Recently, the cryptocurrency market has undergone a significant adjustment. This is mainly attributed to a series of policy movements by the U.S. government, which has triggered a cautious sentiment among investors.

First, the U.S. Securities and Exchange Commission (SEC) has launched a new initiative known as "Project Crypto," aimed at bringing all markets into the blockchain era. This move is seen as a deep intervention by regulators into the encryption sector, which could have a profound impact on the industry's landscape.

At the same time, the White House released an important report on digital assets, further highlighting the government's attention to this emerging field. This report may provide important references for future policy-making.

Under the influence of these policy factors, the cryptocurrency market has seen a general decline. Bitcoin's price fell by 3% to $115,100; Ethereum dropped even more, by 5%, quoted at $3,630. Other mainstream encryption currencies such as XRP and Solana also experienced varying degrees of decline.

It is worth noting that this round of market adjustment also coincided with the tenth anniversary of Ethereum. As a major platform for decentralized applications, Ethereum has driven the development of smart contracts and DeFi over the past decade, and its future direction will continue to influence the entire encryption ecosystem.

In addition, news that the U.S. government is considering raising tariffs has also brought additional uncertainty to the market. This potential change in trade policy has not only affected encryption currencies but has also led to fluctuations in the stock market.

At the corporate level, Coinbase's second-quarter financial report fell short of expectations, but the company announced plans to launch new businesses such as prediction markets and tokenized stocks, demonstrating confidence in future developments. Meanwhile, MicroStrategy reported impressive quarterly results, with a second-quarter profit of $10 billion, and launched new encryption financial products.

Overall, the current encryption market is at a crossroads of policy adjustments and technological innovations. The involvement of regulatory agencies, the integration of traditional finance and the encryption economy, as well as the continuous emergence of new projects, are shaping the future of this industry. Investors need to closely monitor these developments in order to make informed decisions in this rapidly changing field.