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On April 17, former U.S. Treasury Secretary Henry Paulson urged the U.S. government to develop contingency plans to prevent a potential collapse in demand for U.S. Treasury bonds. He warned that such a situation would have 'extremely severe' consequences. Paulson stated, 'We need an emergency response plan that is targeted and short-term, and it should be prepared in advance to be activated once a critical point is reached.' He noted that if the $31 trillion U.S. debt market were to fail, the nature of the crisis would differ from the financial crisis he faced two decades ago. 'At that time, the situation was already bad, but the government still had fiscal space to respond to the credit crisis. However, if a U.S. public debt crisis occurs and we reach a critical point where the only buyer of Treasury bonds is the Federal Reserve, leading to falling bond prices and rising interest rates, it would be a very dangerous situation.' For years, U.S. budget experts have warned of a potential 'doom loop': as government debt continues to grow, investors demand higher yields, which increases government interest expenses and further widens the fiscal deficit. In extreme cases, if the Treasury cannot raise enough funds to pay interest or principal, the market widely believes that the Federal Reserve will have to step in as an emergency buyer. Paulson emphasized, 'Once it happens, the impact will be very severe, so we must be prepared for this possibility.'

[Former U.S. Treasury Secretary Paulson Calls for Contingency Plans to Address Potential Collapse in U.S. Debt Demand]On April 17, former U.S. Treasury Secretary Henry Paulson urged the U.S. government to develop contingency plans to prevent a potential collapse in demand for U.S. Treasury bonds. He warned that such a situation would have 'extremely severe' consequences. Paulson stated, 'We need an emergency response plan that is targeted and short-term, and it should be prepared in advance to be activated once a critical point is reached.' He noted that if the $31 trillion U.S. debt market were to fail, the nature of the crisis would differ from the financial crisis he faced two decades ago. 'At that time, the situation was already bad, but the government still had fiscal space to respond to the credit crisis. However, if a U.S. public debt crisis occurs and we reach a critical point where the only buyer of Treasury bonds is the Federal Reserve, leading to falling bond prices and rising interest rates, it would be a very dangerous situation.' For years, U.S. budget experts have warned of a potential 'doom loop': as government debt continues to grow, investors demand higher yields, which increases government interest expenses and further widens the fiscal deficit. In extreme cases, if the Treasury cannot raise enough funds to pay interest or principal, the market widely believes that the Federal Reserve will have to step in as an emergency buyer. Paulson emphasized, 'Once it happens, the impact will be very severe, so we must be prepared for this possibility.'

Former U.S. Treasury Secretary Paulson Calls for Contingency Plans to Address Potential Collapse in U.S. Debt Demand

On April 17, Hassan Fadlallah, a member of Lebanon's Hezbollah and a Lebanese MP, revealed on the 16th local time that the Iranian ambassador to Lebanon had informed Hezbollah about a potential week-long ceasefire. When asked if Hezbollah would adhere to this temporary ceasefire agreement, Fadlallah stated, 'Everything depends on whether Israel commits to stopping all forms of hostile actions.' As of now, there has been no formal response from Hezbollah regarding U.S. President Trump's statement that 'Israel and Lebanon have agreed to a 10-day temporary ceasefire.' (CCTV News)

[Hezbollah Member: Ceasefire Depends on Israel's Halt of Hostilities]On April 17, Hassan Fadlallah, a member of Lebanon's Hezbollah and a Lebanese MP, revealed on the 16th local time that the Iranian ambassador to Lebanon had informed Hezbollah about a potential week-long ceasefire. When asked if Hezbollah would adhere to this temporary ceasefire agreement, Fadlallah stated, 'Everything depends on whether Israel commits to stopping all forms of hostile actions.' As of now, there has been no formal response from Hezbollah regarding U.S. President Trump's statement that 'Israel and Lebanon have agreed to a 10-day temporary ceasefire.' (CCTV News)

Hezbollah Member: Ceasefire Depends on Israel's Halt of Hostilities

On April 17, Bank of England Monetary Policy Committee member Taylor stated on Thursday local time that investors' expectations regarding changes in the Bank of England's policy have become more aligned with the possible interest rate path. The Bank of England kept the key interest rate unchanged last month, stating it is prepared to raise borrowing costs to curb the inflation rebound driven by soaring energy costs due to the Middle East conflict. Investors reacted by adjusting their expectations for future interest rate movements, anticipating up to four rate hikes this year. Bank of England Governor Bailey later remarked that the market had been 'somewhat hasty.' Recently, investors have readjusted their expectations, now anticipating one to two rate hikes. 'The market may have been somewhat hasty, and perhaps things are calming down,' Taylor stated. European Central Bank Chief Economist Lane also commented that the timing of potential rate actions is 'a matter of detail,' and noted that in the context of a highly uncertain economic outlook, decision-makers must be prepared to make mistakes. He said, 'If you are formulating monetary policy in uncertain circumstances, you must be open to revising your interest rate decisions. A rate hike could prove to be a mistake. Staying put could also prove to be a mistake. We can always update and revise every six weeks.'

[Bank of England's Taylor: Market Was Hasty on Interest Rates, Now Calming Down]On April 17, Bank of England Monetary Policy Committee member Taylor stated on Thursday local time that investors' expectations regarding changes in the Bank of England's policy have become more aligned with the possible interest rate path. The Bank of England kept the key interest rate unchanged last month, stating it is prepared to raise borrowing costs to curb the inflation rebound driven by soaring energy costs due to the Middle East conflict. Investors reacted by adjusting their expectations for future interest rate movements, anticipating up to four rate hikes this year. Bank of England Governor Bailey later remarked that the market had been 'somewhat hasty.' Recently, investors have readjusted their expectations, now anticipating one to two rate hikes. 'The market may have been somewhat hasty, and perhaps things are calming down,' Taylor stated. European Central Bank Chief Economist Lane also commented that the timing of potential rate actions is 'a matter of detail,' and noted that in the context of a highly uncertain economic outlook, decision-makers must be prepared to make mistakes. He said, 'If you are formulating monetary policy in uncertain circumstances, you must be open to revising your interest rate decisions. A rate hike could prove to be a mistake. Staying put could also prove to be a mistake. We can always update and revise every six weeks.'

Bank of England's Taylor: Market Was Hasty on Interest Rates, Now Calming Down

On April 17, the U.S. House of Representatives voted on April 16, local time, to narrowly defeat a measure initiated by the Democrats, with 214 votes in favor and 213 against. The measure called for President Trump to end military actions against Iran and required congressional authorization before any further military actions could be taken against Iran. The Senate had previously rejected the measure a day earlier. Democrats stated they would continue to propose similar measures until military actions against Iran are concluded or Congress authorizes continued military engagement. According to the U.S. Constitution, only Congress has the authority to declare war. A law passed by Congress in 1973 stipulates that the President can only take limited military action without congressional authorization in response to an attack on the U.S. or an imminent threat.

[House Rejects Measure to Limit Trump's War Powers]On April 17, the U.S. House of Representatives voted on April 16, local time, to narrowly defeat a measure initiated by the Democrats, with 214 votes in favor and 213 against. The measure called for President Trump to end military actions against Iran and required congressional authorization before any further military actions could be taken against Iran. The Senate had previously rejected the measure a day earlier. Democrats stated they would continue to propose similar measures until military actions against Iran are concluded or Congress authorizes continued military engagement. According to the U.S. Constitution, only Congress has the authority to declare war. A law passed by Congress in 1973 stipulates that the President can only take limited military action without congressional authorization in response to an attack on the U.S. or an imminent threat.

House Rejects Measure to Limit Trump's War Powers

On April 17, according to HTX data, ORDI continued to surge, briefly surpassing $9.5, and is currently reported at $9.022, with a 24-hour increase of 212%. In the past 24 hours, liquidations for ORDI contracts across the network reached $22.75 million, including $5.18 million in long positions and $17.57 million in short positions.

[ORDI Rises Over 200% in a Single Day, Over $22 Million Liquidated Across the Network]On April 17, according to HTX data, ORDI continued to surge, briefly surpassing $9.5, and is currently reported at $9.022, with a 24-hour increase of 212%. In the past 24 hours, liquidations for ORDI contracts across the network reached $22.75 million, including $5.18 million in long positions and $17.57 million in short positions.

ORDI Rises Over 200% in a Single Day, Over $22 Million Liquidated Across the Network

HTX data showed that BTC fell below 74000  USDT and is now at 73986.86 USDT, with a decrease of 0.04% in 24H.

[BTC fell below 74000  USDT] HTX data showed that BTC fell below 74000  USDT and is now at 73986.86 USDT, with a decrease of 0.04% in 24H.

BTC fell below 74000  USDT

On April 16, The Block reported that Mizuho Bank research analysts released a report on Thursday stating that the financial feature X Money launched by Musk's X platform has the potential to disrupt the U.S. payment industry, although its cryptocurrency integration plans may face regulatory hurdles. Mizuho analysts Dan Dolev and Andrew Jenkins wrote in a client report that X Money is positioned as the financial infrastructure layer of the X platform, aiming to integrate instant messaging, bank deposits, and commercial transaction functions, similar to the 'super app' model of WeChat Pay or Alipay. With 500 to 600 million monthly active users on the X platform and Musk's background as a co-founder of PayPal, 'X Money has the potential to disrupt the U.S. payment industry.' On the regulatory front, analysts pointed out two major potential obstacles: First, New York State's recent proposed 'CRYPTO Act' (Cryptocurrency Regulation, Protection, Trust, and Supervision Act) aims to criminalize unlicensed virtual currency operations in the state, which would raise compliance barriers for X's future cryptocurrency integration plans; second, the 'Clarity Act' may restrict non-bank financial platforms from offering returns to users, potentially hindering X Money's plan to provide users with a 6% annualized return on cash balances, with analysts noting that the timing of this yield product's launch is 'particularly sensitive.' Mizuho also downgraded PayPal (PYPL) stock to 'neutral,' indicating that PayPal and its Venmo app 'face the most direct substitution risk, as X is targeting the same peer-to-peer transfer and digital wallet entry points.' This week, the X platform also launched a new feature called 'Cashtags,' allowing users to view financial data for stocks and cryptocurrencies directly within their timeline.

[Mizuho Bank: Elon Musk's X Money Could Disrupt U.S. Payment Market and Challenge PayPal]On April 16, The Block reported that Mizuho Bank research analysts released a report on Thursday stating that the financial feature X Money launched by Musk's X platform has the potential to disrupt the U.S. payment industry, although its cryptocurrency integration plans may face regulatory hurdles. Mizuho analysts Dan Dolev and Andrew Jenkins wrote in a client report that X Money is positioned as the financial infrastructure layer of the X platform, aiming to integrate instant messaging, bank deposits, and commercial transaction functions, similar to the 'super app' model of WeChat Pay or Alipay. With 500 to 600 million monthly active users on the X platform and Musk's background as a co-founder of PayPal, 'X Money has the potential to disrupt the U.S. payment industry.' On the regulatory front, analysts pointed out two major potential obstacles: First, New York State's recent proposed 'CRYPTO Act' (Cryptocurrency Regulation, Protection, Trust, and Supervision Act) aims to criminalize unlicensed virtual currency operations in the state, which would raise compliance barriers for X's future cryptocurrency integration plans; second, the 'Clarity Act' may restrict non-bank financial platforms from offering returns to users, potentially hindering X Money's plan to provide users with a 6% annualized return on cash balances, with analysts noting that the timing of this yield product's launch is 'particularly sensitive.' Mizuho also downgraded PayPal (PYPL) stock to 'neutral,' indicating that PayPal and its Venmo app 'face the most direct substitution risk, as X is targeting the same peer-to-peer transfer and digital wallet entry points.' This week, the X platform also launched a new feature called 'Cashtags,' allowing users to view financial data for stocks and cryptocurrencies directly within their timeline.

Mizuho Bank: Elon Musk's X Money Could Disrupt U.S. Payment Market and Challenge PayPal

On April 17, Mizuho Bank research analysts released a report stating that X Money, the financial feature launched by Elon Musk's X platform, has the potential to disrupt the U.S. payment industry, although its cryptocurrency integration plans may face regulatory hurdles. Analysts Dan Dolev and Andrew Jenkins wrote in a client report that X Money is positioned as the financial infrastructure layer of the X platform, aiming to integrate instant messaging, banking deposits, and commercial transaction functionalities. With 500 to 600 million monthly active users on the X platform and Musk's background as a co-founder of PayPal, X Money has the potential to disrupt the U.S. payment industry. On the regulatory front, analysts pointed out two major potential obstacles: first, New York's recently proposed "CRYPTO Act" (Cryptocurrency Regulation, Protection, Trust, and Supervision Act) aims to criminalize unlicensed virtual currency operations in the state, which would raise compliance barriers for X's future cryptocurrency integration plans; second, the "Clarity Act" may restrict non-bank financial platforms from offering yields to users, potentially hindering X Money's plan to provide users with a 6% annualized yield on cash balances, with analysts noting that the timing for launching such a yield product is "particularly sensitive." Mizuho also downgraded PayPal (PYPL) stock to "neutral," indicating that PayPal and its Venmo app face the most direct substitution risk, as X is targeting the same peer-to-peer transfer and digital wallet entry points. This week, the X platform also launched a new feature called "Cashtags," allowing users to view financial data for stocks and cryptocurrencies directly in their timelines.

[Mizuho Bank: Elon Musk's X Money Could Disrupt U.S. Payment Market and Challenge PayPal]On April 17, Mizuho Bank research analysts released a report stating that X Money, the financial feature launched by Elon Musk's X platform, has the potential to disrupt the U.S. payment industry, although its cryptocurrency integration plans may face regulatory hurdles. Analysts Dan Dolev and Andrew Jenkins wrote in a client report that X Money is positioned as the financial infrastructure layer of the X platform, aiming to integrate instant messaging, banking deposits, and commercial transaction functionalities. With 500 to 600 million monthly active users on the X platform and Musk's background as a co-founder of PayPal, X Money has the potential to disrupt the U.S. payment industry. On the regulatory front, analysts pointed out two major potential obstacles: first, New York's recently proposed "CRYPTO Act" (Cryptocurrency Regulation, Protection, Trust, and Supervision Act) aims to criminalize unlicensed virtual currency operations in the state, which would raise compliance barriers for X's future cryptocurrency integration plans; second, the "Clarity Act" may restrict non-bank financial platforms from offering yields to users, potentially hindering X Money's plan to provide users with a 6% annualized yield on cash balances, with analysts noting that the timing for launching such a yield product is "particularly sensitive." Mizuho also downgraded PayPal (PYPL) stock to "neutral," indicating that PayPal and its Venmo app face the most direct substitution risk, as X is targeting the same peer-to-peer transfer and digital wallet entry points. This week, the X platform also launched a new feature called "Cashtags," allowing users to view financial data for stocks and cryptocurrencies directly in their timelines.

On April 17, data showed that ORDI briefly surpassed $9.5, currently reported at $9.022, with a 24-hour increase of 212%. In the past 24 hours, the total liquidations of ORDI contracts across the network reached $22.75 million, including $5.18 million in long liquidations and $17.57 million in short liquidations.

[ORDI Surges Over 200% in a Single Day, Liquidations Exceed $22 Million]On April 17, data showed that ORDI briefly surpassed $9.5, currently reported at $9.022, with a 24-hour increase of 212%. In the past 24 hours, the total liquidations of ORDI contracts across the network reached $22.75 million, including $5.18 million in long liquidations and $17.57 million in short liquidations.

ORDI Surges Over 200% in a Single Day, Liquidations Exceed $22 Million

June 30 (Huobi) - The legal fees for the bankruptcy process of FTX have surpassed $200 million and are expected to rise further. Sunil Kuvari, a former FTX customer, is questioning the high costs of restructuring the allegedly fraudulent crypto exchange and recovering funds from various recipients. Kuvari argues that the costs are significantly higher than those of comparable bankruptcies, and creditors may lose an additional $100,000 or more due to the excessive expenses. The bankruptcy examiner, Katherine Stadler, has recommended some cost reductions, but the expenses are deemed appropriate for the complexity of the situation. However, Kuvari believes that FTX's embezzlement was a simple case compared to Enron's well-covered tracks, and Bankman-Fried is taking one last pound of flesh from FTX's victims before facing consequences in October.

[Legal Fees for FTX Bankruptcy Process Exceed $200 Million, Raising Concerns for Defrauded Customers]June 30 (Huobi) - The legal fees for the bankruptcy process of FTX have surpassed $200 million and are expected to rise further. Sunil Kuvari, a former FTX customer, is questioning the high costs of restructuring the allegedly fraudulent crypto exchange and recovering funds from various recipients. Kuvari argues that the costs are significantly higher than those of comparable bankruptcies, and creditors may lose an additional $100,000 or more due to the excessive expenses. The bankruptcy examiner, Katherine Stadler, has recommended some cost reductions, but the expenses are deemed appropriate for the complexity of the situation. However, Kuvari believes that FTX's embezzlement was a simple case compared to Enron's well-covered tracks, and Bankman-Fried is taking one last pound of flesh from FTX's victims before facing consequences in October.

Legal Fees for FTX Bankruptcy Process Exceed $200 Million, Raising Concerns for Defrauded Customers

Article

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Legal Fees for FTX Bankruptcy Process Exceed $200 Million, Raising Concerns for Defrauded Customers

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