Stablecoin bill passed successfully, ETH hit 3,500, Bitcoin returned to 119K

The United States' June retail sales growth has alleviated concerns about weak consumer spending. The AI boom has pushed TSMC to new heights, with the S&P 500 and Nasdaq indices reaching closing highs. After the U.S. Congress passed the stablecoin bill, the cryptocurrency industry achieved a major victory. Bit today attempted to challenge 121K, reporting at $119,868 before the deadline. ETH has cleared its gloom, strongly attacking above $3,500 this morning and creating a new high since the beginning of last year. U.S. retail sales growth in June has eased worries about soft consumer spending. Consumers seem to have emerged from the shadow of April's tariff impact and are resuming consumption. Bloomberg Economics' Estelle Ou noted that it's difficult to determine whether the rebound is due to price increases or strong underlying demand, but believes the former is more likely. "With earnings season unfolding, these reassuring retail sales figures come at the right time. In the last earnings call, management assured investors that consumption trends in April and May remained stable. However, after consecutive declines in retail sales, people worried that consumer spending was weakening." U.S. unemployment benefit claims have dropped for the fifth consecutive week, reaching the lowest level since mid-April, indicating the job market's resilience. Benefiting from continued hot AI chip demand, global foundry leader TSMC delivered an impressive second-quarter performance in 2024, with net profit increasing nearly 61% year-on-year. Revenue and profits both exceeded market expectations, setting a new historical high and boosting confidence in AI spending. Tech stocks subsequently rose. TSMC's ADR rose 3.36% to $245.6 per share, a historical high. After the U.S. Congress passed the stablecoin bill, the cryptocurrency industry gained a significant victory. U.S. stablecoin issuer Circle and exchange Coinbase's stock prices rose. Bit, after reaching a historical high of $123,218 on 7/14, oscillated at high levels, attempting to challenge 121K this morning and reporting at $119,868 before the deadline. ETH has cleared its gloom, strongly attacking above $3,500 this morning and creating a new high since the beginning of last year. Key figures like BitMEX founder Arthur Hayes and Ark Invest founder Cathie Wood are simultaneously bullish on ETH. Risk Warning: Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.