Institutions are closed on the weekends, and the overall crypto market is relatively calm.
This morning, Bitcoin broke through $68,500, reaching a high of $69,800. Ethereum also broke through $3,300, and SOL was close to $200 at one point.
It can be seen that Bitcoin still maintains an upward trend. At present, a certain support has been formed at $64,000-68,500.
Bitcoin's breakthrough will further hit the integer mark of 70,000 US dollars.
The news worth noting is:
1. US Senators will propose that the US Treasury Department purchase 1 million Bitcoins within 5 years
Wyoming Senator Cynthia Lummis said at a Bitcoin conference that she will introduce a bill next week that would direct the U.S. Treasury to purchase 1 million bitcoins over five years.
She said the move was to offset the impact of the depreciation of the US dollar. Bitcoin is a good means of storing value.
Over the past four years or so, Bitcoin has grown by about 55% per year, a period during which the dollar has depreciated and inflation has risen.
She believes there is value in owning a hard asset that backs the dollar and grows in value rather than falls.
2. Nick Timiraos, the mouthpiece of the Federal Reserve, wrote: The Federal Reserve's interest rate cut has finally come into view
He believes that while Fed officials are unlikely to cut interest rates next week, developments in inflation and the labor market should lead officials to signal a rate cut at their September meeting.
3. According to ABC poll data, Harris's approval rating has risen to 43%.
4. According to Token Unlocks data, this week projects such as W, OP, SUI, and ZETA will see a one-time large-scale unlocking of tokens, with a total value of over US$348 million.
Among them: W will unlock 600 million tokens at 19:30 on August 3, worth about 174 million US dollars, accounting for 33.33% of the circulation;
OP will unlock 31.34 million tokens at 8:00 on July 31, worth approximately $54.5 million, accounting for 2.79% of the circulation;
SUI will unlock 64.19 million tokens at 8:00 on August 1, worth approximately $50.6 million, accounting for 2.56% of the circulation;
ZETA will unlock 53.89 million tokens at 8:00 on August 1, worth approximately US$34.8 million, accounting for 18.92% of the circulation.
DYDX will unlock 8.33 million tokens on August 1, worth nearly $11 million, or 3.65% of its circulating supply.
MANTA will unlock 1.87 million tokens on August 1, worth approximately $1.83 million, accounting for 0.5% of its current circulation.
ENA will unlock 14.89 million tokens on August 4, worth approximately US$7.01 million, accounting for 0.87% of its current circulation.
It is worth noting that the large-scale unlocking of these tokens may affect their short-term price trends and market expectations.
5. Tether CEO posted on social media that Tether is preparing to launch a new open source project, which will become an important part of Tether's future ecosystem.
Overall, the market performance was relatively flat over the past two days of the weekend. After Trump's speech, the market returned to a cooling-off period.
But it can be seen that Bitcoin has gone from a private consensus to a corporate consensus and then to a mainstream government consensus.
In the last bull market, Musk was the bull market accelerator, and Trump may become the accelerator of this bull market.
Next, we can focus on the Federal Reserve’s interest rate decision and the US non-farm data for July.
The market now generally believes that the Federal Reserve is expected to release clearer interest rate cut signals in July, paving the way for a formal interest rate cut in September.
