On June 5, the Bank of Canada cut interest rates by 25 basis points to 4.75%, in line with market expectations. Interest rate market data showed that the probability of a further rate cut by the Bank of Canada in July was 60%. Financial markets expect that the European Central Bank is most likely to follow the Bank of Canada in cutting interest rates on Thursday.

Back to the topic:

Massachusetts securities regulators are investigating the activities of Keith Gill, an investor in the US stock GameStop. Earlier on June 3, GameStop's US stock surged 110% before the market opened. The US Securities and Exchange Commission (SEC) announced the closure of its Salt Lake City office, which has attracted much attention for its failure to successfully sue the DEBT Box crypto company. Previously, the SEC filed a request to dismiss the lawsuit and the judge dismissed the case against DEBT Box. Hong Kong Treasury Department Chan Ho-lim said that the Hong Kong government will work with regulators to continuously improve the regulatory framework, including establishing a licensing system for issuers of fiat stablecoins and virtual asset over-the-counter service providers. The public consultation has been completed on the proposal, and the relevant draft regulations will be submitted to the Legislative Council as soon as possible, and two-way communication will be conducted on the proposed regulatory requirements to ensure that the design of the system is in line with the regulatory objectives. According to HODL15Capital data, the Australian Monochrome spot BTCETF had a net inflow of 1 BTC on the first day. South Korea's new law will require banks to pay interest on deposits in cryptocurrency exchanges, which will take effect in July 2024. According to Bitcoin Magazine data, El Salvador currently holds 5,770 BTC, worth US$402 million. After a period of flat or even negative inflows, the US spot BTC ETF has achieved net inflows for 15 consecutive trading days as of yesterday, attracting about $2.4 billion in the past month, making it the third largest net inflow in the entire ETF market. Since May 16, net inflows have averaged $140 million per day, mainly driven by BlackRock IBIT, which attracted $1.1 billion during this period, the strongest performance among the ten funds. K33 Research said in a report that the spot ETH ETF is about to be listed in the United States. K33 estimates that the inflow of ETH ETF in the first five months is between $3 billion and $4.8 billion. This estimate is slightly higher than JPMorgan's forecast of $3 billion this year. With the launch of the ETH ETF, the price of ETH is expected to start outperforming BTC after the ETH/BTC pair has experienced a downward trend for nearly two and a half years. Matt Hougan, chief investment officer of Bitwise, said that Washington's shift on encryption has been underestimated, and the encryption industry has accumulated strength in Washington. If people realize this change, the market will have set new highs long ago. Once Wall Street accepts encryption assets, the market will usher in a leap.According to a legal filing on June 3, FTX plans to pay $200 million in priority taxes and $685 million in secondary tax claims to the IRS. The objection deadline for the case is June 17, and the hearing date is June 25, 2024.

On June 5, the Bank of Canada cut interest rates by 25 basis points to 4.75%, in line with market expectations. Bank of Canada Governor Macklem said: "Members do not want to keep interest rates so high if it is not necessary. If inflation progress continues, there is reason to expect further rate cuts. With more and more sustained evidence that underlying inflation is easing, monetary policy no longer needs to be as restrictive as before." Interest rate market data shows that the Bank of Canada has a 60% chance of further rate cuts in July. Financial markets expect that the European Central Bank is most likely to follow the Bank of Canada in cutting interest rates on Thursday. Economist Doug Porter said that the overall tone of the Bank of Canada in its official statement and the speech of Governor Macklem at the press conference pointed to further rate cuts, which were more dovish than expected. The rate cuts are an important turning point for the central bank and most of the G7 central banks. Economist Stephen Brown said that the dovish tone shows that another rate cut in July is a foregone conclusion, and it is predicted that there will be three more 25 basis point rate cuts this year. Economist Mohit Kumar said the ECB is expected to cut interest rates by 25 basis points starting Thursday, with the basic expectation of rate cuts in June, September and December. Societe Generale said that from the US economic data, economic growth has slowed to a growth rate closer to the trend, especially the slowdown in most economic data seen in recent weeks, and inflation is expected to soften further over time, opening the door for the Fed to eventually cut interest rates. Spot gold stood at $2,350 per ounce, up 1.00% on the day. The Nasdaq index hit an intraday record high, up 1.6%; Nvidia hit $1,200 during the session, continuing its record high; the US 10-year Treasury yield fell to 4.287%, the lowest level since April 1.

On June 4, the U.S. spot BTC ETF had a net inflow of $887 million, the second highest single-day net inflow in history. Among them, Fidelity FBTC had a net inflow of $378.7 million, and BlackRock IBIT had a net inflow of up to $275 million. Fidelity said: Regardless of your views on cryptocurrencies, a small amount of BTC allocation makes sense. Fidelity Global Macro Director JUrrien Timmer said: BTC has become an important part of the investment portfolio and recommends allocating 2% of funds to BTC. He predicted that BTC will gradually mature, become less volatile, and attract more institutional investors. Fidelity currently holds BTC worth approximately $11.51 billion. VanEck CEO Jan VanEck said: "In the next 5 or 10 years, BTC's market value will be at least half of gold." Galaxy Digital CEO Michael Novogratz said that BTC may reach $100,000 or more by the end of the year. Weak employment and economic conditions in the United States are also urging the Federal Reserve to cut interest rates. New U.S. employment data proves a weak labor market, further boosting expectations of rate cuts, and macroeconomically positive for risk assets, gold/stock market/BTC prices have risen. New employment and inflation data will be released in the next few weeks. U.S. GDP is just above 1%, and the ISM manufacturing index has been in contraction for several months. The economy is slowing down. On June 3, the key and forward-looking employment indicator, job vacancies, slowed significantly, which will lead to lower inflation. Non-farm payrolls and unemployment data will be available this Friday, and the CPI inflation report will be released next week. Unexpected weak data may lead to a Fed rate cut. 10x Research believes that if CPI grows 3.3% or less year-on-year, it will promote further growth of BTC, and it is expected to reach more than $73,500 by the end of next week. The Bank of Canada started cutting interest rates on Wednesday, and the European Central Bank is expected to cut interest rates on Thursday. The Fed will hold a rate meeting at 2:00 next Thursday. As time goes by, the Fed will only get closer and closer to cutting interest rates, pushing the stock market/gold/coin market into a bull market channel. According to the current scenario, the Fed is likely to be dovish next week. (It’s too late recently, so I won’t update from Thursday to next Tuesday, and will update next Wednesday) #bnb历史新高 #山寨季何时到来？ #泰国批准首个比特币现货ETF