Headlines
▌3 hours ago 21 million LINK was unlocked and 18.25 million LINK was sent to Binance
According to Spot On Chain monitoring, about 3 hours ago, Chainlink's non-circulating supply contracts unlocked 21 million LINK (US$295 million), including -18.25 million (US$264 million) to Binance; -2.25 million (US$31.3 million) to the 0xD50f multi-signature address; -Since August 2022, Chainlink has unlocked 127 million LINK and sent 107.7 million LINK to Binance at a price of approximately US$9.89; -391.5 million LINK (US$5.4 billion) remains in 24 contracts.
▌Standard Chartered Bank will set up a spot trading desk for buying and selling Bitcoin and Ethereum
According to market news, Standard Chartered Bank will set up a spot trading desk for buying and selling Bitcoin and Ethereum.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $64,079.23, with a daily change of -1.01%;
ETH's latest transaction price is $3498.31, with a daily change of -0.33%;
BNB's latest transaction price is $582.31, with a daily change of -0.74%;
SOL's latest trading price is $133.74, with a daily change of +0.15%;
DOGE's latest trading price is $0.1236, with a daily change of -0.49%;
XPR recently traded at $0.4893, with a daily change of +0.02%.
policy
▌Ripple clarifies XRP is not a security after court ruling
Ripple's chief legal officer clarified that a California district judge has dismissed all allegations that the company violated federal securities laws. He stressed that District Judge Analisa Torres' ruling on XRP's non-security status is "undisturbed." On Friday, the U.S. District Court for the Northern District of California granted summary judgment dismissing federal and state class claims against Ripple on the grounds of rest statute and lack of privity, respectively. This effectively eliminates the class claim against Ripple Labs.
▌Apple will not launch AI technology in the EU this year due to concerns about the impact of the Digital Markets Act
In view of the EU Digital Markets Act, Apple has decided not to launch new artificial intelligence technologies to hundreds of millions of users in the EU market for the time being. The company announced on Friday that it will not release Apple Intelligence, iPhone Mirroring and SharePlay Screen Sharing to EU users this year because the Digital Markets Act allegedly forces Apple to lower the security level of its products and services. "We are concerned that the interoperability requirements of the Digital Markets Act may force us to compromise the integrity of our products in a way that weakens user privacy and data security," Apple said in a statement. Under the Digital Markets Act, Apple is expected to receive a formal warning from EU regulators for allegedly blocking some apps from directing users to cheaper network subscription services. Earlier this year, Apple was fined 1.8 billion euros (about 1.9 billion U.S. dollars) by EU regulators for this matter.
Blockchain Association opposes IRS broker rule
The Blockchain Association, a blockchain advocacy group, opposes the broker rules proposed by the Internal Revenue Service (IRS), saying that these regulations will place an excessive burden on investors, cryptocurrency companies and the IRS itself. The association cited the Paperwork Reduction Act, stating that government regulators should not impose unnecessary paperwork requirements on individuals and entities in the financial system. The letter mentioned that if these rules are passed, 8 billion tax returns will be added, 4 billion hours of processing time will be wasted, and annual compliance costs will reach $254 billion. In contrast, the IRS earlier estimated that the total compliance costs of the new rules would be $136 million. In addition, the association believes that the annual compliance costs of $245 billion are unreasonable for a market that generates a tax gap of up to $10 billion. In 2023, the association submitted a 39-page letter detailing its comprehensive objections to these regulations, arguing that these rules are extremely difficult for decentralized financial protocols to comply with and reflect the government's misunderstanding of blockchain and cryptocurrency.
Blockchain Applications
Coinbase has launched Core (CORECHAIN)
Coinbase Assets posted on the X platform that Core (CORECHAIN) is now available on the Coinbase website and Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, exchange, send, receive or store these assets.
▌Bitcoin developer Burak launches new Layer2 Brollups
Bitcoin developer Burak has launched Brollups, a Layer 2 technology that does not require forks or proprietary tokens. Brollups packages transactions off-chain and processes them on-chain to achieve fast and low-cost Bitcoin transactions. Burak hopes to use this technology to show how Bitcoin can improve transaction efficiency while maintaining security and decentralization.
▌Wexo promotes the popularization of Bitcoin daily payments
The Wexo platform promotes the adoption of cryptocurrencies for everyday payments through the Bitcoin Lightning Network. It provides services such as instant transfers, traditional debit card transactions, and Bitcoin acceptance maps. Despite a market capitalization of over $1 trillion, Bitcoin's adoption rate in mainstream payments is still low. Wexo plans to launch a Bitcoin cashback program and a global gift card program to further promote the use of cryptocurrencies in everyday shopping.
▌Aleph Zero launches zkOS, an EVM-compatible privacy layer
Aleph Zero, a privacy-enhanced public blockchain running on the Substrate stack, announced the launch of zkOS, an EVM-compatible privacy layer that generates zero-knowledge proofs on consumer devices in less than a second. ZkOS is now live on the testnet. Aleph Zero was developed by Polkadot developer Parity Technologies, and according to the team: "zkOS allows private transactions and dApp interactions without revealing underlying data. ZkOS uses Halo2 with KZG commitments to generate proofs faster and provides zkToolkit to simplify developer integration. According to benchmarks, zkOS can execute proofs in 600-800 milliseconds on a MacBook. ZkOS is designed to be faster, more user-friendly, and easier for developers to integrate into Ethereum applications."
Solana Domain Name Services Now Extended to Base Chain
Solana Name Service published a post on the X platform stating that Solana Domain Name Service has now been extended to the Base chain, which provides new possibilities for users and developers of both ecosystems. The SNS x Base integration expands the options for unified digital identities and simplified blockchain interactions. It enables cross-chain identities, improved user experience, increased adoption, enhanced security, greater interoperability, and developer benefits.
▌Stella launches a new proposal and plans to transform into leverage infrastructure LitLayer
The leveraged dApp Stella posted on the X platform that it has initiated a new proposal to transform into the leveraged infrastructure LitLayer. LitLayer is a full-chain leveraged infrastructure protocol with an intent-based architecture. As the number of L1/L2 increases, as well as the increase in liquidity dispersion between them, and as users become more interested in using on-chain leveraged trading platforms, LitLayer will become a full-chain infrastructure that can quickly and seamlessly create leveraged trading applications on any chain. For on-chain traders, the LitLayer infrastructure will enable traders to take advantage of the massive liquidity of centralized exchanges while maintaining self-custody.
Cryptocurrency
▌Fidelity FBTC has experienced net outflows for 6 consecutive trading days
According to HODL15Capital monitoring, Fidelity FBTC had a net outflow of US$45 million yesterday, and has experienced net outflows for six consecutive trading days.
▌Analysis: MicroStrategy’s purchase of BTC offsets German government selling pressure
Some analysts believe that the German government's massive selling of Bitcoin is the reason for the downturn in the cryptocurrency market. In addition, traders are worried that the stock market may have peaked and the US fiscal situation is weakening. According to the previous monitoring of Arkham, an on-chain crypto analysis company, a wallet associated with the German government transferred 6,500 BTC to the exchange on June 19, which was worth $425 million at the time. The wallet held nearly 50,000 BTC, which was allegedly seized from Movie2k, a pirated movie website operated in 2013. Data shows that these BTC were sent to Kraken, Bitstamp and Coinbase. However, MicroStrategy's purchases offset the selling pressure because MicroStrategy disclosed that it had purchased an additional 11,931 BTC for $786 million.
▌Fantom releases the third Sonic governance proposal, involving the annual destruction mechanism of S tokens
The Fantom Foundation posted on the X platform that the third Sonic governance proposal has been released, involving ecosystem grants, new token destruction mechanisms, and innovative programs such as Sonic Spark and Sonic University. It is reported that in the next six years, the Sonic Foundation will allocate a portion of tokens as operating funds for Sonic Labs to manage dApps, BD partnerships, and network growth between the growing existing and new user communities. In addition, if the community decides to keep the inflation rate at 1.5% per year for six years, 47,625,000 tokens will be minted each year (3,175,000,000 x 1.5%), and if Sonic Labs only uses 5,000,000 tokens that year, the Sonic Foundation will destroy the remaining tokens (42,625,000).
▌100 million USDT transferred from Tether Treasury to Bitfinex
According to Whale Alert monitoring, at 07:12:11 Beijing time today, 100,000,000 USDT was transferred from Tether Treasury to Bitfinex.
▌Analysis: Bitcoin price expected to rebound after miners capitulate and hashrate recovers
Analysts point out that Bitcoin prices are expected to rebound only after miners surrender and the network computing power recovers. Independent analyst Willy Woo said that the key to the current decline in Bitcoin prices lies in the exit of "weak holders", which includes inefficient miners running old hardware and high costs. Wu believes that with the reorganization of the mining industry and hardware upgrades, prices may stabilize and are expected to rise. However, the current surrender process is longer than in the past, perhaps due to the impact of increased profits. In addition, analysts pointed out that the recovery rate of Bitcoin's computing power is also much lower than the same period in history, showing the challenges and opportunities in the market.
Important economic developments
▌The three major U.S. stock indexes closed with mixed gains and losses
The three major U.S. stock indexes closed mixed, with the Nasdaq down 0.18% and closing flat this week; the S&P 500 fell 0.15%, up 0.61% this week; the Dow Jones rose 0.04%, up 1.45% this week. Most large technology stocks rose, with Google, Amazon, Intel, and Netflix up more than 1%, Microsoft and Tesla up slightly; Nvidia fell more than 3%, Apple and Meta fell slightly. Among them, Google and Microsoft set new historical closing highs; Nvidia fell more than 10% from its high, and its total market value evaporated by about US$340 billion.
Gold prices fall as traders consider the Fed's next move
Analyst Yvonne Yue Li said gold prices fell as much as 1.3% after U.S. economic data was released as traders began to consider the Federal Reserve's interest rate policy. U.S. service sector activity rebounded slightly at the beginning of the month, reaching the fastest growth in more than two years, while the outlook improved due to cooling price pressures and expectations of lower borrowing costs. Bart Melek, global head of commodity strategy at TD Securities, said the stronger-than-expected PMI data could prompt "more hawkish signals from the Federal Reserve." Gold prices reached a record high last month and are still up 13% so far this year. Safe-haven buying triggered by conflicts in Ukraine and the Middle East and purchases by central banks have also supported gold prices. Spot palladium surged 12%, mainly driven by short covering.
▌Biden may adjust digital asset strategy before Trump debate
President Biden may soften his stance on cryptocurrencies to win voter support. Although the Biden administration has increased regulation of crypto companies, he may accept Bitcoin campaign donations as the 2024 election approaches and has expressed his willingness to work with Congress to develop a regulatory framework. President Trump criticized Bitcoin during his tenure, calling it "based on castles in the air," but launched an NFT series in December 2022 and announced that his campaign would accept cryptocurrency donations. Both Biden and Trump are vying for the support of cryptocurrency voters, who are mostly young professionals from Generation Z and Millennials. The two candidates' positions will face off for the first time in the presidential debate on June 27.
Golden Encyclopedia
What is an inverse futures contract?
An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a fall in price.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
