Fed Keeps Interest Rates Steady, Trump Criticizes Powell Again
The US Federal Reserve (Fed) kept its policy rate steady at 4.3 percent to see the impact of uncertainties on the economic outlook and increasing tariffs. However, the bank maintains its forecast for two interest rate cuts in 2025. Fed Chair Jerome Powell stated that tariffs could temporarily increase inflation.
Powell emphasized that while the economy is generally healthy, there has been a slight cooling in the labor market and a weakening in the housing sector. President Joe Biden’s election rival Donald Trump accused Powell of not cutting interest rates and heavily criticized him by calling him “stupid.” Wall Street expects the Fed to cut interest rates in September.
Trump: “Bring the GENIUS Stablecoin Act to My Desk Now”
US President Donald Trump has called for the GENIUS Act, which passed the Senate and includes stablecoin regulations, to be approved by the House of Representatives “at lightning speed.” Trump announced that he is ready to sign the legislation without delay or amendments. The law aims to make the US a leader in digital assets.
The GENIUS Act sets clear rules for dollar-backed stablecoins, including a 1:1 reserve requirement, state or federal licensing, anti-money laundering regulations and consumer protection measures. The law aims to make crypto payment systems faster and more secure, along with the goal of preserving the global leadership of the US dollar.
Iranian Crypto Exchange Attacked for $90 Million
Iran’s largest crypto exchange, Nobitex, has been hit by a $90 million cyberattack. The attack was carried out by the Israeli-linked hacktivist group Gonjeshke Darande (Sparrow of Prey), which had previously claimed responsibility for a cyberattack on Iran’s state-owned Bank Sepah. The group threatened to leak Nobitex’s source code and internal data, describing the exchange as a “vehicle for financing terrorism.”
According to blockchain security firm Elliptic, the attack carries a political message, not a financial one. The stolen funds were transferred to different wallets on Bitcoin, Dogecoin and EVM-based chains. However, the offensive text in these wallet addresses was crafted in a way that made the private keys inaccessible. This means that the funds were deliberately “burned.” Nobitex confirmed the attack, but did not provide clear information about the loss of funds. The attack shows that tensions between Iran and Israel are also escalating on the cyber front.
Chinese E-Commerce Giant JD.com Seeks Stablecoin License
Chinese e-commerce giant JD.com is working on stablecoin projects to be used in international payments and announced that it has entered the process of obtaining licenses in different countries. The company’s founder Richard Liu stated that the use of stablecoins can reduce costs by up to 90% in B2B payments, and transactions can be completed in less than 10 seconds.
With this move, JD.com aims to increase its competitiveness against the stablecoin interest of giants such as Amazon and Walmart. The project only covers overseas operations; stablecoin use in China is not planned. Liu described the move as part of a strategic transformation that will make up for the company’s stagnant past five years.
Two Public Companies Add HYPE Token to Treasury Assets
Asia-based Lion Group Holding and US-based Eyenovia have made major funding moves to adopt Hyperliquid’s native token HYPE as treasury reserves. LGHL announced a $600 million crypto treasury strategy that includes assets such as Solana (SOL) and Sui (SUI), while Eyenovia raised a $50 million private fund for HYPE.
LGHL’s crypto assets will be handled by BitGo Trust for custody and staking. Eyenovia plans to acquire over 1 million HYPE and become a top validator on the Hyperliquid network. Both companies said they took these steps with the aim of treasury diversification and long-term digital asset returns.
Spanish Banking Giant BBVA Offers Crypto Investment Advice
Spanish banking giant BBVA has advised its wealthy clients to allocate 3% to 7% of their portfolios to crypto assets such as Bitcoin and Ethereum. Philippe Meyer, head of the bank’s Swiss unit, said even modest crypto allocations boost portfolio performance.
BBVA has been offering crypto trading since 2021 and integrated crypto into its investment advisory service at the beginning of this year. The bank is preparing to open these services to a wider customer base via a mobile app, with regulatory approval in March 2025.
Ohio Gives Tax Exemption to Crypto Users
The Ohio House of Representatives has approved a bill called the “Blockchain Basics Act,” paving the way for crypto users to be exempt from tax on capital gains of up to $200. The bill also prohibits individuals from using digital assets with hardware wallets and allows individual crypto mining in residential areas.
The bill also includes protections for mining companies against arbitrary zoning changes and gives them the right to appeal. The bill, introduced by Representative Steve Demetriou, is now moving to the state Senate. This development stands out as one of Ohio’s positive steps towards the sector at a time when crypto regulations are gaining momentum across the US.
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BITCOIN (BTC)
BTC is traded at $ 104,730 as of the morning hours, losing 0.14%. In upward movements, the 105,984 and 107,827 levels stand out as resistance. In downward movements, the 103,502 and 101,411 levels can be followed as support. In addition, the rising trend line can be followed as intermediate support.
ETHEREUM(ETH)
ETH is priced at $ 2,519 as of the morning hours with a 0.24% loss in value. The price is moving close to the lower band of the short-term ascending channel structure. While the $ 2,462 level stands out as the first support in possible pullbacks, $ 2,322 should be followed as a strong support zone below this level.
In upward movements, the $ 2,610 level is watched as the first resistance. If this level is exceeded, the $ 2,725 resistance can be considered as the next target. If the price continues to stay within the channel, the positive structure will be maintained in the short term.
RIPPLE(XRP)
XRP is priced at $ 2.15 as of the morning hours with a 0.52% loss in value. The price is close to the support area between $ 2.13 – $ 2.08. Protecting this area may be important for reaction purchases in the short term.
While the $ 2.2128 and $ 2.2742 levels stand out as resistance in upward movements, the $ 2.3389 level can be targeted in the continuation of the rise. In downward movements, the 2.1304 level should be followed as the first support; Below this zone, the 2.0865 and 2.0336 levels are important support.
AVALANCHE(AVAX)
AVAX is trading at $ 17.79 as of the morning hours with a 1.43% loss in value. The price is very close to the short-term support area at $ 17.61. If closings occur below this level, $ 16.44 support may come to the fore in the continuation of the decline.
In possible upward reactions, the first resistance is at $ 18.72. If this level is exceeded, the $ 19.86 and $ 21.52 levels can be monitored as the next resistance zones.
SOLANA(SOL)
SOL is traded at $ 128.44 levels with a 1.89% gain as of the morning hours. SOL, which broke the $ 149 support, can be expected to work as support at $ 141.40 if the pullbacks continue. If breaks are seen from here, $ 134.83 can be met as the region where buyers are concentrated.
In a possible positive trend, $ 149.10 is our first resistance level. Then the $ 157.75 level may be our next target area.
