Crypto Assets Industry Daily Report

Regulation and Macroeconomics

• The U.S. House of Representatives will hold the final vote on the "Big and Beautiful Act" tonight at 8 PM.

• The U.S. Department of Justice has uncovered the largest healthcare fraud case in history, involving $14.6 billion in false claims, and has seized over $245 million in cash, Crypto Assets, and other assets.

• The U.S. Treasury Secretary believes that the Federal Reserve may cut interest rates in September or earlier.

• The ADP employment number in the US decreased by 33,000 in June, the largest decline since March 2023.

• The Hungarian central bank rules out the possibility of including any crypto assets in its international reserves.

• The International Monetary Fund rejected Pakistan's plan to provide preferential electricity prices for Crypto Assets mining.

Project Updates

• Swiss bank AMINA supports Ripple stablecoin RLUSD custody and trading services.

• The token launched by Jupiter, the launchpad Jupiter Studio, is officially online.

• PayPal co-founder and other tech billionaires plan to establish Erebor Bank to serve Crypto Assets and AI startups.

• Ripple subsidiary Standard Custody applies for a Federal Reserve master account.

• Vitalik warned that Ethereum will face risks if decentralization is just a slogan.

• OpenAI denies authorizing Robinhood to launch related tokenized stocks.

• Dozens of fake wallet plugins have flooded the Firefox store, stealing Crypto Assets.

• Belgium's KBC Bank will launch Bitcoin and Ethereum trading services for retail customers.

• REX-OSPREY Solana Staking ETF's first day trading volume reached 33 million dollars.

• The Bitcoin Layer 2 network BOB has launched its testnet ahead of schedule, and the mainnet will go live in Q4.

Institutional Dynamics

• C2 Blockchain plans to acquire a 20% stake in McAllen Digital Infrastructure and increase its holdings of 2.286 million DOG coins.

• DeFi Development Corp discloses a $112.5 million private placement deal to fund the purchase of SOL.

• Public company Addentax signs a $1.3 billion term sheet, intending to purchase 12,000 coins of Bitcoin.

• The listed company Mogo has received authorization from the board to allocate $50 million to Bitcoin.

Market Insights

• Arthur Hayes predicts that before Powell's speech at the end of August, the market may consolidate or decline slightly. In a pessimistic scenario, BTC could drop to the range of $90,000 to $95,000.

• 10x Research analysis believes that with the arrival of the traditional bull market season in July, Bitcoin is attempting to break through the key level of $110,000.

Data

• The encryption business added $620 million to Trump's wealth.

• Binance announced the performance data of the Alpha airdrop for June, with LA, AB, and SAHARA being the top 3 in airdrop returns.

• This year, 56 tokens supported by VC have been listed, among which 3 tokens have an FDV exceeding 1 billion USD.

• Jump Crypto associated whale wallet transfers 7,499 BTC after being dormant for two years, worth approximately $816 million.

• Bitcoin spot ETF had a total net inflow of $408 million yesterday, with Fidelity ETF FBTC leading the way with a net inflow of $184 million.