The increase in US ADP employment in May 2024 hit a new low this year | Binance Morning Report (June 6)

● The increase in US ADP employment in May 2024 hit a new low this year

According to Wu, the U.S. ADP employment increased by 152,000 in May 2024, with an expected increase of 175,000 and a previous value of 192,000, the smallest increase since January this year. Nela Richardson, chief economist of ADP, said that employment growth and wage growth are slowing down in the second half of the year. The labor market is solid, but we are monitoring obvious weakness related to producers and consumers.

● US SEC Chairman adjusts crypto views: from "all tokens are securities" to "tokens lack proper disclosure"

According to Odaily Planet Daily, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, seemed to have changed his attitude towards cryptocurrencies in an interview with CNBC Squawk Box, changing his view from "all tokens are securities" to "tokens lack proper disclosure."

● SEC Chairman: Next steps for ETH ETF approval “will take some time”

According to Golden Finance, Fox Business reporter Eleanor Terrett posted on the X platform that SEC Chairman Gary Gensler said the next step in ETH ETF approval "will take some time," which may indicate that the S-1 approval process may be slow.

● Viewpoint: The United States is regaining its leadership in the global cryptocurrency market

According to Bloomberg, the United States is regaining its leadership in the global cryptocurrency market. From record-breaking Bitcoin ETFs to more relaxed regulators, the U.S. dollar lost its position as the currency most traded with crypto assets to the South Korean won in the first quarter of this year, but has returned strongly in early May, accounting for more than 50% of global trading volume. This is in stark contrast to last year, when trading volume shifted to Asia due to a series of enforcement actions by U.S. regulators. On the legislative front, the possibility of the 21st Century Financial Innovation and Technology Act becoming law in 2025 is increasing. This year, the share of Bitcoin trading volume in the hour before the close of the U.S. market has increased from 4.9% during the 2021 cryptocurrency bull run to 7.2%, which may be due to the fact that Bitcoin ETFs calculate their net asset value at that time, promoting arbitrage and price discovery. Recently, Hong Kong also launched its own spot crypto ETF, tracking Bitcoin and Ethereum, the second largest token.

● Global Bitcoin ETFs hold a total of $72 billion worth of BTC, and the US Bitcoin ETF holds $62 billion

According to Golden Finance, according to HODL15Capital monitoring, as of June 4, 2024, the global Bitcoin ETF tracker has been updated, and 34 ETFs hold 1,020,000 Bitcoins worth $72 billion. The US Bitcoin ETF holds $62 billion worth of BTC (total $72 billion).

● The gap between Grayscale and BlackRock’s Bitcoin holdings has widened to over 10,000 BTC

According to Odaily Planet Daily, official data showed that as of June 5, Grayscale GBTC held 285,069.8144 BTC, and BlackRock IBIT held 295,457.4655 bitcoins. The gap between Grayscale and BlackRock's Bitcoin holdings has widened to 10,387.6511 BTC.

● VanEck predicts Ethereum will reach $22,000 by 2030

According to CoinDesk, global investment company VanEck predicts that Ethereum's native token Ether will reach $22,000 in 2030, which will be a significant jump from the current level of about $3,850. VanEck's prediction is based on Ethereum's disruptive capabilities and the interpretation of on-chain data. VanEck wrote that Ethereum is disrupting industries such as finance, banking, payments, marketing, advertising, social, gaming, infrastructure and artificial intelligence. The prediction is also based on the expectation that the Ethereum ETF will be approved and the company's interpretation of on-chain data.

VanEck wrote that the disruptive force that will push Ethereum to $22,000 is that Ethereum-based technology can provide lower costs, increased efficiency, and greater transparency. VanEck also pointed out that free cash flow generated by income from holding Ethereum is expected to reach $66 billion in 2030, which will also drive Ethereum's valuation to the expected target. Ethereum has risen more than 63% so far this year.

● Ethereum market sentiment index reaches a 14-month high, with prices remaining between $3,700 and $3,900

Forbes reported that market optimism about Ethereum climbed to a 14-month high yesterday, ChainCatcher reported. The data was calculated by cryptocurrency analytics provider The Tie by comparing the positivity of posts in the past 50 days with the past 200 days.

On June 3, the index reached 66.69, its highest level since March 24, 2023. Any score above 50 indicates more optimistic market sentiment in the near term.

In addition, according to CoinMarketCap data, the price of Ethereum experienced mild fluctuations yesterday, maintaining between $3,700 and $3,900. On May 20, the price of Ethereum rose rapidly from below $3,100 to nearly $3,700, and the volatility of the digital currency has remained at a low level in the following weeks.