump stated: the stablecoin act is a significant recognition of cryptocurrency, which benefits both the dollar and the US, and the (GENIUS Act) will ensure America's dominance in the field of cryptographic technology. Trump again called for the Federal Reserve to cut interest rates, stating: rates should be lowered to 1%, and in many ways, the Federal Reserve Board should bear equal responsibility. US Commerce Secretary Lutnick stated: Powell has kept rates too high. Federal Reserve Governor Waller said: if the Federal Reserve waits another six weeks to cut rates, it may not be a problem, but there is no reason to continue delaying. Federal Reserve Goolsbee expressed that data shows tariffs have pushed up goods inflation, showing a slightly worried attitude, and feels pained by the debates about the independence of the Federal Reserve, while there is a hope for significantly lower rates in the coming year.
On Monday, US stocks opened, with the Nasdaq index rising 0.7% intraday and the S&P 500 index rising 0.5%, both reaching new highs; gold rose 1.4%, and the dollar index fell 0.7% to 97.7 points. BTC rose 0.3% to $119,000, and ETH rose 2.3% to $3,850. The massive inflow into BTC spot ETFs is essentially synchronized with the price increase; in the past six months, the pace of US listed companies increasing their BTC holdings has significantly accelerated, with a holding increase of up to 40%. The ETH spot ETF has seen a net inflow for nine consecutive weeks, with total holdings reaching $13.4 billion, completely reversing the previous downturn. If this round of 'altcoin season' begins, it may be more driven by institutional capital, with sectors that can accommodate large institutional capital outflows potentially being more attractive, and the market developing in a more mature and rational direction. The signing of the US stablecoin act aims to cultivate stablecoins into a trillion-dollar market to absorb its US debt. Trump's choice to pass the stablecoin act (last Friday) before the Federal Reserve cuts rates may be more beneficial, so that after the liquidity is released, it can flow in more quickly. In the face of a potential liquidity flood, the Nasdaq and S&P 500 indices have repeatedly hit new highs, with the cryptocurrency market adapting to the environment, rising with the tide, hoping for a smooth new round of bull market. Also, be aware of risks! The June Federal Reserve meeting maintained expectations for two rate cuts before the end of the year, which is quite supportive of the current market. The Federal Reserve meeting on July 30, the Jackson Hole central bank annual meeting on August 21, and the Federal Reserve meeting on September 17 are three important milestones. If the Federal Reserve maintains a similar dovish trend, it may help sustain market recovery. Also, be aware of risks!
