Musk's xAI officially launches Grok 4

July 10th - HSBC Bank announced that it has recently completed the pilot test of the "e-HKD+" project by the Hong Kong Monetary Authority. In the "e-HKD+" project, HSBC Bank's technical use case mainly focuses on addressing practical issues that may occur in designing, implementing, and operating a digital currency ecosystem. As Hong Kong continues to explore the full potential of digital currency, HSBC Bank has not only conducted a public survey on the awareness of e-HKD but also brought new technological and business insights to the potential design schemes for e-HKD. HSBC has conducted experiments in a range of public distributed ledger technology (DLT) environments (including Arbitrum, Ethereum, Linea, and Polygon) as well as private distributed ledger technology (DLT) developed by HSBC on Hyperledger Besu. These achievements will support the Hong Kong Monetary Authority and the industry in exploring how innovative digital currencies can create value for the Hong Kong public.

On July 10th, as per crypto reporter Eleanor Terrett, the U.S. Senate Banking Committee intends to postpone the deliberation of the "Crypto Market Structure Act" draft until next week. Originally, the target was this week. Meanwhile, the House Financial Services Committee has rearranged the hearing on establishing the "21st Century Cryptocurrency Taxation Policy Framework" to next Wednesday (16th), which aligns with "Crypto Week". The originally scheduled full committee hearing on the crypto market structure had confirmed participants including: Brad Garlinghouse, the CEO of Ripple; Kristin Smith, the CEO of the Blockchain Association; Jonathan Levin, the CEO of Chainalysis; Dan Robinson, the General Partner at Paradigm.

July 10th: According to Federal Reserve official Mester, the U.S. fiscal deficit is on an unsustainable trajectory and may potentially pose a financial stability issue in the future. (Non-farm Payrolls)

On July 10th, Trump took to Truth Social to promote his economic accomplishments. He said, "Tech stocks, industrial stocks, and the Nasdaq index have reached all-time highs! Cryptocurrency is 'breaking through the ceiling'. Since Trump imposed tariffs, Nvidia's stock price has gone up by 47%. The US is imposing billions of dollars in tariffs. The country is now 'back'. It is a great honor! The Fed should promptly lower interest rates to reflect this strength. America should be 'first'. There is no inflation!!"

On July 10, U.S. President Trump stated that the Federal Reserve should cut interest rates promptly. (Gold 10)

On July 10th, the intraday value of the US Dollar Index (DXY) surged by more than 0.50%. It is currently trading at 97.85, reaching a new high since June 25th. (Golden Ten)