On Friday, the U.S. released data showing that the core PCE price index in April was 2.8% year-on-year, in line with expectations of 2.80% and unchanged from the previous value of 2.80%; the core PCE price index in April was 0.2% month-on-month, 0.30% lower than the expected value and 0.30% lower than the previous value. The Chicago Manufacturing PMI in May was 35.4, lower than the expected value of 41 and lower than the previous value of 37.9. Bets on interest rate cuts rose slightly, and the market now expects the probability of a Fed rate cut in September to be about 51%, and the probability before the data was released was about 49%.
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The New York State Department of Financial Services (NYDFS) issued guidance on May 30 to strengthen customer service standards for virtual currency entities (VCEs). VCEs should keep their customer service policies updated and comply with all relevant laws and regulations. The plan greatly expands DFS's ability to regulate the virtual currency industry. The guidance will take effect on November 1. Adrienne Harris, director of the New York State Department of Financial Services, said: "Consumers have the right to a transparent and timely complaint resolution and problem-solving process, regardless of which company or product is involved." Summer Mersinger, a member of the U.S. Commodity Futures Trading Commission (CFTC), said at the 2024 Consensus conference that the implementation of the 21st Century Financial Innovation and Technology Act (FIT21) may take months or even years of coordination and involve multiple U.S. regulators. It aims to clarify the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the CFTC in digital assets. McHenry, director of the U.S. House Financial Services Committee, said that legislative tools are needed to promote bills on stablecoin regulation. Fidelity increased its stake in Musk's X platform, and its current shareholding ratio has risen to 4.4%. Marketnode, a digital asset joint venture founded by Temasek, received Series A funding, led by HSBC, aiming to expand the scale of key asset classes such as digital fixed income and structured products, and launch other tokenized asset products. Talos, backed by Citibank and a16z, has acquired Skolem, a DeFi access platform, aiming to connect its institutional clients with other decentralized finance or DeFi services.
Citing court documents, Reuters reported that Terraform Labs and Do Kwon have tentatively agreed to settle the securities fraud case. Security services provider Immunet reported that more than $473 million worth of cryptocurrency was lost in 108 hacking incidents in 2024. Franklin Templeton President and CEO Jenny Johnson said at Consensus 2024 that blockchain technology will be transformative, noting that the company is actively researching and applying the technology, emphasizing the efficiency of blockchain and the potential of tokenization to reduce operating costs. Franklin Templeton is one of the first issuers approved to list a spot BTC ETF in the United States, and is also awaiting approval to launch an ETH ETF. Investment banking giant Goldman Sachs said the approval of the spot BTC ETF is a major turning point in market psychology and a "spectacular success." FTX lawyers and consultants have collected more than $500 million in fees in bankruptcy proceedings so far. According to court documents, Sullivan and Cromwell, special counsel in FTX's bankruptcy case, topped the list with $254 million in approved fees, followed by financial advisory firm AlvarezandMarsel with $133 million in approved fees. Friday's data showed that the U.S. core PCE price index was 2.8% year-on-year in April, the same as the previous value of 2.80%; the core PCE price index in April was 0.2% month-on-month, the lowest since December 2023, and the Chicago PMI was 35.4, the lowest since May 2020; the real personal consumption expenditures month-on-month rate fell to -0.1%, indicating a slowdown in economic growth. The report was in line with economists' expectations, confirming the Fed's assumption that inflationary pressures are easing and bets on rate cuts have risen slightly. The market now expects the probability of a rate cut in September to be about 51%, and the probability before the data was released was about 49%. Nick Timiraos, the "Federal Reserve mouthpiece," said today's PCE results had been widely expected two weeks ago and were not expected to change the Fed's recent "wait-and-see" approach.
On June 12, the Fed's new interest rate meeting was held. Before the silence period, the Fed members spoke out. Logan: Some substantial progress has been made in inflation, and it is too early to consider a rate cut now; Bostic: I don't think there will be a rate cut in July. If it is suitable for a rate cut in September, then cut it; if it is suitable for a rate cut in November, then cut it; Williams: It is not necessary for inflation to reach 2% exactly before a rate cut. It is expected that inflation will resume slowing down in the second half of 2024, and interest rates will need to fall at some point. BlackRock IBIT became the fastest ETF to reach $20 billion in assets in just 137 days. The previous record holder was the JEPI actively managed fund issued by JPMorgan Chase, which took 985 days to reach $20 billion. BlackRock and Fidelity currently hold a total of 451,338 BTC, worth $30.9 billion. The U.S. Securities and Exchange Commission (SEC) requires spot ETH ETF issuers to submit the first round of S-1 draft forms by Friday. After that, the SEC will provide the first round of comments and eventually make further modifications. It is expected that the S-1 form will be ready after at least two rounds of draft submissions. According to documents submitted to the U.S. Securities and Exchange Commission, BlackRock plans to purchase $10 million in ETH as seed money for the spot ETH ETF. JPMorgan Chase reported that the demand for spot ETH ETF will be lower than that for BTC spot ETF, and it is expected that the spot ETH ETF will attract up to $3 billion in net inflows for the rest of the year. If staking is allowed, this figure may be as high as $6 billion. CryptoQuant CEO Ki Young Ju said that the current atmosphere in the BTC market is the same as in mid-2020, when BTC hovered around $10,000 for 6 months, and on-chain activities were active, with $1 billion now added to new whale addresses every day. Bank of America data showed that as of Wednesday week, U.S. investors withdrew $6.7 billion from cash, put $1.8 billion into stocks, and $600 million into cryptocurrencies. Following the cooling of CPI in April, the core PCE price index, the most favored inflation indicator of the Federal Reserve, fell again. With the basis for falling inflation, Powell may no longer be so hawkish at the interest rate meeting in June, giving the currency market time to bottom out and repair in the middle of the year, waiting to resume the bull market in the second half of the year. #MegadropLista #meme板块关注热点 #BTC走势分析