BTC breaks through the $118000 mark

JPMorgan Chase: Stablecoins Growth May Drive Ethereum Price Up According to a report by JPMorgan, the increase in stablecoins issued by Wall Street within the Ethereum ecosystem may drive the price of ETH to continue rising. Analysts point out that after the GENIUS Act provides a regulatory framework for stablecoins, the growth of dollar linked tokens is expected to affect Ethereum prices, even though these tokens are mainly issued on the second layer network. Ethereum is becoming an important platform for capturing the growth opportunities of stablecoins due to its hosting of a large number of stablecoin assets.

OKX-BTC/USDT is currently trading at $117484, a decrease of 0.27% in 5 minutes. Please be aware of market fluctuations.

Bitget BCH/USDT perpetual trading volume surged 26 times in 10 minutes, with a turnover of 55.93 million US dollars in the past 24 hours, a decrease of 5.09% A surge in trading volume generally indicates an increase in market trading activity or large-scale fund buying and selling operations, which may be caused by certain important market changes or news announcements. According to AiCoin data, the comprehensive ranking of Bitget contracts ranks fourth globally

The strengthening of the US dollar puts pressure on gold futures, which fell 0.6% Affected by stronger than expected US inflation data, gold futures prices fell 0.6%, while the US dollar index rose 0.4% to 98.22. Analysts pointed out that the year-on-year increase in PPI in July was 3.3%, higher than the expected 2.5%, which raised concerns in the market about rising inflation. Investors are paying attention to retail sales and consumer confidence data, while gold is still supported by safe haven demand.

Banking Association calls for revision of stablecoin bill The American Bankers Association and 52 banking organizations have sent a letter to the Senate Banking Committee, suggesting revisions to the GENIUS Act signed by Trump. They believe that the bill has hidden concerns regarding interest payments, state-level regulation, and the issuance of stablecoins by non-financial companies, which may harm the stability of the financial system. Especially the ban on stablecoin interest payments has been criticized for being too lenient or causing market incentives to distort.