CZ accuses Bloomberg of false reporting, German government sells Bitcoin

Headlines

▌Bloomberg says Binance helped WLFI write USD1 code, CZ accuses the former of false reporting

According to a report by Bloomberg on Friday, citing three people familiar with the matter, Binance helped WLFI create (write basic code), promote USD1 stablecoin, and played a role in its largest transaction before CZ sought a pardon. In response, CZ said that Bloomberg's article was sponsored by a competitor and contained multiple factual errors.

▌Arkham: The German government’s losses from “flying out” on Bitcoin have reached $2.98 billion

According to Arkham statistics, the German government sold 49,858 bitcoins at an average price of $57,900. Compared with the current price of $117,000, its losses from “flying out” have reached $2.98 billion.

Market

As of press time, according to CoinGecko data:

BTC price is $117,782, 24 hours ups and downs +1.5%;

ETH price is $2,963.81, 24 hours ups and downs +0.5%;

BNB price is $694.20, 24 hours ups and downs +0.7%;

-0.4%;

DOGE price is 0.2026 US dollars, with a 24-hour increase or decrease of +3.5%;

XRP price is 2.8 US dollars, with a 24-hour increase or decrease of +10.1%.

TRX price is 0.3027 US dollars, with a 24-hour increase or decrease of +2.8%.

Policy

▌The Director of the U.S. Financial Services Bureau responded to the rumors that Powell intends to resign: it will be a correct decision

On Friday local time, Pulte, Director of the Federal Housing Finance Agency, issued a statement on the rumors that Federal Reserve Chairman Powell was considering resigning, saying, "I am encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for the United States and the economy will prosper as a result." Analyst Adam Button said, "This is a strange statement because it indicates that there are reports that Powell is considering resigning, but I can't find any reports. What's more puzzling is that Pulte has long been posting on social media that Powell should resign, and even announced this statement in advance-although the so-called "reports" cited in the statement itself cannot be verified at all. It is impossible to judge its true intentions at present, but it is worth noting that the financial market seems to have no reaction to this."

Blockchain application

▌Coinbase International Station and Copper reached a strategic cooperation to integrate the ClearLoop network to improve institutional-level transaction efficiency

Coinbase International Station and digital asset infrastructure provider Copper announced a strategic cooperation to integrate Copper's ClearLoop network into the Coinbase platform. The cooperation will provide over-the-counter settlement and collateral management services to institutional clients, significantly reducing counterparty risk and improving capital efficiency.

▌Musk's xAI plans a new round of financing, and the target valuation soars to US$200 billion

According to the Financial Times, citing people familiar with the matter, Elon Musk's artificial intelligence company xAI is preparing for a new round of financing, and the company's valuation may be as high as US$200 billion, a 10-fold increase from the beginning of last year. The financing is under discussion and may be officially launched as early as next month. This will be the company's third large-scale stock offering in less than two months. The company raised $10 billion in loans and cash investments in July and sold $300 million in shares in a secondary stock offering in June. The deal will also solidify xAI's rapid rise in valuation. In May 2024, xAI was valued at $18 billion in its "Series B" financing.

Cryptocurrency

▌A whale deposited 1,000 BTC into Binance after 4 months of silence, worth $117.67 million

According to Onchain Lens monitoring, after 4 months of silence, a whale deposited 1,000 Bitcoins (worth $117.67 million) into Binance, making a profit of $68.8 million. The whale initially withdrew 2,100 bitcoins (worth $178.21 million) from Binance and currently still holds 1,100 bitcoins, worth about $129.33 million.

▌A newly created address withdrew 16,773 ETH from FalconX 2 hours ago

According to Onchain Lens monitoring, a newly created wallet address withdrew 16,773 ETH from FalconX 2 hours ago, worth $50.1 million.

▌Non-profit development organization Argot sold 1206.6 ETH for $3.61 million 6 hours ago

According to analyst Ember, the non-profit development organization Argot received 7,000 ETH operating funds from the Ethereum Foundation and sold 1206.6 ETH for $3.61 million nearly 6 hours ago. Since yesterday, Argot has sold 2416.6 ETH and received $7.106 million, with an average selling price of $2941/ETH.

▌Nasdaq-listed BTC Digital plans to establish a $1 million Ethereum reserve

BTC Digital (BTCT) announced the establishment of a $1 million Ethereum reserve. The company said that this marks the first step in its transformation from a pure computing power provider to a participant in the on-chain financial infrastructure. In the future, it will continue to increase its holdings of ETH based on market and network upgrades.

▌Coinbase changed its X account avatar to a "Fat Penguin" theme picture

Coinbase changed its X account avatar to a "Fat Penguin" theme picture, and wrote "Who doesn't like the new avatar?"

▌The total value of Strategy's holdings exceeded $70 billion, with a floating profit of about $28 billion

According to BitcoinTreasuries.Net data, based on the Bitcoin price of $117,464, although Strategy has spent more than $42 billion to accumulate Bitcoin, it has currently obtained about $28 billion in unrealized profits. Currently, Strategy holds 597,325 Bitcoins, with a total value of about $70.16 billion. In addition, Metaplanet, a Japanese listed company, has been increasing its holdings of Bitcoin since 2024 and currently holds 15,555 Bitcoins, worth about $1.83 billion, with an unrealized profit of $284 million.

Important Economic Dynamics

▌Determinants of EU-US trade deal: cars, agriculture and Trump

As the EU and the US work to reach an interim trade deal in the coming days, the level of auto and agricultural tariffs has become a key sticking point in the negotiations between the two sides, according to people familiar with the matter. The EU is seeking a tariff of no more than 10% on agricultural exports, the people said. Some automakers had previously pushed for an offsetting mechanism, in which companies would receive tariff reductions in the United States in exchange for their investments, but the mechanism is not currently under consideration because the EU is concerned that it could lead to a shift in production across the Atlantic. The above-mentioned person added that EU negotiators are currently focusing on the issue of auto tariffs. The people familiar with the matter requested anonymity because they were talking about private discussions.

▌White House trade adviser Navarro: If rate cuts lead to higher prices, then the other way around

White House trade adviser Navarro: If rate cuts lead to higher prices, then the other way around.

▌US tariff revenue for this fiscal year exceeded $100 billion for the first time, up 301% year-on-year in a single month

US tariff revenue for this fiscal year exceeded $100 billion for the first time, reflecting the impact of the Trump administration's tariff increase. The U.S. Treasury Department's monthly budget report showed that tariff revenue in June reached $27 billion, up 301% year-on-year; total tariff revenue so far this fiscal year has increased to $113 billion. Total U.S. federal government revenue in June increased by about 13% year-on-year. The U.S. federal government had a fiscal surplus of $27 billion in June, compared with a deficit of $71 billion in the same period last year. The deficit for the first nine months of the fiscal year totaled $1.34 trillion. Adjusted for calendar differences, the deficit for the fiscal year so far is 1% smaller than a year ago. President Trump has imposed a series of new tariffs on a variety of goods and trading partners, which has increased the federal government's tariff revenue. Trump is trying to revive domestic manufacturing and correct trade imbalances through tariffs.

▌Federal Reserve Bank of Chicago Goolsbee warns: Latest tariff threats may delay rate cuts

Chicago Fed President Goolsbee said that the latest tariff measures announced by US President Trump have once again muddied the inflation outlook, which will make it more difficult for him to support the rate cuts that Trump has strongly advocated. Goolsbee revealed in an interview on Friday that market concerns about tariffs pushing up prices have eased significantly in the past few months as Trump suspended the high bilateral tariff plan proposed in April, which originally paved the way for the Federal Reserve to cut interest rates again soon. But the latest round of tariffs - including 35% on some Canadian imports and 50% on Brazilian goods starting Aug. 1 - could reignite inflation fears, forcing the Fed to wait and see until the situation becomes clearer. "I hope the business community won't respond with 'this puts us back where we were on April 3,' but it's hard to tell how much that will be," he said.

Golden Encyclopedia

How does the trade war affect stocks and crypto markets?

Tariffs raise the cost of imported goods, squeezing profit margins for companies that rely on international supply chains. When automakers or electronics brands have to pay higher costs for parts, those costs can either eat into profits or be passed on to consumers. In either case, it's bad news for earnings, which is what determines stock valuations. There's also the fear factor. The trade war has injected a huge amount of uncertainty into the economy. Will more tariffs be imposed next? Will other countries retaliate? This unpredictability can cause businesses to delay investments and hiring, while consumers may start spending less. This manifests itself as increased market volatility. The tariffs also hit cryptocurrencies, but the market recovered after a few days, reflecting the volatile and responsive nature of cryptocurrencies during times of global uncertainty. When uncertainty rises — such as a sudden escalation in global trade tensions — investors tend to play it safe. This means investors withdraw from more volatile assets, including cryptocurrencies, and hold assets that are seen as safer, such as cash or bonds. This is a classic "risk-off" strategy. But cryptocurrencies won't stay depressed for long. For many investors, despite their volatility, cryptocurrencies are also increasingly seen as a valuable hedge that is not affected by any government or policy decisions.