API Key Management Improvement

Heads-up: we are expanding our 'ETFs in Depth' conference to South America. The event will be in Sao Paulo Brazil on Aug 13th. I'll be there along with key industry people from that market.

In the past half month, we have witnessed an exciting pump. This is not just a change in cold numbers, but the result of the unremitting efforts of many participants. The market trend is like a dynamic Candlestick Chart, with each rise interpreting the meaning of persistence. In this round of pump, a certain project broke through multiple key price levels and set a new high. This achievement is hard-won and is the result of the collective efforts of various market participants. As favorable news continues to emerge, the entire industry is showing a positive resonance effect. Currently, we are at a node full of opportunities. This is not just a game of numbers, but a transformation that concerns innovation and value reconstruction. For those participants who are insightful, this may be a rare opportunity for wealth accumulation. However, we also need to stay vigilant. The market is always full of uncertainty, and while enjoying the joy brought by the rise, we must always be alert to potential risks. Rational participation and prudent decision-making are the keys to remaining undefeated in this ever-changing market.

The latest non-farm employment data has brought positive signals to the Crypto Assets market. The number of new jobs added was only 70,000, far below the expected 110,000, and the unemployment rate also met expectations by rising to 4.2%. This data combination creates favorable conditions for the Fed's future interest rate cut decisions. The financial markets reacted quickly to this. Futures trading shows that the probability of a 25 basis point rate cut by the Fed in September has surged from 45% to 75%. Market participants generally expect two rate cuts before the end of the year. This change in expectation has undoubtedly injected new momentum into the Crypto Assets market. However, it is worth noting that Bitcoin may struggle to achieve a real breakthrough rise before the Fed actually takes action to cut interest rates. The current market expects a high likelihood of a rate cut in September, which means that the market may primarily fluctuate downward in August. Investors need to remain vigilant and wait for the results of the Fed's monetary policy meeting in mid-September. For Bitcoin investors, the price level of $112,000 is crucial. This is not only a key support level but could also become the starting point for the next round of Bitcoin's rise. If this price level is missed, investors may miss out on a potential significant upward trend. Ethereum and other Crypto Assets may also be affected by this macroeconomic situation. With changes in the Fed's policy expectations, the entire Crypto Assets market may face new opportunities and challenges. Investors should closely monitor economic data and policy trends, and adjust their investment strategies accordingly.

The cryptocurrency market has reached a critical turning point, marking the beginning of a new development cycle. The U.S. Securities and Exchange Commission (SEC) has made a landmark decision to approve the physical redemption mechanism for Bitcoin and Ethereum spot ETFs. This move not only provides investors with more avenues to participate in the encryption asset market but also highlights a significant shift in regulatory attitudes. The SEC has also launched a top-level plan called 'Project Crypto', indicating that the regulatory agency is shifting from a previous defensive stance to establishing a more constructive regulatory framework. This shift suggests that the encryption industry will welcome a more regulated and mature development environment. At the same time, the well-known encryption currency trading platform Coinbase announced plans to expand its business scope and prepare to launch new services such as on-chain stock trading. This initiative aims to create a comprehensive and compliant "everything exchange", further blurring the lines between traditional finance and the blockchain world. These developments collectively indicate that encryption assets are entering a new stage of greater systematization and institutionalization. With the gradual clarification of the regulatory environment and the continuous advancement of industry innovation, we can foresee a deeper integration of the traditional financial system and blockchain technology, bringing unprecedented transformation and opportunities to the entire financial ecosystem. Although the market may experience some fluctuations and adjustments in the short term, in the long run, these positive changes will undoubtedly pave the way for the widespread application of encryption and blockchain technology, driving the entire industry towards a brighter future.

Algorithmic Stablecoins may face regulatory bans in the United States. With the collapse of the Terra/UST Algorithmic Stablecoin system, the U.S. government has strengthened its regulation of stablecoins. Recently, the U.S. House of Representatives introduced a stablecoin bill aimed at banning Algorithmic Stablecoins similar to TerraUSD (UST). The draft bill clearly states that the issuance or creation of new "endogenous collateral stablecoins" will be considered illegal. This definition covers stablecoins that can be converted, redeemed, or repurchased at a fixed currency value, and rely on another digital asset created by the same issuer to maintain their fixed price. "Endogenous Collateral Stablecoin" usually refers to stablecoins issued using collateral created by the issuer (such as governance tokens). This mechanism can lead to a spiral increase in the price of collateral and the quantity of stablecoins during a bull market, while it may trigger liquidation and a death spiral during a bear market. Regulators consider this mechanism to carry significant risks. The following