Rhythm Evening News｜A list of important information in the crypto industry on July 25

"The third person in charge of the Federal Reserve": The Federal Reserve should cut interest rates immediately

BlockBeats news, on July 25, former New York Federal Reserve Chairman Dudley (who has permanent voting rights on the FOMC and is known as the "third person in charge of the Federal Reserve") said: "I have long been in the camp of "keeping interest rates higher for a longer time". I believe that to control inflation, short-term interest rates must be kept at the current or higher level than the current level.

But times have changed, and now the situation has changed, so I have changed my mind. The Federal Reserve should cut interest rates, preferably starting at the interest rate meeting next week. "(Jinshi)

Spot Ethereum ETF had an overall net outflow of $19 million two days after its listing

BlockBeats news, on July 25, CoinShares research director James Butterfill   wrote: "The Ethereum spot ETF had an inflow of $801 million within two days of its launch, excluding the seed funds transferred from Grayscale ETHE to its mini trust ETH ETF. This is a very positive start.

However, we observed a large outflow of funds from Grayscale ETHE, totaling $820 million, resulting in an overall net outflow of $19 million from the Ethereum spot ETF."

Russian cryptocurrency mining is about to be legalized, awaiting final approval from the Union

BlockBeats reported that on July 25, the Russian State Duma passed a bill to legalize Bitcoin mining and allow the use of cryptocurrencies for international trade. The bill was first proposed a few years ago and is expected to take effect on September 1, subject to final approval by the Union.

According to local reports, the voting results of this meeting were very clear, with a total of 404 votes in favor, accounting for 89.8% of the total votes. The new legislation is intended to address the challenges faced by Russian banks due to regulatory restrictions and international sanctions. Sanctions have severely disrupted Russia's trade relations with major partners such as China, India, the UAE and Turkey, and local banks have become increasingly cautious under Western pressure.

The bill establishes a regulatory framework to oversee cryptocurrency mining activities, ensure compliance with tax regulations and prevent illegal operations. A key feature of the bill is the authorization of Bitcoin mining.

If Bitcoin falls below $60,000, mainstream CEX will have $385 million in long orders liquidated

BlockBeats news, on July 25, according to Coinglass data, based on the current mainstream CEX contract positions, if Bitcoin falls below $60,000, mainstream CEX will have $385 million in long orders liquidated.

If Bitcoin rebounds and breaks through $68,000, mainstream CEX will have $888 million in short orders liquidated.

Stablecoin market value exceeds $164 billion, which may support the market's bullish outlook

BlockBeats news, on July 25, CoinDesk cited data that the total market value of stablecoins rose above $164 billion for the first time since the collapse of Terra in May 2022. The indicator has been hovering around the $160 billion mark.

Wintermute said in a report that the growth "indicates growing investor optimism, supporting a bullish outlook. The increase in stablecoin supply suggests that funds are being deposited into the on-chain ecosystem to generate economic activity, either through direct on-chain purchases that can catalyze price increases or through yield-generating strategies that can improve (market) liquidity. This activity ultimately promotes positive on-chain growth."

Blockchain analysis company Nansen expressed a similar view, saying that the growth in the market value of stablecoins is a bullish development.

ETH/BTC exchange rate fell below 0.05, down 5.29% in 24 hours

BlockBeats news, on July 25, according to HTX market data, the ETH/BTC exchange rate fell to 0.04942, down 5.29% in 24 hours.

Coinbase International Station has launched TAO, TON, TRB perpetual contracts

BlockBeats news, on July 25, Coinbase International Station announced that Coinbase International Station and Coinbase Advanced have launched TAO, TON and TRB perpetual contracts, and the relevant markets have entered a full trading mode.

Polymarket TVL exceeded 70 million US dollars, with a 7-day increase of 47.49%

BlockBeats news, on July 25, according to DefiLlama data, Polymarket TVL exceeded 70 million US dollars, reaching 73.52 million US dollars, with a 7-day increase of 47.49%.

Celebrity MEME coins may be "annihilated", with an average drop of 94%

BlockBeats news, on July 25, Jupiter business expansion manager Slorg posted that last month, 30 MEME tokens launched by celebrities, including celebrities from Andrew Tate to Soulja Boy, were born on the Solana network, which was once very popular.

And now each celebrity coin has fallen from its historical high, with an average drop of 94%. Even the best-performing tokens have fallen by more than 70%, but the extent of the loss is shocking. Half of them have fallen by more than 99%, and this is only about a month in their life cycle.

As of this writing, 22 of the 30 celebrity MEME coins have a market cap of less than $1 million. Some of these tokens remain "active" because they are regularly discussed on Twitter.

Ethereum co-founder Vitalik responded to the discussion about "Celebrities issuing MEME coins" last month, saying, "So far, I am very dissatisfied with this round of celebrity experiments. Financialization is a means to an end, and if the end is worthwhile (health care, open source software, art, etc.), I can respect it. But if it is a product, (vomiting expression)".

Paidun: The address of Curve founder has been liquidated 2.67 million CRV on UwULend

BlockBeats news, on July 25, according to Paidun monitoring, the address marked by Curve founder Michael Egorov has been liquidated 2.67 million CRV (worth about 691,500 US dollars) on UwULend.

Web3 social aggregator Yup completes new round of financing, Farcaster co-founder Dan Romero and others participated

BlockBeats news, on July 25, Web3 social aggregator Yup completed a new round of financing, Nascent, IDEO CoLab Ventures and Farcaster co-founder Dan Romero and others participated in the investment, the specific amount of financing has not been disclosed. The vision is that open social platforms will play a powerful role in the future of connecting, creating, learning and profiting.

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