In the context of the intertwining global cryptocurrency and macroeconomic landscape, several significant developments overnight are worth noting:
1️⃣ The altcoin market may be delayed.
Renowned analyst James Wynn assesses that in the current market environment, the arrival of the altcoin season will be postponed, and investors need to be patient.
2️⃣ Citigroup may lay out plans for crypto custody and payments.
Citigroup is considering launching custody and payment solutions that cover stablecoins and crypto ETFs, indicating that traditional financial giants are accelerating their entry into the digital asset infrastructure sector.
3️⃣ There are still controversies surrounding the signals for the Federal Reserve to cut interest rates.
Bessent stated that his recent comments were not urging the Federal Reserve to cut interest rates, but merely citing model results; however, the market is still speculating about a possible policy shift at the September meeting.
4️⃣ The U.S. explores 'budget-neutral' Bitcoin accumulation.
The U.S. Treasury Secretary reveals that the government is studying how to gradually build national-level Bitcoin reserves without increasing the fiscal deficit.
5️⃣ The industry calls for a ban on banks charging data access fees.
Executives from the fintech and cryptocurrency sectors jointly wrote to Trump, suggesting a ban on banks charging fees for data access, believing it would help promote financial innovation and competition.
6️⃣ Bitcoin reserves are positioned as 'people's value storage.'
The U.S. Treasury Secretary further emphasizes that the Bitcoin reserve plan aims to provide the public with a long-term value storage means, highlighting the government's strategic positioning of this asset.
