● Viewpoint: Bitcoin hashrate has dropped to December 2022 levels, indicating that prices may have bottomed out

According to Golden Finance, based on CryptoQuant data and analyst opinions, Bitcoin computing power has fallen to its lowest level since the FTX collapse in December 2022, currently at -7.6%, suggesting that Bitcoin prices may have bottomed out. Other indicators such as exchange reserves and miner position indexes also show low selling pressure, supporting the view of a market bottom.

Capriole founder Charles Edwards pointed out that the Bitcoin hashrate band indicator sent a buy signal. Market analyst Will Woo believes that the market will not reach a new high before weak miners shut down operations. Miner withdrawals fell by 90% after the halving, further reducing selling pressure. Cantor Fitzgerald warned that after the halving in 2024, 11 mining companies including Marathon Digital may face the risk of unprofitability due to high costs and low rewards.

● Short-term Bitcoin holders face loss pressure, which may increase selling pressure near $65,000

According to Odaily Planet Daily, according to data from LookIntoBitcoin, the total cost basis of short-term Bitcoin holders (holding time no more than 155 days) is $65,000. This means that short-term holders are now facing losses or holding loss positions and may try to exit the market at a loss or break-even, which may increase selling pressure near $65,000. Blockware Intelligence analysts said in the latest newsletter: "The price of Bitcoin has fallen below the total cost basis of short-term holders for the first time since August 2023. In the short term, we expect some resistance around $65,000 as short-term market speculators may want to exit their positions at the 'break-even' level." The analyst added: "Last summer, when Bitcoin lost the STH (short-term holders) realized price support level, the price went sideways for another two months before finally breaking through again." At the same time, long-term holders have a strong incentive to maintain or increase their reserves because their average cost is less than $20,000, nearly 70% lower than the current market price of Bitcoin.

● Silvergate will pay $63 million to settle with the US SEC, Federal Reserve and California regulators

According to Odaily Planet Daily, Silvergate Capital Corp., the parent company of crypto-friendly bank Silvergate Bank, has agreed to pay $63 million to reach a settlement with the U.S. Securities and Exchange Commission (SEC), the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI).

● Circle becomes the first global stablecoin issuer to comply with EU MiCA regulations

According to TechFlow, Jeremy Allaire, co-founder and CEO of Circle, posted on the X platform that Circle announced that its USDC stablecoin and EURC stablecoin have complied with the EU's new stablecoin regulations MiCA and will be officially issued to European customers from July 1. This marks Circle as the first global stablecoin issuer to comply with MiCA regulations. Circle said that this move will promote the mainstream application of blockchain technology in payment, finance and commerce, and bring safe and reliable electronic money to the European market. Circle chose France as its European headquarters and worked closely with regulators in France, Europe and the United States to ensure the global interchangeability and compliance of its stablecoins.

● Paxos has been approved by the Central Bank of Singapore to issue stablecoins that comply with Singapore’s stablecoin framework

According to Wu, Paxos has received approval from the Singapore central bank, which will allow the company to issue stablecoins that comply with Singapore's stablecoin framework. Paxos' Singapore entity, Paxos Digital Singapore Pte.LTD., will be allowed to provide "digital payment token services" as a major payment institution. In addition, Paxos is working with DBS Bank to meet cash management needs and host stablecoin reserves.

● There is no specific deadline for the S-1 form submitted by potential Ethereum ETF issuers, and it depends on the processing speed of the US SEC

According to Foresight News, last week, the U.S. Securities and Exchange Commission (SEC) returned the S-1 form to its potential Ethereum ETF issuer in the latest round of review. The S-1 form is the second step in the two-step process for ETF listing. The issuer's 19b-4 form in the first step was approved on May 23. However, there is no specific deadline for the S-1 form, and issuers need to rely on the SEC's processing speed.

● Galaxy Digital CEO predicts the US may allow the issuance of a crypto ETF investing in Solana

In an interview with Coinspot, Galaxy Digital CEO Mike Novogratz said he does not rule out the possibility that the U.S. Securities and Exchange Commission (SEC) may allow the issuance of a crypto ETF investing in Solana (SOL) in the U.S. in the medium term, Foresight News reported.

● CoinShares: Digital asset investment products saw outflows of $30 million for the third consecutive week

According to PANews, CoinShares' latest weekly data shows that digital asset investment products have seen outflows for the third consecutive week, with a total net outflow of $30 million last week. Ethereum has seen an outflow of $119 million in the past two weeks, its worst performance of the year. In contrast, multi-asset and Bitcoin ETPs saw inflows of $18 million and $10 million, respectively. Trading volume rose 43% month-on-month to $6.2 billion last week, but was still below the year-to-date weekly average of $14.2 billion. The United States, Brazil and Australia saw net inflows, while Germany, Hong Kong, Canada and Switzerland saw net outflows.