1. Federal Reserve Chairman Powell to Deliver Economic Speech on August 22, Market Expects 25 Basis Points Rate Cut Next Month

Federal Reserve Chairman Powell will deliver a speech at the Jackson Hole central bank meeting at 10 AM Eastern Time on August 22, focusing on the economic outlook and policy framework assessment. The current market expects the Federal Reserve to cut rates by 25 basis points next month, while also paying attention to Powell's succession issue, as his term will end in May next year. -Original

2. U.S. Treasury Secretary Says Bitcoin Reserves Are Being Established as a Store of Value for the People

According to market news released by @BTC_Archive: U.S. Treasury Secretary Yellen stated that the U.S. is establishing Bitcoin reserves "as a store of value for the people." -Original

3. JPMorgan Says Growth of Stablecoins May Drive Expansion of Ethereum Ecosystem

JPMorgan's report states that the increase in stablecoin issuance within the Ethereum ecosystem on Wall Street may drive the continued rise of ETH prices. Analysts point out that after the "GENIUS Act" provides a regulatory framework for stablecoins, the growth of dollar-pegged tokens is expected to impact Ethereum prices, even if these tokens are primarily issued on layer two networks. Ethereum, holding a large amount of stablecoin assets, is becoming an important platform to capture the growth opportunities of stablecoins. -Original

4. U.S. Initial Jobless Claims Decrease, Job Market Divergence May Push Unemployment Rate to 4.3%

For the week ending August 9, initial jobless claims decreased by 3,000 to 224,000, with low levels of layoffs. However, the average monthly job creation over the past three months was only 35,000, indicating weak hiring. Analysts believe that despite strong initial claims data, the overall job market shows a trend of divergence, which may push the unemployment rate to 4.3% in August. -Original

5. U.S. Justice Department Seizes $2.8 Million in Cryptocurrency Related to Ransom Case Involving ChipMixer

The U.S. Justice Department announced the seizure of approximately $2.8 million in cryptocurrency, $70,000 in cash, and a luxury car, related to a ransomware attack. The suspect is accused of obtaining ransom through extortion and laundering the money using the now-closed mixing service ChipMixer. -Original

6. American Bankers Association Calls for Revision of the "GENIUS Act," Focusing on Stablecoin Interest Payment Issues

The American Bankers Association, along with 52 banking organizations, sent a letter to the Senate Banking Committee suggesting revisions to the "GENIUS Act" signed by Trump. They believe the act raises concerns regarding interest payments, state-level regulation, and non-financial companies issuing stablecoins, which could undermine the stability of the financial system. In particular, the ban on interest payments for stablecoins is criticized as being too lenient, potentially leading to market distortions. -Original

7. Circle Minted 5.5 Billion USDC on Solana in the Past Month, Significant Market Inflow

According to Lookonchain analysis, Circle minted 5.5 billion USDC on Solana in the past month, indicating a significant inflow of new funds into the market. Newly minted USDC is often seen as an important catalyst for driving up the prices of major assets, such as ETH. -Original

8. Coinbase Completes $2.9 Billion Acquisition of Deribit, Becomes Global Leader in Crypto Derivatives

Coinbase has completed a $2.9 billion cash and stock acquisition of the crypto derivatives exchange Deribit. Following the merger, Coinbase leads the global crypto derivatives market in open contracts and options trading volume. Deribit's trading volume for 2024 reached $1.185 trillion, a 95% year-on-year increase. Founders John Jansen and Marius Jansen have exited the company. -Original

The above is a selection of hot topics from the past 24 hours. For faster news, please download AiCoin (aicoin.com)

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