Gate Daily (July 10): The CLARITY Act is expected to be announced as early as next week; Polymarket is seeking a U.S. margin trading license.

Bitcoin (BTC) lacks momentum for a rebound, currently around $63,160 as of July 10. The prediction market platform Polymarket is seeking US regulatory approval to offer margin trading, allowing users to participate with less upfront capital. According to CoinDesk, citing informed sources, the unified version of the US CLARITY Act may be announced as early as next week.

Macro Events & Crypto Hotspots

1. According to CoinDesk, sources reveal that the unified version of the US CLARITY Act may be announced as early as next week, consolidating work from the Senate Banking Committee and Agriculture Committee, with a full Senate vote expected during the week of July 20. However, sources say Democratic support is not yet guaranteed, with key obstacles remaining in the form of ethical clauses restricting high-level officials like the President from maintaining business relations with the crypto industry.

The consolidated text adds over 70 pages, focusing more on consumer protection. The bill needs to advance before the August recess, with only three weeks remaining in July and the first week of August for the Senate; the House still needs to approve, and former President Trump has previously refused to sign another bipartisan housing bill, adding uncertainty to the bill’s prospects. Senator Ron Wyden sent a letter to Senate leadership on Wednesday supporting provisions for blockchain regulation certainty, offering a glimmer of hope for the DeFi industry.

2. According to Bloomberg, the prediction market platform Polymarket is seeking US regulatory approval to offer margin trading, allowing users to participate with less initial capital. The company has submitted a futures commission merchant (FCM) application to the National Futures Association (NFA) through its affiliate Coming Home GBA LLC, and needs approval from the CFTC for its rulebook to permit non-collateralized trading.

Polymarket confirmed that it has submitted an FCM license application. Margin trading is seen as key to attracting institutional investors; Kalshi obtained an FCM license earlier this year and launched perpetual contracts, with over $5.5 billion in trading volume within two weeks. If Polymarket’s application is approved, users will face additional identity verification, including employer information.

News Highlights

1. Ethena: Whitelisted users can now mint and redeem USDC for free using USDe.

2. Analysts: BNB Chain ecosystem project CodexField suspected of fraud and rug pull risks.

3. LAB team burns 10 million LAB tokens, worth approximately $11.3 million.

4. Polymarket is seeking a license to legally offer margin trading in the US.

5. SK Hynix’s US IPO raises a total of $26.5 billion, making it the third-largest IPO in US history.

6. Insider trading concerns rise within prediction markets; Goldman Sachs, JPMorgan, and others tighten employee trading rules.

7. Analysis: Large outflows from Bitcoin ETFs and private credit funds signal increased market risk.

8. Zuckerberg denies Meta has excess computing power, citing potential in cloud business development.

9. Sources: The unified version of the US CLARITY Act may be announced as early as next week.

10. Grayscale CFO Edward McGee steps down after seven years.

Market Trends

1. Latest Bitcoin news: $BTC shows weak rebound momentum, around $63,160; over the past 24 hours, $59.08 million was liquidated, mainly short positions.

2. The four major US stock indices closed higher on July 9. The Nasdaq and Philadelphia Semiconductor Index surged, driven by Micron’s rally in chip stocks. Investors temporarily eased concerns over prolonged US-Iran tensions in the Middle East and inflation. The Dow Jones rose 139.02 points, 0.27%, to 52,487.41; S&P 500 gained 60.93 points, 0.81%, to 7,543.64; Nasdaq increased 336.24 points, 1.30%, to 26,206.89.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $63,087.20, a decline to around $61,441 would liquidate over $1.31 billion in long positions; an increase to about $63,340 would liquidate over $288 million in short positions. Short liquidations are significantly lower than longs; traders are advised to control leverage to avoid large-scale liquidations during market swings.

(Source: Coinglass)

4. In the past 24 hours, Bitcoin spot inflow was $2.17 billion, outflow $2.23 billion, net outflow $0.6 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows led in contracts trading for $BTC, $ETH, $SNDK, $ZEC, $DEXE , indicating trading opportunities.

Selected Insights from X KOLs

Phyrex Ni (@Phyrex_Ni): “Trading is really complicated now. Yesterday, the rise in WTI oil prices was caused by US and Iran actions, stock markets fell, even dragging $BTC down. Today, sentiment is even more tense—Trump is releasing videos of bombing Iran, but oil prices are falling and stocks are rebounding. It’s ridiculous that yesterday’s decline caused today’s rise. Trading is quite challenging.”

“I haven’t increased my capital in stocks yet. Recently, I’ve been studying Korean and US markets, especially semiconductors. Data shows Korea’s market is more volatile than the US, driven by massive leverage and margin funds. Overseas funds mostly flowed out earlier, so Korean stocks are risky. I wonder if that will impact US stocks.”

“Sticking to what I know best is safest. Yesterday, I shorted WTI at $75; now it’s below $72. I’ve made some profit from oil prices. Trading isn’t about chasing hot spots; it’s about making money. Even missing out on semiconductors isn’t a big deal—there’s plenty to trade and profit from in the market.”

“I’ve been learning options recently, trading Bitcoin via options and dual currencies, earning some profit. My view on BTC remains consistent—around $60,000 is a strong buying level. I don’t know if it will keep falling, but $60,000 is attractive for both traditional and crypto funds. Funds are willing to buy at this price, so I’m buying too.”

“If it drops further, I’ll buy more. Manage your positions well. Bear markets are for accumulating cheap chips.”

Today’s Outlook

1. China’s M2 money supply (annual rate) at the end of June, previous value 8.6%.

2. France’s June Consumer Price Index (monthly rate), final, previous -0.2%.

3. IEA releases monthly oil market report.

4. SK Hynix’s US depositary receipts (ADRs) tentatively listed on Nasdaq on July 10.

5. New Zealand’s holiday market closed for Matariki (Maori New Year).