The first US presidential debate did not mention cryptocurrencies, and Bitcoin prices stagnated

Headlines

▌The first debate of the 2024 US presidential election did not mention cryptocurrency

Coinbase posted on social media that the first presidential debate had just ended and cryptocurrency was not mentioned. 52 million Americans and 19% of Georgians own cryptocurrency, and it's time to make sure it's part of future discussions.

▌Bitcoin prices stagnate as inflation cools and stock markets rise

Golden Finance reported that although stock indexes have risen as inflation eased as expected, Bitcoin is still in a slump. Stocks rose slightly after the release of the personal consumption expenditures (PCE) price index data, with the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 rising 0.23%, 0.39% and 0.55% respectively. In stark contrast, Bitcoin prices fell below $61,000. Market participants have been closely watching inflation data to predict when the Federal Reserve will begin to cut interest rates, which is generally considered to be beneficial for long-term portfolios with greater risk tolerance. Bitfinex analysts said that Bitcoin and the broader cryptocurrency market have been showing uncertainty and volatility since the U.S. presidential election debate between Donald Trump and Joe Biden on Wednesday.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $60,957.04, with a daily increase or decrease of -2.0%;

ETH's latest transaction price is $3,396.92, with a daily increase or decrease of -2.25%;

BNB's latest transaction price is $570.7, with a daily increase or decrease of -2.36%；

SOL's latest transaction price is 142.11 US dollars, and the intraday increase or decrease is -5.39%；

DOGE's latest transaction price is 0.1242 US dollars, and the intraday increase or decrease is -3.12%；

XPR's latest transaction price is 0.4747 US dollars, and the intraday increase or decrease is -0.81%。

Policy

▌Stablecoin rules in EU crypto-asset market legislation to take effect on June 30

The European Banking Authority said it plans to publish a final report on how to monitor stablecoin issuers at the end of this month. Tether, Circle and other large stablecoin issuers will soon be subject to strict regulation in the European Union. Under the new rules that come into effect on June 30, these companies will not only need to obtain proper authorization to operate in the 27-nation trading zone, but will also face strict restrictions on the number and value of transactions under the Crypto-Asset Markets (MiCA) legislation. Robert Kopitsch, secretary general of European Blockchain, said the regulations mean that some of the largest stablecoin issuers may not be able to operate in the European Union, including Tether and Circle.

▌U.S. Treasury Department releases 2025 crypto tax regime, postpones non-custodian rules

The U.S. Treasury Department's Internal Revenue Service released the 2025 cryptocurrency transaction tax regime, which aims to establish filing rules for digital asset brokers, but the rules for DeFi and non-custodial wallets are temporarily shelved. The rules released on Friday will take effect for transactions starting in 2025 and require brokers to closely monitor the cost basis of customer tokens starting in 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset kiosks to submit disclosures about customer asset changes and gains. These assets will also include (in very limited circumstances) stablecoins such as USDT, USDC, and high-value non-fungible tokens (NFTs). Under the new rules, the IRS will not require reporting of most routine stablecoin sales, and has set an annual threshold of $600 for NFT gains, which must be reported only if they exceed the threshold.

Blockchain Applications

▌ZachXBT: Amber Rose owns at least 7.2% of the tokens issued, and has sold 227 SOL

On June 28, Amber Rose released her personal token MUVA on social media. ZachXBT responded that (Amber Rose) was dumping tokens to followers. This address had just deposited funds through Kraken (like other top holders) and grabbed 7.2% of the token supply. It has sold 227SOL (worth US$33,000). You know that blockchain data is public.

▌Velocore: Rechecking the contract found another vulnerability and taking white hat action

On June 28, Velocore stated on the social platform that after the recent vulnerability exploitation incident, in order to prevent further losses, most of Velocore's functions were disabled, leaving only the withdrawal function. Because the front-end exchange could not correct the imbalance of the stable pool and the de-anchored pool through arbitrage, it caused additional losses to LP. On the Linea chain, since the administrator rights of the Diamond Proxy contract have been revoked, we can only change the exchange rate to zero without making fundamental updates. This requires us to prevent further potential damage and provide a unified withdrawal method for all users. After rechecking the contract, we found another vulnerability that could lead to the theft of all assets. To mitigate this risk, we conducted a white hat action to safely deposit assets into a separate Safe vault. Affected LPs can now claim their funds based on the LP snapshot of the relevant block.

Cryptocurrency

▌Australian Taxation Office improves data program to detect Crypto-related tax evaders

Golden Finance reported that the Australian Taxation Office (ATO) said it would keep a close eye on those who cashed out their Crypto gains before the country's fiscal year ended on June 30. Adam Saville-Brown, general manager of Koinly, an encryption tax reporting software, said that the ATO has been paying close attention to encryption in recent years, and this year is no exception. Michelle Legge, head of tax education at Koinly, said that the ATO has modified its encryption data matching program to collect data from 2014 to 2026 from all encryption exchanges operating legally in Australia. Whether you use Binance, Bitcoin Base, CoinSpot or other websites, the ATO can collect your data.

▌US spot Bitcoin ETF increased its holdings of 596 Bitcoins on June 28

Golden Finance reported that according to Lookonchain monitoring, US spot Bitcoin ETF data on June 28 showed that 9 Bitcoin ETFs increased their holdings by a total of 596 Bitcoins, worth approximately US$36.5 million. 1. Grayscale increased its holdings by about 60 bitcoins, worth about $3.6 million, and currently holds 275,955 bitcoins, worth about $16.89 billion; 2. Fidelity increased its holdings by 109 bitcoins, worth about $6.7 million, and currently holds 167,900 bitcoins, worth about $10.28 billion;

▌Farcaster launches in-app USDC payment function

Dan Romero, co-founder of the decentralized social media protocol Farcaster, launched a new in-app payment feature on Friday. The new tool is built for the Farcaster client Warpcast, which uses USDC to pay stablecoins with one click through the user's profile or the application's messaging platform. The feature solves a long-standing problem of paying people with cryptocurrency, which is finding someone's alphanumeric wallet address. Because Farcaster identities are human-readable, it makes the process easier.

▌Bloomberg analyst: VanEck's solana ETF application is a call option for the November election

In an interview before 21Shares became the second solana applicant, James Seyffart, an ETF analyst at Bloomberg, said, "I think VanEck's application is a call option for the November election. Under the current SEC management-based on years of approval and rejection orders for crypto ETFs-the solana ETF should be rejected because there is no federally regulated futures market. But a new administration in the White House and a new SEC administration that is more willing to comply with crypto policies may change this situation."

Important Economic Dynamics

▌The three major U.S. stock indexes closed down collectively

The three major U.S. stock indexes closed down collectively, with the Dow Jones Industrial Average down 0.1%, the Nasdaq down 0.71%, and the S&P 500 down 0.4%. Most of the popular technology stocks fell, with Amazon and Meta falling more than 2%.

▌Large U.S. banks announced dividend increases one after another, having previously passed the Federal Reserve's stress test

Large U.S. banks announced dividend increases one after another on Friday, having previously easily passed the Federal Reserve's annual stress test. Major banks such as JPMorgan Chase and Bank of America announced dividend increases. Just two days ago, the regulator's assessment results showed that all 31 banks participating in the test were able to maintain sufficient capital to withstand the test of the economic recession scenario assumption. Other banks that have raised dividends include Citigroup, Wells Fargo and Morgan Stanley. JPMorgan Chase and Morgan Stanley have also authorized tens of billions of dollars in stock buybacks. The Fed asked banks to wait until after the market closes on Friday to disclose updates to give each company, as well as investors, time to digest the results. JPMorgan Chase announced that it would buy back up to $30 billion in shares, and Morgan Stanley reauthorized a buyback program of up to $20 billion.

▌Citi Strategists: U.S. Stocks Will Soon Be Headed for a Plunge

Citigroup strategists said that the decline in capital inflows and the downward revision of growth expectations indicate that U.S. stocks will soon be headed for a plunge. The firm recently raised its year-end target for the S&P 500 to 5,600, but said in a client note on Friday, represented by Scott Chronert, that "short-term trends have us prepared for a correction." They said flows have slowed, internal sentiment indicators are at "excited" levels, and Citi's forecast is for a recession in the second half of the year. At the same time, consensus growth expectations have fallen recently. All of this has left the stock market ready for a "summer storm" or "sudden strong winds," Citi strategists said. In addition, election volatility remains an uncertain factor, and both parties are likely to face fundamental pressures.

Golden Encyclopedia

▌What is an unlimited minting attack?

Unlimited minting attacks refer to attackers manipulating contract code to continuously mint new tokens that exceed the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or interfering with the normal operation of the affected blockchain network. The prevalence of infinite coin minting attacks highlights the importance of conducting thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment philosophy and be sure to increase risk awareness.