Gate Daily: The White House plans to punish banks that discriminate against encryption companies; CFTC seeks to allow trading of Bitcoin Spot; BitMine hoards 2.9 billion USD in ETH.

Bitcoin (BTC) continues this week's rebound trend, currently reporting around 115,080 USD. The Commodity Futures Trading Commission (CFTC) seeks to allow spot crypto assets trading on registered exchanges, while the White House is preparing to issue an executive order to penalize banks that discriminate against crypto companies. The wave of institutional accumulation of Ethereum (ETH) continues, with BitMine purchasing 833,000 ETH in 35 days, quickly accumulating 2.9 billion USD in ETH, surpassing SharpLink.

Today's Outlook:

1. China's July S&P Global Services PMI was 50.6.

2. China's July S&P Global Composite Purchasing Managers' Index was 51.3.

3. Eurozone June Producer Price Index (Year-on-Year), previous value was 0.3%

4. Canada June Trade Balance (billion CAD), previous value was -5.90

5. U.S. June Trade Balance (Billion USD), previous value was -71.5

Macro Events & Crypto Hotspots

1. The Commodity Futures Trading Commission (CFTC) has launched a program allowing the trading of "Spot Crypto Assets Contracts" on futures exchanges registered with the CFTC. This invitation is part of the CFTC's "Crypto Sprint" initiative, aimed at implementing the recommendations of President Donald Trump's Digital Asset Market Working Group, which includes 18 recommendations. CFTC Acting Chair Caroline Pham stated in a statement on Monday: "The CFTC is fully advancing cooperation with the SEC's crypto initiatives to achieve real-time trading of digital assets at the federal level. The CFTC can now implement a clear and simple solution."

2. According to a statement on August 4, Ethereum's largest corporate holder BitMine Immersion Technologies revealed that its current total holding is 833,137 ETH, worth over $2.9 billion. This development puts BitMine far ahead of the previous leader SharpLink, which reportedly holds 438,000 ETH. Through this acquisition, BitMine's ranking in the global Crypto Assets total has also risen to third place, only behind the Bitcoin-focused Strategy (formerly MicroStrategy) and BTC miner Marathon Digital Holdings.

3. According to a report by The Wall Street Journal, the White House is preparing to increase pressure on large banks regarding their alleged discrimination against conservative individuals and crypto companies, planning to threaten fines against lending institutions that terminate customer services for political reasons through an executive order. The draft of this executive order seen by the media instructs banking regulators to investigate whether any financial institutions may have violated the Equal Credit Opportunity Act, antitrust laws, or the Consumer Financial Protection Act.

Market Trends

1. $BTC continues the rebound trend from the start of this week, currently reported at around 115,080 USD, with a liquidation of 28.05 million USD in the past 24 hours, mainly from short positions;

2. The US stock market closed higher on Monday as investors took the opportunity to enter the market during the pullback, ignoring concerns about the US economy and focusing on the rising possibility of interest rate cuts by the Federal Reserve (Fed). All four major indices on Wall Street rose today. The Dow Jones Industrial Average increased by 585.06 points or 1.34%, closing at 44,173.64 points. The S&P 500 rose by 91.93 points or 1.47%, closing at 6,329.94 points. The Nasdaq Composite surged by 403.45 points or 1.95%, closing at 21,053.58 points. The Philadelphia Semiconductor Index climbed by 96.80 points or 1.75%, closing at 5,624.41 points;

3. In the Gate BTC/USDT liquidation map, based on the current 115,226.50 USDT, if it drops to around 113,488 USD, the cumulative amount of long liquidations exceeds 193 million USD; if it rises to around 115,827 USD, the cumulative amount of short liquidations exceeds 858 million USD. The amount of short liquidations is significantly higher than that of long liquidations, so it is advisable to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was 1.44 billion USD, outflow was 1.50 billion USD, resulting in a net outflow of 0.06 billion USD;

5. In the past 24 hours, contracts such as $BTC, $XRP, $SUI, $PENGU, and $ENA have shown a net outflow, indicating trading opportunities.

News Update

1. Research: North Korean hackers are using fake job opportunities to infiltrate cloud systems, having stolen $1.6 billion in Crypto Assets this year.

2. Solana begins selling Seeker mobile devices to over 50 countries.

3. The Wall Street Journal: The White House is preparing to issue an executive order to punish banks that discriminate against crypto companies.

4. The CFTC of the United States is exploring the allowance of some registered futures exchanges to trade Spot Crypto Assets.

5. Billionaire Adam Weitsman purchased over 5,000 NFTs from Yuga Labs.

6. Two new wallets increased their holdings by 15,000 ETH and 9,968 ETH respectively 3 hours ago.

7. Hyperliquid achieved a record trading volume in July, nearing $320 billion.

8. The U.S. FinCEN warns financial institutions to be vigilant against criminal activities utilizing cryptocurrency ATMs.

9. Phantom acquires the Solana-based meme coin exchange platform Solsniper.

10. The blockchain lending company Figure has submitted an IPO application to the U.S. SEC.

11. U.S. Congressman Titus urges an investigation into the relationship between CFTC chairman nominee Brian Quintenz and the prediction markets.

12. The rebound trend on the Ethereum chain in July is evident, with trading volume approaching $240 billion.

13. Fed's Daly: The timing for interest rate cuts is approaching, and the number of cuts this year is more likely to be greater than two.

14. Barry Silbert returns to Grayscale as chairman, will promote the company's IPO plans.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Monday's homework is better written, so far it looks very similar to expectations, U.S. stocks have recovered the amount of losses they fell before the end of the week, and now they have found the extent of last Thursday's decline, the NASDAQ rose more than 1.6%, the S&P rose more than 1.2%, the Dow Jones reversed almost 1.2%, and investor sentiment has changed from Friday's pessimistic reasons, the main pessimistic reasons." And the yield of U.S. bonds is gradually declining, which is also the market's expectation of the Fed to cut interest rates, the ten-year U.S. Treasury has fallen below 4.2%, the bond market is still very optimistic, this idea from Friday's homework to now, the current biggest game is not the game between the Fed and inflation and the unemployment rate, but the game between the Fed and inflation and unemployment rate led by Trump, but the game between the Fed led by Trump and the aggressive conservatives of inflation. The essential logic of the market has not changed, it is still tariffs and monetary policy, but tariffs have almost progressed, and the rest of India's Trump has directly intimidated, and in terms of monetary policy, Trump has stimulated the market by changing people, giving the market a shot in the arm, so the biggest battle is at the September interest rate meeting. Back to Bitcoin's data, the turnover rate began to rise again on Monday, short-term investors showed signs of significant reductions, especially short-term loss investors left the market very strongly, it is estimated that the rebound is temporary, worried about continuing to be trapped, but not temporary I don't know, what I know is that the current game has not yet divided the winner and loser. The support surface is quite stable, it has not even touched the first support level, and the mood of investors is okay, of course, I don't know if it can continue to rush, but from my understanding point of view, there is no systemic risk now, continue to observe."