Headline
▌Trump: If elected president, Bidennomics will be abolished on the first day of office
Donald Trump said that if elected president, he would abolish Bidennomics on the first day of office and replace it with MAGAeconomics.
Earlier, Trump said that he would ensure that the future of cryptocurrency and Bitcoin happens in the United States.
▌Nvidia becomes the world's highest market value stock
Nvidia rose more than 3% during the day, with a total market value of 3.33 trillion US dollars, surpassing Microsoft and Apple to become the world's highest market value stock.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $65114.50, with a daily increase or decrease of -2.0%;
ETH's latest transaction price is $3842.32, with a daily increase or decrease of -0.8%;
BNB's latest transaction price is $588.48, with a daily increase or decrease of -2.6%;
SOL's latest transaction price is $137.40, with a daily increase or decrease of -4.0%;
DOGE's latest transaction price is 0.1223 US dollars, and its intraday change is -5.1%;
XPR's latest transaction price is 0.4907 US dollars, and its intraday change is -2.7%.
Policy
▌Spot Ethereum ETF issuers are responding to comments from the US SEC and are expected to submit responses this week
Potential spot Ethereum ETF issuers are responding to comments on the S-1 form received from the US Securities and Exchange Commission (SEC) last week, and plan to submit responses by this Friday. Sources described the comments as "minor" and "reasonable" and expected to be approved 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 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 filing for its spot Ethereum ETF to the US SEC, which will contain 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 filing contains some new details, including a description of a $2.5 million seed investment.
The analyst said: "Based on this document, it is impossible to know when these products will be launched. There may not be any additional updates, and adjustments may be required. But they need final approval from the SEC, and the release time depends largely on the SEC. Eric Balchunas and I believe they should be launched before July 4."
▌Brazilian tax authorities will collect information on foreign crypto exchanges
The special department of the Brazilian Federal Tax Service will begin collecting information on foreign cryptocurrency exchanges to ensure that they comply with local regulations. Deputy Inspection Secretary Andrea Chaves said the tax department is watching the exchanges’ operations in Brazil and will collect information on Brazilian wealth that is taxable. The ordinance to subpoena foreign exchanges is expected to be issued by the end of this week.
Brazil’s cryptocurrency activity has grown significantly, with total cryptocurrency declared in the first half of 2023 reaching 133.6 billion reais ($24.6 billion), up 36.6% from the first half of 2022. Of this, 14.5 billion reais ($2.7 billion) came from foreign exchanges. According to Kaiko Research, crypto trading volume involving Brazilian reals reached $6 billion from the beginning of 2024 to the beginning of May, up 30% year-on-year.
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 parallel chain functions and enhance network scalability. Plaza will integrate functions such as asset issuance, smart contracts, pledges, cross-chain bridging and near-zero fees into one chain, simplifying operations for users and developers. Habermeier believes that Plaza will become the center of the Polkadot network, driving the development of the entire ecosystem and heralding larger-scale expansion in the future.
Cryptocurrency
▌21Shares Co-Founder: Lack of collateral in Ethereum ETF will not curb strong institutional demand
Ophelia Snyder, co-founder of digital asset management company 21Shares, said that institutional investors are unlikely to worry that U.S. spot Ether (ETH) exchange-traded funds (ETFs) will not pledge underlying tokens to provide additional returns, although retail investors are eager to have this built-in function. This difference in demand means that there is a potential business reason for providers to list separate, different products to meet the needs of both camps.
"If you want to get institutional investors involved, you need to start by making things simple," said Ophelia Snyder. Non-collateralized products are "more acceptable" to institutional investors, even if they are less popular among retail investors."
▌Viewpoint: Bitcoin will usher in mass adoption, mainly thanks to Bitcoin ETF
Tuur Demeester, a Bitcoin research analyst, predicts that Bitcoin will usher in mass adoption due to ETF approval. He believes that this will provide easy access to Bitcoin for the global banked population and is expected to enable institutions to include Bitcoin on their balance sheets.
Demeester emphasized that Bitcoin's prominent position in the global market, especially in the U.S. financial system, has made it a global focus with its well-organized financial products and deep liquidity. He expects Bitcoin to continue to attract adoption by public companies and promote the popularity of Bitcoin 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 executives: Canadian lawmakers lack engagement in cryptocurrencies Lucas Matheson, Coinbase's country director for Canada, said at the Collision Conference in Toronto that Canadian regulators are more cooperative than the United States in the field of cryptocurrencies, but legislators are not sufficiently engaged. He stressed that political leaders in other countries usually develop long-term strategic plans to incorporate digital assets into the economic system, while Canada lacks 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: Canadian crypto market growth driven by 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 is promising, 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.
Through its merger with Coinsquare, WonderFi plans to integrate its acquired crypto companies into one entity and expand into the Asia-Pacific region. Skurka said Canadian regulators are "more advanced" compared to 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 Dynamics
▌Federal Reserve Board Member Kugler: A rate cut later this year may be appropriate
Federal Reserve Board Member Kugler said that if the economy develops as she expects, a rate cut later this year may be appropriate. Kugler said that although inflation is still too high, recent data makes her cautiously optimistic that inflation is moving towards the 2% target. After inflation heated up in the first quarter, Kugler said that more recent information on economic activity, the job market and inflation showed new progress in the economy. It is worth noting that an important inflation indicator fell for the second consecutive month in May. She added that further progress may be "gradual", but she remains optimistic that improved supply and cooling demand will support continued slowdown in 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 Federal Reserve keeping interest rates unchanged in August is 89.7%, and the probability of a 25 basis point rate cut is 10.3%. The probability that the Federal Reserve will keep interest rates unchanged by September is 32.3%, the probability of a cumulative interest rate cut of 25 basis points is 61.1%, and the probability of a cumulative interest rate cut of 50 basis points is 6.6%.
▌U.S. federal interest payments now exceed the 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 increasing. 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 the S&P 500 continued to hit record highs, and the Nasdaq continued to hit 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 US dollars, surpassing Apple and Microsoft to become the world's highest market value stock.
▌Fed Musalem: It may take several quarters to see data supporting rate cuts
Fed Musalem said that May retail sales data means moderate demand in the second quarter; it may take "several quarters" to see data supporting rate cuts; the labor market is no longer overheated, but it is still tightening; if inflation progress stagnates or even reverses, I will support the Fed to raise interest rates; I believe that 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 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 the correct investment philosophy and be sure to increase risk awareness.
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