**Cryptocurrency Spotlight**
Ether (ETH) surged above $4,700 following President Trump’s comments and heightened expectations of a Fed rate cut. The market reacted to his recent tariff exemption on gold bars, which saw a dip in U.S. gold futures and spot prices.
Trump extended the US-China tariff truce for 90 days, preventing further escalation of tariffs.
**Economic Data**
The U.S. Consumer Price Index (CPI) rose 0.2% monthly and 2.7% annually in July 2025, slightly below expectations of a 2.8% annual growth rate.
**Market Moves**
OKX is making significant moves, burning $65.26 million worth of its tokens (OKB) to cap supply at 21 million, and upgrading its smart contract. This action triggered a remarkable price surge for OKX’s token ($OKB), reaching $124.
**Legal Updates**
Do Kwon has pleaded guilty to fraud in the devastating TerraUSD/Luna collapse, facing potential charges of up to 25 years imprisonment and $19.3 million forfeiture.