Powell's comments suggest the FOMC is unlikely to cut rates when it meets at the end of the month, PANews reported. U.S. Treasury yields fluctuated but moved higher on the day, and the S&P 500 held its gains after Powell's testimony. Traders are pricing in a slightly higher than 70% chance of the Fed's first rate cut in September. They expect two 25 basis point rate cuts in 2024.
According to BlockBeats, on July 9, Federal Reserve Chairman Powell said that recent labor data does show that the economy is cooling. The labor market seems to have fully restored balance. Powell further pointed out that the next policy move is unlikely to be an interest rate hike.
According to ChainCatcher, CryptoQuant CEO Ki Young Ju revealed on Twitter that the capitulation of Bitcoin miners is still continuing. Historically, the capitulation period ends when the average daily mining value reaches 40% of the annual average, and the current ratio is 72%. It is expected that the crypto market will be relatively flat in the next 2-3 months, and it is recommended to be bullish in the long term but avoid excessive risks.
According to Odaily Planet Daily, data tracked by Coinwarz showed that on June 5, the Bitcoin network computing power dropped from 83.6 TH/s to 79.50 TH/s, reaching the level of March, a month before the halving event in April. Julio Moreno, head of research at CryptoQuant, said: "The Bitcoin network computing power was adjusted down by 7.8% at the time, which is comparable to the situation after the FTX crash in December 2022. Miners' profitability has been hit, with daily revenue falling from $78 million before the halving to $26 million now." Moreno added: "Since the beginning of May, as the mining difficulty has been adjusted down, some miners have shut down their equipment to cope with the decline in profitability."
Richard Teng, CEO of Binance, said in a post on X that he will focus on the following areas in the next 12 months: - New use cases and continued innovation; - Enhanced user experience and retail adoption; - Institutionalization and mainstreaming of cryptocurrencies; - Enhanced regulatory development and transparency. There are more new developments coming, and we are still in the early stages.
● Grayscale and 21Shares spot Ethereum ETFs do not set transaction fees
According to BlockBeats, on July 9, Bloomberg senior ETF analyst Eric Balchunas disclosed that neither the Grayscale Ethereum Mini Trust nor the 21Shares Spot Ethereum ETF has set transaction fees.
● Australia’s largest stock exchange approves second spot Bitcoin ETF
According to Cointelegraph, Australia's major stock exchange will welcome its second Bitcoin spot ETF. Digital asset management company DigitalX has obtained regulatory approval and will launch its Bitcoin spot ETF on the Australian Stock Exchange (ASX) on July 12, with the code BTXX.
According to Odaily Planet Daily, according to data from RWA monitoring platform RWA.xyz, as of July 8, the tokenized U.S. Treasury bond market exceeded $1.8 billion, and is currently $1.81 billion, of which the BlackRock BUIDL fund market size exceeds $500 million. In addition, the market value of U.S. Treasury bond tokens on the Ethereum chain is approximately $1.3 billion, ranking first among all networks, followed by Stellar (approximately $410 million).