Today's news tips:
The British Labour Party won 326 seats in Parliament and is about to become the ruling party in the UK
New EU regulations require crypto exchanges to comply with travel rule guidelines and strengthen anti-money laundering measures from December 30
Mt. Gox Trustee: Some creditors have been repaid in the form of BTC and BCH
Telegram CEO: Hamster Kombat plans to issue its token on TON blockchain
U.S. crypto stocks fall in pre-market trading as BTC plunges
UniSat completed its Pre-A round of financing led by Binance in May.
Bitcoin mining difficulty drops 5% to 79.50 T
Data: Hong Kong virtual asset ETF today's trading volume is about HK$207 million
Regulatory News
The British Labour Party won 326 seats in Parliament and is about to become the ruling party in the UK
According to Jinshi, the British Labour Party won 326 seats in Parliament and is about to become the ruling party in the UK. Prime Minister-elect Starmer told supporters: "We did it." Outgoing British Prime Minister Sunak admitted defeat in the general election. Many well-known Conservatives lost their seats, including the party's leader candidate Mordaunt, Defense Secretary Shapps, former Industrial Strategy Secretary Mogg, and Finance Minister Hunt barely kept his seat. According to yesterday's news, analysts said that after the victory of the British Labour Party, it may focus on RWA tokenization and CBDC development.
New EU regulations require crypto exchanges to comply with travel rule guidelines and strengthen anti-money laundering measures from December 30
According to Cointelegraph, the European Banking Authority (EBA) has taken an important step to strengthen anti-money laundering (AML) measures, announcing that the travel rule guidance will be extended to crypto service providers and their intermediaries. From December 30, cryptocurrency exchanges operating in the European Union (EU) will be subject to Regulation (EU) 2023/1113 (Travel Rule Guidance), which requires reporting of information on transfers of funds and crypto assets. Therefore, according to the definition of MiCAR, crypto asset service providers (CASPs) will be subject to the EU Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime. Once the regulation comes into effect, payment service providers (PSPs), intermediary PSPs, CASPs and intermediary CASPs will be given a two-month buffer period to declare compliance with the new requirements. Some general provisions include collecting user information to transfer funds or crypto assets, determining whether a transaction is related to the purchase of a service, and detecting seemingly related transfers. In addition, crypto service providers and intermediaries need to declare their multiple intermediary and cross-border transfer policies. The EBA acknowledges that complying with the EU Travel Rule Guidance will put cryptocurrency exchanges and service providers under financial pressure. However, the regulator expects that there will be overall benefits in the long run.
German lawmakers urge government to stop selling Bitcoin
According to CryptoSlate, German MP Joana Cotar strongly criticized the government's decision to sell $195 million worth of Bitcoin, believing that this move increased market volatility and could have a long-term negative impact on the stability of the cryptocurrency market. These Bitcoins came from an investigation into the illegal website Movie2k.to. Cotar said on the X platform that the German government should reconsider this strategy and discuss with the United States the use of Bitcoin as a strategic reserve currency.
Project News
Mt. Gox Trustee: Some creditors have been repaid in the form of BTC and BCH
Mt. Gox announced that on July 5, 2024, the reorganization trustee repaid some reorganization creditors in the form of Bitcoin and Bitcoin Cash (BCH) through some designated cryptocurrency exchanges and other channels in accordance with the Reorganization Plan. Repayment to other creditors will be made immediately once the following conditions are met: (i) confirmation of the validity of the registered account and other matters; (ii) acceptance of the subscription intention of the Agency Receipt Agreement by designated cryptocurrency exchanges and other channels; (iii) completion of discussions between the trustee and designated cryptocurrency exchanges and other channels on repayment matters; and (iv) confirmation that repayment can be carried out safely. Please wait for a while if you meet the conditions.
Earlier news, Mt.Gox transferred more than 47,000 BTC to one address, and then these BTCZ were transferred to two other addresses;
Mt.Gox address transferred 2,702 BTC to Bitbank;
The Mt.Gox related address transferred 1,200 BTC to a new address starting with 34X3kp.
IO.NET clarifies: 2.5 million IO related transfer addresses are airdrop contracts for the third quarter, and the online rumor of "rat trading" is untrue
@maid_crypto said on the X platform: "IO insider trading has transferred 2.5 million IO tokens, led by a person named Hanz, the marketing director of IO. Through 110 addresses, each address took more than 10,000 IO tokens." @TheAntiApe, an official of the decentralized artificial intelligence computing and cloud platform IO.NET, clarified: "This fud is indeed a misunderstanding: 1. The contract is the airdrop contract of IO Season 3, from streamflow. The community reward of 2.5 million IO tokens and the remaining GPU rewards are separate contracts, so this contract shows a total of 2.5 million tokens. 2. The link sent by @maid_crypto filters transactions with more than 10,000 tokens. If you cancel the filter, you can see all small amount withdrawals from the contract."
Polymarket data: Harris's chances of winning as a Democratic candidate surpass Biden's, and Biden's probability of withdrawing from the election rises to 69%
Data from the on-chain prediction market Polymarket shows that in the prediction of "Democratic candidates in 2024", Harris's chance of winning has risen to 46%, while Biden's chance of winning has dropped to 35%, and the current bets on this prediction amount to $85.1 million. In the prediction of "Biden withdraws from the US presidential election", the possibility of Biden withdrawing from the election has risen from 63% yesterday to 69% at present, and the current bets on this prediction amount to $11 million. In addition, in another prediction of "the winner of the 2024 presidential election", Harris's victory has risen to 19%, ranking second, and Biden's victory has dropped to 10%, and the current bets on this prediction amount to $226.1 million.
Vitalik: Setting up a MEV multi-proposer architecture may bring more negative externalities to the protocol
Max Resnick, head of research at SMG, said on X Platform: "MEV is fundamentally about the problem of control. Proposers have the power to decide which transactions go into the block and the order in which they appear. In other words, MEV is all about the problem of censorship and reordering. The good news is that this problem is solvable. The first step is to solve censorship resistance, and we know how to do it: use multiple parallel proposers. If you are a consensus researcher and want to work with us on multiple proposers, we have funding available. The second step is to solve the reordering problem. Once we have a multi-proposer architecture, the proposers reach consensus on an unordered set of transactions, and then the execution layer is responsible for ordering them according to deterministic rules."
In this regard, Ethereum co-founder Vitalik Buterin commented: “Does this just lead to people collecting MEV by sending a large number of transactions to the chain to maximize their chances of being first? So you still get the ‘MEV auction’, but it will bring more negative externalities to the protocol. We saw this in the IC0 era in 2017, when some projects tried to ban transactions with gas prices above 50, resulting in a lot of on-chain spam.”
Telegram CEO: Hamster Kombat plans to issue its token on TON blockchain
Telegram CEO Patel Du Rove posted on his personal channel that Hamster Kombat has become the latest Internet phenomenon, with 239 million people registered in just 3 months. The Telegram mini-app reached 100 million monthly active users in 73 days, with 4-5 million new users per day, making it the fastest growing digital service in the world. Hamster Kombat plans to issue its tokens on the TON blockchain, bringing the advantages of blockchain to hundreds of millions of users. This shows that the Telegram mini-app platform has huge potential for viral spread.
Ethena Labs Releases Asset Custody Proof of Support for USDe as of the End of June
According to the latest report from Ethena Labs, as of June 30, 2024, the supply of USDe is $3.605 billion, of which $2.072 billion is held in Copper, $1.501 billion is held in Ceffu (including $17.09 million in unrealized profits), $5.11 million is held in Cobo, $15.34 million is in the minting/redemption contract, and the reserve fund is $45.32 million. All custodians confirm that these assets are in the off-chain institutional-level custody solution, and the total assets supporting USDe are $3.610 billion, and the reserve fund accounts for 101.41% of the total USDe.
Justin Sun: Willing to negotiate with the German government to purchase its BTC through over-the-counter transactions to reduce the impact on the market
Justin Sun tweeted that he was willing to negotiate with the German government to purchase all of its BTC in an over-the-counter transaction to minimize the impact on the market.
U.S. crypto stocks fall in pre-market trading as BTC plunges
According to CoinDesk, U.S. cryptocurrency-related stocks fell sharply in pre-market trading due to the decline in Bitcoin prices. Bitcoin traded at around $54,400 in Europe, down 5.8% in 24 hours, after falling to its lowest point since late February at $53,600. The decline was related to the bankrupt cryptocurrency exchange Mt. Gox transferring $2.6 billion worth of Bitcoin to new wallets and starting to repay creditors. Michael Saylor's MicroStrategy (which holds more than 210,000 Bitcoins) and Bitcoin mining company Hut 8 led the decline, falling 8.5% and 9.5% respectively. Other mining companies such as Marathon Digital, CleanSpark and Riot Platforms fell between 6% and 7.5%. Cryptocurrency exchange Coinbase also fell 6.5%.
Financing News
UniSat completed its Pre-A round of financing led by Binance in May.
According to UniSat's official Twitter account, UniSat completed its Pre-A round of financing led by Binance in May 2024. This strategic investment strengthened the cooperation between the two parties in technology and business, laying a solid foundation for deeper cooperation in the future.
Mining News
At the current price of Bitcoin, only five mining machine models can maintain profitability
According to CoinDesk, Bitcoin fell to the $54,000 level today, and only five mining machine models are currently profitable for their operators, which may mark a "local bottom." According to F2Pool's chart, as long as the BTC price is above $53,100, Antminer's four mining machine models and one Avalon mining machine model can be profitable. Now the operating costs of all other mining machines are higher than the returns received by operators. Dovey Wan, partner of cryptocurrency fund Primitive Crypto, said: "Bitcoin miners are only one step away from capitulation, and the break-even point of S19 is 52,000. This is the perfect position for a local bottom."
Bitcoin mining difficulty drops 5% to 79.50 T
According to BTC.com data, the difficulty of Bitcoin mining has been adjusted at block height 850,752 (2024-07-05 11:21:13), with the mining difficulty reduced by 5% to 79.50 T. The current average computing power of the entire network is 586.16 EH/s.
Important data
German government address transfers 500 BTC
Arkham data shows that the wallet address marked as the "German Government" transferred 500 bitcoins to the address starting with 139PoP 19 minutes ago, worth about 27.07 million US dollars. The address starting with 139PoP received bitcoins from the wallet of the "German Government" many times, and then transferred the bitcoins to other addresses.
A whale has transferred a total of 33,099 ETH to Binance, and then raised $83.43 million in stablecoins to repay the loan
According to the monitoring of on-chain analyst Ember, a previously reported whale/institution has transferred a total of 33,099 ETH (about 96.24 million US dollars) to Binance for sale, and then withdrew 83.43 million US dollars of stablecoins from Binance to repay loans on Comppund and Aave. Currently, he still has 48.37 million US dollars in loans on the lending platform, and 31,269 ETH (about 89.36 million US dollars) as collateral. Earlier news said that the above-mentioned whale/institution transferred 11,429 ETH to Binance at noon, about 33.2 million US dollars.
Justin Sun may lose $66 million due to today's Ethereum price plunge
According to Spot On Chain, Sun Yuchen may have lost $66 million due to the 10% plunge in Ethereum prices today. From February to June, he purchased 361,000 ETH (estimated cost: $1.1 billion) through 3 wallets, including: 169,604 ETH purchased through the "0x7a9" address in February at an average price of $2,870; 176,117 ETH purchased through the "0x435" address in April at an average price of $3,177; 15,416 ETH purchased through the "0xdbf" address in June at an average price of $3,474. These wallets usually receive ETH from Binance immediately after he deposits stablecoins. Just 24 hours ago, he had made a profit of $58 million from these ETH; but now, he has lost $66 million after the plunge.
Data: Hong Kong virtual asset ETF today's trading volume is about HK$207 million
Hong Kong stock market data showed that as of the close, the trading volume of all Hong Kong virtual asset ETFs today was approximately HK$207 million. Among them, the turnover of Hua Xia Bitcoin ETF (3042.HK/9042.HK/83042.HK) was HK$129.37 million, the turnover of Hua Xia Ethereum ETF (03046.HK/09046.HK/83046.HK) was HK$17.8022 million, the turnover of Harvest Bitcoin ETF (03439.HK/09439.HK) was HK$26.611 million, the turnover of Harvest Ethereum ETF (03179.HK/09179.HK) was HK$10.4584 million, the turnover of Bose Bitcoin ETF (03008.HK/09008.HK) was HK$9.5585 million, and the turnover of Bose Ethereum ETF (03009.HK/09009.HK) was HK$13.1242 million. Note: All of the above virtual asset EFTs have Hong Kong dollar counters and US dollar counters, and only two of Hua Xia’s ETFs have RMB counters.
A whale has been liquidated about 173,230 cETH, worth about $10.7 million
According to Paidun monitoring, the whale 0xc26b...869c has been liquidated with approximately 173,230 cETH (worth approximately US$10.7 million).
A whale's 12,734 ETH loan position on Compound is facing a liquidation
According to Lookonchain monitoring, as the price of ETH fell, the health rate of a certain whale on Compound has dropped to 1.02. His 12,734 ETH (US$38.77 million) is facing liquidation.
Later news came out that a certain whale had been liquidated with 4,215 ETH and is suspected to have started repaying its debts.
CryptoQuant CEO: Bitcoin spot ETF currently accounts for a quarter of total spot trading volume
According to data released by Ki Young Ju, CEO of CryptoQuant, Bitcoin spot ETFs currently account for a quarter of the total spot trading volume. He said that the sources of funds in this cycle are different, and new funds are more mature, and he expects that more mature funds will enter the market in the future. Mature funds usually have the ability to hold for the long term. He added that the market is currently maturing, but not yet fully mature, and there is still a large amount of institutional capital waiting to enter the market. The emergence of ETFs is very important for absorbing gold ETF trading volume. At present, 85% of Bitcoin trading volume is in futures, 11% in spot, and 3% in ETFs, while 98% of gold trading volume is in ETFs and 2% in futures.
An address with a balance of 8.5 million USDT was frozen last night
At 23:41 Beijing time on July 4, an address with a balance of 8.5 million US dollars (850.595 million USDT) was just frozen on the Tron chain.
A whale spent 70 million USDT borrowed to buy back 22,713 ETH, suspected of adding back the leverage that had just been unloaded
According to the monitoring of on-chain analyst Yu Jin, the whale who had unloaded leverage an hour ago transferred the remaining 33,765 ETH (US$103 million) to a new address (0xa33...12c), deposited these ETH into Aave and borrowed 80 million USDT. Then he used the borrowed USDT to buy back ETH again: 70 million USDT has been spent to buy back 22,713 ETH, with an average price of US$3,082. Yu Jin analyzed that this is equivalent to adding back the leverage he just unloaded in the morning. It may be that the whale regretted selling it, so he bought it back again.
MakerDAO’s second quarter revenue hits record high of approximately $85 million
Token Terminal data shows that MakerDAO's revenue in the second quarter hit a record high of approximately US$85 million.
USDT OTC price rose to 7.47 yuan, with a premium rate of about 2.47%
OKX data showed that the USDT over-the-counter price rose to 7.47 yuan, the USD/offshore RMB exchange rate was 7.29 yuan, and the premium rate was about 2.47%.
Bitcoin briefly fell below $54,000 at noon before recovering
The OKX market data showed that the price of Bitcoin briefly fell below $54,000 at noon, once reaching $53,269, and is now trading at $54,468.3, down 6.39% on the day.
Ethereum briefly fell below $2,900
According to the OKX market data, Ethereum briefly fell below $2,900 and is now trading at $2,925.7, a daily drop of 6.79%.
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