Crypto Market Overview

• BTC (+1.58% | Current Price: 116,829 USDT): BTC has continued to climb after rebounding from the 114,000 USDT zone, forming an upward trend and holding above the MA 5 and MA 10 moving averages. While the MACD shows signs of weakening bullish momentum, there is no bearish crossover yet. If BTC holds above the 116,000 support, it may retest the previous high near 117,600. However, with rising volume and fading momentum, a drop below 115,500 could trigger a short-term correction. On August 7, BTC ETFs saw a net inflow of $280 million, with $156 million flowing into BlackRock’s IBIT and $43.45 million into Fidelity’s FBTC.
• ETH (+5.35% | Current Price: 3,888 USDT): ETH is outperforming BTC, with the MACD maintaining a strong bullish crossover and short-term moving averages forming a bullish alignment. Trading volume continues to rise, indicating strong buying support. A breakout above the recent high near 3,940 could open up further upside potential. Key support lies between 3,800 and 3,750; as long as it holds, the outlook remains bullish. On August 7, ETH ETFs recorded a net daily inflow of $222 million, including $103 million into BlackRock’s ETHA and $31.82 million into Fidelity’s FETH.
• Altcoins: The broader market rebounded, with most major altcoins posting gains. The Fear & Greed Index rose to 74, reflecting growing optimism, though short-term structural rotation may continue.
• Macro: On August 7, the S&P 500 fell 0.08% to 6,340.00, the Dow Jones declined 0.51% to 43,968.64, while the Nasdaq gained 0.35% to 21,242.70. As of 02:15 AM (UTC), spot gold was trading at $3,383 per ounce, down 0.37% in 24 hours.

Trending Tokens

PENDLE Pendle（+28.4%, Circulating Market Cap: $859)

According to Gate, PENDLE is trading at $5.171, up approximately 28.44% in the past 24 hours. Pendle is a DeFi protocol focused on yield tokenization and fixed income trading, allowing users to split yield-bearing assets (such as staked tokens) into Principal Tokens (PT) and Yield Tokens (YT) for more flexible yield management and strategy design. The native token PENDLE is used for governance, liquidity incentives, and protocol revenue sharing.

Recently, Pendle launched its first yield pool on Hyperliquid’s HyperEVM, “kHYPE,” which surpassed $100 million in TVL and offers a fixed APY of 9.86%, attracting over $54 million in liquidity. The team also announced plans to onboard more native assets from HyperEVM into the Pendle ecosystem. Meanwhile, community discussions around PT-USDe leveraged yield strategies on Aave have drawn attention to Pendle’s innovative approach to liquidity and yield structuring. These developments, along with increased capital inflows, have likely contributed to PENDLE’s recent price surge.

ZORA Zora（+34.2%, Circulating Market Cap: $290M)

According to Gate, ZORA is trading at $0.082993, with a 24-hour increase of approximately 34.2%. Zora is a decentralized content publishing and creator economy platform built on Ethereum, focused on on-chain minting, distribution, and trading mechanisms that enable creators to capture the value of their work through tokenization.

Recently, Zora partnered with Base and creator Jacob Horne to launch a video series discussing “monetization vs. tokenization,” sparking community interest in new creator income models. Additionally, its collaboration with popular Instagram account @the_political_compass (Polcom) has boosted social traction and user engagement. These overlapping narratives have energized both creators and speculators, driving a surge in platform activity and likely fueling ZORA’s recent price rally.

ORCA Orca（+21.1%, Circulating Market Cap: $156M)

According to Gate, ORCA is currently priced at $2.6321, up 21.1% in the past 24 hours. Orca is one of the leading decentralized exchanges (DEX) and automated market makers (AMMs) on Solana, known for its user-friendly interface, efficient liquidity pool mechanisms, and community-driven governance. The ORCA token is used for governance, staking, and ecosystem rewards.

Recently, Orca has seen renewed interest due to multiple catalysts. Its Launchpad product Wavebreak was listed on Birdeye’s Launch Explorer, enhancing its visibility and liquidity access. A new governance proposal also suggested allocating around 55,000 SOL for ORCA buybacks and validator staking, reinforcing token value support. Furthermore, Orca continues to deepen its integration with oracle provider Switchboard and has been highlighted by Solana’s official channels, strengthening its position within the broader Solana ecosystem.

Alpha Insights

Trump Signs Crypto-Friendly Banking Order, Appoints Miran to the Fed

U.S. President Donald Trump recently signed an executive order prohibiting federal financial regulators from pressuring banks to cut off services to cryptocurrency firms based on “reputational risk.” The move responds to longstanding industry complaints over de-banking practices, which the White House said have harmed law-abiding citizens and businesses while undermining public trust in the financial system. While the order does not explicitly mention crypto, it targets a key mechanism previously used to marginalize the industry. The policy was widely supported by Republican lawmakers and is seen as a significant step toward ending “Operation Choke Point 2.0,” offering regulatory clarity and financial access to crypto businesses.

On the same day, Trump announced via Truth Social the appointment of White House economic advisor Stephen Miran to the Federal Reserve Board, with a term running through early 2026. Miran has long criticized the Fed for “groupthink” and for overstepping its mandate into political domains. He has proposed reforms such as shortening board terms and increasing presidential influence. As a temporary appointment not requiring Senate confirmation, the move enhances White House influence over monetary policy and signals a dual-track strategy of central bank reform and crypto support, potentially reshaping the direction of U.S. financial regulation.

Hong Kong Launches RWA Registry and Web3 Standards Initiative

On August 7, the Hong Kong Web3 Standards Association officially launched the “RWA Registration Platform,” which offers full-process services for the digitization, tokenization, and financialization of real-world assets. This marks a critical step in Hong Kong’s effort to bridge traditional finance and blockchain infrastructure. The platform provides a unified framework for registering, auditing, and issuing tokenized assets such as real estate and debt instruments, aimed at improving transparency and liquidity while attracting institutional participants to the on-chain ecosystem.

Simultaneously, three key Web3 standards were initiated: the “RWA Tokenization Business Guidelines,” “RWA Tokenization Technical Specifications,” and “Blockchain-Based Stablecoin Cross-Border Payment Technical Standards.” These frameworks aim to guide compliant token issuance, enhance cross-border settlement infrastructure, and standardize technical implementations. The initiative reflects Hong Kong’s acceleration in building a regulated Web3 ecosystem, positioning the city as a global hub for RWA tokenization and stablecoin innovation.

SEC and Ripple End Legal Battle, XRP Ruling Finalized

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have agreed to jointly withdraw their appeals in the Second Circuit Court, officially concluding one of the crypto industry’s most high-profile legal battles. The withdrawal finalizes Judge Analisa Torres’s 2023 ruling, which held that XRP’s secondary market sales do not constitute securities transactions, although large institutional sales by Ripple were deemed unregistered securities offerings. Ripple will pay a $125 million fine and accept a permanent injunction barring future violations. Both parties will cover their own legal costs, indicating a mutual desire to close the case.

The ruling holds major implications for the crypto industry. It provides regulatory clarity by affirming that certain tokens—like XRP—may not be securities when traded in secondary markets, while reinforcing enforcement boundaries on institutional sales. Ripple’s decision to withdraw its appeal signals a strategic shift toward resolving regulatory uncertainty and focusing on global expansion. As the first U.S. case to definitively address whether tokens are securities, this precedent is expected to influence future regulatory frameworks and litigation, and has reignited calls for comprehensive crypto legislation in the United States.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Jin10, https://flash.jin10.com/detail/20250807154353946800
• The Block, https://www.theblock.co/post/366096/sec-ripple-to-end-legal-battle-as-both-parties-abandon-appeals-leaving-xrp-ruling-intact
• Truth Social, @realDonaldTrump/posts/114989195031706823"">https://truthsocial.com/@realDonaldTrump/posts/114989195031706823

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.