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PEPE buyers are attempting to step in at the current levels. A good sign for some crypto coins would be to retake that pre-election level where the previous rally started. PEPE has been relatively strong the past few days, especially compared to other bigger memes.
Durov had been required to remain in the country since his arrest seven months ago.
Quick Take International bank Standard Chartered has slashed its 2025 ether price target by 60% from $10,000 to $4,000, citing factors like Base’s growing market share. The Bank of Korea has ruled out the idea of creating a bitcoin reserve, citing its high volatility.
Quick Take The GMCI Meme index’s largest holdings have faced substantial selling pressure as speculative traders exit. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take Magic Eden saw an explosive but short-lived surge in Ordinals trading, with daily volume averaging nearly $50 million for eight days, driven by the Idiots NFT mint. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take Offchain Labs introduced the Onchain Labs initiative, which focuses on developing new decentralized applications for Arbitrum. The initiative was launched in partnership with the Arbitrum Foundation and will provide support for early-stage developers and teams.
- 12:06"Fed Mouthpiece": Federal Reserve's Independence Faces Renewed Challenges, No Rate Cut Expected This MonthAccording to a report by Jinse Finance, Treasury Secretary Bessent and several economic advisors generally advocate for maintaining the Federal Reserve’s independence. For example, in a recent Fox Business interview, Bessent declined to criticize Trump regarding the renovation of the building. However, other advisors and external allies have been exploring legal avenues to remove Powell from his position since before the election. In his testimony last month, Powell stated, “No one wants to undertake a major renovation of a historic building during their term, let alone two historic buildings that require extensive repairs.” Previously, Trump had pushed more broadly for lower interest rates to reduce government borrowing costs. The Federal Reserve is not expected to cut rates at its meeting later this month, but Powell has indicated that if inflation performs well or the labor market weakens, a rate cut may occur later this year. Trump hopes to lower the cost of servicing the federal deficit, though his tax cuts could further expand the federal deficit. Except in extreme situations such as war, central banks in developed economies tend to resist such pressure. They believe that maintaining stable inflation is crucial for sustaining confidence in their national currency.
- 12:01A Major Whale Shorts BTC and ETH Again with Total Position Value Exceeding $300 MillionAccording to Jinse Finance, analyst Yujin reported that the "insider" @qwatio had previously shorted BTC and ETH with $16.28 million over the past two weeks, but was fully liquidated yesterday, incurring a loss of $16.27 million. Subsequently, he redeemed 10 million USDC from Maker and transferred it to Hyperliquid, opening new short positions worth $232 million, including a 40x leveraged short on 1,273 BTC and a 25x leveraged short on 27,700 ETH.
- 11:22White House Digital Asset Policy Advisor: "Crypto Week" Will Cement the United States' Role as the Global Cryptocurrency CapitalAccording to ChainCatcher, White House digital asset policy advisor Bo Hine posted on X, stating that an important week is approaching. From July 14 to July 20, the House of Representatives will hold "Crypto Week." The GENIUS Act will be sent to President Trump's desk, the CLARITY Act will be sent to the Senate, and "Crypto Week" will further solidify the United States' role as the global capital of cryptocurrency.