US Economy Shows Resilience Amid Rising Inflation Concerns
The US economy showed signs of resilience despite rising inflation concerns. July's PCE inflation rate reached 3.7% year-over-year, exceeding market expectations and driving up Treasury yields. The stronger dollar also had a positive impact on technology stocks, with Nvidia reporting a 106% revenue increase in its Q2 earnings.
The energy sector saw some relief as tensions over the Strait of Hormuz eased, with Brent crude prices falling back towards $87 per barrel. However, this did not have a significant impact on Bitcoin's price, which pulled back to around $79K after previously breaking above $80K.
Regulatory updates were also a key focus, with the SEC submitting proposed amendments for crypto asset custody and fundraising rules. These changes aim to provide clearer guidelines for project fundraising and token issuance, potentially reducing uncertainty and compliance barriers for traditional institutions.