At the U.S. Senate hearing, Gary Gensler, director of the U.S. Securities and Exchange Commission, said that he expects the S1 application for the spot ETH ETF to be approved sometime in the summer. As the Federal Reserve expressed that it would not rush to relax monetary policy, U.S. money market funds had inflows of about $28 billion that week, rising to a record $6.12 trillion. The Jackson Hole Central Bank Annual Meeting was held in August, and Federal Reserve officials have always used speeches at this forum to indicate major changes in the Federal Reserve's plans or ideas.
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The European Banking Authority (EBA) has published the final draft of the technical standards for prudential matters that companies must comply with under the Markets in Crypto-Assets (MiCA) legislation. The EBA's standards set the standards for stress testing programs and detail the liquidity requirements for reserve assets and the recovery plans that issuers need to prepare. At the U.S. budget hearing on Thursday, when Gary Gensler, director of the U.S. Securities and Exchange Commission (SEC), was directly asked whether ETH is a commodity, Gensler did not answer yes or no, but insisted on the agency's uncertain position on the asset; when Rostin Behnam, director of the Commodity Futures Trading Commission (CFTC), was asked whether ETH is a commodity, he replied: "Yes." In the above hearing, Gary Gensler, director of the U.S. Securities and Exchange Commission, said that he expects the S1 application for the spot ETH ETF to be approved sometime in the summer. Tesla shareholders voted to restore Musk's $44.9 billion compensation package. Tesla shareholders sued Musk and the automaker's board of directors, claiming that Musk's xAI startup is a "competing company" that has taken away artificial intelligence talent and resources from the company, while "boasting that xAI can access Tesla's artificial intelligence-related data." Paradigm has raised $850 million for its third fund, which focuses on early-stage crypto projects. British fintech giant Revolut said it plans to hire 4,000 employees and hopes to hire 12 new employees for its new cryptocurrency business. Markus Thielen, founder of 10x Research, said the Federal Reserve is expected to send more interest rate cut signals later this year because inflation has peaked. Past analysis shows that lower consumer price indexes tend to boost BTC prices. This trend is expected to continue, and you should stick to BTC and avoid other currencies. Analysis platform Santiment said that on Thursday, BTC fell below $67,000 for the second time, resulting in the second largest increase in buying interest in BTC in the past two months. FOMO and greed can manifest in two ways: 1. When prices rise, traders hope that prices will continue to rise; 2. When prices fall, traders think that the decline is unreasonable and hope that prices will recover quickly. Julio Moreno, head of research at CryptoQuant, said that ETH demand increased yesterday, and on June 12, long-term holder addresses received 29.80,000 ETH, setting the second-highest purchase record in history, only 6% lower than September 11, 2023, when long-term holders increased their holdings by 317,000 ETH when the price fell below $1,600.
After a week of gains, the U.S. stock index opened with a correction on Friday, with the Nasdaq down 0.1% and the S&P 500 down 0.2%. The big cake did not follow the rise enough, but followed the decline enough. On Thursday, the Nasdaq rose 0.34% and the S&P 500 rose 0.23%, both of which continued to hit record closing highs for four consecutive trading days. Apple's closing market value was $329 million, surpassing Microsoft's $328 million. (The current market value of the big cake is $129 million) BlackRock director Gargi Chaudhuri believes that the signal of only one rate cut in the dot plot has not changed its expectations for the Fed's strategy this year. If inflation continues to improve, the Fed has left room for a rate cut in September. Strategist Michael Brown said that the timing or magnitude of the Fed's rate cut is not as important as the ability to cut rates. The most important thing in a year is not when the Fed will cut rates or how much it will cut rates in the next 12 months. The most important thing is whether monetary policymakers have the ability to significantly ease monetary policy when they see fit, which is what will drive the stock market higher in the first half of 2024, and this situation will continue into the second half of the year. The interest rate dot plot lowered the three rate cuts in the second half of this year to one, and raised the rate cuts from three to four next year, with Fed members hoping to catch up with the pace of monetary easing more quickly in the next two years. The Jackson Hole Central Bank Annual Meeting is held in August, and Fed executives have always used speeches at this forum to indicate major shifts in the Fed's plans or ideas. At the Jackson Hole Central Bank Annual Meeting in August 2023, Powell hinted that the Fed might keep interest rates unchanged at the next meeting in September, as investors expected, and the big pie then rebounded slightly in September and went bullish in October. Currently, the focus of debate among economists and investors is whether the Fed will make its first turn in September or November.
The Fed's expectations for future rate cuts at this week's interest rate meeting were formed before the release of unexpectedly low reports on inflation CPI and PPI. Powell said at the press conference that most policymakers may not have updated their data to incorporate CPI data released earlier in the day, and he considered the forecasts to be "conservative." Economist Ian Shepherdson said that inflation indicators were lower than the Fed's forecast this week, laying the foundation for the first rate cut in September and multiple easing policies this year. At the U.S. Senate hearing, Gary Gensler, director of the U.S. Securities and Exchange Commission, said that he expected the S1 application for the spot ETH ETF to be approved sometime in the summer. Bloomberg analyst Eric Balchunas said: It is unclear whether they have given priority to this work, and believes that the spot ETH ETF will be approved by S-1 around July 4. JPMorgan Chase said in a research report that the net inflow of digital assets has reached $12 billion so far this year. If funds continue at the same pace, this figure may grow to $26 billion by the end of the year. The bank believes that the digital wallets of exchanges may turn significantly to the new spot BTC ETF. This week's Federal Reserve interest rate meeting did not loosen the gates, and conservatively stated that it would not rush to relax monetary policy. The size of U.S. money market funds reached a record high of $6.12 trillion from $6.09 trillion a week ago. Traditional money markets continued to accumulate, and riskier products did not flow. Many people are concerned about when this part of the funds will flow to risky assets, including stocks, gold and bitcoin, which is also the bull market that many people are looking forward to. The monetary policy led by the Federal Reserve has changed from tightening to easing. The tightening will begin in early 2022, and the easing may begin in the second half of 2024. The gates will eventually loosen and open. The old man is the same. The process is not very comfortable, and the result is that he will eventually turn to loosening. Every cycle is similar. #美联储连续第七次维持基准利率不变 #CRV #欧洲杯开赛