This current Bitcoin bear market has lasted 237 days, marking the fourth-longest in history, but its decline is the smallest of any previous cycle.

Federal Reserve meeting minutes show several officials favored a rate hike last month, while many others noted further monetary policy tightening would be necessary if inflation fails to cool. However, uncertainty remained a major factor shaping Fed officials’ judgments at the July meeting. The minutes stated: “Regarding the monetary policy outlook, participants reiterated that their interpretation of incoming data will be a key component of policy discussions.” The FOMC voted 9-to-3 in July to keep the benchmark interest rate steady in the 3.5% to 3.75% range. Logan, Harker, and Kashkari dissented, advocating for a 25 basis point rate hike. Two other regional Fed presidents who did not hold voting rights in July—Schmid and Moussailem—later said they would have supported a rate hike at that meeting if they had been eligible to vote. Most policy discussions at the July meeting centered on differing views of future inflation trends. The minutes noted: “Most participants expect inflation to gradually decline over the rest of the year as the impacts of tariffs and earlier energy price increases fade, though many pointed out that the risk of inflation remaining elevated persists.” (Jinshi)

The minutes of the U.S. Federal Reserve’s meeting noted that during discussions on financial stability, some participants focused on vulnerabilities related to the financing of rapidly expanding artificial intelligence (AI)-related infrastructure. These participants pointed out that the high stock valuations of AI-related companies reflect the market’s optimistic assessment of the industry’s long-term profit prospects. They noted that a sharp downward revision in the market’s assessment of these companies’ profit prospects could trigger widespread repricing of asset prices, lead to tighter financial conditions, and put pressure on financial institutions with direct or indirect exposure to the sector. In addition, two participants discussed the potential adverse impacts of increased price volatility in the U.S. Treasury market on the financial system, as well as ways to reduce the likelihood of such events occurring. (Jinshi)

Two US officials told Axios that the US military has quietly established a shipping lane in the Strait of Hormuz for vessels transiting the waterway, carrying millions of barrels of oil daily. Even as the broader war remains deadlocked, the operation has delivered notable results. It has been underway for weeks, with 15 to 20 oil tankers now using the southern route off Oman’s coast to enter and exit the Strait of Hormuz. Officials said roughly 10 million barrels of oil are shipped out of the strait daily to the global energy market, though that figure is about half of pre-war volumes. The US-led operation is easing one of the war’s most severe impacts: disrupted oil supplies, which had spurred sharp rises in crude prices. Officials added that while current oil shipments through the strait remain below pre-war levels, it has already exerted a noticeable effect on global oil supplies.

According to HTX market data, Bitcoin briefly surged past $69,900 before pulling back to $69,300, with a 24-hour gain of 7.24%.

As the US government borrows at an historically unprecedented pace, the total US national debt has surpassed $40 trillion. Despite Trump’s pledges to rein in government spending, the ballooning debt has sparked investor concerns over the country’s public fiscal health. According to data released by the US Treasury Department on Wednesday, the total federal debt crossed the $40 trillion threshold on Tuesday. Over the past year, the debt has risen by $3 trillion, marking the fastest growth rate in history outside of the pandemic period. “This is like a massive warning light on a car engine,” said Mark Goldwin, senior policy director at the Committee for a Responsible Federal Budget. “That doesn’t mean the engine will burn out tomorrow, but it’s a clear signal that things are out of control. The problem isn’t just the enormous size of the debt, but how quickly we’ve reached this level.” Over the past two decades, US national debt has surged sharply, climbing from less than $6 trillion at the start of the century to its current level. Massive public spending during the financial crisis and COVID-19 pandemic exacerbated the widening budget deficit. In just the last decade, total debt has doubled. The Congressional Budget Office projects that federal debt held by the public will exceed the 106% historical peak set in post-WWII 1946 around 2030, and rise further to 120% by 2036.

According to Bitget market data, spot silver surged 5.82% intraday, currently trading at $67 per ounce; spot gold crossed $4,520 per ounce, with an intraday gain of 4.35%.