Key Takeaways
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Macro Environment: Ahead of the U.S. market open, concerns over overvaluation triggered continued sell-offs in tech stocks. During trading, the Fed’s meeting minutes struck a hawkish tone, with most members seeing inflation as a bigger risk than employment. The hawkish tone caused a brief market drop, but dip-buying support narrowed losses. The S&P and Nasdaq closed lower, while the Dow managed to edge higher.
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Crypto Market: Bitcoin largely mirrored tech stocks, retesting the 112k support at the U.S. open before rebounding alongside equities, ending the day up 1.22% and breaking a two-day losing streak. Continuous whale buying during the dip drove ETH/BTC higher by 5.01%, pushing Bitcoin dominance back below 60%, with altcoins broadly rebounding.
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Outlook for Today: 2027 FOMC voter and Atlanta Fed President Bostic to speak on the economic outlook
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,395.79 | -0.24% |
| NASDAQ | 21,172.86 | -0.67% |
| BTC | 114,256.90 | +1.22% |
| ETH | 4,336.16 | +6.39% |
Crypto Fear & Greed Index: 50 (up from 44 in the past 24 hours), level: Neutral
Project Highlights
Trending Tokens: OKB, ETH, BIO
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BIO (+25%): Launched Bio Markets, offering real-time DeSci analytics and BioAgent trading features. Attracted ~125M BIO staked, rewarding users with BioXP points for participation in new token sales. Yesterday launched its first BioAgent Launch project, Aubrai.
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CFX (+18%): Reuters reported China is considering allowing its first RMB-backed stablecoin. Conflux had previously introduced an offshore RMB stablecoin. CFX surged 18% on the news.
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KAITO (+10%): Released H1 updates and future growth plan, launching Kaito Venture and allocating 6M KAITO from strategic reserves to incentivize ecosystem growth.
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ARB (+8%): Arbitrum submitted a new proposal to build Ronin as an L2 chain based on Arbitrum Orbit.
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OM (+3%): MANTRA Chain proposed migrating OM fully to its native chain, discontinuing ERC20 OM, capping supply at 2.5B, and targeting token inflation at 8%.
Macro Economy
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Trump allies called for an investigation into Fed Governor Cook’s mortgage trades, suggesting potential criminal violations; Trump: “Fed Governor Cook must resign.”
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Fed minutes: Most members see inflation risks outweighing employment risks; overall U.S. economy remains resilient.
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Fed “whisperers”: A minority of officials signaled they may join the rate-cut camp in September.
Industry Highlights
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SEC Chair: The SEC will immediately begin implementing the President’s crypto recommendations.
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Fed Governor Waller: Called for embracing payments innovation driven by AI and stablecoins.
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Senator Lummis: Pushing to complete the crypto market structure bill by year-end.
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Fed minutes: Stablecoins could have widespread impact and merit close monitoring.
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Reuters: China is considering allowing its first RMB-backed stablecoin to strengthen RMB internationalization.
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Fed minutes mentioned stablecoins eight times.
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Wormhole is planning a high-priced acquisition of Stargate and requested halting the “LayerZero acquisition of STG” vote.
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Pump.fun cumulative revenue surpassed $800M, mainly from 1% trading fees.
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Hyperliquid became the world’s top company in revenue per employee, with an annual average of $102.4M per employee.
This Week’s Outlook
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August 21: 2027 FOMC voter and Atlanta Fed President Bostic to speak on the economic outlook.
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August 22: Powell to deliver a speech at Jackson Hole.
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.
