Key Takeaways
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Macro Environment: Former President Trump nominated dovish candidate Stephen Milan to the Federal Reserve Board. However, it remains uncertain whether Milan can participate in the September FOMC meeting. Market expectations for a rate cut in September remain stable, with a 92% probability. Meanwhile, OpenAI officially released GPT-5, which received a lukewarm market response due to limited innovation, though its pricing is highly competitive. A weak 30-year U.S. Treasury auction pushed long-term yields higher, placing pressure on U.S. equities. The market closed mixed, with the Nasdaq barely ending in positive territory.
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Crypto Market: Trump signed an executive order allowing 401(k) retirement plans to invest in crypto assets, and put an end to regulatory efforts to cut off banking services to the crypto industry. The U.S. retirement account system manages approximately $12.5 trillion—even a minor capital allocation to crypto could result in substantial inflows. On the back of this bullish signal, Bitcoin surged past $117,000, up 2.16% on the day. Meanwhile, SharpLink continued to expand its Ethereum treasury, pushing ETH/BTC past recent highs. Bitcoin dominance fell below 61%, with altcoins generally following BTC’s upward momentum.
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Outlook for Today:
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U.S. demands Russia and Ukraine reach a deal by August 8
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IMX token unlock: 1.30% of circulating supply, valued at ~$12.2 million
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Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,339.99 | -0.08% |
| NASDAQ | 21,242.70 | +0.35% |
| BTC | 117.458.70 | +2.16% |
| ETH | 3,910.16 | +6.19% |
Crypto Fear & Greed Index: 74 (up from 62 in the past 24 hours) — Greed
Project Highlights
Trending Tokens: XRP, PENDLE, LINK
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PENDLE (+27%): Pendle launched Boros, a new product enabling users to trade funding rates of perpetual contracts on-chain.
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LINK (+10%): Chainlink announced it would build a LINK reserve using protocol revenue.
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SAND (+4%): Casio America announced that G-SHOCK has partnered with The Sandbox to enter the metaverse.
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ONDO (+6%): Robinhood will list ONDO for spot trading.
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YALA (+90%): Binance Futures launched YALA, driving a massive 90% price spike.
Macro Economy
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Trump nominates Stephen Milan to the Federal Reserve Board
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Christopher Waller emerges as the frontrunner for Fed Chair
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Bank of England cuts interest rates by 25 basis points
Industry Highlights
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Trump signs executive order allowing 401(k) investment in crypto
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Trump halts banking restrictions targeting the crypto industry
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Hong Kong’s RWA registration platform officially launched
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OpenAI officially releases GPT-5
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pump.fun establishes Glass Full Foundation to inject liquidity into its ecosystem tokens
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Paxos settles with the New York financial regulator for $48.5 million
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SharpLink raises $200 million via direct offering to expand its Ethereum treasury
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SharpLink Gaming also adds 10,975 ETH (worth ~$42.79 million) to strategic reserves
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Ripple to acquire stablecoin platform Rail for $200 million
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WLFI launches USD1 stablecoin reward point program
Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
