Author: 行政

By the time SBI Crypto pulled the plug on its Bitcoin pool in Japan on July 31, its seven-day average hashrate had fallen 64% in a month. Later that day, a Hashrate Index reading put Foundry USA, AntPool and F2Pool at 60% of recent blocks. The timing makes them look connected. Weekly data tell a messier story. Related ReadingA rare Bitcoin reorg just showed why six confirmations may not guarantee a final paymentA rare two-block reorg and the rise of a dominant mining pool are reviving the question of how “irreversible” is a Bitcoin payment. Mar 25, 2026 · Gino…

Starting Aug. 1, Louisiana users may cancel a virtual-currency-kiosk transaction made on or after that date and demand a full refund at any time if the machine’s owner or operator was unlicensed when the transaction occurred.Act 482 puts the cost of an eligible refund on the operator. Eligibility depends on the operator’s license status when the transaction occurred, so the provision does not cover every kiosk payment. The act separately preserves Louisiana’s general rule requiring an operator to hold a transaction for 72 hours or allow the user to cancel within 72 hours for a full refund. The measure takes…

Bitcoin is trading near $63,000, with rate markets assigning roughly 66% odds to a September Federal Reserve hike, under a policy framework Kevin Warsh has left partly hidden.The Fed chair has defined his reaction function around “underlying inflation,” then declined to disclose how he weighs the indicators that produce that judgment.The official dashboard spans 1.5 percentage points: headline PCE runs at 3.7%, core PCE at 3.3%, the Atlanta Fed’s sticky-price CPI at 2.8%, Cleveland Fed 10-year expected inflation at 2.43%, and the Dallas Fed’s trimmed-mean PCE at 2.2%.One economy supplies readings from nearly twice the Fed’s 2% goal to barely…

Tether’s second-quarter materials report $1.5 billion in net operating profit, earned mainly from Treasuries and repo activity. However, the attached reserve report shows a negative $3.17 billion first-half financial result, and the company’s materials do not reconcile the two figures.Subtracting the first quarter’s positive $1.04 billion financial result from that first-half figure implies a negative $4.211 billion result for the second quarter alone.After an $89 million net capital offset, the implied hit reduced the cushion above roughly $184 billion of liabilities from $8.23 billion to $4.11 billion in three months.Reconstructing the missing numberTether’s implied financial result is negative $4.211 billion…

The US government sold $44 billion of seven-year debt on July 28, and buyers accepted it at a yield of 4.473%. That was 21.3 basis points above the 4.260% yield awarded at June’s Treasury auction.Investors could lend money to Washington for seven years, collect regular interest, and lock in a return approaching 4.5% before the Federal Reserve announced its next rate decision.Bitcoin offered no comparable promise. It pays no contractual interest, can lose several percentage points in a day, and requires investors to believe future appreciation will justify the added volatility.The Treasury auction therefore raised Bitcoin’s hurdle before Fed officials…

Bitcoin enters the weekend near $62,900, less than 1% above the July 31 intraday low, and Deribit has already settled roughly $9.6 billion in monthly Bitcoin options. The venue settles monthly contracts at 08:00 UTC on the last Friday of each month, and live expiry data placed July’s Bitcoin notional near $9.7 billion.The immediate price test for the weekend sits at $62,000, where a sustained break would leave Bitcoin about 3% from the $60,000 put, which carries $1.17 billion in open interest, according to the current CoinGlass snapshot.The July 31 high of $65,266 defines another boundary, with $64,500 serving as…

At 4:05 pm in New York, a large tech company releases earnings. The main stock session has ended, executives begin their conference call, and billions of dollars start shifting through every instrument connected to the company. Shares move across extended-hours venues, options desks recalculate volatility, index futures absorb the broader reaction, and investors in Asia prepare for their own trading day.And now CME has placed another instrument inside that competition for the first credible price.On July 27, the exchange launched 55 standard single-stock futures and 22 Micro versions linked to some of America’s most heavily traded companies, including Apple, Amazon,…

Bitcoin’s leverage gauges barely flinched after Friday’s Bank of Japan decision. A yen short that had reached 152,125 contracts by July 21 grew to 163,412 by July 28, while Hajime Takata’s failed push for 1.25% now gives traders a clear pressure point to watch.The board held the overnight rate near 1.0% by an 8-1 vote. Takata stood alone at 1.25%. The latest Commodity Futures Trading Commission report counted 101,271 non-commercial longs and 264,683 shorts as of July 28.The gap left speculators net short 163,412 contracts, 11,287 more than one week earlier. Longs fell by 6,319; shorts rose by 4,968.The CFTC…

Bloomberg Intelligence estimates the average net cost basis of US spot Bitcoin ETF capital at roughly $82,249, leaving the position about 22% underwater and sitting on $16.33 billion in unrealized losses.On Aug. 14, large investment managers must disclose their June 30 Bitcoin ETF positions, and those filings offer the clearest look yet at whether institutional adoption built a durable holder base or moved momentum capital into a regulated wrapper.MetricLatest figureWhy it mattersBloomberg ETF cost-basis estimate~$82,249Approximate breakeven level for ETF capitalEstimated unrealized ETF loss$16.33BQuantifies underwater pressureEstimated drawdown from cost basis~22%Shows scale of pain before Aug. 14 filingsCiti 12-month Bitcoin target$82,000Almost identical…

Corporate blockchains are multiplying, but Coinbase CEO Brian Armstrong expects the boom to end in consolidation rather than coexistence.Over the past year, several corporate institutions and Wall Street giants, including Stripe, Circle, and Robinhood, have developed rails for stablecoins and institutional markets.Their expansion has revived concern that regulated companies with established distribution could draw financial activity away from the permissionless networks that powered crypto’s growth.However, Armstrong views the proliferation differently, as he expects the new launches to fragment liquidity and users before network effects force weaker platforms to combine or retreat.Corporate chains are already finding usersThe threat to public networks…