Today’s Macro Calendar
Today, the market is moving in a bearish direction ahead of Fed Chair Jerome Powell’s speech at 5:00 p.m. Bitcoin has fallen to 111,780, while ETH has retreated to 4,213. The speeches to be made at the Jackson Hole meeting may be decisive in determining whether the sell-off in the crypto markets will stop or continue, as they will provide signals regarding the interest rate decision in September. If the Fed’s speeches this evening are dovish, we may see an upturn in cryptocurrencies.
Latest ETF Entries
In recent weeks, investments in Ethereum-based ETFs have surpassed Bitcoin ETFs. Data provided by SoSoValue shows that $194 million flowed out of Bitcoin ETFs yesterday, while $288 million flowed into Ethereum ETFs.
New Development in Bitcoin Bill
The Strategic Bitcoin Reserve (Strategic Bitcoin Reserve) bill, which proposes the creation of a strategic Bitcoin reserve, was submitted to the Philippine House of Representatives. The bill aims for the Bangko Sentral ng Pilipinas (BSP) to purchase 2,000 Bitcoin (BTC) annually over a five-year period, totaling 10,000 BTC to be held for 20 years. Villafuerte, a member of the National Unity Party (NUP) and known for his innovative economic policies, was elected from the province of Camarines Sur. He has previously worked on digital economy and financial inclusion initiatives. The bill aims to make the Philippines one of the first countries in Asia to adopt Bitcoin as an official reserve asset and provide protection against inflation.
Digital Euro Plan from the European Union
The European Union is accelerating its digital euro plans following the United States’ adoption of stablecoin regulation (Genius Act). The US GENIUS Act provides a clear regulatory framework for stablecoins, defining payment stablecoins, reserve requirements, and consumer protections. This has increased the influence of dollar-backed stablecoins in the global financial system and prompted the EU to develop a competitive response. The ECB is considering developing the technical infrastructure for the digital euro on public blockchains such as Ethereum or Solana. This aims to enhance accessibility and reduce development time. However, concerns over data privacy and security persist.
Ripple Futures on Binance
Binance Futures will launch $XPL futures.
XPL is a Plasma token and is listed as the underlying asset for the XPLUSDT perpetual contract. Plasma is a Layer 1 EVM-compatible blockchain designed for high-volume, low-cost stablecoin payments. Binance is launching this new contract to expand the user experience and increase diversity in the crypto derivatives market.
Brazil’s first Bitcoin Strategic Reserve
A public session of the Brazilian Chamber of Deputies was held. This was planned as part of Bill PL 4501/2024 and aims to establish a Strategic Sovereign Bitcoin Reserve (RES Bit). Brazil plans to evaluate Bitcoin as a reserve asset to enhance economic stability, protect against currency fluctuations, and achieve an innovative position in the global financial system.
