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According to Cointelegraph, researchers from the Bank for International Settlements (BIS) have found that dollar stablecoins are forming a new type of "digital dollarization," which is almost insensitive to capital controls in emerging markets, making it more difficult for governments to regulate such assets compared to traditional foreign currency deposits.The researchers analyzed foreign currency deposit and dollar stablecoin inflow data from over 130 economies and found that both increased during periods of macroeconomic stress. However, the flow of stablecoins showed little response to capital controls or foreign exchange restrictions, possibly because they are "partially outside the regulatory scope." The BIS pointed out that stablecoins could undermine monetary sovereignty, and policymakers need new tools to address financial stability risks.

Deutsche Bank stated in its latest research report that the market's concerns about Microsoft's surge in capital expenditure, AI investment returns, and the concentration of Open AI orders have been significantly overstated. The current valuation is attractive, maintaining a "Buy" rating and a target price of $550. Deutsche Bank expects Microsoft's fourth fiscal quarter (corresponding to the second quarter of the calendar year) revenue to be $87.4 billion, a year-on-year increase of 14.3%; non-GAAP earnings per share are expected to be $4.17. The growth rate of Azure, calculated at constant exchange rates, is expected to reach 40% to 41%, with enterprise cloud migration, AI computing demand, and new data center capacity continuing to support growth. Microsoft 365 commercial cloud revenue is expected to grow by 15% to 16%, and paid seats for Copilot may exceed 25 million by the end of the year.

David Sacks, Chairman of the President's Council of Advisors on Science and Technology, stated on the X platform that using regulatory uncertainty as a competitive tool is "completely unacceptable." Regulatory decisions should be based on facts, logic, and evidence, rather than deliberately creating fear and uncertainty (FUD). He is unsure whether venture capitalist and AI policy researcher Dean Ball is acknowledging a strategy of "regulatory capture" or merely predicting that such a situation will occur. However, in any case, the practice of issuing "soft law" warnings through regulatory agencies to create market panic, thereby forcing regulated companies away from Chinese open-source models, should not be accepted.David Sacks pointed out that Dean Ball believes there is no need to directly ban Chinese open-source models; it is sufficient to guide regulatory agencies to issue relevant warnings, which can influence corporate decision-making by creating enough doubt and uncertainty, and these reasons "do not even need to be very substantial." Any regulatory decision must have sufficient basis, rather than implementing policies by "artificially creating doubt." He warned that this practice of circumventing public deliberation procedures not only undermines the foundation of the rule of law but may also open the door to regulatory abuse against any company or individual in the future.David Sacks further stated that current AI policy is at a critical turning point. Leading closed-source laboratories, which have already formed a duopoly in AI model revenue, are attempting to use government power to eliminate open-source competitors. He called on other companies and developers in Silicon Valley that still support open competition to make clear statements to jointly maintain an open ecosystem in the field of AI.

Glassnode data shows that the sentiment in the BTC options market is gradually turning positive. As prices rebound, the BTC implied volatility index DVOL has decreased from 48 to 40, indicating that the panic premium accumulated in June is partially retreating. However, the current volatility is still higher than the May low, suggesting that while market uncertainty has eased, it has not completely dissipated.Meanwhile, the BTC options open interest Put/Call ratio has dropped to about 0.59, reaching a six-month low, indicating that traders are significantly reducing downside hedging and re-establishing bullish exposure. Glassnode believes that this change reflects a constructive improvement in options market sentiment.From the position structure, BTC is currently hovering around $63,000, still below the dense negative gamma range of $68,000 to $70,000. If the price further enters this range, it may trigger stronger pro-cyclical market maker hedging behavior and amplify market volatility.

According to The Block, Bernstein pointed out in its latest research report that the perpetual contract structure originating from the cryptocurrency market has first entered the AI computing power market. The Architect AX exchange, registered in Bermuda and not regulated by the CFTC, has launched GPU computing power perpetual contracts, which are anchored to spot prices through funding rates, a mechanism that directly originates from the cryptocurrency market. The cash-settled computing power futures from CME and ICE are still awaiting CFTC review, with a launch expected by the end of 2026.In addition, the CFTC-regulated prediction market platform Kalshi has previously launched prediction contracts linked to GPU rental prices and introduced the computing power pricing curves for B200, H200, and A100 chips on July 14, with the B200 quoted at $5.41 and a historical peak of $7.39.Bernstein noted that unused GPU computing power cannot be stored, and hedging is the only way to bear price risk. However, the current market liquidity is still dominated by speculative funds, and the difficulty in constructing computing power benchmark indices is also a major bottleneck in market development.

According to Jinshi News, Bernstein has raised its gold price target for 2026 to $4,533 per ounce, citing that central banks around the world are diversifying their reserves and that the Federal Reserve is expected to raise interest rates only once or twice in the next year at most.

The chairman of AMLA pointed out that the large-scale migration of users after the transition period of MiCA may bring compliance pressure to EU crypto service providers, and AMLA will strengthen regulatory coordination.

According to Jinshi reports, Kyiv, Ukraine was hit by a ballistic missile attack, with multiple explosions heard. The Air Force warned that more missiles are on the way.

Kraken Institutional announced a partnership with the on-chain yield platform Upshift, allowing qualified institutional clients to earn yields directly on idle Bitcoin, Ethereum, stablecoins, and other crypto assets within Kraken's compliant custody framework.Unlike traditional pooled vaults, Upshift will build a dedicated customized vault for each client, tailored entirely to the client's investment strategy, risk parameters, liquidity needs, and asset portfolio. Assets will be allocated to these non-custodial vaults and subsequently deployed to selected on-chain contracts, with the client's isolated Kraken custody account receiving a receipt token.

According to Jinshi reports, analyst Matthew Weller stated that the overall monthly inflation rate is expected to record negative growth for the first time in over a year, which will alleviate market concerns about the Federal Reserve's imminent interest rate hike.The reopening of the Strait of Hormuz has led to a significant drop in energy prices, while the impact of Trump's tariffs has largely been absorbed by the market. The federal funds futures market is currently pricing in a 35% probability of the Federal Reserve raising interest rates at this month's meeting.

According to CoinGlass data, influenced by changes in the US-Iran situation and other factors, international gold (XAUT) once fell below the $4000 mark, with a quote of approximately $4009.98, a 24-hour decline of about 1.31%. The total 24-hour spot trading volume of XAUT across the network reached $50.4048 million, with the Gate platform's trading volume exceeding $7.0887 million, ranking third in the network; the total 24-hour contract open interest of XAUT across the network reached $499 million, with the Gate platform's open interest exceeding $117 million, ranking third in the network.

According to Coindesk, Bernstein stated in a research report released on Monday that Robinhood's newly launched blockchain, Robinhood Chain, has performed strongly since its launch, quickly becoming one of the most active networks for decentralized trading.The report noted that since the mainnet went live on July 1, the DEX trading volume on Robinhood Chain reached $3.1 billion in the past week, ranking it among the top five chains by DEX activity. Currently, over 65,000 users hold approximately $13 million in tokenized stocks and $300 million in stablecoins on the chain.Bernstein believes that the early adoption of Robinhood Chain highlights the accelerated integration of tokenized real-world assets with the broader DeFi ecosystem. The network is built on Arbitrum, an Ethereum Layer 2, supporting Robinhood's tokenized stock products, providing 24/7 trading, self-custody, as well as on-chain use cases such as lending and collateralization, and has integrated with partners like Uniswap, Morpho, Lighter, Chainlink, and BitGo.The report also stated that although the current early trading volume is primarily driven by meme coins, Robinhood is expected to focus more on tokenized stocks, commodities, and other RWA assets, as well as perpetual contract business in the future.

A report released by the Bank of Korea on July 13 pointed out that the global semiconductor market is still in a state of supply shortage, and the chip supercycle driven by artificial intelligence (AI) is expected to last for a long time, which refutes market concerns that the chip cycle has peaked.The central bank's analysis states that the current chip cycle is different from previous ones, primarily driven by competitive investments made by companies to respond to the fundamental changes in the industrial ecosystem brought about by AI. At the same time, due to the current market being dominated by customized products such as high bandwidth memory (HBM), the pace of supply expansion is more constrained than in the past.Recently, concerns over excessive investment in AI infrastructure and potential oversupply of memory chips have triggered a sell-off in tech stocks, with significant declines in the stock prices of South Korean chip giants such as Samsung Electronics and SK Hynix. In response, the Bank of Korea stated that although there remains uncertainty regarding the speed of AI technology adoption and profit prospects, major investment banks such as JPMorgan, Goldman Sachs, and Morgan Stanley generally predict that the global semiconductor market will maintain strong momentum at least through next year.

According to CNBC, as concerns about insider trading arise from prediction markets, Goldman Sachs has prohibited employees from trading contracts related to the bank's own events, elections, financial markets, macroeconomic data, and geopolitical issues. Financial institutions such as Morgan Stanley, JPMorgan Chase, and Bank of America are formulating or updating relevant policies, with Bank of America explicitly prohibiting certain behaviors related to prediction market trading for its employees.Previously, the CFTC and the Department of Justice charged a Google employee with profiting approximately $1.2 million by trading "annual search" related contracts on Polymarket using non-public information. Legal experts stated that the CFTC is "still a blank slate" in terms of insider trading enforcement, but the variety of contract types on the platform makes comprehensive regulation difficult. Kalshi and Polymarket have respectively launched employment verification tools and collaborated with Chainalysis and Palantir to monitor suspicious activities. Lawyers recommend that companies update their insider trading policies to cover event contracts, establish monitoring agreements, and even prohibit access to prediction markets on company devices.

According to Jinshi, Federal Reserve's Williams stated that his level of concern about the risks posed by stablecoins is lower than that of some individuals.

The U.S. Department of Justice has warned internal staff that Binance may reduce its level of cooperation in cryptocurrency-related cases in the future.In response, Binance stated that the relevant reports are not true, and that the company's cooperation with law enforcement agencies has not changed and will not change.

Strategy founder Michael Saylor stated that after a decade of concerns about the lack of block space and controversies surrounding non-monetary uses, Bitcoin still does not have the so-called "spam transaction problem." Currently, the Bitcoin network transaction fee is about 1 sat/vB, and anyone can quickly transfer any amount of Bitcoin globally at a cost of approximately $0.3.The market's free mechanism has been addressing the challenges faced by Bitcoin block space.