Recently, the dynamics of the cryptocurrency market have attracted attention. Tesla revealed in its latest financial report that the valuation of its held Bitcoin assets has risen to approximately $1.2 billion. This significant growth is primarily benefited from the roughly 30% increase in Bitcoin prices this quarter, as well as the new accounting standards that will take effect in 2025. This new regulation established by the Financial Accounting Standards Board (FASB) allows companies to measure cryptocurrency assets at fair value on a quarterly basis, replacing the previously used minimum market capitalization accounting method.

Tesla's second quarter financial report shows that the company's revenue reached $22.5 billion, in line with market expectations, with earnings per share of $0.40. It is noteworthy that Tesla currently holds 11,509 Bitcoins. In after-hours trading, Tesla's stock price rose slightly by 0.71%, to $331.56.

At the same time, the fintech sector has also welcomed significant developments. Block, formerly known as Square Inc., has officially entered the S&P 500 index, marking its recognition in the financial market. Even more noteworthy is that Square, the payment platform under Block, has announced the commencement of trial operations for its Bitcoin-based payment functionality.

This innovative payment solution utilizes Lightning Network technology, aiming to provide merchants with a low-cost, high-efficiency Bit transaction experience. Square enables merchants to easily accept Bit payments through its payment terminals. Owen Jennings, the company's business director at Block, stated that the company is recruiting its first users to participate in this 'native Bit payment experience' pilot project.

This initiative is viewed as a key step by Block's founder Jack Dorsey in pushing Bit towards mainstream payment sectors. As more and more tech giants and financial institutions enter the encryption field, the role of Bit and its related technologies in the global payment system is becoming increasingly prominent and may have a profound impact on the traditional financial landscape.