Fed Minutes: Only a Few Members Support a Rate Cut in July
According to the minutes of the Fed’s June meeting, participants are not in agreement on the inflation outlook. The minutes note “significant uncertainty” regarding the timing, magnitude, and duration of the impact of tariffs on inflation.
Some members, including Christopher Waller and Michelle Bowman, pointed to softening inflation data as a reason to consider a rate cut in July. However, only “a few” officials were open to the idea of a July cut, while the majority believes that a “modest” rate cut this year could be appropriate. According to CME FedWatch, the probability of a rate cut in July remains at 6.7%.
Truth Social Introduces Utility Token and ‘Patriot’ Subscription Package
Trump’s social media platform Truth Social plans to launch a utility token to reward user loyalty. With the “Patriot Package” subscription, users will gain access to early content and earn reward points. The $9.99 monthly package is currently in beta.
Donald Trump Jr. Invests in Social Media Company with Bitcoin Reserves
Trump Jr. purchased 350,000 shares in Thumzup Media, a Los Angeles-based company that is operating at a loss but has begun building Bitcoin reserves. The company aims to adopt cryptocurrency as part of its treasury strategy.
Trump Sends Tariff Letters to 8 More Countries 50% Tariff on Brazil
Trump sent tariff letters to 8 countries, including Brazil. A 50% tariff will be imposed on Brazil, 30% on Libya, Iraq, Sri Lanka, and Algeria, 25% on Brunei and Moldova, and 20% on the Philippines. The new tariffs will take effect on August 1.
US House of Representatives to Discuss Crypto Taxation on July 16
The House of Representatives will address crypto taxation during its crypto policy week. The Subcommittee on Tax Policy will hold a hearing to discuss positive solutions for digital asset taxation. Proposals such as tax exemptions for small transactions and the elimination of double taxation are on the agenda.
UK to Introduce ID Requirement for Crypto Users Starting in 2026
HMRC is making it mandatory for crypto users to provide information such as their full name, address, date of birth, and tax identification number to service providers. Those who fail to comply could face fines of up to £300.
Bhutan Royal Government Deposited 350 BTC on Binance in the Last 10 Days
According to Onchain Lens, Bhutan deposited a total of 350.74 BTC (approximately $38.5 million) in 10 days. In the latest transaction, 212 BTC was transferred directly to Binance.
SEC Accepts Physical Redemption Regulation for Bitwise Bitcoin and Ethereum ETFs
The US SEC has confirmed that it has accepted Bitwise’s application for a physical redemption method. At the same time, it has postponed its decision on a similar application for BlackRock’s Ethereum ETF.
Greece Freezes First Crypto Assets in $1.5 Billion Hack Linked to North Korea
Greece has frozen its first crypto assets in connection with the $1.5 billion attack on Bybit in February 2024. Funds linked to the Lazarus group were traced through Chainalysis and identified on a local exchange.
Monad Foundation Acquires Stablecoin Developer Portal Labs
Monad is expanding its payment and stablecoin operations by acquiring Portal Labs as part of its Layer-1 blockchain project. Portal is known for its SDK and API infrastructure that supports over 100 blockchains.
Revolut Seeks $1 Billion in Funding at a $65 Billion Valuation
European fintech company Revolut is conducting a new $1 billion funding round led by Greenoaks. The company recently launched Bitcoin Lightning payments and continues to expand its crypto services.
Musk’s AI Company xAI Officially Unveils Grok 4
Grok 4 scored 73 points in AI benchmark tests, surpassing OpenAI’s o3 model (70). xAI aims to rapidly expand Grok’s integration with social media platforms.
Snoop Dogg’s Telegram NFT Collection Sold Out in 30 Minutes
According to Telegram founder Pavel Durov, Snoop Dogg’s NFT collection on Telegram sold out in 30 minutes. A total of $12 million was generated, and the on-chain minting process for the NFTs will begin within 21 days.
Fifth Consecutive Day of Net Inflows into Bitcoin and Ethereum ETFs
On July 9, there were net inflows of 218 million dollars into Bitcoin spot ETFs and 211 million dollars into Ethereum spot ETFs. The largest inflows came into BlackRock’s IBIT and ETHA funds.
by Darkex Research – 1 min read
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