Headlines
▌Trump: If elected president, I will repeal Bidennomics on my first day in office
Donald Trump says if elected president he will repeal Bidennomics on his first day in office and replace it with MAGAnomics.
Previously, Trump said he would ensure that the future of cryptocurrency and Bitcoin happens in the United States.
▌Nvidia becomes the world's most valuable stock
Nvidia rose more than 3% during the day, with a total market value of US$3.33 trillion, surpassing Microsoft and Apple to become the world's highest-valued stock.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $65,114.50, with a daily change of -2.0%;
ETH's latest transaction price is $3,842.32, with a daily change of -0.8%;
BNB's latest transaction price is $588.48, with a daily change of -2.6%;
SOL's most recent trading price is $137.40, with a daily change of -4.0%;
DOGE’s latest trading price is $0.1223, with a daily change of -5.1%;
XPR’s most recent trading price was $0.4907, with a daily change of -2.7%.
policy
▌The issuer of the spot Ethereum ETF is responding to the comments of the US SEC and is expected to submit a reply this week
Potential spot Ethereum ETF issuers are responding to comments on the S-1 form received from the U.S. Securities and Exchange Commission (SEC) last week, and plan to submit responses by Friday this week. Sources described the comments as "minor" and "reasonable" and expect approval soon. In May, after the issuer's 19b-4 form was approved, they submitted a preliminary draft of the S-1 form, but it took the SEC two weeks to provide feedback. Eric Balchunas, senior ETF analyst at Bloomberg, expects the product to go live in early July. SEC Chairman Gary Gensler said the approval time depends on how quickly the issuer responds to feedback. Analysts predict that the flow of Ethereum ETFs could reach 20% of that of Bitcoin ETFs.
▌Bitwise submits revised S-1 filing for its spot Ethereum ETF to the US SEC
Bloomberg analyst James Seyffart said on the X platform that Bitwise has submitted a revised S-1 document for its spot Ethereum ETF to the U.S. SEC, which will include changes after the SEC's first round of comments. It is not clear whether more rounds of comments are needed, and the cost of the product has not yet been disclosed. The S-1 document contains some new details, including a description of a $2.5 million seed investment.
“Based on this filing, there is no way to know when these products will launch. They may not require any additional updates, and may need to be adjusted. But they need final approval from the SEC, and the launch timing depends largely on the SEC. Eric Balchunas and I believe they should be launched before July 4th,” the analyst said.
▌Brazil’s tax authorities will collect information on foreign crypto exchanges
A special unit of Brazil’s Federal Tax Service will begin collecting information on foreign cryptocurrency exchanges to ensure they comply with local regulations. Deputy Inspection Secretary Andrea Chaves said the tax department is watching how these exchanges operate in Brazil and will collect information on taxable Brazilian wealth. An ordinance to subpoena foreign exchanges is expected to be issued by the end of this week.
Cryptocurrency activity in Brazil has grown significantly, with the total number of cryptocurrencies declared in the first half of 2023 reaching 133.6 billion reais ($24.6 billion), an increase of 36.6% from the first half of 2022. Of this amount, 14.5 billion reais ($2.7 billion) came from foreign exchanges. Data from Kaiko Research shows that from the beginning of 2024 to early May, crypto transaction volume involving the Brazilian real reached $6 billion, a year-on-year increase of 30%.
Blockchain Applications
Sui developers release preview of 'Walrus' data storage platform
Mysten Labs, the lead developer of the Sui blockchain, has released a developer preview of "Walrus," a new decentralized data storage and data availability (DA) platform. According to the project documentation, "Walrus" offers two main advantages.
▌Polkadot co-founder proposes Plaza system to enhance network scalability
Polkadot co-founder Rob Habermeier proposed the Plaza system chain, which aims to integrate parachain functions and improve network scalability. Plaza will integrate functions such as asset issuance, smart contracts, pledges, cross-chain bridging and near-zero fees into one chain to simplify operations for users and developers. Habermeier believes that Plaza will become the center of the Polkadot network, promote the development of the entire ecosystem, and herald larger-scale expansion in the future.
Cryptocurrency
▌21Shares: Lack of collateral for Ethereum ETF will not suppress strong institutional demand
Institutional investors are unlikely to worry that a U.S. spot ether (ETH) exchange-traded fund (ETF) won’t stake the underlying tokens to provide additional returns, despite retail investors’ desire to have that built-in functionality, said Ophelia Snyder, co-founder of digital asset manager 21Shares. This difference in demand means there is a potential business case for providers to list separate, distinct products to cater to both camps.
“If you want to get institutional investors involved, you need to start by making things simple,” Snyder said. Non-collateralized products are “more palatable” to institutional investors, even if they are less popular among retail investors.
▌Opinion: Bitcoin will see mass adoption, mainly thanks to Bitcoin ETF
Bitcoin research analyst Tuur Demeester predicts that Bitcoin will see mass adoption due to ETF approval. He believes that this will provide easy access to Bitcoin for the global banked population and will hopefully enable institutions to include Bitcoin on their balance sheets.
Demeester stressed that Bitcoin's prominent position in the global market, especially in the U.S. financial system, has made it a global focus due to its well-organized financial products and deep liquidity. He expects Bitcoin to continue to attract adoption by public companies, driving its popularity around the world. Although he is cautious about the possible short-term impact of global liquidity, he is confident in Bitcoin's long-term prospects.
Coinbase executive: Canadian lawmakers lack engagement with cryptocurrencies
Lucas Matheson, Coinbase Canada country director, said at the Collision Conference in Toronto that Canadian regulators are more cooperative than the United States in the field of cryptocurrency, but legislators are not sufficiently involved. He emphasized that political leaders in other countries usually develop long-term strategic plans to integrate digital assets into the economic system, while Canada is lacking in this regard. Nevertheless, Canada is an exception in stablecoin regulation, and the industry has close cooperation with the government and regulators. Coinbase entered the Canadian market in August 2023 and has obtained restricted dealer and international dealer licenses. It is expected that by 2026, Canada will implement an international crypto asset reporting framework to strengthen tax supervision.
▌WonderFi CEO: Canada’s crypto market growth is driven by both regulatory environment and market factors
Dean Skurka, CEO of Canadian crypto platform WonderFi, said at the Collision Conference in Toronto that the Canadian retail crypto trading market has a promising outlook, and the convergence of multiple factors, including the local regulatory environment, may continue to drive market growth. The Bank of Canada's interest rate cuts and strong interest in Bitcoin and Ethereum exchange-traded funds have put cryptocurrencies in a favorable position among a wider audience. In addition, the expectation of Bitcoin halving also promises a strong retail market.
WonderFi plans to integrate its acquired crypto companies into one entity and expand into the Asia-Pacific region through its merger with Coinsquare. Skurka said Canadian regulators are "more advanced" than their counterparts in the Asia-Pacific region. Although other industry insiders are less enthusiastic about Canada's regulation, Skurka praised Canada's regulatory environment. WonderFi will announce its activities in the Asia-Pacific region in a few months.
Important economic developments
▌Federal Reserve Board member Kugler: It may be appropriate to cut interest rates later this year
Fed Governor Kugler said a rate cut later this year might be appropriate if the economy develops as she expects. Kugler said that while inflation remains too high, recent data makes her cautiously optimistic that inflation is moving toward the 2% target. After inflation picked up in the first quarter, Kugler said more recent information on economic activity, the job market and inflation showed new progress in the economy. Notably, an important inflation measure fell for the second consecutive month in May. She added that further progress is likely to be "gradual," but she remains optimistic that improved supply and cooling demand will support continued slowing inflation.
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 89.7%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 89.7%, and the probability of a 25 basis point rate cut is 10.3%. The probability of the Fed keeping interest rates unchanged in September is 32.3%, the probability of a cumulative 25 basis point rate cut is 61.1%, and the probability of a cumulative 50 basis point rate cut is 6.6%.
▌U.S. federal interest payments now exceed defense budget
The U.S. federal government’s interest payments now exceed the entire defense budget. As the national debt continues to rise, the burden of interest payments is becoming increasingly heavy. This phenomenon has triggered widespread attention and discussion on fiscal policy and budget allocation.
▌The three major U.S. stock indexes all closed slightly higher
The three major U.S. stock indexes all closed slightly higher, with the S&P 500 up 0.25%, the Dow up 0.15%, and the Nasdaq up 0.03%. Among them, the Nasdaq and S&P 500 continued to hit record highs, with the Nasdaq hitting a record high for seven consecutive trading days. Most large technology stocks fell, with Tesla, Google, Meta, and Intel falling more than 1%, Microsoft and Amazon falling slightly; Netflix rose more than 1%; Nvidia rose more than 3%, setting a new record high, with a total market value of 3.34 trillion U.S. dollars, surpassing Apple and Microsoft to become the world's highest-valued stock.
▌Fed Musalem: It may take several quarters to see data supporting rate cuts
Fed's Musalem said that May's retail sales data meant moderate demand in the second quarter; it may take "several quarters" to see data supporting a rate cut; the labor market is no longer overheated, but is still tightening; if inflation progress stagnates or even reverses, I will support the Fed's rate hike; I believe there is uncertainty about the degree of policy restrictiveness; the current monetary policy stance allows the Fed to remain patient and evaluate the data.
Golden Encyclopedia
What is an inverse futures contract?
An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a fall in price.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
