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Share link:In this post: The S&P 500 is hitting new highs, but only a small number of mega-cap tech stocks are driving the gains. Similar narrow market rallies in the past have often led to weaker performance over the following 12 months, according to data going back to 1972. Some analysts believe potential interest rate cuts by the Federal Reserve could boost participation from smaller stocks and help stabilize the rally.
Share link:In this post: X said it’s “deeply concerned” about press censorship in India after being ordered to block over 2,300 accounts, including Reuters. India’s government denies issuing a new blocking order and claims it quickly asked X to restore the Reuters accounts. The dispute highlights ongoing tensions between X and Indian authorities over content takedowns and press freedom.
Share link:In this post: Pakistan has launched the Pakistan Virtual Assets Regulatory Authority (PVARA) to license and oversee crypto service providers. The Pakistan crypto market has over 40 million users and $300B in annual trading volume. The government also allocated 2,000 megawatts of electricity for Bitcoin mining and plans to establish a strategic Bitcoin reserve.
- 22:28U.S. Commerce Secretary: Trump to Make Tariff Decisions on Other Countries This WeekAccording to a report by Jinse Finance, U.S. Secretary of Commerce Luttig stated that Trump will make tariff decisions regarding other countries this week. Trump will review several agreements this week before determining the tariff rates. For those countries proposing to offer market access, our negotiating table is ready.
- 22:27Qubic's Plan to Control 51% of Monero Hashrate Raises Security Concerns and Could Disrupt Network TransactionsAccording to Jinse Finance, the blockchain project Qubic, led by IOTA co-founder Sergey Ivancheglo (CFB), has leveraged a "Useful Proof of Work" (uPoW) mining approach to control over 20% of Monero's hashrate. Qubic plans to strive for more than 51% hashrate dominance between August 2 and 31 to showcase its technical capabilities. By incentivizing miners to participate in Monero CPU mining, Qubic has rapidly amassed significant computing power. The Monero coins mined are then exchanged for stablecoins to support the buyback and burning of its own tokens, creating an economic incentive mechanism. This move has sparked serious concerns within the Monero community regarding the network's decentralization and security. If Qubic gains control of more than half the hashrate, it could reject valid blocks from other mining pools, resulting in orphaned blocks and transaction delays, which would severely disrupt normal network operations. Qubic also plans to stop publishing hashrate data starting August 2, aiming to raise public awareness about the risks of a 51% attack. Analysts point out that while Monero spends about $130,000 daily to secure its network, it may only take an investment of $7,000 to $10,000 per day to gain control of most of the hashrate, exposing a potential weakness in the incentive mechanisms of Proof of Work (PoW) networks. This incident is not only a crisis for Monero but also serves as a warning to all PoW blockchains.
- 22:12Trump Accepts Luxurious Jet Donated by Qatar for Use as "Air Force One"According to a report by Jinse Finance, citing ABC News, the Trump administration accepted an "unconditional donation" of a luxury aircraft from Qatar, but did not specify how the plane should be handled after President Trump leaves office. The memorandum of understanding was signed earlier this month by U.S. Secretary of Defense Hegseth and representatives from Qatar. CBS also reported that preparations for retrofitting the aircraft are underway, and it is expected to become Trump's "Air Force One." Although the agreement has drawn criticism from both Trump's detractors and some allies, with some calling it a "bribe" from a foreign power, the White House insists that the use of the plane is legal and has pledged to donate the aircraft to Trump's presidential library after he leaves office. According to the memorandum, the plane will be donated "as is," with the Pentagon overseeing all necessary modifications before it can be used as the presidential "Air Force One." Before the aircraft is put into service, security checks must be conducted, including inspections for surveillance equipment or spy devices.