21 million LINK were unlocked 3 hours ago Standard Chartered Bank will set up a spot trading desk

Headline

▌21 million LINK was unlocked 3 hours ago, and 18.25 million LINK was sent to Binance

According to Spot On Chain monitoring, about 3 hours ago, Chainlink's non-circulating supply contract unlocked 21 million LINK (US$295 million), including -18.25 million (US$264 million) to Binance; -2.25 million (US$31.3 million) to the 0xD50f multi-signature address; -Since August 2022, Chainlink has unlocked 127 million LINK and sent 107.7 million LINK to Binance at a price of about US$9.89; -391.5 million LINK (US$5.4 billion) left in 24 contracts.

▌Standard Chartered Bank will set up a spot trading desk to buy and sell Bitcoin and Ethereum

According to market news, Standard Chartered Bank will set up a spot trading desk to buy and sell Bitcoin and Ethereum.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $64079.23, with a daily increase or decrease of -1.01%;

ETH's latest transaction price is $3498.31, with a daily increase or decrease of -0.33%;

BNB's latest transaction price is $582.31, with a daily increase or decrease of -0.74%；

SOL's latest transaction price is 133.74 US dollars, and the intraday increase or decrease is +0.15%；

DOGE's latest transaction price is 0.1236 US dollars, and the intraday increase or decrease is -0.49%；

XPR's latest transaction price is 0.4893 US dollars, and the intraday increase or decrease is +0.02%。

Policy

▌Ripple clarifies XRP is not a security after court ruling

Ripple's chief legal officer clarified that a California district judge has dismissed all allegations that Ripple violated federal securities laws. He emphasized that District Judge Analisa Torres' ruling on XRP's non-security status is "undisturbed." On Friday, the U.S. District Court for the Northern District of California granted summary judgment dismissing federal and state class claims against Ripple on the grounds of rest law and lack of privity, respectively. This effectively eliminates the class claim against Ripple Labs.

▌Apple will not launch AI technology in the EU this year due to concerns about the impact of the Digital Markets Act

In view of the EU Digital Markets Act, Apple has decided not to launch new artificial intelligence technologies for hundreds of millions of users in the EU market for the time being. The company announced on Friday that it will not release Apple Intelligence, iPhone Mirroring and SharePlay Screen Sharing to EU users this year because the Digital Markets Act allegedly forces Apple to lower the security level of its products and services. "We are concerned that the interoperability requirements of the Digital Markets Act may force us to compromise the integrity of our products in a way that weakens user privacy and data security," Apple said in a statement. According to the Digital Markets Act, Apple is expected to receive a formal warning from EU regulators because the company is suspected of blocking some applications from directing users to cheaper network subscription services. Earlier this year, Apple was fined 1.8 billion euros (about 1.9 billion U.S. dollars) by EU regulators for this matter.

▌Blockchain Association opposes IRS broker rules

The Blockchain Association, a blockchain advocacy group, opposes broker rules proposed by the Internal Revenue Service (IRS), saying that these regulations will place an excessive burden on investors, cryptocurrency companies and the IRS itself. The association cited the Paperwork Reduction Act, pointing out that government regulators should not impose unnecessary paperwork requirements on individuals and entities in the financial system. The letter mentioned that if these rules are passed, 8 billion tax returns will be added, 4 billion hours of processing time will be wasted, and annual compliance costs will reach $254 billion. In contrast, the IRS early estimated that the total compliance costs of the new rules would be $136 million. In addition, the association believes that the annual compliance costs of $245 billion are unreasonable for a market that generates a tax gap of up to $10 billion. In 2023, the association submitted a 39-page letter detailing its comprehensive objections to these regulations, arguing that these rules are extremely difficult for decentralized financial protocols to comply with, reflecting the government's misunderstanding of blockchain and cryptocurrency.

Blockchain Applications

Coinbase has launched Core (CORECHAIN)

Coinbase Assets posted on the X platform that Core (CORECHAIN) is now online on the Coinbase website and Coinbase iOS and Android applications. Coinbase customers can log in to buy, sell, exchange, send, receive or store these assets.

▌Bitcoin developer Burak launches new Layer2 Brollups

Bitcoin developer Burak launched Brollups, a Layer 2 technology that does not require forks or proprietary tokens. Brollups package transactions off-chain and then process them on-chain to achieve fast and low-cost Bitcoin transactions. Burak hopes to use this technology to demonstrate how Bitcoin can improve transaction efficiency while maintaining security and decentralization.

▌Wexo promotes the popularization of Bitcoin for daily payments

The Wexo platform promotes the popularization of cryptocurrency in daily payments through the Bitcoin Lightning Network. It provides services such as instant transfers, traditional debit card transactions, and Bitcoin acceptance maps. Although Bitcoin has a market value of more than $1 trillion, its adoption rate in mainstream payments is still low. Wexo plans to launch a Bitcoin cashback program and a global gift card program to further promote the use of cryptocurrency in daily shopping.

▌Aleph Zero launches zkOS, a privacy layer compatible with EVM

Aleph Zero, a privacy-enhanced public blockchain running on the Substrate stack, announced the launch of zkOS, an EVM-compatible privacy layer that generates zero-knowledge proofs on consumer devices in less than a second. ZkOS is now live on the testnet. Aleph Zero was developed by Polkadot developer Parity Technologies, and according to the team: "zkOS allows private transactions and dApp interactions without revealing underlying data. ZkOS uses Halo2 with KZG commitments to generate proofs faster and provides zkToolkit to simplify developer integration. According to benchmarks, zkOS can execute proofs in 600-800 milliseconds on a MacBook. ZkOS is designed to be faster, more user-friendly, and easier for developers to integrate into Ethereum applications."

▌Solana Name Service Now Extended to Base Chain

Solana Name Service has now been extended to the Base chain, which provides new possibilities for users and developers of both ecosystems. The SNS x Base integration expands the options for unifying digital identities and simplifying blockchain interactions. It achieves cross-chain identity, improved user experience, increased adoption, enhanced security, greater interoperability, and developer benefits.

▌Stella initiates new proposal, plans to transform into leverage infrastructure LitLayer

Leverage dApp Stella posted on the X platform that it has initiated a new proposal and plans to transform into leverage infrastructure LitLayer. LitLayer is a full-chain leverage infrastructure protocol with an intent-based architecture. With the increase in the number of L1/L2, the increase in liquidity dispersion between them, and the increase in user interest in using on-chain leverage trading platforms, LitLayer will become a full-chain infrastructure that can quickly and seamlessly create leverage trading applications on any chain. For on-chain traders, the LitLayer infrastructure will enable traders to tap into the massive liquidity of centralized exchanges while maintaining self-custody.

Cryptocurrency

▌Fidelity FBTC has experienced net outflows for 6 consecutive trading days

According to HODL15Capital monitoring, Fidelity FBTC had a net outflow of US$45 million yesterday, and has experienced net outflows for 6 consecutive trading days.

▌Analysis: MicroStrategy's purchase of BTC makes up for the German government's selling pressure

Some analysts believe that the German government's massive selling of Bitcoin is the reason for the sluggish cryptocurrency market. In addition, traders are worried that the stock market may have peaked and the US fiscal situation is weakening. According to Arkham, an on-chain crypto analysis company, a wallet associated with the German government transferred 6,500 BTC to the exchange on June 19, which was worth $425 million at the time. The wallet held nearly 50,000 BTC, which was allegedly seized from the pirated movie website Movie2k, which operated in 2013. Data showed that these BTC were sent to Kraken, Bitstamp and Coinbase. However, since MicroStrategy disclosed that it had purchased an additional 11,931 BTC at a price of $786 million, MicroStrategy's purchases made up for the selling pressure.

▌Fantom releases the third Sonic governance proposal, involving the annual destruction mechanism of S tokens

The Fantom Foundation posted on the X platform that the third Sonic governance proposal has been released, involving ecosystem subsidies, new token destruction mechanisms, and innovative programs such as Sonic Spark and Sonic University. It is reported that in the next six years, the Sonic Foundation will allocate a portion of tokens as operating funds for Sonic Labs to manage dApps, BD partnerships, and the growing network growth between existing and new user communities. In addition, if the community decides to keep inflation at 1.5% per year for six years, 47,625,000 tokens will be minted per year (3,175,000,000 x 1.5%), and if Sonic Labs only uses 5,000,000 tokens that year, the Sonic Foundation will destroy the remaining tokens (42,625,000).

▌100 million USDT transferred from Tether Treasury to Bitfinex

According to Whale Alert monitoring, at 07:12:11 Beijing time today, 100,000,000 USDT was transferred from Tether Treasury to Bitfinex.

▌Analysis: Bitcoin price expected to rebound after miners surrender and hashrate recovery

Analysts point out that Bitcoin prices are expected to rebound only after miners surrender and network hashrate recovers. Independent analyst Willy Woo said that the key to the current decline in Bitcoin prices lies in the exit of "weak holders", including inefficient miners running old hardware and high costs. Wu believes that with the reorganization of the mining industry and hardware upgrades, prices may stabilize and are expected to rise. However, the current surrender process is longer than in the past, perhaps due to the impact of increased profits. In addition, analysts pointed out that Bitcoin's hashrate recovery rate is also much lower than the same period in history, showing the challenges and opportunities in the market.

Important Economic Dynamics

▌The three major U.S. stock indexes closed mixed

The three major U.S. stock indexes closed mixed, with the Nasdaq down 0.18% and closing flat this week; the S&P 500 down 0.15%, up 0.61% this week; and the Dow up 0.04%, up 1.45% this week. Most large technology stocks rose, with Google, Amazon, Intel, and Netflix up more than 1%, Microsoft and Tesla up slightly; Nvidia fell more than 3%, Apple and Meta down slightly. Among them, Google and Microsoft set new historical closing highs; Nvidia fell more than 10% from its high, and its total market value evaporated by about US$340 billion.

▌Gold prices fall as traders consider Fed's next move

Gold prices fell 1.3% as traders began to consider the Fed's interest rate policy after the release of US economic data, said analyst Yvonne Yue Li. U.S. service sector activity rebounded slightly at the beginning of this month, reaching the fastest growth in more than two years, while the outlook improved due to cooling price pressures and expectations of lower borrowing costs. Bart Melek, global head of commodity strategy at TD Securities, said the stronger-than-expected PMI data could prompt "more hawkish signals from the Federal Reserve." Gold prices reached a record high last month and are still up 13% this year. Safe-haven buying triggered by conflicts in Ukraine and the Middle East and purchases by central banks also supported gold prices. Spot palladium surged 12%, mainly driven by short covering.

▌Biden may adjust digital asset strategy before Trump debate

President Biden may soften his stance on cryptocurrencies to win voter support. Although the Biden administration has increased regulation of crypto companies, he may accept Bitcoin campaign donations as the 2024 election approaches and express his willingness to work with Congress to develop a regulatory framework. President Trump criticized Bitcoin during his tenure, calling it "based on castles in the air," but launched the NFT series in December 2022 and announced that the campaign would accept cryptocurrency donations. Both Biden and Trump are vying for the support of cryptocurrency voters, most of whom are young professionals from Generation Z and Millennials. The two candidates' positions will face off for the first time in the presidential debate on June 27.

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 drop 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 increase risk awareness.