Gate Daily: Trump drops the minimum tax thresholds for various countries; Block officially included in the S&P 500 index; Solana listed as a defendant in the PumpFun fraud case.

Bitcoin (BTC) rebounded from last night's low, currently reporting around $119,000 in the Asian morning session today (24). The U.S. tariff war provides support for the crypto assets market, with President Trump stating that countries will face tariffs ranging from 15% to 50%, further lowering the previous tax threshold. Block has officially been included in the S&P 500 index, holding 8,584 Bitcoins. Solana Labs has been named as a co-defendant in a federal lawsuit in the United States, with allegations related to the PumpFun fraud case.

Today's Outlook

1. France's July Markit/CDAF Manufacturing Purchasing Managers' Index preliminary value, previous value was 48.1

2. Germany's July Markit/BME Manufacturing Purchasing Managers' Index preliminary value, previous value was 49.0

3. Eurozone July Markit Manufacturing Purchasing Managers' Index preliminary value, previous value was 49.5.

4. The UK July Markit/CIPS Manufacturing Purchasing Managers' Index, previous value was 47.7.

5. The UK's CBI Retail Sales Expectations Index for July, with a previous value of -49.

6. UK July CBI Industrial Orders Expectation Difference, previous value was -33.

7. The refinancing rate of the European Central Bank in the Eurozone was 2.15% previously.

8. Canada May Retail Sales (MoM), previous value 0.3%

9, The number of initial jobless claims in the U.S. last week (in thousands) (as of 0719), was 221.

10, U.S. June New Home Sales (Annualized Monthly Rate), Previous Value -13.7%

11. The European Central Bank announces interest rate decision.

12. European Central Bank President Lagarde holds a monetary policy press conference.

Macro Events & Crypto Circle Hotspots

1. President Trump stated that before the deadline on August 1, he would not set the so-called "reciprocal" tariff rates below 15%, indicating that the lower limit for tax increases is rising. Trump said at the artificial intelligence summit held in Washington on Wednesday: "We will impose direct and simple tariffs between 15% and 50%. We set the tariff at 50% because our relationship with these countries has not been good." Trump announced that tariffs would start at 15%, marking the latest twist in his imposition of tariffs on nearly all U.S. trading partners, and represents the latest sign of Trump seeking to impose tariffs on countries other than the few that have so far been able to reach a trade framework with Washington.

2. Jack Dorsey's tech company Block joined the S&P 500 index on Wednesday, becoming the third public company to join the global benchmark that holds Bitcoin. Data shows that Block holds 8,584 Bitcoins, worth approximately $1 billion, making Block the 13th largest corporate holder of Bitcoin. Since the company announced its addition to the S&P 500 index, its stock price on the New York Stock Exchange has risen nearly 14% in the past five days.

3. Solana Labs and Jito Labs have been listed as co-defendants in the newly amended federal lawsuit, which accuses them of playing a central role in a $1.5 billion fraud scheme related to the Solana-based meme coin launchpad PumpFun. The amended lawsuit was filed on July 22 by Burwick Law in the Southern District of New York, expanding the initial consolidated case against PumpFun and its affiliates. Burwick now alleges that Solana Labs and Jito Labs are not only infrastructure providers but also active participants in the fraudulent online gambling and remittance schemes described. According to the documents, both companies are accused of willfully assisting in the business operations of PumpFun, which include the rapid issuance of tokens and charging fees to retail traders. The lawsuit claims that the project is a disguised gambling system with no regulatory compliance, investor protection, or identity checks, leading to illegal activities such as money laundering.

Market Trend

1. $BTC has rebounded from last night's low, currently reported around 119,000 USD, with $68.9 million liquidated in the past 24 hours, mainly from long positions;

2. The US stock market's S&P 500 index and Nasdaq Composite index hit new closing highs on Wednesday, with the Dow Jones Industrial Average also rising over 500 points. The S&P 500 index rose by 49.29 points, an increase of 0.8%, closing at 6,358.91 points. The Nasdaq Composite index climbed 127.33 points, up 0.6%, reporting 21,020.02 points, marking its first time surpassing the 21,000-point threshold; the Dow Jones Industrial Average increased by 507.85 points, a rise of 1.1%, reporting 45,010.29 points, nearing the highest closing record set on December 4.

3. In the Gate BTC/USDT liquidation map, based on the current 118,354.20 USDT, if it drops to around 117,103 USD, the total liquidation amount for long positions exceeds 147 million USD; if it rises to around 119,520 USD, the total liquidation amount for short positions exceeds 225 million USD. The liquidation amount for shorts is significantly higher than that for longs, so it is advisable to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 2.15 billion USD, outflow was 2.23 billion USD, resulting in a net outflow of 0.08 billion USD.

(Source: Coinglass)

5. In the past 24 hours, the net outflow of contract trading for $ETH, $BTC, $SOL, $XRP, $DOGE, etc., has led to trading opportunities.

(Source: Coinglass)

News Updates

1. The Asymmetric Liquid Alpha fund has been closed due to significant losses this year.

2. Tron announced that it will ring the Nasdaq opening bell on July 24.

3. The appeals court ruled that NFTs are eligible for trademark protection, and the Yuga Labs case will be sent back for retrial.

4. The next round of payouts for FTX will be executed on September 30, releasing 1.9 billion USD in disputed claims reserve.

5. Trump: Will impose simple tariffs of 15% to 50% on most countries.

6. Tether CEO: The company is planning to expand its business in the United States and focus on the institutional market.

7. Tesla's Q2 financial report shows that the value of its Bitcoin holdings has risen to 1.2 billion USD.

8. The White House's first crypto policy report will be publicly released on July 30.

9. The official website of the US government AI Gov has officially launched, focusing on Trump AI strategy.

10. Block is officially included in the S&P 500 index, holding 8,584 Bitcoins.

11. BitMine launched BMNR options trading on the NYSE, planning to acquire 5% of the Ethereum supply.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's assignments were pretty good, not too complicated. Although the market is fluctuating, it's still within a normal range, especially since the US stock market is showing a slight upward trend, indicating that there aren't major issues overall. The correction in Crypto Assets mainly stems from issues with altcoins, which was the focal point of today's discussion. If there's no overflow of liquidity, we still have to wait for altcoin season. A significant portion of today's content and data was dedicated to clarifying this issue. Even though $ETH is rising, much of the buying power is not coming from the Crypto Assets space, but rather from the primary and secondary markets of spot ETFs. In this situation, even if there is overflow capital, it will be hard for it to flow into the coin circle, let alone the fact that there are currently no clear signs that these investors have taken profits and exited. Therefore, we may have to wait a bit longer for altcoin season, until $BTC and ETH stabilize. This time, the ETH trend resembles Bitcoin's at the beginning of 2024, driven by purchases from traditional investors. Looking back at Bitcoin's data, the turnover rate continues to decline significantly; it no longer resembles data from working days but has instead returned to a garbage time state. It's worth noting that the turnover rate today is at least three times lower than what it was a week ago. The drop in turnover indicates that investors' speculative sentiment is slowing down, as they await signals from the market. Currently, the main signals are tariffs and monetary policy. Regarding tariffs, Trump has already announced tariffs with Japan today, which are 15% and a $500 billion investment, a pretty good result. Yesterday's 19% from the Philippines was also below expectations, and today there are reports of a 15% tariff agreement with the EU. The only remaining matter is China, and these factors are stabilizing market sentiment."