[7.19 Market Analysis] It’s still Trump, who has signed the "Stablecoin Regulatory Act". Of course, this is also an important step for the U.S. to seize global digital financial dominance through the U.S. dollar stablecoin, as cryptocurrency officially enters the U.S. federal regulatory system from its wild growth phase. Impact on the industry: 1. Stablecoin issuance will require a license, officially integrating into the payment financial system. 2. USDC, PYUSD, USD1 are expected to become compliance pioneers; 3. If USDT cannot obtain a license, it will be forced to exit the U.S. market within three years. 4. This seems beneficial for the DeFi industry, favorable for ETH, and good for WLFI. Today, from on-chain data, Bitcoin's turnover rate is decreasing, and the market's FOMO sentiment is starting to weaken. After Bitcoin breaks through $120,000, selling pressure has increased. If subsequent buying does not keep up, it may fluctuate for a while. Weekend market liquidity is relatively low, and emotional fluctuations will be more pronounced. BTC is likely to move sideways instead of dropping. We can pay attention to whether ETH can continue to rise over the weekend, potentially driving a wave of rotation in altcoins.