● The U.S. non-seasonally adjusted CPI annual rate recorded 3.0% in June, the smallest increase since March 2021

According to Jinshi, the U.S. non-seasonally adjusted CPI annual rate recorded 3.0% in June, the smallest increase since March 2021. In addition, the U.S. non-seasonally adjusted core CPI annual rate recorded 4.8% in June, the lowest since November 2021. After the CPI data was released, U.S. Treasury bonds rose sharply, and the three major U.S. stock index futures rose in the short term. Nasdaq futures rose nearly 1%, S&P 500 futures rose more than 0.7%, and Dow Jones futures rose more than 0.5%.

● Bitcoin mining difficulty increased by 6.45% to 53.91T, setting another record high

According to BTC.com data, the difficulty of Bitcoin mining has been adjusted at 10:29 (block height 798,336) today, with the difficulty of mining increased by 6.45% to 53.91T, setting a new record high. The current average computing power of the entire network is 385.87 EH/s.

● Elon Musk's team announced the establishment of artificial intelligence company X.AI

According to Jinshi, the team led by Elon Musk announced the establishment of X.AI, an artificial intelligence company whose goal is to understand the "true nature of the universe." X.AI said the team will hold a Twitter Spaces chat on July 14. The company is separate from X, but will work closely with X and Tesla.

● Tokenized US Treasury bonds exceed $600 million

According to CoinDesk, according to data released by RWA.xyz, crypto investors have invested a total of US$614 million in U.S. Treasuries through different tokenized Treasury products. These products package U.S. Treasuries, bonds and money funds into tokens.

As the yield on U.S. Treasury bonds, which is widely considered to be the risk-free rate, exceeds the yield on DeFi, investor demand for tokenized U.S. Treasuries is rising.

● Binance Charity has partnered with Instituto Ruas and is raising cryptocurrency donations to provide free internet access and computer training

Binance Charity has partnered with Instituto Ruas to provide digital and financial inclusion to the homeless in the city of São Paulo. Binance is raising cryptocurrency donations and building a digital center to provide free internet access and computer training.

“Society may not realize that digital exclusion is a huge problem for homeless people,” said Father Júlio Lancellotti, leader of Instituto Ruas. “For everyone, life is now completely digital, and this is a barrier in many ways. For example, digitally excluded people find it difficult to fill in any forms, such as applying for a job or financial support for social programs, which often require online submissions or at least text messages to their mobile phones. Digitally excluded people can also be excluded financially.”

● Berenberg: Raise the predicted price of Bitcoin in April 2024 to $56,630

According to CoinDesk, Berenberg said in a report on Wednesday that it raised its Bitcoin price forecast for April 2024 to $56,630. Analysts led by Mark Palmer wrote: "Expectations for Bitcoin's expected halving in April 2024 and strong interest from large institutions have driven improved market sentiment, supporting our expectations that Bitcoin will rise sharply in the coming months." In addition, the investment bank reiterated its buy rating on MicroStrategy shares and raised its target price from $430 to $510 due to an increase in the valuation of the company's BTC holdings and forecasts for the value of its software business. The stock closed at $411.18 on Tuesday.

Specifically, Berenberg analysts raised the valuation of MicroStrategy's Bitcoin holdings from $6.27 billion to $8.74 billion by the end of April 2024, and raised the valuation of its business intelligence software business from $859 million to $1.37 billion.

● EU releases web4 and virtual world strategy

According to The Block, the European Commission (EC) launched the "web4 and virtual world strategy" on Tuesday. EU Internal Market Commissioner Thierry Breton said that we will invest in the adoption and promotion of new technologies and provide people with the tools and skills to use the virtual world safely and confidently. EC defines web4 as the integration of artificial intelligence, the Internet of Things, blockchain, the virtual world and augmented reality. EU officials said that in addition to the third-generation Internet web3 currently under development, the next-generation Internet web4 will allow integration between digital and real objects and environments, and enhance the interaction between people and machines.

● ESMA publishes first crypto rules under MiCA regulation

According to CoinDesk, the European Securities and Markets Authority (ESMA) has published a series of detailed proposals on how to authorize crypto companies in the European Union, which is the first use of the new powers granted by the EU Crypto Asset Market (MiCA) law. The EU agency is also seeking confidential information about the expected revenue, number of white papers, and on-chain and off-chain transaction usage of cryptocurrency companies in a consultation that will last until September 20.

ESMA said further consultations would be held in October on sustainability and record keeping, with the final batch due to be completed in early 2024. The consultations will consider when cryptocurrencies are considered securities and how foreign firms would be able to serve EU customers.

● European Banking Authority: A large number of stablecoins will be issued in the coming months

According to CoinGape, the European Banking Authority (EBA) has issued its first batch of measures on cryptocurrencies. The measures proposed by the EBA include permanent redemption rights and clauses for handling complaints. With the approval of the MiCA framework law, EBA officials expect a large number of stablecoin issuances in the coming months. In addition, the EBA also called on companies to apply the guiding principles of risk management and good governance before the mandatory rules come into effect.

The EU’s European Securities and Markets Authority (ESMA) has developed draft rules for crypto-asset service providers (CASPs) that aim to authorize CASPs while ensuring separation of client assets and transactions. The ESMA rules will come into effect in January 2025.

● South Korea requires domestic companies involved in cryptocurrency to disclose detailed information in their financial reports

According to Forkast, South Korea's top financial regulator, the Financial Services Commission, requires companies that issue or own cryptocurrencies to make detailed disclosures in their financial statements starting in 2024 in order to increase industry transparency.

● Deputy Governor of the Reserve Bank of India: Stablecoins pose an "existential threat" to policy sovereignty

According to CoinDesk, local news platform The Hindu reported that Rabi Sankar, deputy governor of the Reserve Bank of India, said at an event that stablecoins pose an existential threat to policy sovereignty and are only useful for a few countries. Sankar said that given the concerns about stablecoins, CBDCs are a better "stability solution" for every country. "If large stablecoins are pegged to some other currency, there is a risk of dollarization," said Sankar. He expressed concerns about the potential impact of stablecoins on India's capital regulation or monetary policy. "We have to be very cautious about allowing such instruments... From the past experience of other countries, this is an existential threat to policy sovereignty."

● PwC survey: Among the 59 traditional hedge funds surveyed, the proportion of funds investing in crypto assets has dropped to 29%

According to Reuters, a survey by PwC and the Alternative Investment Management Association (AIMA) showed that the proportion of traditional hedge funds investing in crypto assets has dropped from 37% in 2022 to 29% this year. The report added that a quarter of hedge funds currently invested in the field said that increased uncertainty in U.S. regulation of the crypto industry may cause them to reconsider this asset class.

The report stated that among the 59 hedge funds surveyed, more than 70% of the fund investment decisions were affected by last year's market events (the collapse of several mainstream crypto companies such as FTX), and these funds managed a total of US$280 billion in assets.

● 21 US regulators oppose the "Digital Asset Market Structure Discussion Draft"

According to the Daily Planet, 21 U.S. regulators opposed a draft bill on the structure of the cryptocurrency market proposed by the House Financial Services Committee. It is reported that this comprehensive digital asset bill aims to introduce a regulatory framework for the United States, including clear rules and guidelines for the crypto industry.

In a letter to the U.S. House of Representatives Financial Services Committee, organizations such as Americans for Financial Reform and the Center for Responsible Lending claimed that crypto industry stakeholders lobbied in support of the committee's draft proposal, the "Digital Asset Market Structure Discussion Draft." The regulators wrote that the crypto industry has not demonstrated any viable use cases other than speculative investment, and accused industry players of lobbying for laws in their favor in the shadow of crypto innovation.

These regulators said Congress should actually support the SEC’s ongoing enforcement actions to “protect consumers.” Earlier news came out that the U.S. House Financial Services Committee will vote on cryptocurrency and stablecoin legislation in July.