OP abnormal, 24H down 12.86%

OKX-BTC/USDT is currently trading at $117002.40, with a 5-minute decline of 0.03%. Please pay attention to market fluctuations.

According to BlockBeats, on July 25th, Bloomberg reported that for most experienced cryptocurrency traders, the "shanzhai season" is almost a regular cycle. Firstly, the rise of Bitcoin has triggered a new round of market attention towards digital assets. Funds flow into this dominant cryptocurrency, while interest in 'altcoins' gradually decreases. Traders began to search for higher returns elsewhere, and new stories and narratives emerged as a result. Subsequently, funds rotated to underperforming currencies, bringing in excess returns, which is also the reason why speculators coined the term 'knockoff season' during the bull market in 2017-2018. On July 14th, driven by the enthusiasm of "Crypto Week", Bitcoin reached a new historical high and entered a narrow trading range. Influential figures and investors in digital assets have called Ethereum's breakthrough and the rebound of the long sluggish NFT sector a turning point. However, this cycle is more characterized by intermittent rather than comprehensive prosperity of altcoins. XRP has surged over 60% since early July, but fell another 11% on Wednesday. Many of the most popular altcoins belong to a token category known as' low flux, high fully diluted valuation (FDV) '. These types of tokens typically have high fully diluted valuations of billions of dollars, but upon closer observation of their token allocation, only a small portion of the tokens can be freely traded. This often makes these tokens more susceptible to market manipulation. These factors typically come into play in the later stages of a typical knockoff season - when speculation reaches its peak, market fatigue intensifies, and prices often experience reversals. Although most crypto traders can easily recognize this pattern now, the hope remains.

According to Foresight News, the local financial management bureau of Haidian District, Beijing, announced that digital currencies represented by stablecoins have recently received widespread market attention. Some illegal organizations use "financial innovation" and "digital assets" as gimmicks, taking advantage of the public's lack of understanding of stablecoins and other assets to attract funds through the issuance of so-called "virtual currencies", "virtual assets", "digital assets" and other means, inducing the public to participate in trading speculation, disrupting economic and financial order, breeding illegal fundraising, gambling, fraud, pyramid schemes, money laundering and other illegal criminal activities, seriously endangering the safety of public property. The Haidian District Local Financial Management Bureau of Beijing reminds you that without the legal permission of the national financial management department, no institution may absorb funds from the public. Individual illegal organizations use new concepts such as stablecoins for speculation, publicly advertise and absorb public funds, and breed various illegal and criminal activities such as illegal fundraising. The Regulations on the Prevention and Disposal of Illegal Fundraising stipulate that the state prohibits any form of illegal fundraising, and any losses incurred due to participation in illegal fundraising shall be borne by the fundraising participants themselves.

According to CryptoSlate, 11 industry organizations including the Fintech Association, Blockchain Association, and Crypto Innovation Council jointly sent a letter to US President Trump on July 23, calling for the maintenance of open banking rules. These organizations warn that large banks attempting to obstruct the implementation of the rule through legal lawsuits and high data access fees may limit consumers' rights to use digital wallets and encrypted payment applications. The open banking rules were established during Trump's first term, allowing consumers to share financial data with third-party service providers for free. But major banks in the United States filed lawsuits on the day the rules came into effect. The industry alliance pointed out that the government needs to submit a defense brief for the relevant lawsuit on July 29th, which will be a key point in determining the competitiveness of US fintech. The letter emphasizes that consumers should have the right to independently choose the objects of financial data sharing, otherwise it will weaken the leading position of the United States in the field of digital asset innovation.

According to Onchain Lens monitoring, a certain whale deposited 8.47 million USDC into HyperLiquid and opened a long position in ETH with 3x leverage.