Gate Daily (August 22): Kanye officially launched the meme coin YZY; Trump is expected to restore 18th-century laws; State Street Bank joins JPMorgan's tokenization platform.

Bitcoin (BTC) has once again fallen into a correction, reported at around $112,790 on August 22. It is predicted that in six months, Kanye West will officially launch the meme coin YZY on Solana. The U.S. has proposed to revive 18th-century laws so that President Trump can authorize private citizens to combat cryptocurrency fraudsters. State Street has joined JPMorgan's tokenization debt platform.

Today's Outlook

1. The national consumer price index (year-on-year) for Japan in July was 3.3%, previous value.

2. The revised value of Germany's GDP in the second quarter (adjusted seasonally), previously at -0.1%.

3. Germany's second-quarter seasonally adjusted GDP revision (annualized), previous value was 0.0%.

4. UK July seasonally adjusted retail sales (month-on-month), previous value was 0.9%.

5. Canada June Retail Sales (MoM), previous value -1.1%

6. The Hang Seng Index Company announced the review results for the second quarter.

7. Jackson Hole Global Central Bank Conference, until August 23

8. Federal Reserve Chairman Powell delivered a speech at the Jackson Hole Global Central Bank Annual Conference.

Macro Events & Crypto Circle Hotspots

1. Six months later, well-known rapper Kanye West officially announced the launch of the meme coin YZY. As the market heat quickly rises, the controversies surrounding the control model and potential insider trading have also raised questions about this issuance. On August 21, Kanye announced the launch of the new brand YZY MONEY on social media, and issued the token YZY on Solana. To prove the project's authenticity, the official also released a video featuring Kanye himself as a endorsement. According to the tokenomics of YZY, 20% is allocated for public issuance, 10% for the liquidity pool, 30% for Yeezy Investments LLC (locked for 3 months, linear release over 24 months), 20% for the team (locked for 6 months, linear release over 24 months), and 20% for the ecosystem development fund (locked for 12 months, linear release over 24 months). This means that at least over 70% of the shares are controlled internally, with limited circulation in the public market.

2. U.S. Congressman David Schweikert proposed legislation authorizing President Trump to combat cryptocurrency criminals operating abroad. The bill was introduced in the form of House Resolution (HR 4988), invoking the rarely used concept of "letters of marque and reprisal," a legal document dating back to the days of naval warfare. Historically, such letters authorized privateers to attack and seize enemy vessels during wartime, providing the government with a means of retaliating against foreign aggression. Under Schweikert's proposal, this mechanism would be extended to the digital realm. The bill would allow individuals or companies to recover stolen assets or combat cybercrime targeting American interests on behalf of the United States.

3. One of the world's largest asset management companies, State Street Bank, has become the first custodian to adopt JPMorgan's new debt platform based on blockchain, marking a milestone in institutional access to digital securities and indicating a growing acceptance of digital assets in the mainstream. The platform, named "Digital Debt Services," allows clients to trade and settle tokenized government bonds and corporate bonds on the blockchain. As part of the platform's launch, State Street Bank purchased $100 million worth of tokenized commercial bonds from OCBC Bank. With favorable regulations in the U.S. and the recently approved "GENIUS Act," institutional adoption of blockchain technology is accelerating by 2025. Market observers say this legislation could become a gateway for tokenizing real-world assets, a sector that is experiencing rapid growth this year. So far, private credit and U.S. Treasury bonds have become the most popular tokenized assets.

Market Trend

1. $BTC has once again fallen into a correction, currently reporting around 112,790 USD, with 45.46 million USD liquidated in the past 24 hours, mainly from long positions.

2. The major U.S. stock market indices fell on August 21, as cautious sentiment swept Wall Street ahead of Federal Reserve Chairman Powell's speech, raising concerns that he might deliver hawkish remarks that could trigger market volatility. A key manufacturing report raised worries about inflationary pressures potentially dampening interest rate cut prospects. At the same time, retail giant Walmart's financial report also weighed on market sentiment. The Dow Jones Industrial Average dropped 152.81 points, or 0.34%, to 44,785.50 points; the S&P 500 index fell 25.61 points, or 0.40%, to 6,370.17 points; and the Nasdaq index declined 72.5 points, or 0.34%, to 21,100.31 points.

3. In the Gate BTC/USDT liquidation map, based on the current 112,742.90 USDT, if it drops to around 111,887 USD, the total liquidation amount for long positions exceeds 114 million USD; if it rises to around 114,507 USD, the total liquidation amount for short positions exceeds 745 million USD. The liquidation amount for shorts is significantly higher than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was 1.75 billion USD, outflow was 1.64 billion USD, with a net outflow of 110 million USD.

5. In the past 24 hours, contracts such as $ETH, $BTC, $SOL, $LINK, and $ADA have seen a net outflow, indicating trading opportunities.

News Dynamics

1. Insider: Anthropic is in talks to raise up to $10 billion in new funding.

2. The probability of the Federal Reserve lowering interest rates in September is 75%.

3. Republic launches a wallet and Launchpad that supports Injective.

4. State Street Bank accepts J.P. Morgan's digital debt services, promoting blockchain debt securities custody.

5. Verb Technology holds 780 million dollars in assets, including 713 million dollars in TON.

6. Federal Reserve Hamrick: Inflation remains a major concern, and the Federal Reserve is not expected to cut interest rates in September.

7. A whale holding BTC for 7 years sold approximately 235 million USD worth of BTC for ETH within 24 hours.

8. Zora launches short video feature Vidz

9. Market News: Trump's $464 million civil fraud fine dismissed.

10. Stablecoin payment processor Loop Crypto has completed a new round of financing led by VanEck and others, raising a total of 6 million dollars.

On August 21, 10 Bitcoin ETFs had a net outflow of approximately 409 million USD BTC, and 9 Ethereum ETFs had a net outflow of approximately 471 million USD ETH.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "The tasks are getting harder to write, some are happy while others are sad. Today I saw an interesting phenomenon; it seems that not many people are rushing to meme from Kan Ye. Although it's a bit late, I noticed that there aren't many people sharing their trades, and among the few who did, their profits are not very exaggerated. On the contrary, the partners who shared their trades after OKB broke a new high and those who missed it didn't make very much profit either. If we calculate, this year three platform coins have performed well, putting pressure on other platform coins. However, if OKB relies solely on pure pump without actual empowerment, it might be quite difficult. I hope to see more applications for OKB."

"BTC quietly dropped below $112,000, and no one is shouting about altcoin season anymore. The reason for the drop is still due to the speculation regarding the interest rate cut expectations in September. After Hamak indicated unwillingness to support an interest rate cut for September in the evening, the expectations for a September cut have been declining, with CME already falling to 73.5% and Kalshi dropping to 60%. Investor sentiment is gradually turning pessimistic, and even Trump's show of strength has not been effective. August 22 is the Jackson Hole annual meeting, and Powell's speech is receiving the highest attention. My personal view is that Powell may not disclose a clear stance on September's monetary policy, but will insist on data-driven decisions. However, he may likely express no opposition to a September rate cut, which should also be a positive for the market."