Gate Daily: China and the US plan to extend the tariff truce for 90 days; a dormant 12-year Whale transfers 343 BTC; PayPal launches over 100 encryption payment tools.

Bitcoin (BTC) prices have once again entered a correction, currently reported around $117,680 in the Asian early session today (29). Hong Kong media disclosed that as China and the U.S. initiate a new round of tariff negotiations, both countries plan to extend the trade war truce deadline by 90 days, providing support for Crypto Assets buying. However, Whales continue to engage in suspected dumping actions, with a dormant 12-year Bitcoin Whale account being activated, containing 343 Bitcoins. Payment platform PayPal will launch a new feature allowing U.S. merchants to accept payments in over 100 types of Crypto Assets.

Today's Outlook

1. U.S. June JOLTs Job Openings (10,000), previous value was 776.9

2. The U.S. Conference Board Consumer Confidence Index for July had a previous value of 93.

3. The domestic refined oil in China will open a new round of price adjustment window.

4. Chinese Vice Premier He Lifeng visited Sweden from July 27 to 30 for economic and trade talks with the U.S.

Macro Events & Coin Circle Hotspots

1. The South China Morning Post quoted sources saying that the U.S. and China plan to extend the trade war ceasefire deadline by 90 days, with new rounds of negotiations starting in Stockholm on Monday. This third round of high-risk negotiations is the latest attempt by the two countries to stabilize one of the world's most important economic relationships. The talks build on previous negotiations held in Geneva and London, aiming to curb the rapid rise of tariffs and lay the groundwork for broader alleviation of trade tensions. It is reported that the U.S. and China will commit not to impose new tariffs or take aggressive actions during the proposed 90-day extension period. This statement indicates that both sides wish to continue dialogue and avoid escalating tensions that have plagued global markets for years.

2. The payment platform PayPal will launch a new feature allowing American merchants to accept payments in over 100 types of Crypto Assets, aimed at facilitating overseas transactions and enhancing the utility of its own stablecoin. According to Monday's announcement, businesses will be able to accept Bitcoin, Solana (SOL), USDT, USDC, and Ripple (XRP), among others. Transactions made using Crypto Assets will be automatically converted to PayPal's stablecoin PYUSD or fiat currency at checkout, allowing merchants to receive Crypto Assets payments without dealing with price fluctuations.

3. The privacy-focused Monero (XMR) is facing a situation where the former top mining pool Qubic is attempting to take over the network, which has sparked strong opposition from the community and concerns about hash rate centralization. As of Monday, Qubic has fallen from its top position in XMR. According to data from MiningPoolStats, the mining pool is now ranked seventh. After the community noticed that the mining pool seemed to be publicly attempting to take over the network, its hash rate plummeted until it fell to its current position as the seventh largest XMR mining pool.

4. Hyperscale Data has announced that it has begun purchasing XRP, which is part of its previously announced plan to buy up to $10 million in tokens. The company's stock price rose by 12% following the announcement. In its announcement on July 28, the company stated that the report would summarize the digital asset activities from the previous week and show the cumulative holdings of XRP on its balance sheet, which will reveal transparency measures positioned as its long-term accumulation strategy. Additionally, Hyperscale announced that it will start releasing weekly acquisition updates on August 12.

Market Trends

1. $BTC has once again fallen into a retracement and is currently reported at around 117,680 USD, with a liquidation of 40.22 million USD in the past 24 hours, mainly affecting long positions;

On Monday (the 28th), the US stock market rose slightly, with the S&P 500 index setting a new closing high for the sixth consecutive trading day, while the Nasdaq index also recorded a closing record amid volatile trading. The Dow Jones Industrial Average closed down 64.36 points, a decline of 0.14%, to 44,837.56 points; the S&P 500 index rose 1.13 points, an increase of 0.02%, to 6,389.77 points; and the Nasdaq index rose 70.27 points, an increase of 0.33%, to 21,178.58 points. The Philadelphia Semiconductor Index rose 91.24 points, an increase of 1.61%, to 5,737.10 points;

3. In the Gate BTC/USDT liquidation map, based on the current 117,896.10 USDT, if it drops to around 116,963 USD, the total liquidation amount for long positions exceeds 194 million USD; if it rises to around 119,369 USD, the total liquidation amount for short positions exceeds 159 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended 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 inflows reached 649 million USD, outflows were 616 million USD, resulting in a net inflow of 33 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $ETH, $SOL, $XRP, and $DOGE have seen net outflows, indicating trading opportunities.

(Source: Coinglass)

News Updates

1. Cboe BZX Exchange submitted an application to the U.S. SEC to launch the Canary Staked INJ Fund.

2. Zhipu AI releases the GLM-4.5 series flagship model.

3. The trading volume of CryptoPunks NFTs has reached a new high since March 2024.

4, A dormant Bitcoin Whale account that has been inactive for 12 years has been activated, containing 343 BTC.

5. The ceasefire agreement between Thailand and Cambodia officially takes effect.

6. The SEC has postponed its approval decision for the Grayscale spot SOLANA ETF.

7. The SEC delays the decision on the Truth Social spot Bitcoin ETF review.

8. Bridgewater founder: Suggest allocating at least 15% of the investment portfolio to gold and Bitcoin.

9. The total DeFi TVL across the network has surpassed 153 billion USD, setting a new high since May 2022.

10. The listed company Volcon increased its holdings by 316.8 Bitcoins, with total holdings surpassing 3,500 coins.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today, although the price of BTC has been a bit volatile, the US stock market has also shown some fluctuations. This may be due to the numerous macro events this week, leading to some investors seeking to hedge. However, even so, the extent of the volatility is not large. I currently have no interest in entering the market, as there are too many gambles this week; the gambling element is a bit high, which is not suitable for me. Therefore, I do not plan to enter the market under these circumstances, unless there is a significant drop in one go. Right now, it is fluctuating around $117,000, and there isn't a strong pessimistic sentiment. We have previously mentioned that the main gambles in the market are tariffs and monetary policy. The tariffs have basically landed now, and the most difficult parts for the EU have been successfully negotiated. China has also delayed it by 90 days, so the tariff issue is basically not a problem anymore. The remaining monetary policy will need to be monitored, and there are recent earnings reports, as well as PCE and non-farm data. Moreover, it is highly likely that there will be no interest rate cuts in the July meeting, and everyone is betting on whether Powell will discuss the issues for September. Looking back at Bitcoin's data, the turnover rate is not very high; primarily, the turnover is from short-term holders, while earlier investors have not changed much. The overall market sentiment remains relatively stable, with everyone waiting for Powell's speech, but there has been no change in market trends. The support level is also very stable, with no immediate concerns. The first data to appear is from Thursday's early interest rate meeting, followed by the evening's PCE and Friday's non-farm data, which has been quite a bit of a hassle over these two days."