European Region Inflation Data Released
The annual inflation rate (CPI) in the Eurozone was announced at 2%. The expectation was 2%, and the previous data was also 2%.
UK Inflation at 19-Month High at 3.8%
Annual consumer inflation in the UK rose to 3.8% in July — the highest rate seen since January 2024.
Positive Statement from Russian Foreign Minister Lavrov
Sergey Lavrov announced that Moscow is ready to discuss a peace agreement with Ukraine that covers political aspects.
New X Post from Michael Saylor
In a post on X, he said, “Ignore the bears.”
Goldman Sachs’ Stablecoin Forecast
Goldman Sachs predicts that the amount of stablecoins in circulation could rise from $240 billion to over $1 trillion in the next 3–5 years.
Tether Issues $1 Billion in USDT.
China Takes Step Toward Yuan-Backed Stablecoin
The Chinese government is considering allowing the use of yuan-backed stablecoins for the first time to accelerate the internationalization of the yuan.
Trump Makes Clear Statement About Fed Member
Donald Trump said that Federal Reserve Board Member Lisa Cook should resign immediately.
Liquidations Reach $450 Million
Last week, the MVRV (Market Value/Realized Value) ratio rose to 21%, indicating that investors could achieve significant profits and that selling pressure could increase as a result. This market movement is interpreted as investors potentially exiting their positions to realize profits. In the last 24 hours, liquidations rose in tandem with the decline. Over 128,000 crypto positions were liquidated in the last 24 hours, totaling $450.7 million in liquidations. The majority of the liquidations, amounting to $175 million, were in Ethereum, followed by $101 million in Bitcoin. The total amount liquidated was $373 million, which was created by long positions.
Markets Turn Their Attention to Powell’s Statements
Investors are waiting for Fed Chairman Powell to give signals on whether interest rates will be cut in September during his speech in Wyoming. The US economic data for July painted a mixed picture: Inflation came in at 2.7%, core inflation approached 3.1%, and producer inflation rose 3.3%. The slowdown in job growth and price pressures in the US have heightened stagflation concerns. Bitcoin has historically reacted sharply to Powell’s messages at Jackson Hole, but this year Powell is expected to take a more cautious approach.
Institutional Investor Interest Continues
Dom Harz, co-founder of Bitcoin DeFi protocol BOB, commented on the current downturn, pointing out that this correction is short-term. Harz said that Bitcoin, and Bitcoin DeFi in particular, has risen undeniably. “With institutional investors continuing to accumulate Bitcoin, I believe it will continue to be a driving force for mainstream and institutional adoption. This will also contribute to accelerating technological developments in Bitcoin DeFi,” he said.
Trump’s Dogecoin Move
Thumzup Media, a company linked to the Trump family, is preparing to acquire Dogehash Technologies to create the world’s largest Dogecoin mining platform. The Nasdaq-listed company announced that it will exchange all of Dogehash’s assets for 30.7 million Thumzup shares. Upon completion of the deal, the company’s name will be changed to Dogehash Technologies Holdings and will trade under the ticker symbol XDOG. The transaction is expected to close in the fourth quarter of the year. Dogehash operates 2,500 Scrypt miners in North America. Dogehash operates 2,500 Scrypt ASIC miners in North America, which are focused on producing Dogecoin and Litecoin. The company plans to expand its fleet and significantly increase its output by 2026. Dogehash’s operations are conducted in a data center that uses renewable energy.
End-of-Day ETF Flows
Spot Bitcoin ETFs saw outflows of $523 million.
Spot Ethereum ETFs experienced outflows of $430 million.
Macroeconomic Data Today
The annual inflation rate (CPI) for the Eurozone was reported at 2%.
(Expected: 2%, Previous: 2%)
