Top 100 Market Cap | All US stock indices rise, strong performance in concept coins: OP, ETC; BitMEX Founder: Bull market recipe ready

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US Stock Indexes All Rise

On the evening of July 28, the US Department of Commerce announced that the second quarter GDP seasonally adjusted annual rate was -0.9%, showing two consecutive quarters of negative growth, meeting the technical definition of a recession. On the same day, US Treasury Secretary Yellen stated that the US economy is in a transitional phase and not in a recession: "Job opportunities continue, household economy remains strong, consumer demand is still there, and businesses are still growing." She believes that the so-called "recession" refers to a broad-based weakening of the economy, including significant layoffs, company closures, tight household economies, and sluggish private institutional activities.

CNBC reports that expectations of the Fed slowing down rate hikes, coupled with better-than-expected Q2 earnings reports from major tech stocks like Amazon and Apple, have driven growth in US stock index futures.

Tesla founder Musk tweeted, "Inflation may be easing, and more Tesla products may become cheaper."

BitMEX founder Arthur Hayes, who has been bearish until the second quarter of 2023, also tweeted stating that Fed Chair Powell is changing his stance, and his investment portfolio is ready. He even cooked a pot of "bull market stew" with a recipe: two kilograms of bear meat, 10 rising K limit sticks, tears of short sellers for seasoning, and printing $8 trillion.

Ethereum Surges with Merger Discussions Heating Up

ETH has surged over 50% on the 30th amid discussions of a merger in September and the recovery of US stocks, reaching the $1700 level; it has significantly outperformed BTC, which only saw an 18% increase in the same period. The top two gainers in the top 100 coins in the past 24 hours are: Ethereum Layer 2 solution Optimism OP and Ethereum Classic ETC, which is seen as a place where miners will continue mining after the Ethereum merger. Optimism is currently promoting the transfer of ETH to L2 with an Optimism NFT giveaway.

Following OP and ETC in the 24-hour gain ranking are: The Graph GRT, which recently distributed a $1 million ecosystem bonus, and Curve DAO Token CRV, which is highly anticipated for issuing stablecoins. Delphi Digital has also written a research report for Curve, stating that its execution prices are generally better than Uniswap's.