Krugman: Bitcoin's decline may be due to Trump

The current 90 minute cycle K-line shows that ETH is forming a black triad around $3020, releasing a strong bearish signal. The membership indicators show that KDJ has a dead cross and is in the overbought zone, further verifying the pressure of a pullback. In terms of chip distribution, $2829 below is a strong support level, and the peak in trading volume suggests that this area has a strong carrying capacity. Although the price is above EMA24 and EMA52, the trading volume has shrunk to 35% of the average level, indicating a significant lack of market momentum. If it falls below the psychological level of $3000, it may accelerate its downward trend to the support zone of $2829. Open a membership to receive real-time fund flow and accurate buying and selling point tips! The data is sourced from the PRO member's [ETH/USDT Binance USDT perpetual 90 minute] candlestick, for reference only, and does not constitute any investment advice.

**[World Federation of Exchanges Urges U.S. SEC to Prevent Crypto Companies from Evading Regulation]** The World Federation of Exchanges (WFE) stated in a letter to the U.S. Securities and Exchange Commission (SEC) that the SEC's plan to allow crypto companies to bypass regulation and sell "tokenized" stocks could harm investor interests. Some crypto companies plan to issue crypto tokens linked to listed stocks, but selling such products in the U.S. requires obtaining a no-action letter or exemption from the SEC. SEC Chairman Paul Atkins mentioned that the agency is drafting an "innovative exemption" clause under securities law to support crypto firms in exploring new business models. WFE warned that this exemption could threaten market integrity and weaken investor protection. WFE CEO Nandini Sukumar emphasized that the SEC should not grant exemptions to companies attempting to circumvent long-standing regulatory principles. WFE Technical Working Group Head James Auliffe stated that crypto platforms should compete under the same rules as traditional exchanges.

[HSBC Predicts OpenAI Unlikely to Achieve Profitability Before 2030] An analysis report by HSBC states that OpenAI is unlikely to achieve profitability before 2030 and will require an additional $207 billion in funding to support its computing power expansion. The report estimates that OpenAI's annual revenue could reach $213 billion by 2030, but its infrastructure investment needs far exceed its cash generation capacity. HSBC projects that OpenAI's computing power construction expenses could reach $1.4 trillion by 2033, with cloud services and AI infrastructure costs between 2023 and 2030 estimated at approximately $792 billion, including around $620 billion in data center leasing fees. HSBC highlights that OpenAI faces challenges such as soaring infrastructure costs, intensified competition, and high capital intensity.

[New York Fed Analyzes Advantages of Permissionless Blockchain Payments] The New York Federal Reserve Bank analysis indicates that permissionless blockchain surpasses centralized instant payment systems in terms of payment convenience. This conclusion is based on the 'GENIUS Act' passed in July 2025, which clarified regulatory guidelines for stablecoins.

The revised 2025 plan by the US Securities and Exchange Commission (SEC) proposes clearer regulatory rules for digital assets and simplifies related supervision processes, aiming to promote the establishment of a structured regulatory framework in the cryptocurrency industry. （Cointelegraph）