YM Lee

President Donald Trump is expected to nominate a new member of the Federal Reserve Board and a new Director of the Bureau of Labor Statistics. On the 4th (local time), the financial news channel Walter Bloomberg reported, "President Trump is expected to nominate a new Federal Reserve Board member and a new Director of the Bureau of Labor Statistics in the coming days. This Fed nomination follows the unexpected resignation of Adriana Kugler, and President Trump is considering new candidates who will support the push for rate cuts." Regarding the nomination for the head of the Bureau of Labor Statistics, it added, "There are also discussions about appointing a successor to Erica McEntaffer, the former Director of the Bureau of Labor Statistics who was dismissed recently after the disappointing employment report was released."

It has been revealed that Pump.fun, a meme coin launchpad based on Solana (SOL), recorded its lowest monthly revenue this year. On the 4th (local time), Cointelegraph—a media outlet specializing in virtual assets (cryptocurrencies)—reported, citing DeFiLlama data, that “Pump.fun’s revenue last month reached $24,960,000, marking a decline of more than 80% compared to the $130,000,000 recorded in January this year.” According to data from DeFiLlama, Pump.fun’s revenue has shown a steady decrease since the beginning of the year. The media outlet explained that “the sharp decline in Pump.fun’s sales suggests that overall investor sentiment in the meme coin market is falling.”

The decentralized finance (DeFi) protocol CrediEx, which experienced a multi-signature exploit incident, has released an official statement regarding the fund outflow. On the 4th (local time), CrediEx announced via its official X (formerly Twitter) account, "All users' funds will be restored within 48 hours."

Analysis suggests that the virtual asset (cryptocurrency) policy report released by the White House last week will be utilized as a regulatory guide for the industry. According to a report by Cointelegraph on the 4th (local time), the virtual asset policy report released by the White House last week summarized recommendations on ways to strengthen the dominance of the U.S. dollar through market structure, banking regulation, stablecoins, and virtual asset tax law. One of the key proposals of the report concerns the division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), mitigating concerns over overlapping and conflicting law enforcement approaches through this report. Edwin Mata, CEO of Brickken, emphasized, "By clarifying the limits of regulatory oversight between the two agencies, a mature, transparent, and scalable virtual asset ecosystem can be established."

The Scale of Decrease in Russian Crude Oil Supply is a Variable As the Organization of the Petroleum Exporting Countries (OPEC+) considers a significant increase in oil production, international oil prices have declined again. October Brent Crude futures traded at $68.96 per barrel, down 1% as of 10:22 a.m. London time. September West Texas Intermediate (WTI) futures recorded a 1.1% decrease at $66.62 per barrel. At its weekend meeting, OPEC+ approved an additional daily production of 547,000 barrels starting in September. This figure aligns with expectations. Since 2023, as oil exports from non-member oil-producing countries increased due to previous OPEC+ supply cuts, OPEC+ members have begun to ramp up production this year to regain market share. In the oil market, the U.S. government is considering measures against countries such as India that purchase Russian crude oil, possibly starting later this week. At the end of last month, President Donald Trump warned that if Russian President Vladimir Putin did not sign a peace agreement with Ukraine within 12 days, additional tariffs would be imposed on countries importing Russian oil. He also criticized India's purchase of Russian crude and announced a 25% tariff along with additional penalties. The Trump administration's pressure on Russian oil trade has been seen as a factor that could reduce the supply of Russian crude oil and thus drive up international oil prices. Bjarne Schieldrop, chief commodity analyst at SEB AB, said, "With rising inventories in the second half of 2025, there is a strong possibility that international oil prices will fall." However, he also noted, "Inventory accumulation levels are uneven by region, making the situation uncertain." Due to the recent supply increase, global oil supply is expected to outpace demand until the end of this year, leading to larger commercial inventories. However, in the short term, uncertainty remains about the inflow of Russian crude oil. Guest reporter Kim Jeong-ah kja@hankyung.com

A multi-signature exploit incident occurred at the decentralized finance (DeFi) project CrediX. On the 4th (local time), the on-chain security platform SlowMist explained, "An attacker who accessed the CrediX multisig wallet six days ago is confirmed to have held both administrator and bridge privileges. Using these, the attacker was able to directly issue collateral tokens. The attacker borrowed massive assets and drained the pool." Accordingly, CrediX stated, "A security breach has occurred and is under investigation. To prevent user deposits, we have deactivated the website. For fund withdrawals, users need to utilize the contract."

The European Central Bank (ECB) has stated that the digital euro will serve as a complement to, rather than a replacement for, cash. According to Cointelegraph on the 4th (local time), Piero Cipollone, a member of the ECB Executive Board, emphasized, "The digital euro is not meant to replace physical cash like banknotes and coins, but to supplement it. If cash becomes available in both physical and electronic forms, Europe's payment autonomy will be strengthened." He added, "In the future, Eurozone consumers will use banknotes, coins, and the digital euro together, all of which will be recognized as legal tender and can be used anytime, anywhere, in a variety of payment methods and situations."

The global virtual asset (cryptocurrency) exchange Binance (Binance) will add Seokshinteu (PROVE) to Binance Alpha. On the 4th (local time), Binance announced via its official channels, "Binance Alpha is expected to be the first platform to list Seokshinteu, and an airdrop based on Alpha Points will also be conducted." Meanwhile, Binance selects tokens for Binance Alpha by considering market trends among early-stage virtual asset projects. Listing on Binance Alpha does not necessarily lead to listing on Binance Spot.

The stock price of global cryptocurrency exchange Coinbase (BASE) fell by about 20% last week. On the 4th (local time), cryptocurrency-focused media outlet CoinDesk reported, "Coinbase suffered a nearly 20% decline last week, and is currently trading at $314.69. This marks the worst weekly performance since September 2024, driven by a sell-off following Thursday’s Q2 earnings release." According to Coinbase's Q2 earnings report, Coinbase’s net operating profit per share was approximately $0.12, down 88.8% year over year.

Global virtual asset (cryptocurrency) exchange Binance is adding Fireverse (FIR) to Binance Alpha. On the 4th (local time), Binance announced through its official channel, "Binance Alpha will be the first platform to list Fireverse, and an airdrop based on Alpha Points will also be conducted." Meanwhile, Binance selects Binance Alpha tokens from early-stage virtual asset projects considering market trends, among other factors. A listing on Binance Alpha does not necessarily guarantee a subsequent listing on Binance Spot.

Toss (Viva Republica) and Bithumb are reportedly discussing cooperation for a stablecoin payment business. According to industry sources on the 4th, Toss has been in talks for collaboration on a stablecoin business with several virtual asset companies, including Bithumb. A Bithumb representative stated, "We are discussing strategic directions related to the stablecoin business with various companies, but nothing has been decided about actual cooperation yet." Last month, Upbit, the No. 1 domestic exchange, announced it would pursue collaboration with Naver Pay on the development of a Korean won stablecoin, and now Bithumb, the second-largest exchange, also seems to be searching for a payment partner related to stablecoins. A Toss spokesperson explained, "We held meetings, including with Bithumb, to discuss this matter and are openly engaging with multiple potential partners regarding the stablecoin business."

Cryptocurrency A to Z Criticism of "Bitcoin Fraud" Recently Moderating Tone Support for Stablecoins Allowing Fund Transfers via Coinbase Jamie Dimon, CEO of JP Morgan, has repeatedly expressed his personal skepticism toward Bitcoin while indicating a flexible stance toward customer demand. According to the cryptocurrency industry on the 3rd, CEO Dimon said in a recent interview with CNBC in the United States, "I believe in the potential of stablecoins and blockchain," but clarified, "I have no belief in Bitcoin itself." Nevertheless, he stated, "If the customer wants it, I'm not going to tell them how to spend their money," thus respecting customer choice. In relation to this, it was mentioned that JP Morgan has recently enabled fund transfers through its connection with the cryptocurrency exchange Coinbase. CEO Dimon said, "You can now transfer funds from a JP Morgan account to Coinbase," and added, "This is a positive development, and we are part of that flow." Dimon is regarded as a prominent 'Bitcoin critic.' In 2017, he bluntly condemned Bitcoin as a "fraud," stating, "If any employee is caught trading Bitcoin, they will be fired," which sent shockwaves through the market. He has compared Bitcoin to the 'tulip bubble' and argued it has no real intrinsic value. However, in recent years, he has moderated his remarks. In 2021, he said, "Personally, I don't want to buy Bitcoin, but if you're an adult, you should be free to buy and sell it." This is interpreted as a realistic judgment as a financial company CEO who cannot ignore customer demand. JP Morgan is actively expanding its cryptocurrency and blockchain infrastructure. It operates its own blockchain network, Onyx. The company is also expanding inter-institutional settlement services using JPM Coin. It continues to invest in digital payment infrastructure based on blockchain. Youngmin Lee, Bloomingbit journalist 20min@bloomingbit.io

<Major Economic Events Next Week> ▶Mon 4th: △Switzerland July Consumer Price Index (KST 15:30), △US June Factory Orders (KST 23:00) ▶Tue 5th: △South Korea Consumer Price Index (KST 08:00), △Japan Services Purchasing Managers' Index (KST 09:30), △China Caixin Services Purchasing Managers' Index (KST 10:45) △US July Services Purchasing Managers' Index (local time 09:45, KST 22:45) △US ISM Non-Manufacturing Purchasing Managers' Index (local time 10:00, KST 23:00) ▶Wed 6th: △US Crude Oil Inventories (local time 10:30, KST 23:30) △US Cushing Crude Oil Inventories (local time 10:30, KST 23:30) ▶Thu 7th: △UK Interest Rate Decision (KST 20:00) △US Initial Jobless Claims (local time 08:30, KST 21:30) ▶Fri 8th: △US Federal Reserve Balance Sheet Release (local time 16:30, KST 05:30) <Major Cryptocurrency Events Next Week> ▶Mon 4th: △Babylon (BABY) Social Airdrop △Solaire (LAYER) SIP-1 Voting △Metronome (MET) Community Call ▶Tue 5th: △Stellar (XLM) Leadership AMA △Floki (FLOKI) RICE AI Launch △ ▶Wed 6th: △Indonesia Game Week Opening ▶Thu 7th: ▶Fri 8th: △Mantle UR Early Beta Access △Immutable Token Unlock

Rumors are spreading in some communities that China has banned crypto assets (cryptocurrencies) without any supporting evidence. On the 3rd (local time), Wu Blockchain, a crypto-focused media outlet, reported: "Some communities are spreading baseless rumors that China has re-banned crypto assets, but this is not true. Currently, China fully accepts crypto assets in Hong Kong and only bans institutional participation—not individual trading. Bitcoin mining continues to be carried out in various regions of China," it added.

A phishing scam involving malicious ERC-20 approval transactions caused losses amounting to $900,000. On the 3rd (local time), the virtual asset (cryptocurrency) media outlet Cointelegraph reported, "A phishing case has emerged in which losses of over $900,000 occurred due to signatures on phishing sites and fake airdrop pages." According to data, the scammer's wallet '0x67E5Ae' gained access to the victim's wallet on April 30, 2024, and the phishing damage occurred a full 458 days after the transaction approval. The on-chain security protocol Scam Sniffer advised, "Regularly review and revoke existing approval transactions. Otherwise, the funds you hold could be at risk."

Deadline for US–China Tariff Truce Approaching on the 12th Trump, Investors Fear Panic if Truce Not Extended This week (4th–8th), the New York Stock Exchange is expected to closely watch the progress of trade negotiations between the United States and major economies. Last month, on the 31st, President Donald Trump of the United States sent a revised reciprocal tariff letter to 68 countries, including South Korea and the European Union (EU). Among these, 26 countries were notified of tariff rates exceeding 15%. The tariff rate for Canada (35%) took effect immediately on the 1st. For the remaining countries, it begins on the 7th. There is also attention on how the tariff issue between the United States and China will unfold. On May 12, the US and China agreed at the Geneva negotiations to dramatically lower the tariffs they each imposed of over 100% by 115 percentage points for 90 days. At that time, the US had imposed a tariff of 145% on China, and China had imposed 125% on the US. The deadline for the tariff truce agreed upon by the US and China at the Geneva negotiations is the 12th. If President Trump does not approve an extension of the truce, the stock market could plunge into chaos. The war situation between Russia and Ukraine is also a variable. The deadline presented by President Trump to Russia for reaching a 'ceasefire agreement with Ukraine' is the 8th. Major economic indicator releases are also coming up. On the 5th, the Institute for Supply Management (ISM) in the US will announce the July Purchasing Managers’ Index (PMI) for the service sector. Since the service sector accounts for 70% of the US economy, this data could heighten concerns about an economic slowdown in the US. Investors are particularly expected to pay attention to the earnings of Palantir Technologies (on the 4th) and AMD (on the 5th) this week. The earnings of Costco Wholesale and McDonald's (on the 6th), both good indicators of US consumer sentiment, are also in focus. The assessment of a jobs shock by key figures of the Fed should not be overlooked. Lisa Cook, a Fed Board member (on the 6th), Raphael Bostic, President of the Federal Reserve Bank of Atlanta, and Alberto Musalem, President of the Federal Reserve Bank of St. Louis (both on the 7th), are scheduled to appear in public. New York = Park Shin-young, correspondent nyusos@hankyung.com

Payment company Danal and HancomWITH, a Hancom Group affiliate, announced on the 30th that they have signed an agreement to collaborate on a stablecoin-based digital financial business. Through this agreement, the two companies plan to create synergy by combining their core competencies in the field of stablecoins, a recent hot topic in the global financial market. The main areas of cooperation include ▲ joint development of global financial service models ▲ kiosk-based financial services for foreigners residing in Korea ▲ global security business utilizing quantum-resistant cryptography (PQC) and AI facial recognition solutions ▲ joint marketing and partnership integration.

The largest fintech company in the UK, Revolut, is reportedly considering acquiring a local bank in the United States in order to secure a US banking license. On the 30th (local time), the Financial Times quoted anonymous sources and reported, "Revolut is considering acquiring a bank with a national license in the US to operate lending products in the country." Revolut is one of the European fintech companies seeking to enter the US market and is targeting the US to attract more customers and deposits. A decision has not yet been made as to which bank to acquire, and it is known that Revolut is also considering applying for its own banking license.