Gate Daily: Bitcoin (BTC) ends correction and rebounds; Trump denies drafting letter to fire Powell; House cryptocurrency bill passes vote.

Bitcoin (BTC) has ended its pullback with a slight rebound, reporting around 119,000 USD in the Asian early trading session today (17). The New York Times reported that President Trump has drafted a letter to dismiss Federal Reserve Chairman Powell, but Trump denies seeking his removal. On July 16, the U.S. House of Representatives approved a motion with a vote of 215 in favor and 211 against, calling for a reconsideration of a proposal that combines the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act related to encryption.

Today's Outlook:

1. Australia's seasonally adjusted unemployment rate for June was 4.1%.

2. The unemployment rate in the UK for May was 4.5%, previous value.

3. The ILO unemployment rate in the UK for the three months to May was 4.6%, the previous value.

4. Eurozone consumer price index final (y/y) for June, previous value was 2.0%

5. Eurozone consumer price index final value (monthly rate) for June, previous value was 0%

6. The United States June retail sales (month-on-month), previous value was -0.9%.

7, The number of initial jobless claims in the U.S. last week (thousand) (as of 0712), the previous value was 227.

8, US July NAHB Housing Market Index, previous value was 32

9. South Africa hosted the G20 finance ministers and central bank governors meeting, until July 18.

10. The Federal Reserve (FED) released the Beige Book on economic conditions.

11. New York Federal Reserve Chairman Williams delivers a speech on the U.S. economy and monetary policy.

12. Federal Reserve Board member Cook gave a speech on the housing market and the outlook for the US economy.

Macroeconomic Events & Coin Circle Hotspots

1. The New York Times reported that US President Trump has drafted a letter to fire Federal Reserve Chairman Powell. Trump denied that he was seeking to remove Bauer, saying: "No, we are not going to take any action and I do not rule out any possibility, but I think it is extremely unlikely, unless he has to leave office due to fraud." Many analysts have warned that ousting Bauer could roil financial markets and spark a legal showdown over central bank independence, while some bank governors, such as David Solomon and Brian Moynihan, have stressed the importance of autonomy.

2. The U.S. House of Representatives approved a motion on July 16 with 215 votes in favor and 211 votes against, calling for a reconsideration of a cryptocurrency-related proposal that combines the "GENIUS Act," the "CLARITY Act," and the "Anti-CBDC Surveillance Act." This is because the House agreed to a resolution passed by the Senate that procedurally bundles these three measures together, but does not in itself constitute formal statutory provisions. Therefore, the proposal will not be directly submitted to the President. After approval, the leaders of the House and Senate can separately address the relevant bills, incorporate them into another legislative body, or draft a consolidated conference alternative that can pass both chambers in the same statutory form for presidential action. Since this is a procedural bill rather than a single formal bill, the next step is to transform it into promulgable legislation. Committees or leadership can unload, tag, or attach the constituent measures to moving vehicles.

3. Financial services company Cantor Fitzgerald plans to acquire $3.5 billion worth of Bitcoin. According to reports from the UK Financial Times and Bloomberg on Tuesday, Adam Back's Blockstream Capital will invest to establish a company to hold encryption. Blockstream will contribute up to 30,000 BTC (currently valued at $3.5 billion) in exchange for shares in the blank check special purpose acquisition company (SPAC) Cantor Equity Partners 1, which will be renamed BSTR Holdings. The deal also includes plans to raise up to $800 million in additional external capital for further purchases of Bitcoin, following Cantor Fitzgerald's $3.6 billion cryptocurrency deal in April with SoftBank and Tether to create a Bitcoin acquisition company.

Market Trend

1. $BTC ended the rebound slightly rebounded, tentatively reported at about $119,000, and closed positions of $11.79 million in the past 24 hours, the main short order;

2. The US stock market experienced significant fluctuations on Wednesday, with the Dow Jones Industrial Average rising 231.491 points (0.53%) to close at 44254.78 points. The Nasdaq Composite Index rose 52.6902 points (0.25%) to close at 20730.4902 points. The S&P 500 Index rose 19.9403 points (0.32%) to close at 6263.7 points. The Philadelphia Semiconductor Index fell 22.4016 points (-0.39%) to close at 5696.2084 points. The VIX (Volatility Index) fell 0.22 points (-1.27%) to close at 17.1599 points;

3. In the Gate BTC/USDT liquidation map, based on the current 118,946.70 USDT, if it falls to around 118,003 USD, the accumulated long position liquidation amount exceeds 130 million USD; if it rises to around 120,195 USD, the accumulated short position liquidation amount exceeds 98 million USD. The liquidation amount for shorts is lower 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 inflows were $2.67 billion, outflows were $2.43 billion, and net outflows were $240 million;

(Source: Coinglass)

5. In the past 24 hours, contracts such as $XRP, $SUI, $XLM, $UNI, and $BTC have seen net outflows leading to trading opportunities.

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(Source: Coinglass)

News Updates

1. The New York Times: Trump has drafted a letter to fire Federal Reserve Chairman Jerome Powell

2. The probability of the Fed cutting interest rates in September is close to 70%

3. The U.S. House of Representatives passes a procedural vote on the cryptocurrency bill

4. UK lawmakers call for a ban on political donations in cryptocurrency

5. SharpLink Gaming added 10,614 Ethereum coins worth $35.62 million

6. World Liberty Financial invested tens of millions of dollars to purchase 3,007.4 Ethereum.

7. Trend Research has transferred 79,471 ETH to CEX for reduction.

8. CEO of a U.S. bank: may collaborate with other partners on stablecoin.

9. Bulgaria missed a $25 billion opportunity to pay off its debts by selling Bitcoin in 2018.

10. GameStop is considering supporting cryptocurrency payments in its trading card and collectibles business

11. GMX: All funds of GLP on Arbitrum have been fully recovered.

12.Matador Technologies, a publicly traded company, plans to accumulate 6,000 BTC by 2027

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's operation is like a farce. First, the PPI data was better than expected, and the market reaction was quite good. Then suddenly, news from the White House emerged that Trump was going to fire Powell, with details that seemed credible, even mentioning that Trump was already drafting a dismissal statement. The market reacted immediately, as some investors believed it to be true. However, it is important to note that while the Chairman of the Federal Reserve can be dismissed, this has never happened in American history. The conditions for firing the Chairman of the Federal Reserve are extremely stringent, yet the market took this very seriously. Could it be that Trump has some leverage over Powell? Eventually, during an interview, Trump publicly expressed his conservative stance on firing Powell, stating that it would only happen if Powell exhibited misconduct at the Federal Reserve Building; otherwise, it would be impossible to dismiss him. He also mentioned that any replacement would occur within eight months, which is exactly when Powell's term will end, and publicly stated that White House Senior Advisor Hassett is being considered as a candidate for the Federal Reserve Chairman position. Looking back at Bitcoin data, we can finally update the URPD data today. I have also redefined the support levels for URPD, as there were still many variables today, so I will explain it in detail tomorrow. Currently, the latest effective support is between $103,500 and $108,500, which is temporarily the most concentrated position for chips. Whether it can become a solid support needs to be observed closely. Additionally, there is still a URPD gap between $112,000 and $114,000, and the probability of this gap being filled should be 100%. Historically, there has never been an unfilled URPD gap, but when it will be filled is unknown."