Author: TechFlow
Yesterday's Market Dynamics
US House of Representatives Unanimously Passes Three Cryptocurrency Bills
On Thursday local time, the US House of Representatives unanimously passed three cryptocurrency-related legislative bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance Act. The CLARITY Act and the Anti-CBDC Surveillance Act will be sent to the Senate for review. The GENIUS Act is expected to be signed into law by Trump on Friday local time.
US Initial Jobless Claims at 221,000 for the Week Ending July 12, Lower Than Expected
According to Jin10 data, US initial jobless claims for the week ending July 12 were 221,000, lower than the expected 235,000, with the previous value revised from 227,000 to 228,000.
Trump Administration Supports De Minimis Tax Exemption for Cryptocurrencies to Make Crypto Payments More Convenient and Efficient
According to The Block, White House Press Secretary Karoline Leavitt stated on July 17 that the Trump administration will continue to support a "de minimis tax exemption" for cryptocurrency transactions to make crypto payments more convenient and efficient. Such exemptions would exempt small daily purchases (like "buying a cup of coffee") from tax reporting obligations. Although the related amendment was not passed in the "One Big Beautiful Bill Act" signed on July 4, the government still plans to explore new legislative solutions. Leavitt also revealed that the Trump administration is planning a signing ceremony for the upcoming GENIUS Act on stablecoins, aiming to make the US the "world's crypto capital".
Trump Plans Executive Order to Allow Cryptocurrencies in 401(k) Retirement Plans
According to the Financial Times, US President Trump plans to issue an executive order allowing "alternative investments" such as cryptocurrencies, gold, and private equity to be included in 401(k) retirement plans. The order will require regulatory agencies to review existing barriers and pave the way for these assets to enter professionally managed retirement funds. The US Department of Labor has already withdrawn its previous warning about including cryptocurrencies in investment strategies. As of March this year, US 401(k) retirement funds are approximately $8.7 trillion in size. Several states have already taken action, with Michigan holding about $6.6 million in Bitcoin ETF and $10 million in Ethereum ETF, and Wisconsin holding $163 million in Bitcoin ETF.
US Stocks Close: S&P 500, Nasdaq, and NVIDIA All Hit New Highs
Market data shows that US stocks closed on Thursday with the Dow up 0.52%, the S&P 500 up 0.54%, and the Nasdaq up 0.75%, with the latter two hitting all-time highs. NVIDIA (NVDA.O) rose nearly 1%, closing with a market cap over $4.2 trillion, reaching a new high. Coinbase rose 3.15% to $410.75.
Coinbase Announces "One-Stop" Base App to Replace Coinbase Wallet
According to The Block, Coinbase announced on Wednesday the launch of an "everything app" called "Base App", aimed at attracting more users into the crypto economy. This new app, replacing Coinbase Wallet, integrates wallet, trading, and payment functions, while also incorporating social media, instant messaging, and mini-program support, all running on its self-developed Ethereum Layer 2 network, Base. For Coinbase, this move aims to break through the limitations of its core cryptocurrency trading business and reach a broader potential user base.
Sonic to Launch AI-Driven Development Platform Spark, Allowing Users to Build and Deploy Full-Stack Decentralized Applications Without Programming
According to the official announcement, Sonic will launch the Spark platform, an AI-driven development platform that allows users to build and deploy full-stack decentralized applications without programming. Supported by Google's Gemini large language model, the platform features no-code full-stack building, self-debugging, built-in security logic, and context-aware interfaces. Spark is still in development, with early access coming soon.
Binance Alpha: Will Combat Violations, Serious Offenders May Be Permanently Banned
According to the official announcement, Binance Alpha will introduce multiple optimization measures, including advance notifications and simplified processes, to enhance the fairness and convenience of airdrop participation.
In response to user feedback about potential violations, the platform has conducted multi-dimensional investigations. If users are found to have violated activity rules, appropriate measures will be taken, with serious offenders potentially facing permanent banning.
Yala Announces Token Economics Model: Total Supply of 1 Billion, 3.4% Allocated to Airdrop
According to the official announcement, Yala has published its token economics model, with a total supply of 1 billion YALA tokens.
The token allocation includes: 15.98% for investors, 20% for ecosystem and community, 29.12% for foundation and treasury, 10% for marketing, 20% for team, 3.4% for airdrop, and 1.5% for market makers. The airdrop portion will be fully unlocked at TGE, while team and investor tokens will have a 1-year lock-up period.
Nasdaq-Listed Bit Origin Secures $500 Million Funding, Plans to Launch Doge Treasury
According to Globenewswire, Nasdaq-listed Bit Origin (NASDAQ: BTOG) announced an agreement with multiple qualified investors to launch a DOGE treasury reserve, with total funding of $500 million, including $400 million in equity financing and $100 million in convertible debt.
The company plans to hold DOGE as a core asset for the long term, aiming to become one of the largest listed DOGE holders globally, and achieve long-term value appreciation through "increased holdings per share".
Bit Origin stated that DOGE, with its ultra-fast settlement speed, massive community scale, and increasingly expanding merchant acceptance, is playing an increasingly important role in peer-to-peer payments and e-commerce scenarios. The company hopes DOGE can become an important part of Elon Musk's X platform "X Money" payment system.
BTCT Announces Strategic Shift to Ethereum, Will Convert Entire Bitcoin Reserve to ETH
According to PRNewswire, the Nasdaq-listed blockchain technology company BTC Digital Ltd. (NASDAQ: BTCT) announced today a strategic shift, fully adopting Ethereum (ETH) as its core asset and operational foundation. As part of this plan, BTCT completed $6 million in funding and added a $1 million ETH position.
BTCT CEO Siguang Peng stated that Ethereum has become the preferred platform for decentralized finance, real-world asset tokenization, and scalable smart contract innovation.
Market Dynamics
Recommended Reading
This article discusses how Compound founder Robert Leshner purchased 56.9% of LQR House's controlling stake for $2.03 million, planning to drive company strategy transformation by replacing the board of directors. LQR House management is fighting back through "poison pill" strategies and shareholder lawsuits. Leshner may use LQR House as a showcase platform for Superstate's on-chain fund, exploring possibilities of DeFi and traditional finance integration.
Huang Renxun: 30 Years After Financial Freedom, I Have No Dreams
This article records Huang Renxun's speech at the chain conference, sharing his views on AI, autonomous driving chips, and the Chinese tech market. He emphasized NVIDIA's innovative capabilities and leadership in the AI field, while also revealing interest in China's new energy vehicles. The article also mentions Meta's AI talent war in Silicon Valley and the significance of NVIDIA H20 chip export license restoration.
Who Got Rich from Pump.fun's Token Issuance?
This article analyzes the token issuance process, market performance, and controversies of Pump.fun, exploring the current status and future development trends of the MEME market. The article provides a detailed interpretation of Pump.fun's tokenomics, market enthusiasm, and valuation, and points out its position and challenges in the MEME market.
First Look at the New Coinbase Wallet: What's Different from the Old Version?
This article focuses on the new Coinbase wallet launch, integrating Farcaster social features, emphasizing discovery, trading, and network effects, offering a concise interface and built-in AI assistant to enhance user experience.
Wall Street Chasing Crypto, Ethereum's Moment of Glory
The article describes Wall Street's focus on the cryptocurrency domain, with Ethereum at the center. Traditional finance shows sluggish growth, while crypto assets are again attracting attention, especially Ethereum's investment potential. Wall Street investors' interest in Ethereum is primarily centered on its market performance and future catalysts. Despite challenges, Ethereum is attracting new capital inflows, potentially driving its price up.
