Daily Quotes (July 6, 2024 20:00)

ChainDD's market data on July 6 shows that the combined DD index and CoinMarketCap quotes are:

BTC was at $57,051.97, up about 1.29% in 24 hours;

ETH was at $3,013.07, up about 0.85% in 24 hours;

BNB was at $516.24, up about 4.33% in 24 hours;

DOGE was at $0.1087, up about 5.85% in 24 hours;

DOT was trading at $5.99, up about 3.10% in 24 hours.

Cryptocurrency News

The TON network has pledged over 646 million TONs, accounting for approximately 25.8% of the total circulation.

Tonscan data shows that the TON network has staked 646.9 million TON, accounting for 25.8% of the circulating supply (about 2.501 billion). In addition, the current stake APY is 3.9%, and the network has a total of 386 verification nodes.

Solana’s on-chain DEX had a trading volume of $2.335 billion yesterday, ranking second

DeFiLlama data shows that the transaction volume of Solana's on-chain DEX on July 5 was US$2.335 billion, ranking second.

In addition, the transaction volume of DEX on the Ethereum chain yesterday was US$3.287 billion, ranking first; the transaction volume of DEX on the BSC chain yesterday was US$1.735 billion, ranking third.

Grayscale Survey: If the Ethereum spot ETF is approved, nearly a quarter of potential American voters will be more interested in investing

Grayscale posted on the X platform that if the Ethereum (spot) ETF is approved, nearly a quarter (25%) of potential (US) voters will be more interested in investing in Ethereum.

Grayscale recently released a report "2024 Election: The Role of Cryptocurrency." The Harris Poll conducted a survey of voters heading into the 2024 U.S. election on behalf of Grayscale. Surveys show that as the 2024 U.S. election approaches, voters’ interest in and awareness of cryptocurrency has increased significantly.

The latest data shows that nearly half of voters (47%) expect to have cryptocurrencies in their portfolios, up from 40% at the end of last year. Inflation remains the top concern for voters (28%), highlighting the potential value of transparent and limited-supply assets such as Bitcoin. Despite Trump's greater embrace of cryptocurrencies during the campaign, the survey shows that cryptocurrencies are a bipartisan issue, with similar ownership rates among Republicans and Democrats (18% and 19%, respectively).

CryptoQuant: BTC miner capitulation indicator is close to the bottom level after the FTX crash, which may indicate that the market has bottomed out

The CryptoQuant report believes that the BTC miner capitulation indicator is close to the market bottom level after the FTX crash in 2022, which may indicate that the BTC market has bottomed out.

Miner capitulation refers to some miners reducing operations or selling mined BTC to survive or hedge risks. The price of BTC fell from $68,791 to $59,603 over the past month, with multiple signs of capitulation emerging during this period. One sign of this is the significant decline in BTC hashrate, which dropped 7.7% to a four-month low of 576 EH/s.

CryptoQuant analysts pointed out that this is similar to the situation when BTC prices bottomed out at $15,500 at the end of 2022, when BTC rose by more than 300% in the next 15 months. In addition, miner revenue has fallen sharply since the halving, with daily revenue falling by 63% from $79 million on March 6 to the current $29 million, and the proportion of transaction fee revenue falling to 3.2%, the lowest since April 8. Miners are forced to use reserves to obtain income, and the average daily miner outflow has reached the highest level since May 21, indicating that they may be selling BTC reserves.

A combination of selling by miners, whales, and multiple governments has caused BTC prices to retreat, dropping to a four-month low of $53,499 on July 5. The BTC hash price (miner profitability per unit of computing power) is currently $0.049 per EH/s, close to its all-time low of $0.045 on May 1.

Financial services firm Cantor Fitzgerald reported earlier that if the BTC market price falls to $40,000, some of the world's largest mining companies will be forced to surrender, highlighting the plight of the mining industry.

South Korea postpones implementation of new virtual asset tax law to January 2025

The South Korean government announced that it will postpone the implementation of the new virtual asset tax law to January 2025 to address tax burden and regulatory clarification issues for individual investors.

According to the new regulations, starting from 2025, the law will cover income tax for residents, withholding tax for non-residents, and gift tax on virtual assets. Crypto investment income is classified as "other separately taxable income" and will not affect personal tax exemptions. For cryptocurrency investors with an annual income of more than 1 million won, personal tax exemptions remain unchanged.

The extension mainly affects resident individual income tax and withholding tax for non-residents and foreign companies. Starting from January 2025, non-resident individuals and foreign companies will face withholding tax when transferring, converting or withdrawing virtual assets on exchanges. Current law is unclear whether Korean exchanges must withhold taxes before the new amendment takes effect.

Investors welcomed the extension, believing it would help the South Korean government and industry better adjust to the smooth implementation of the new tax system.