According to Jinshi Data, Marc Chandler, managing director of Bannockburn Global Forex, said that the trend of gold is still upward. Gold rose for the third consecutive week, benefiting from lower US interest rates and a weaker dollar. Gold soared to nearly $2,425 after the release of weak CPI data, and market speculation that the Federal Reserve may cut interest rates more than twice this year has heated up, with the probability of three rate cuts being about 40%. He also pointed out that while the People's Bank of China may not have bought gold last month, other central banks in Asia and Europe are reportedly buying gold. A UBS survey of 40 central banks found that the biggest concerns are geopolitical tensions and the weaponization of reserves.
● Hong Kong Bitcoin ETF currently holds 4941 BTC
According to ChainCatcher, as of today, the three Hong Kong Bitcoin ETFs hold a total of 4,941 BTC, and on June 21, they held 3,842 BTC, an increase of 28.6% in three weeks. The increase in holdings highlights that the Hong Kong market's confidence and interest in Bitcoin is recovering. In May, its asset management scale fell below 3,700 BTC.
● Bitcoin mining difficulty decreases, on-chain analysts believe it may be approaching a local bottom
According to Odaily Planet Daily, in the past few weeks, Bitcoin selling pressure from Germany, the United States and Mt.Gox creditors has adversely affected market sentiment. Now, with the mining difficulty of Bitcoin dropping sharply, short-term traders are panic selling at a loss, and on-chain analysts believe that the asset may be at or near a local bottom. This week, altcoins performed even better than Bitcoin. The EC ended its review of multiple cryptocurrencies during the week, boosting the prices of some altcoins.
● Nigeria's Securities and Exchange Commission urged to classify Bitcoin and Ethereum as commodities
According to BlockBeats, on July 13, in light of a recent court ruling in Illinois that classified Bitcoin and Ethereum as commodities, crypto people urged the Nigerian Securities and Exchange Commission to adopt a similar approach in its regulatory framework. Lucky Uwakwe, chairman of the Blockchain Industry Coordination Committee of Nigeria (BICCoN), said that basic cryptocurrencies such as Bitcoin and Ethereum have become very valuable commodities and assets can be priced in them. He emphasized that Bitcoin and Ethereum require a different regulatory approach than other cryptocurrencies. By treating Bitcoin and Ethereum as commodities, the Nigerian Securities and Exchange Commission can provide much-needed clarity and stability in the market, encourage innovation, and ensure regulatory compliance.
● The U.S. Securities and Exchange Commission plans a closed-door meeting to discuss Ripple lawsuit
According to Foresight News, the U.S. Securities and Exchange Commission plans to hold a closed-door meeting on July 18, and the agenda includes discussing solutions to the ban measures. Sources revealed that the meeting may discuss the Ripple lawsuit and potential settlement plans.
According to Golden Finance, on July 13, FTX creditor Sunil posted on the X platform that a document on July 12 showed that FTX had reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC), and the CFTC's $4 billion claim will be ranked behind all creditors and interest. The money paid to the CFTC will go into a supplementary restitution fund to compensate severely damaged cryptocurrency holders.
