● Fed meeting minutes: “Almost all” participants agreed to pause rate hikes in June

According to Jinshi, the minutes of the Federal Reserve meeting showed that Federal Reserve officials unanimously agreed to keep interest rates unchanged at the June meeting to buy time and assess whether further rate hikes are needed, although most members expected that further tightening of policy would eventually be needed.

Because of slow progress in curbing inflation, "some participants" wanted to raise interest rates in June, but "almost all participants" felt that maintaining the existing federal funds rate range of 5% to 5.25% was appropriate or acceptable. "Most participants judged that keeping the target range unchanged at this meeting would allow them more time to assess the economy's progress" toward returning inflation to its 2% goal from its current level of more than twice its current level.

● Fed policymakers still grappling with modestly improving inflation data

According to Jinshi, the minutes of the Federal Reserve meeting showed that although the Fed staff still expected a "mild recession" later this year, policymakers were still struggling with data showing a continued tight job market and only modest improvement in inflation. Officials also tried to reconcile overall data showing continued strength in the economy with evidence that may show economic weakness. Forecasts released after the June meeting showed that only two of the 18 Fed officials believed that interest rate hikes were no longer needed.

● Analysis: The correlation between Bitcoin price movements and US stocks is close to zero

According to CoinDesk, according to data tracked by cryptocurrency derivatives analysis company BlockScholes, the 90-day rolling correlation between changes in Bitcoin spot prices and changes in Wall Street's technology index, the Nasdaq index, and the broader index, the S&P 500 index, has fallen to close to zero. This is the lowest level in two years.

BlockScholes research analyst Andrew Melville said, “The correlation is now at its lowest level since July 2021, when BTC was between its twin peaks in April and November. The decline in correlation comes as both assets have recovered the losses from last year’s tightening cycle.”

● Goldman Sachs: Bitcoin and Ethereum supply on exchanges fell 4% and 5.8% respectively in June

According to CoinDesk, Goldman Sachs cited on-chain data in a report on Tuesday that the supply of Bitcoin and Ethereum on exchanges fell in June as increased regulation and criminal activity prompted holders to prefer self-custody.

The report said that the supply of Bitcoin on exchanges fell by 4%, close to the level of December 2022, which is also the lowest level since November 2020, before the start of the 2021 bull market; Ethereum supply fell by 5.8%, reaching the lowest point since May 2018. The bank said that this trend was caused by multiple reasons.

Goldman Sachs noted that Bitcoin miners sent a record amount of BTC to exchanges in June as Bitcoin performed strongly. The report said that the total amount of Bitcoin sent by miners to exchanges that month almost doubled from May to $99 million. As transaction fees returned to normal in June after network congestion in May, monthly address activity for Bitcoin and Ethereum rebounded, increasing by 15.5% and 37.5%, respectively. Goldman Sachs pointed out that Ethereum's daily average destruction decreased by 65.1% month-on-month, and the average daily transaction fee decreased by 63.3% month-on-month. In addition, new on-chain activity also increased last month, with the average daily number of new addresses for Bitcoin and Ethereum increasing by 9.8% and 48.2% from a month ago.

● Binance Academy announces partnership with Coursera

Binance Academy announced a partnership with Coursera, one of the world’s leading online learning platforms with over 124 million learners worldwide. The partnership will launch a comprehensive set of learning programs to bring educational opportunities to the world. Programs will cover a wide range of topics, and the courses are designed for those who want a basic understanding of blockchain, web3, and crypto, as well as those who want to develop the right skills to pursue a career in the blockchain industry. Successful completion of these courses will result in a digital certificate of completion, which can help open up new opportunities in this rapidly evolving field.

● CZ: The main consideration for listing coins on Binance is whether the project has a real user base

Changpeng Zhao (CZ), founder and CEO of Binance, said in a Twitter Space that the most important thing for Binance to list a coin is whether the project has a real user base and a real application scenario. If not, then factors such as team and history will be considered. Binance does not want to launch projects that use Binance users as seed users, as this is very risky. In addition, CZ also said that instead of over-thinking about how to get listed on Binance, it is better to spend energy on long-term product construction.

● CZ: Not a registered entity in Nigeria. The company mentioned by the local regulatory authorities was a fraud.

Binance founder and CEO Changpeng Zhao (CZ) said in a Twitter Space that the "Binance Company" mentioned by the Nigerian Securities and Exchange Commission was not registered by them, but was a fraud that used the name of Binance. If necessary, they are willing to assist local regulators.

Earlier news, the Nigerian Securities and Exchange Commission issued an announcement stating that Binance Nigeria Limited is neither registered nor regulated by the Nigerian SEC, so its business in Nigeria is illegal. Any investing public dealing with this entity must bear their own risks.

● Total CEX trading volume rose 14% to $2.71 trillion in June, the first increase since March

According to CoinDesk, as several large institutions submitted spot Bitcoin ETF application documents, the market became optimistic and cryptocurrency trading volume increased for the first time in three months in June. According to CCData's report, the total spot and derivatives trading volume of centralized exchanges (CEX) rose 14% to $2.71 trillion. This is the first monthly increase since March.

CCData said, "Increased volatility following the SEC's lawsuit against Binance US and Coinbase, and optimistic market outlook after companies such as BlackRock and Fidelity submitted applications for spot Bitcoin ETFs, all contributed to increased trading activity last month." Despite this, the report showed that spot trading volume in the second quarter was the lowest level since the fourth quarter of 2019.

For the derivatives market, trading volume increased by 14% in June, accounting for 78.7% of the total cryptocurrency market trading volume. However, this was a decrease from May's share (79.1%), marking the fourth consecutive month of decline in derivatives market share. The report also pointed out that the total CME derivatives trading volume increased by 23.6% in June to US$48.3 billion. The report stated, "Institutional investment was particularly concentrated in Bitcoin futures, with trading volume increasing by 28.6% to US$37.9 billion, the highest trading volume on the exchange since November 2021."

● India is in dialogue with many central banks around the world on CBDC cross-border payments

According to Cointelegraph, the Reserve Bank of India (RBI) is currently in dialogue with central banks of at least 18 other countries on the possibility of cross-border payments of the "digital rupee". According to a report by India's Economic Times on June 27, Shaktikanta Das, governor of the Reserve Bank of India, emphasized the importance of foreign trade infrastructure to the "digital rupee" in a speech in London in June, and the digital rupee will reach 1 million users locally in early July.

Das said, "But cross-border payments will also become faster, more seamless and more cost-effective. This is another area that needs a lot of attention. We have been in dialogue with other central banks that have launched or are launching CBDCs." According to reports, banks in 18 countries have opened rupee Vostro accounts since July 2022. Das explained that India hopes to offer its CBDC as a payment method for countries to import Indian goods to help countries struggling with the supply of US dollars.

● Merkle Science CEO: Despite regulatory challenges, the U.S. will continue to be a cryptocurrency hub

Merkle Science CEO Mriganka Pattnaik said that despite recent hostile regulatory actions by U.S. regulators, the United States will not lose its position as a cryptocurrency hub, according to Crypto Intelligence. Many top crypto executives have begun looking elsewhere, but Mriganka Pattnaik said that crypto activity will continue to thrive in the United States, at least in the medium term.

Mriganka Pattnaik believes that the United States has a higher level of innovation and a richer talent pool than regions such as India, China and the United Arab Emirates, which have strong consumer markets. He also pointed out that the overall market dynamics of the U.S. economy, especially the clarity of taxation, are key reasons why crypto companies may maintain most of their business in the United States.

However, not everyone agrees. Ripple CEO Brad Garlinghouse said the crypto industry has begun to move outside the United States, citing the U.S. regulatory approach as lagging behind other crypto-friendly regions such as Singapore, the UAE and Switzerland.

● Singapore's DBS Bank launches digital RMB payment platform

According to CoinDesk, Singapore's DBS Bank (DBS) launched a digital RMB (e-CNY) payment platform that allows companies to automatically settle digital RMB into their bank deposit accounts. DBS Bank said at least one customer has used the platform for transactions.

● South Korea’s financial authorities may start the second phase of virtual asset legislation research as early as this month

According to Chosun Ilbo, South Korean financial authorities will begin research on the second phase of virtual asset legislation as early as this month. The relevant research will include solutions to conflicts of interest in the issuance and circulation of virtual assets, disciplinary systems for stablecoins, disciplinary systems for virtual asset evaluation and consulting industries, and unified standards for virtual asset circulation and issuance.

● UK FCA: Starting from October 8, crypto companies will only have four legal ways to promote crypto assets

According to Cointelegraph, the UK Financial Conduct Authority (FCA) announced that all crypto asset companies marketing to users in the country must comply with its financial promotions regime by October 2023.

In a July 4 letter, the FCA said that starting October 8, firms operating in the UK will have only four legal ways to promote crypto assets in order to comply with the FCA’s regime. These legal pathways include having an authorized person approve or communicate the promotion, having the promotion created by a business registered with the FCA, or having the promotion qualify as an exemption under the UK Financial Services and Markets Act.

According to the FCA, promotional activity includes “websites, mobile applications, social media posts, and online advertising” that are “capable of having an impact in the UK” and is not limited to UK-based companies. Jayson Probin, the FCA’s head of crypto financial outreach, said in a July 4 LinkedIn post that companies that fail to comply could be subject to criminal charges.

● Research: By 2028, the value of global stablecoin-driven payment transactions will exceed $187 billion

According to BusinessWire, a new study by Juniper Research found that by 2028, the value of global stablecoin-driven payment transactions will exceed $187 billion, far higher than $53 billion in 2023. The study found that stablecoins have made rapid progress in the cross-border market in particular. By 2028, cross-border stablecoin payment transactions will account for nearly 73% of the total global stablecoin payment transactions, showing the dominance of cross-border use cases. In addition, the report pointed out that the main obstacle to the further growth of stablecoins is acceptance, and their launch requires the establishment and expansion of new networks.