Bitcoin consolidates above $70,000, Ethereum and Solana lead gains; U.S. core PCE data slightly beats expectations, dampening risk assets; SEC advances crypto custody rules, market focuses on regulatory developments.
The overall market is showing divergent trends amid the interplay of inflation data and geopolitical easing. The U.S. July core PCE annual rate of 3.3% met expectations, but the data slightly exceeded expectations, dampening risk appetite, with stocks, gold, and Bitcoin all pulling back. Meanwhile, talks between Iran and Oman led to a rapid fading of the geopolitical premium in the oil market, with oil prices falling. Within the cryptocurrency market, Bitcoin is fluctuating around $79,000, while mainstream coins like Ethereum and Solana are relatively strong, indicating capital rotation among sectors. On the regulatory front, the SEC advancing new crypto custody rules, and Japan exploring blockchain settlement, both indicate that the institutionalization process is ongoing. Overall, the market is waiting for more macro signals and policy implementation, and short-term volatility may increase.
The crypto market is showing divergence, with Bitcoin last at $78,967.52, up 0.76% in 24 hours, but failing to hold above $80,000. Analysts point out that supply absorption remains a key issue. Ethereum and Solana are up 3.04% and 5.25% respectively, outperforming Bitcoin, possibly boosted by DeFi and ecosystem activities. Regulatory developments are in focus: the SEC submitted the crypto custody rule reform to the White House for review, which may provide a clearer framework for institutional custody; at the same time, Better and Coinbase launched Bitcoin-backed mortgages, offering new ideas for expanding Bitcoin use cases. Additionally, Bernstein's bullish prediction (returning to $125,000 by year-end) injects confidence into the market, but short-term attention should still be paid to inflation data and ETF fund flows.
Gold tokens pulled back slightly today, with XAUT at $4,606.17, down 0.73%, and PAXG at $4,604.73, down 0.9%, after gold prices briefly broke above $4,700. The pullback is mainly due to U.S. PCE data slightly exceeding expectations, causing the dollar and Treasury yields to rebound, pressuring precious metals prices. However, gold has posted considerable gains this month, and silver is up 17% for the month, indicating that the overall trend for precious metals remains strong. Analysts believe that the pullback may provide a better entry point for the next rally, but attention should be paid to real interest rates and geopolitical developments. In oil, talks between Iran and Oman reduce supply disruption risks, oil prices fall, and the war premium fades, but the Strait of Hormuz remains restricted, and supply recovery will take time.
This briefing is generated automatically from public sources for reference only and is not investment advice. Markets carry risk; make your own decisions.
