Bitcoin pullback hits crypto treasury firms: TD Cowen slashes Nakamoto’s target price by 58% while retaining a Buy rating.

U.S. Treasury Secretary Scott Bessent has dubbed Trump Accounts "the most successful launch project in U.S. government history," disclosing that roughly 7 million children have already registered for the initiative. Bessent made the remarks at a meeting of the Financial Literacy and Education Commission, noting that the number of registrants has risen from 6.5 million earlier this month. The U.S. Treasury Department added that the early sign-up rate for Trump Accounts outpaces that of other digital platforms and financial products. Launched on July 4, the program – also known as 530A accounts – is open to all U.S. children under 18 who hold a Social Security number. Under the plan, children born between 2025 and 2028 will receive a one-time $1,000 initial deposit from the U.S. Treasury. Parents, guardians, and grandparents can contribute up to $5,000 annually, with funds invested in ETFs tracking the S&P 500 index. Bessent stated that the project will help ordinary U.S. families access capital markets, "creating a new generation of shareholders" and enabling households long excluded from Wall Street to participate in stock investing. Consultancy McKinsey previously analyzed that with broad participation, Trump Accounts could accumulate approximately $80 billion to over $900 billion in assets for U.S. children over the next decade, though the final scale will depend on family participation rates, willingness to make ongoing contributions, and long-term investment performance.

According to The Wall Street Journal (WSJ), citing people familiar with the matter, NVIDIA and OpenAI are in talks for a mega AI data center project worth approximately $500 billion, located in southern Ohio, United States. The project is expected to have a maximum power capacity of 10GW, potentially becoming the world’s largest data center initiative. Reports state that NVIDIA may provide around $250 billion in funding to OpenAI for leasing a data center campus developed by SBEnergy, the energy subsidiary of SoftBank. The total cost of the project is projected to exceed $500 billion, including up to $350 billion for AI chip procurement. The first phase of the data center is scheduled for completion in 2028, with an initial power capacity of roughly 800MW. If fully implemented, its 10GW power scale will far outpace most current large-scale AI infrastructure projects, equivalent to meeting the electricity needs of around 8.4 million U.S. households. The project’s power resources are located on U.S. federal land and are jointly supported by the U.S. and Japan. Japan previously pledged $33 billion in investments for related energy infrastructure in exchange for reduced tariff arrangements. As demand for AI computing power continues to surge, NVIDIA is accelerating its expansion into large-scale AI infrastructure, forging deep partnerships with companies including OpenAI, Meta, Microsoft, and Amazon. If the project moves forward, it will further solidify NVIDIA’s core position in the AI computing power supply chain and push global AI infrastructure into a "trillion-dollar-level" competitive phase.

Digital asset trading platform Uphold has announced a global layoff of roughly 17% of its workforce, affecting 85 full-time and contract employees. The company said the restructuring aims to reallocate resources to its fast-growing enterprise services business. Uphold CEO Simon McLoughlin stated that the firm underwent rapid expansion over the past few years, nearly doubling its headcount, and the layoffs represent a realignment of its business strategy. Despite the current slowdown in crypto market trading activity, the company remains bullish on the long-term prospects of digital assets and blockchain technology. Founded in 2015 and headquartered in New York, Uphold offers trading services for cryptocurrencies, fiat currencies, stocks, and precious metals to users. In recent years, it has gradually expanded its enterprise infrastructure business, assisting banks, fintech firms, and brokerages in integrating crypto trading and custody services. The layoffs come amid a prolonged crypto market slump. By the end of Q2 2026, the global total cryptocurrency market cap had fallen to around $2.1 trillion, with trading volumes declining and retail participation waning due to high interest rates, geopolitical uncertainty, and outflows from crypto ETFs. Uphold noted that it has not closed its UK operations or any other overseas offices, and regional operations remain fully functional. Looking ahead, the company plans to continue expanding its enterprise platform, while adding features including U.S. stocks, tokenized securities, asset-backed loans, credit cards, prediction markets, and DeFi yields to its consumer app. Market observers say Uphold’s restructuring reflects the crypto industry’s shift away from relying on retail trading revenue toward competing in institutional services, asset tokenization, and financial infrastructure.

US President Donald Trump said Iran has submitted a meeting request via intermediaries, adding that the U.S. is holding "good negotiations" with Iran and there is "a very good chance of reaching some outcomes." "Iran wants to meet, and we will meet with them," Trump stated. He also emphasized that he has "plenty of patience and ample time," noting that the U.S. has a large stockpile of ammunition and hopes to acquire more. Regarding the situation in the Strait of Hormuz, Trump said the U.S. will use Iranian funds to cover losses related to the waterway. Additionally, he revealed that the U.S. and Israel have certain differences on the Iran issue but are "very close to reaching an agreement." Trump also said he will later consult Russian President Vladimir Putin about Russia’s actions regarding Iran and inquire about relevant satellite imagery. He added that the U.S. is mass-producing Patriot missiles and may need to get involved in issues related to the Houthi movement.

US President Donald Trump stated that the United States "should have the lowest interest rates in the world," adding that members of the Federal Reserve Board are "political." Trump called on Federal Reserve Chair Kevin Warsh to address internal issues within the board and push for interest rate cuts. The U.S. leader has repeatedly criticized the Federal Reserve for keeping interest rates too high, arguing that elevated rates limit economic growth. His latest remarks have once again intensified market...

WTI and Brent crude oil futures fell more than $0.5 in the short term, currently trading at $82.28 per barrel and $86.45 per barrel respectively. On the news front, U.S. President Donald Trump told reporters on Monday while traveling on Air Force One to Michigan that the U.S. is currently holding "good negotiations" with Iran. Trump said he has "ample time" to handle the Iran issue, adding that when it comes to a potential deal with Iran, "something very likely will happen." Additionally, he noted that he will ask Russia about providing satellite imagery to assist with the Iran issue. Trump stated that once the war ends, people will see a significant drop in prices.