Group 1 - The total market capitalization of cryptocurrencies has surpassed the $4 trillion milestone, driven by a surge in token prices and the advancement of comprehensive regulatory legislation in the U.S. [1] - Non-Bitcoin tokens have led the recent price rally, with Ethereum experiencing a 22% increase over the past five days, while Bitcoin reached a historic high of $123,205 earlier this week [1] - The U.S. House of Representatives passed a more comprehensive cryptocurrency market structure bill, which is currently awaiting Senate review [1] Group 2 - Investors are increasingly pouring funds into U.S.-listed cryptocurrency ETFs, with Bitcoin ETFs attracting $5.5 billion in inflows in July, and Ethereum ETFs receiving $2.9 billion in subscriptions [1]

Core Insights - The total market capitalization of crypto assets has surpassed $4 trillion for the first time, driven by the rise in token prices and legislative efforts in the U.S. to promote industry regulation [1] Group 1: Market Performance - Non-Bitcoin tokens are leading the latest surge in the market [1] - Ethereum has increased by 22% over the past five days [1] - Bitcoin reached a record high of $123,205 earlier this week [1] Group 2: Notable Token Movements - Uniswap surged by 24% on Friday [1] - Solana experienced a rise of 6.5% [1]

Core Viewpoint - The independence of the Federal Reserve is facing unprecedented challenges due to ongoing pressure from Trump on Chairman Powell, leading to a reassessment of the central bank's policy outlook in the market. However, JPMorgan believes there is no need for excessive concern [1][2]. Group 1: Political Pressure on the Federal Reserve - JPMorgan's Ilan Benhamou noted that the Federal Reserve has historically operated under political pressure, not just during Trump's presidency [2]. - The potential dismissal of Powell is less significant than the fact that his term is nearing its end, with increasing dovish sentiment expected to drive the market, particularly in the context of anticipated interest rate cuts [2][6]. Group 2: Market Reactions and Predictions - Trump's drafting of a letter to dismiss Powell initially caused a drop in U.S. stocks and the dollar, but the market quickly reversed after Trump denied the intention to fire Powell [3]. - JPMorgan recommends continuing to buy the S&P 500 and VIX indices, anticipating increased investment in risk assets like cryptocurrencies and AI, while acknowledging that tariffs, inflation, and Fed policy uncertainties will heighten market volatility [3][6]. Group 3: Historical Context and Independence Myth - Benhamou emphasized that the current situation reflects a long-standing issue, citing historical conflicts between past presidents and Fed chairs, such as President Johnson's pressure on Chairman Martin in 1965 [4]. - The notion of the Federal Reserve's independence is described as a "myth," with significant figures from major Wall Street firms advocating for the Fed's operational independence from political influence [5]. Group 4: Legal Implications of Dismissing Powell - The Federal Reserve Act allows for the dismissal of board members, including the chairman, "for cause," with Trump and allies suggesting potential reasons for Powell's dismissal [9]. - If Powell were to be dismissed, he could immediately file for an injunction to restore his position, but if denied, the vice chairman would assume the role [9]. Group 5: Supreme Court's Stance - The Supreme Court previously ruled that Trump could not dismiss Powell without cause, recognizing the Fed as a "uniquely structured quasi-private entity," but left open the possibility for "for cause" dismissals [10]. - Legal experts suggest that even if the court finds a dismissal unlawful, it remains uncertain whether Powell could retain his position due to the court's limitations on providing "equitable relief" [10].

加密货币总市值首次突破4万亿美元 此前美国国会通过稳定币法案 智通财经7月18日电，加密资产总市值首次突破4万亿美元，受代币上涨和美国立法推动行业监管的推 动。美国国会周四通过第一部监管稳定币的联邦立法。该法案旨在将这个规模达2,650亿美元的市场合 法化。花旗分析师预计，该市场到2030年有望增至3.7万亿美元。 ...

Core Viewpoint - The rise of stablecoins, with a total market value exceeding $250 billion, is rapidly integrating into the traditional financial system, prompting regulatory scrutiny and legislative actions globally [2]. Group 1: Definition and Role of Stablecoins - Stablecoins are a type of cryptocurrency built on blockchain technology, linked to the stability of sovereign currencies, distinguishing them from highly volatile cryptocurrencies like Bitcoin [3]. - Unlike Bitcoin, which is subject to extreme price fluctuations, stablecoins are designed to maintain a stable value through full reserve backing, making them suitable as a medium of exchange [3]. Group 2: Stability and Risks - The stability of stablecoins is contingent on the value of their underlying reserve assets; events like the Silicon Valley Bank crisis have exposed vulnerabilities, leading to concerns about "de-pegging" risks [4]. - The recent de-pegging of USDC during the Silicon Valley Bank crisis highlighted the transmission of traditional financial risks to the crypto market, raising alarms about the inherent stability of stablecoins [4]. Group 3: Regulatory Developments - The emergence of stablecoins has prompted significant regulatory focus, with jurisdictions like the EU and Hong Kong moving towards legislative frameworks to govern their use [5]. - Hong Kong's upcoming Stablecoin Regulation aims to establish a legal framework for stablecoin issuance, reflecting a broader trend of regulatory bodies responding to the growing scale of stablecoins [5][6]. Group 4: Impact on Traditional Financial Systems - Stablecoins are expected to enhance payment efficiency, particularly for cross-border transactions, potentially impacting traditional banking payment and settlement systems [7]. - While stablecoins may affect commercial banks, the overall growth of the financial market suggests that both stablecoins and traditional banking can coexist without threatening each other's survival [7]. Group 5: Central Bank Perspectives - The issuance of stablecoins, requiring full reserves, could positively influence central banks' monetary policies and fiscal challenges, although potential tax evasion through stablecoin transactions may prompt regulatory intervention [9]. Group 6: Differences Between Stablecoins and Digital Currencies - Stablecoins, issued by private entities and backed by sovereign currency reserves, differ fundamentally from central bank-issued digital currencies, which are direct representations of legal tender [10]. Group 7: Arbitrage Risks - The existence of stablecoins pegged to different fiat currencies introduces potential arbitrage opportunities due to exchange rate fluctuations, similar to risks present in traditional foreign exchange markets [11].

Group 1 - The Federal Reserve is signaling a shift in monetary policy, with a strong likelihood of a 25 basis point rate cut in the upcoming FOMC meeting, as indicated by Fed Governor Christopher J. Waller [1][3] - The U.S. economy is experiencing a significant slowdown, with projected real GDP growth of approximately 1% in the first half of 2025, which is well below the long-term potential growth rate [3] - The anticipated rate cut is expected to inject strong liquidity into the cryptocurrency market, benefiting risk asset prices [3] Group 2 - The Trump administration is set to sign important cryptocurrency legislation, including the GENIUS Act, which is expected to receive bipartisan support, indicating a strong consensus on cryptocurrency policy reform [5] - The passage of the CLARITY Act by the House of Representatives marks a new phase in the regulatory framework for cryptocurrencies in the U.S., providing clearer legal foundations for industry development [5] - The signing ceremony for the GENIUS Act is scheduled to take place with significant participation from industry leaders and lawmakers, highlighting the government's strategic support for the cryptocurrency sector [5] Group 3 - BlackRock's iShares has officially submitted a staking application for an Ethereum ETF, which is expected to further deepen the integration of traditional finance with cryptocurrencies [7] - The Ethereum ETF has seen an influx of $2.3 billion in funds within the first 11 trading days of July, exceeding expectations [7] - The ongoing improvement in the U.S. cryptocurrency policy environment and enhanced market liquidity is likely to provide favorable conditions for digital asset trading platforms like XBIT [7]

美国与加密货币相关的股票在盘前上涨，Circle(CRCL.K)上涨2%，Robinhood(HOOD.O)上涨1.6%， Coinbase(COIN.O)上涨1.9%，MicroStrategy(MSTR.O)上涨0.6%。此前美国众议院通过了加密货币市场 结构立法。 ...

Core Insights - The cryptocurrency market is undergoing a significant transformation due to a major shift in U.S. regulatory policies, injecting new vitality into the industry and promoting a dual development of compliance and innovation among exchanges [1][3] - Kraken has officially launched CME Bitcoin and Ethereum futures trading services in the U.S., marking its entry into the compliant derivatives market [1][3] - The U.S. Congress has passed two landmark digital asset bills, GENIUS and CLARITY, which are seen as pivotal for crypto policy and further solidify the CFTC's role as the primary regulatory body [1][3] - The SEC has withdrawn enforcement actions against Kraken and two other leading crypto companies, signaling a more lenient regulatory stance [1][3] Industry Developments - The introduction of Kraken Derivatives US services highlights the platform's ambition to expand within a compliant framework [3] - The new bills aim to establish a clearer regulatory framework for the digital asset industry, reducing policy uncertainty and attracting more institutional investors [3] - The CFTC's strengthened role is expected to enhance the standardization of the derivatives market, while the SEC's withdrawal of enforcement actions indicates a more accommodating approach towards innovative companies [3] Market Trends - Analysts believe that the U.S. regulatory changes may set a global trend, prompting other countries to adopt similar policies [3] - In Asia, the launch of the WSPN's USD stablecoin on the Coins exchange in the Philippines exemplifies the regional response to these developments, aiming to create a more inclusive financial ecosystem [3] Rise of Decentralized Exchanges (DEX) - The rise of decentralized exchanges, particularly the XBIT platform, is notable, focusing on user empowerment and eliminating intermediary risks [4][5] - DEXs have seen a more than 30% increase in daily active users in the past quarter, reflecting a growing preference for self-custody among investors [5] - XBIT's architecture enhances transparency and efficiency, supporting multi-chain assets and catering to diverse user needs [5] Future Outlook - The competition among cryptocurrency exchanges will increasingly focus on balancing compliance, innovation, and user experience [9] - The GENIUS and CLARITY bills require exchanges to strengthen anti-money laundering measures while encouraging technological experimentation [9] - The expansion of WSPN's stablecoin in the Philippines highlights the global strategy of exchanges to lower cross-border transaction barriers [9] - The anticipated liquidity from U.S. monetary policy shifts may accelerate the institutionalization of cryptocurrencies, prompting exchanges to integrate advanced technologies for improved service resilience [9]

Group 1: Cryptocurrency Legislation - The U.S. House of Representatives passed three cryptocurrency-related bills, including the Clarity Act and the Genius Act, aimed at significant regulatory reform for cryptocurrencies [3] - The Genius Act received 308 votes in favor and 122 against, and is expected to be signed into law by President Trump [3] - The Clarity Act, which aims to establish a broader regulatory framework for digital assets, passed with 294 votes in favor and 134 against and will be reviewed by the Senate [3] Group 2: Stock Market Performance - On July 17, U.S. stock indices closed higher, with the Dow Jones up 0.52% at 44,484.49 points, the S&P 500 up 0.54% at 6,297.36 points, and the Nasdaq up 0.74% at 20,884.27 points, marking new historical highs for both the S&P 500 and Nasdaq [6] - Major technology stocks saw gains, with the U.S. Tech Giants Index rising by 0.52% [7] - Notable stock performances included Microsoft up 1.2%, Nvidia up 0.95%, and Google up 0.51% [8] Group 3: Chinese Concept Stocks - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 1.23% and the Wind Chinese Technology Leaders Index up 0.79% [11] - Leading stocks included JD.com up 3.32%, Pinduoduo up 2.70%, and Meituan up 2.21% [11] - Some stocks experienced declines, such as Hesai Technology down over 8% and Ctrip down over 1% [11] Group 4: Federal Reserve Outlook - Federal Reserve officials anticipate two interest rate cuts this year, with current inflation expected to remain between 3% and 3.5% [13] - Economic growth is projected at about 1% for the year, with an expected rise in the unemployment rate to 4.5% by year-end [13] - Officials noted that tariffs could increase inflation by about 1 percentage point in the latter part of 2025 and into 2026 [13]

Core Viewpoint - The U.S. House of Representatives passed the stablecoin regulatory bill, which is expected to significantly impact the cryptocurrency market by providing a clear legal framework for stablecoins, potentially increasing their adoption and reducing regulatory uncertainty [11]. Group 1: Legislative Developments - On July 17, the U.S. House of Representatives voted 308 in favor and 122 against the stablecoin regulatory bill known as the "GENIUS Act," which is now awaiting President Trump's signature [11]. - The GENIUS Act aims to reform cryptocurrency regulation, defining stablecoins, establishing a regulatory framework, and requiring issuers to comply with anti-money laundering laws and maintain sufficient reserves [11]. - Additionally, the House passed the "Clarity Act" with a vote of 294 to 134, which seeks to create a broader regulatory framework for digital assets and will be reviewed by the Senate [11]. Group 2: Market Reactions - Following the news of the bill's passage, the cryptocurrency market experienced a significant surge, with Ethereum rising over 7% to exceed $3,600, marking its highest level since January [4][8]. - Other cryptocurrencies, including XRP, Dogecoin, and Cardano, also saw increases of over 10% [8]. - Coinglass reported that nearly 160,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $587 million, indicating high market volatility [9]. Group 3: Market Data - Bitcoin reached a price of $120,038.4, with a 24-hour increase of 1.61% and a 7-day increase of 3.44%, bringing its market capitalization to $2.39 trillion [9]. - Ethereum's price was reported at $3,596.82, reflecting a 24-hour increase of 7.99% and a 7-day increase of 22.12%, with a market cap of $437.09 billion [9]. - XRP surged to $3.6136, showing a 24-hour increase of 19.40% and a 7-day increase of 38.32%, with a market cap of $211.84 billion [9].