Undermined by U.S. Policy Uncertainty, Dollar Extends Slide

On July 2nd, the U.S. Securities and Exchange Commission (SEC) gave its approval for an amendment that would convert the Grayscale Digital Large Cap Fund into an ETF (encompassing BTC, ETH, XRP, SOL, ADA).

On July 2nd, based on market information, Coinbase witnessed an intraday drop of over 4.33% and is currently down by 3.79%. On Monday, Cathie Wood's Ark Invest sold 124,892 shares of Coinbase stock, with a value of approximately $43.8 million. Additionally, on June 30th, the U.S. Supreme Court rejected a request to safeguard Coinbase user data from IRS review.

On July 2nd, according to official information, GMGN has entered into a partnership with Backed to establish the tokenization platform xStocks, which enables users to trade US stocks on the Solana blockchain.

On July 2nd, the Mizuho analyst once again maintained a "Buy" rating on Robinhood (HOOD) and increased its price target from $80 to $99. Robinhood (HOOD) announced yesterday the launch of a tokenized stock product based on Arbitrum. At present, it is building the Robinhood Chain, a Layer 2 network dedicated to Real World Assets (RWA).

On July 2nd, the first USDT-based Layer 1 network Stable unveiled its roadmap. In the first phase, the USDT base layer will be implemented. USDT will be used as the native gas token, achieving sub-second block time and finality. A stable wallet will be introduced to enhance the user experience. In the second phase, the USDT experience layer will be implemented. Optimistic parallel execution will be adopted to increase transaction throughput. A USDT transfer aggregator and dedicated block space for enterprises will be introduced to ensure efficient processing and consistent performance. In the third phase, the USDT full-stack optimization layer will be implemented. It will be upgraded to a DAG-based consensus to improve speed and resilience. Developer tools and resources will be expanded to promote dApp development. Stable is supported by Bitfinex and the USDT unified liquidity protocol USDT0. The network uses USDT as the native Gas, allowing for free peer-to-peer USDT transfers. Pa

On July 2nd, based on market data, during the trading hours of the U.S. stock market, Bitmine Immersion (BMNR) witnessed its gains expand to 120%, and the current increase stands at 92%. The stock price is currently trading at $64.88, with a significant surge in trading volume to $1.738 billion and a total market value of $396 million. Bitmine Immersion (BMNR) recently announced the completion of a $250 million large-scale private placement. The raised funds will mainly be used to increase its Ethereum holdings and is planned to be used as a core reserve asset. At the same time, it will continue to maintain its Bitcoin mining core business.