Looking back at the data of the cryptocurrency market itself, the gap in CME has been there since the opening on Monday morning. The performance was not good when the market opened this morning, but after noon, the price of BTC has continued to rise and has now exceeded $26,100. The reason for the rise is most likely in response to the technology sector’s optimism about tonight’s CPI and the expectation that the Federal Reserve may skip or suspend interest rate hikes in the early hours of Thursday. The current CME gap is around $26,400. If the CPI in the evening can pass as expected, the overall risk market sentiment may be boosted again, and even for the cryptocurrency market with more serious control, it may bring a wave of positive news, and even the possibility of directly filling the gap is not ruled out.

Currently, CME's BTC and ETH futures continue to maintain a positive premium with Coinbase's spot, indicating that institutions and professional investors are not completely bearish on the trend of BTC and ETH. In particular, we can know from the news that Binance and Coinbase are responding to the SEC's prosecution in their own way. Binance even hired former SEC senior executive George and three lawyers from his team to fight back against the SEC's allegations. In particular, George is not only a former SEC prosecutor, but also a prosecutor from the Department of Justice. Although the head of the SEC's Internet Enforcement Office said that even if Iron Man, Captain America or the Hulk were hired, it would be useless, but we know that winning may not be the ultimate goal. The most important thing is to delay time as much as possible and find more evidence in our favor.

Unlike Binance, Coinbase has good relations in the US political circle. Its chief legal officer Paul said that he is working hard to push the draft of the cryptocurrency bill announced by the Republican chairman of the House of Representatives last month to enter the House of Representatives for a vote before the end of summer, and Paul made it clear that the cooperation with the CFTC is very smooth. In fact, from here we can see that Coinabse's route is very similar to that of FTX before, both of which are compliant and promote their own compliance. I don’t believe that there is no help from Coinbase in the Republican draft this time, especially if the next US president is a Republican, it is very likely that there will be positive support for the cryptocurrency industry.