What happened
The Federal Reserve maintained its benchmark interest rate unchanged. In his opening remarks, Fed official Walsh reiterated the central bank's 2% inflation target and noted that there is no 'soft target' for inflation.
Why it matters for the market
Binance.US announced it will apply for a license from the CFTC next month to launch a prediction market. Separately, Hawkins County in Tennessee passed a ban on cryptocurrency mining facilities and data center operations.
Meta reported record quarterly revenue, but its stock price fell as rising AI-related costs weighed on investor sentiment.
JP Morgan stated that the unwinding process for Korean leveraged ETFs has been completed, and hedge funds have deleveraged approximately 90%, reducing potential market pressure.
Ethereum Institutional completed its initial fundraising, with BitMine and SharpLink among the lead investors. In the second quarter, the crypto industry saw $12.86 billion in financing and M&A, with debt financing becoming the second-largest funding source.
What traders should watch
Metaplanet launched its first Bitbonds offering in Japan, carrying a 4% annual interest rate, as the company continues to borrow to purchase Bitcoin. Bernstein adjusted its price target for Circle from $190 to $140, asserting that the threat from the Open USD stablecoin is likely to diminish.
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