I'm extremely the key word is scared. What gold is signaling here. Every major risk asset on the planet is underperforming gold, and gold is the most expensive versus most moving average.You can go from 100 to 200 a day, 2 to 40, 50, 60 months to 16 to 20 quarters. Then it's versus at every single major peak in its history. It's that rich, it's extended.And we all know it's the high since 1979. And what's Italian US is Italian. US number one.Gold loves President Trump. The nuances Mr. . Trump saying the shu ...

The top Democrat on the Senate Finance Committee has accused a prominent crypto investor of refusing to cooperate with an investigation into an alleged billion-dollar tax evasion scheme running through one of the digital asset community’s most popular enclaves: Puerto Rico.  Sen. Ron Wyden (D-OR) first opened an investigation into the finances of Pantera Capital founder Dan Morehead in January, as part of a broader inquiry into how “ultra-high net worth” Americans have used Puerto Rican residency as a means ...

编辑 | 江江 视觉 | 诺言 2025年，注定是全球金融市场充满动荡，也充满期待的一年。 在我国上证综指保持上扬态势的同时，9月份，美股三大指数（道琼斯、纳斯达克、标准普尔500）也不 断创下新高。其中，道琼斯指数已突破4万5千点，而2020年疫情爆发之时，它跌倒逼近2万点，现在涨 了2倍多。 但有趣的是，近期，美元汇率却出现持续下跌。 比如，在欧元诞生之后，长期都比美元"贵"（1欧元可兑换超过1美元的美元），但在2022年下半年，欧 元兑美元汇率跌破1，变得比美元"便宜"，在当时颇有一种划时代剧变的味道。彼时，战争在东欧爆发， 地缘政治开始更加深刻地影响着金融市场。如今，欧元正在收复失地。9月以来，欧元兑美元已接近 1.2。 欧洲中央银行9月11日在位于德国法兰克福的总部召开货币政策会议，决定继续维持欧元区三大关键利率不变/图源：新华社 文 | 谭保罗 一边是美股维持涨势，一边是美元相对走弱，看似"矛盾"的现象背后，是全球市场的暗流涌动。 从各国央行到国家主权基金，从跨国大型机构投资者到散户，全球金融市场的各种势力博弈，虽然不是 贸易战那样的"明牌"，但烈度可能并不亚于贸易战。 此外，在传统金融的范式之外 ...

Core Insights - Nasdaq is accelerating deep reforms in its core market, focusing on tokenization and 24/7 trading to reshape modern capital market structures and efficiency [1][2] - The introduction of tokenized stocks will integrate blockchain technology directly into the core securities trading system, moving beyond off-exchange or ancillary markets [1][2] - Nasdaq plans to extend trading hours to a 24/5 model, allowing global investors to trade freely outside traditional US trading hours [2] Tokenization and Trading Hours - The primary focus is on stock tokenization, which aims to trade tokenized securities alongside traditional stocks in the same system, enhancing market efficiency [2][3] - Nasdaq's transition to a 24/5 trading model is seen as a necessary trend to serve global investors, with the potential for 24/7 trading in the future [2][3] Market Structure and Efficiency - Tokenization and extended trading hours are expected to significantly improve the efficiency of clearing and settlement processes, reducing friction and lowering costs [3] - Nasdaq currently processes 3 million messages per second and nearly 100 billion messages daily, indicating room for improvement in clearing and settlement [3] Regulatory Approach - Nasdaq adopts a cautious "regulatory first" stance towards digital assets, emphasizing investor protection and the need for clear regulatory frameworks before entering the crypto space [4] - The convergence of traditional and digital market regulations is seen as an opportunity for Nasdaq to collaborate with institutional clients in offering compliant crypto asset services [4] IPO and Listing Process Reforms - Nasdaq is advocating for reforms in the IPO process to alleviate the burdens that keep many companies private, emphasizing the importance of public markets for economic growth [5][7] - Proposed reforms include simplifying disclosure requirements, promoting direct listings with capital raises, and improving the SPAC model to provide diverse options for companies [5][7] - The exploration of tokenized direct listings is highlighted as a forward-looking reform, aiming to make the listing process more efficient and transparent [7]

Core Insights - 65% of investors holding both crypto assets and stocks believe that crypto will outperform stocks in the next decade [1] - 42% of dual-asset investors reported that crypto assets performed better than their stock investments over the past 12 months [1] - During periods of global uncertainty, 33% of investors prefer to allocate new capital to crypto assets over stocks and cash [1]

Group 1 - The core viewpoint of the article highlights the remarkable surge in global stock markets this year, driven by investor fears of missing out on transformative opportunities presented by the artificial intelligence revolution, rather than traditional greed [1][5] - The article notes that the current market state is nearing a "floating" condition, with the U.S. stock market's market capitalization to GDP ratio reaching a historical high, and the FTSE 100 index in the UK also hitting record levels [1][3] - There is a growing indifference among investors towards various risks, seemingly accustomed to the trade threats posed by former President Trump [1][3] Group 2 - The article discusses the irrational exuberance in the market, fueled by widespread expectations that AI will fundamentally alter the labor market and capital operations, potentially redefining "humanity" itself [3][4] - It warns that the current market phenomena bear striking similarities to historical bubbles characterized by "extraordinary public delusions and collective madness" [3][4] - The AI boom has led to soaring valuations in tech stocks, with companies like Nvidia reaching a market cap exceeding $4 trillion, raising concerns about market bubble signs [4][6] Group 3 - The article emphasizes that "fear of missing out" has replaced "greed" as the dominant market sentiment, with investors driven more by emotional factors than rational pricing theories [5][6] - Historical lessons from past market bubbles, such as the internet bubble collapse in 2000, which caused a 49% real loss for UK investors, are highlighted to illustrate the potential risks of current market behavior [6][7] - Research indicates that both "fear of missing out" and "fear of loss" are significant emotional drivers of investment behavior, especially during periods of revolutionary change narratives [6][7] Group 4 - The article warns of increasing bubble risks, suggesting that while a financial crisis may not be imminent, the current high valuation environment poses risks that may not yield corresponding risk premium returns [7] - It advocates for portfolio diversification and increasing allocations to "boring" assets, particularly as cash has regained real returns post-inflation [7] - The article advises caution regarding cryptocurrencies, suggesting they should be left to speculators and fraudsters, as historical trends indicate that losses in this area can be devastating [7]

摩洛哥央行完成加密资产法案草案 智通财经7月21日电，摩洛哥央行行长在拉巴特举行的非洲央行会议上表示摩洛哥已敲定一项法律草案 将使加密资产的使用合法化。该法律确保"对消费者和投资者的充分保护，加强市场诚信，打击欺诈、 操纵、洗钱和恐怖主义融资并维护金融稳定"。 ...

Group 1 - The market is showing positive performance, with signs of declining investment enthusiasm, a slowdown in capacity expansion, and a recovery in profits across multiple industries, which is beneficial for enterprises [1] - The current economic environment may lead to a prolonged period of clearing, which primarily benefits downstream companies, while many midstream and upstream companies that rely on investment support may not benefit [2] - The persistent issue of price deflation remains a significant concern, with the loss of "animal spirits" being a critical problem that needs addressing [2] Group 2 - Financial stimulation is seen as a key method to revive "animal spirits," with the potential for financial innovation to accelerate processes and enhance price imagination [3][5] - The traditional financial sector is showing excitement over new financial models, indicating a shift in perception and potential opportunities for growth [6][7] - The approval of virtual asset trading services by Guotai Junan International signifies a transition from marginalization to mainstream acceptance, which could lead to significant growth in the financial sector [7] Group 3 - The article outlines a tiered approach to emerging technologies, with the first tier including robotaxi, stablecoins, and RWA, which are expected to see practical implementation soon [8] - AI hardware and applications are categorized in the second tier, while solid-state batteries and perovskite technology are in the third tier, indicating they are still in early development stages [8] - The fourth tier includes XRAI glasses, which have high expectations but may fall short depending on the maturity of battery technology from the third tier [8]

Germany - The German Ministry of Finance has issued new regulations regarding the taxation of specific crypto assets, replacing the previous version from May 2022 [4] - The new regulations introduce detailed compliance obligations, including tax reporting, collaboration, and record-keeping requirements [5] - The regulations clarify the tax treatment of passive staking income and the criteria for determining transaction value, while non-fungible tokens (NFTs) and liquidity mining activities are currently excluded from these regulations [6] Australia - The Australian government has announced a two-year freeze on beer excise tax rates, halting tax increases on draft beer, which is beneficial for beer drinkers, brewers, and the hospitality industry [11] - Historically, beer excise tax rates have increased twice a year in line with the Consumer Price Index (CPI), with an 8% increase over the past year [11] - The government is also raising the excise tax exemption cap for eligible alcohol manufacturers to AUD 400,000, effective July 1, 2026 [11] Brazil - The Brazilian government has proposed a bill to adjust personal income tax policies, expanding the tax-exempt range for low-income earners and increasing tax burdens on high-income individuals [14] - The bill aims to raise the tax-exempt income threshold for low-income individuals to BRL 5,000, up from BRL 2,824, with full exemption for those earning below this threshold [14] - If approved, non-resident individuals receiving dividend income will be subject to a 10% withholding tax, and high-income earners will face an additional tax on exempt income, potentially raising their effective tax rate to 37.5% [15][16]

Core Viewpoint - The hacking incident at the Iranian cryptocurrency exchange Nobitex, which resulted in an estimated theft of $100 million, is believed to be politically motivated, potentially linked to the ongoing tensions between Israel and Iran [1][2]. Group 1: Incident Details - Nobitex reported that the total estimated stolen assets amount to approximately $100 million, but the situation is under control, and user assets are protected by a reserve fund, ensuring no user financial loss [1]. - The hacker group Gonjeshke Darande, allegedly linked to Israel, claimed responsibility for the theft and previously announced the destruction of data from Iran's state-owned bank Sepah [1][2]. - Elliptic indicated that the stolen funds were rendered inaccessible by being stored in vanity addresses without corresponding keys, making recovery virtually impossible with current technology [1]. Group 2: Political Context - The hacker group is suspected to have ties to Israel, although no official confirmation of its identity or nationality exists [2]. - The hacking incident may be related to the recent escalation of tensions between Israel and Iran, as suggested by cybersecurity experts [2]. - The actions of the hacker group align with Israel's regional priorities, targeting Iranian digital sectors and strategic entities [2]. Group 3: Industry Impact - The incident adds to the growing list of victims of hacking in the cryptocurrency industry, with over $2.1 billion in digital assets stolen in 2025 alone, according to blockchain security firm CertiK [2].