According to BlockBeats, Bitcoin experienced a significant surge early this morning, breaking through the $66,000 barrier. As of now, Bitcoin is trading at $65,702, reflecting a 24-hour increase of 0.66%.

According to Bloomberg, the S&P 500 slipped 0.5% on Thursday despite spending most of the session in positive territory. The decline was driven by sharp drops in late New York trading for major tech companies. Analysts suggest that the market is experiencing a significant rotation from technology stocks to other sectors, primarily influenced by interest rate changes. However, not all market participants agree with this rotation theme. Birinyi Associates Inc. remains skeptical about the trend. In Asia, investors are closely watching upcoming economic data releases, including Tokyo's July inflation figures, Thailand's June trade data, and Singapore's industrial production numbers. These data points are expected to provide insights into the region's economic health and influence market movements. Additionally, investors are assessing the future trajectory of economic policies and their potential impacts on the markets. Goldman Sachs economists described a recent monetary policy adjustment as a 'dovish surprise' due to its unusual timing. The extension of the Medium-Term Lending Facility (MLF) loan, which typically occurs mid-month, was seen as an unexpected move. In the U.S., market sentiment remains cautiously optimistic. Analysts believe that as long as the economy avoids a recession, the current bull market could extend through 2024 and into 2025. They recommend taking advantage of any market pullbacks during this period. In the commodities market, West Texas Intermediate (WTI) crude oil prices rose for the second consecutive day on Thursday, while gold prices fell by more than 1%. These movements reflect ongoing adjustments in commodity markets in response to broader economic trends and investor sentiment.

According to Odaily, Robbie Mitchnick from BlackRock has highlighted the significant buy-and-hold demand among spot Bitcoin ETF holders. Mitchnick emphasized that this level of interest is quite remarkable.

According to Odaily, MicroStrategy and Bitcoin Magazine have announced a collaboration aimed at encouraging more businesses to invest in Bitcoin. This partnership seeks to leverage the expertise and influence of both organizations to drive greater adoption of the cryptocurrency among enterprises. The initiative is expected to provide resources, education, and support to companies considering Bitcoin as a strategic asset.

According to Odaily, the Federal Deposit Insurance Corporation (FDIC) and two other major U.S. banking regulatory agencies are seeking more information about the relationships between banks and fintech companies. The FDIC, the Federal Reserve, and the Office of the Comptroller of the Currency have requested detailed information regarding these arrangements, particularly those related to deposits, payments, and loan products and services. In a joint statement released on Thursday, the regulators expressed their desire for industry and public feedback on the nature and impact of these bank-fintech arrangements, as well as effective risk management practices.

According to Odaily, BlackRock's Digital Asset Chief, Robert Mitchnick, shared insights at the Bitcoin 2024 conference held on July 25 in Nashville, Tennessee. Mitchnick stated that BlackRock perceives minimal client interest in cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH). He further indicated that the firm does not anticipate the emergence of many other cryptocurrency exchange-traded funds (ETFs) apart from these two core digital assets.

According to Odaily, blockchain analysis platform Arkham reported that approximately three hours ago, an address potentially linked to the Ethereum Foundation transferred over 92,000 ETH, valued at around $290 million, after being dormant for seven years. These tokens had been stored at the same address since 2017. Etherscan data indicates that, as of the time of reporting, the funds have not been moved from the recipient address. It remains unclear whether the Ethereum Foundation is responsible for this transfer.

According to Odaily, despite stronger-than-expected U.S. second-quarter GDP data potentially easing some economic concerns, analysts have pointed out that the core Personal Consumption Expenditures (PCE) price index, which came in higher than anticipated at 2.9%, could pose challenges for the Federal Reserve. Emma Wall from Hargreaves Lansdown noted in a report that while this figure is above the target, it is on a downward trend. Coupled with robust economic growth data, this reduces the pressure on the Federal Reserve to cut interest rates next week. Wall further mentioned that they expect the Federal Reserve, the European Central Bank, and the Bank of England to implement rate cuts in September, marking a wave of rate reductions. For investors focusing on the U.S. stock market, Wall suggested that there are better value opportunities in small-cap stocks, despite the recent pullback in the so-called 'Magnificent Seven' stocks.

According to Odaily, OpenAI has announced its entry into the search market with the launch of SearchGPT, an AI-driven search engine capable of accessing real-time information from the internet. The company is currently testing new search functionalities with a small group of users. These features aim to provide more timely information and prominent source links, marking OpenAI's most direct challenge to Google to date. SearchGPT will initially be released as a web browser prototype, offering users an independent search experience, with plans to integrate it into ChatGPT later on. OpenAI has not provided a specific timeline for the release of SearchGPT but mentioned that it will initially be available to users who register on a waiting list. The company is collaborating with creators and publishing partners to gather feedback on the new tool. The most successful search features are planned to be integrated into ChatGPT in the future.

According to CoinDesk, the municipal pension plan of Jersey City, New Jersey, is set to invest in bitcoin through exchange-traded funds (ETFs). This announcement was made by Mayor Steven Fulop via social media on Thursday. While the investment amount is not expected to be substantial, it marks another step toward broader cryptocurrency adoption. This move follows a similar decision by a Wisconsin pension fund earlier this year. Fulop, who has been the mayor since 2013 and is a Democratic candidate for New Jersey’s 2025 gubernatorial election, stated that the question of whether cryptocurrency and bitcoin are here to stay is largely settled. He revealed that the Employees Retirement System of Jersey City is in the process of updating paperwork with the U.S. Securities and Exchange Commission (SEC) to allocate a portion of the fund to bitcoin ETFs. The investment is anticipated to be finalized by the end of the summer. Although Fulop did not disclose the exact percentage of the pension fund's assets that will be allocated to bitcoin ETFs, he mentioned it would be similar to the 2% allocation made by Wisconsin’s state pension fund earlier this year. The specific bitcoin ETF that Jersey City plans to invest in was not identified. Fulop expressed his long-standing belief in cryptocurrency and blockchain technology, describing blockchain as one of the most significant technological innovations since the internet. Interest in bitcoin from public pension funds is gradually increasing. Wisconsin’s public pension plan, the State of Wisconsin Investment Board, which manages approximately $156 billion in assets, made a $160 million investment in spot bitcoin ETFs earlier this year. Smaller pension funds, such as the Houston Firefighters’ Relief and Retirement Fund, have also been investing in crypto for several years. Additionally, the pensions of Fairfax County, Virginia, have invested in crypto through VanEck's New Finance Income Fund, which became a creditor to the crypto firm Genesis during its bankruptcy filing last year. Internationally, Japan’s $1.4 trillion Government Pension Investment Fund, the largest pension plan globally, requested information on bitcoin investments earlier this year. Fulop expressed confidence that pension fund allocations to cryptocurrency would become more common in the future. The Jersey City Mayor’s Office did not respond to CoinDesk’s request for comment by the time of publication.

On Jul 25, 2024, 21:02 PM(UTC). According to Binance Market Data, BNB has crossed the 570 USDT benchmark and is now trading at 570 USDT, with a narrowed narrowed 1.91% decrease in 24 hours.

According to CoinDesk, by 2050, bitcoin may settle 10% of international trade and 5% of local trade, with central banks holding it as a reserve asset, asset manager VanEck stated in a report. The report highlights that Bitcoin layer-2 networks will be crucial in overcoming scaling issues, enabling BTC to be used as a medium of exchange. VanEck, an issuer of spot bitcoin and ether ETFs, projects that BTC's price could reach $2.9 million by 2050, assuming significant hurdles are cleared. The report suggests that bitcoin will become an essential part of the international monetary system in the coming decades due to rising geopolitical tensions and increasing debt servicing costs, which are eroding the current system. Matthew Sigel, head of digital asset research at VanEck, noted in a CNBC interview that current economic imbalances, distrust in existing institutions, and deglobalization are driving the need for alternatives like bitcoin. Sigel explained that the misallocation of capital since the global financial crisis, driven by G7 governments' excessive money printing, has led to fiscal recklessness, against which bitcoin serves as a hedge. In the report's base case scenario, BTC would become a key medium of exchange in both local and global trade, representing 10% of international trade settlement and 5% of GDP. Additionally, it would gain as a global reserve asset, reaching a 2.5% weight in international currency reserves, at the expense of the U.S. dollar, euro, British pound, and Japanese yen. If VanEck's vision materializes, bitcoin's price could increase 44 times, achieving an annual growth rate of 16% from its current price of just below $65,000, with its market capitalization soaring to $61 trillion. The proliferation of layer-2 networks will be key in addressing the Bitcoin blockchain's bottlenecks and scaling issues, potentially making the sector worth $7.6 trillion by 2050, using a similar valuation framework as for Ethereum layer 2s. However, VanEck also warned of potential risks that could hinder bitcoin's growth. Increasing energy demand by miners will necessitate innovation, and transaction processing revenue must grow significantly to replace diminishing mining rewards, which halve every four years. Additionally, concerted government efforts to restrict or outlaw bitcoin, competition from other cryptocurrencies, and large financial institutions exerting excessive control pose significant threats to bitcoin's expansion.

On Jul 25, 2024, 20:10 PM(UTC). According to Binance Market Data, Ethereum has dropped below 3,100 USDT and is now trading at 3,099.560059 USDT, with a narrowed 8.09% decrease in 24 hours.

According to Odaily, recent data from Lookonchain on July 25 reveals significant changes in the holdings of U.S. spot Bitcoin ETFs. BlackRock has increased its Bitcoin holdings by approximately 1,000 BTC, valued at around $64.69 million. This brings BlackRock's total Bitcoin holdings to 337,036 BTC, worth approximately $21.81 billion. In contrast, Grayscale has reduced its Bitcoin holdings by 428 BTC, valued at around $27.70 million, leaving it with a total of 271,623 BTC, worth approximately $17.58 billion. Overall, nine Bitcoin ETFs collectively increased their holdings by 960 BTC, valued at around $62.14 million.

On Jul 25, 2024, 16:33 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 65,000 USDT benchmark and is now trading at 65,002.011719 USDT, with a narrowed narrowed 1.85% decrease in 24 hours.

According to CoinDesk, bitcoin miners have significant potential upside from the power portfolios they control, as highlighted in a recent research report by broker Bernstein. The report suggests that miners focusing on an active power strategy and pushing the boundaries of power efficiency are more likely to experience a valuation rerating. Analysts led by Gautam Chhugani believe that investors can profit by valuing these companies as efficient power shells with data center capabilities, rather than just bitcoin mining operations. Currently, miners trade at around a 90% discount to general data center valuations. The bitcoin mining sector has seen a rerating in recent months, particularly after Core Scientific signed a 12-year artificial intelligence (AI) deal with cloud computing firm CoreWeave. The market is factoring in the potential AI and high-performance computing (HPC) opportunities, as well as the upside from alternative and more accretive use cases for bitcoin mining sites. Large miners remain focused on growing bitcoin production and their respective hashrates, with Riot Platforms, CleanSpark, and Iris Energy best positioned to expand market share. There is also room for improvement in power efficiency and uptime. Miners can benefit from extracting more hashrate from their existing portfolios by upgrading their hardware to the latest generations of ASICs. The hashrate, a measure of computing power, serves as a proxy for competition in the industry and mining difficulty. Iris Energy and CleanSpark rate well in terms of power efficiency and uptime, while Core Scientific ranks highly regarding data center uptime. Riot’s efficiency is expected to improve as it energizes its large power sites, and Marathon Digital’s efficiency should recover as it builds out its self-mining portfolio. Customization and innovation in mining systems and software can further boost efficiency, according to the report. Bernstein has an outperform rating on CleanSpark, Core Scientific, Iris Energy, and Riot Platforms, and a market perform rating on Marathon Digital.

According to Odaily, Injective has announced on the X platform that the staking volume of its ecosystem token, INJ, has reached 60 million tokens.

According to Odaily, Tether CEO Paolo Ardoino announced on the X platform that the market capitalization of USDT has grown significantly over the past two years. Two years ago, USDT's market cap stood at $65.8 billion. Today, it has surged to $114.4 billion, outpacing its nearest competitor by $80 billion.

According to CoinDesk, the total value locked (TVL) on EigenLayer has decreased by 13% to $15.1 billion over the past 30 days, despite ether trading at similar levels to June. This decline is largely due to the unpredictable nature of points farming and the limited returns on restaking protocols. Billions of dollars worth of ether (ETH) have been withdrawn from restaking protocols in the past month, highlighting the volatility of the crypto investment landscape. On June 25, ether was trading at $3,300, slightly higher than Thursday's price of $3,200. During this period, the TVL on EigenLayer, which connects restaking protocols, fell by $2.28 billion. Restaking protocols such as Renzo and Kelp have seen significant losses in TVL, with declines of 45% and 22%, respectively, according to data from DefiLlama. A portion of these outflows can be attributed to depositors seeking to harvest points that will eventually be converted to airdrops, subsequently moving on to other projects to maximize returns. For some investors, the yield from restaking protocols is too low compared to specific yield-generation protocols like Ethena. For instance, Renzo offers an annual yield of 3.43%, while Ethena offers more than 10%. Restaking is a strategy used by investors to secure additional yield on ETH that is already staked on the main Ethereum blockchain. Protocols like Ethena generate yield by harvesting funding rates, which can be more volatile. Despite the overall decline, one restaking project, ether.fi, has managed to buck the trend, experiencing a $100 million increase in TVL.

According to Odaily, blockchain game Illuvium is scheduled to launch its mainnet on July 26 at 2 AM. The development team is currently preparing for the mainnet launch and plans to continuously update the game based on community feedback post-launch. Additionally, they will introduce special events and new content to enhance the gaming experience.