Weekly Report | Since June, Bitcoin miners have sold more than 30,000 BTC; Tether has now become one of the world's three largest holders of short-term U.S. debt; Italy will strengthen monitoring of the cryptocurrency market, with fines up to 5 million EUR
- WBOYOriginal
- 2024-06-23 22:02:31818browse
Compiled by: Luan Peng, ChainCatcher
"What important events happened this week (6.17-6.23)"
1, BlackRock, Grayscale and MicroStrategy for global Bitcoin positions Three major companies
HODL15Capital listed the top ten companies in the world holding Bitcoin as of June 22 on social platforms, including:
- BlackRock (IBIT): 305,614 BTC;
- Grayscale (GBTC): 277,067 BTC;
- MicroStrategy (MSTR): 226,331 BTC;
- Fidelity (FBTC): 167,375 BTC;
- Tether: 75,354 BTC;
- ARK 21Shares Bitcoin ETF (ARKB): 46,335 BTC.
According to IntoTheBlock data, since June , Bitcoin miners have sold more than 30,000 BTC (approximately $2 billion), the fastest pace in more than a year. The recent halving led to a drop in profits, triggering the sell-off.
Aiming at Binance Recently, the frequency of currency listings has been too fast, and large-market value VC projects have been sent to the market in batches, resulting in the problem that market liquidity cannot bear it. He Yi, co-founder of Binance, responded that the currency circle is a free market, and the liquidity of each trading platform and Volume sharing. Even if Binance does not list new projects, these projects will still exist and funds will be distributed to the entire industry.
In addition to the unlocking of VC-invested projects, Meme coin, on-chain local dogs, Lumao, and fund disks will all be diverted. After ETF is approved, traditional financial markets will also divert funds that flow directly to the currency circle.
She pointed out that some VCs did lead to inflated prices, but VCs generally have a 7-year lock-in period, and the unlocking period is usually one year after TGE, so many VCs are also going bankrupt. Project parties that have received large amounts of financing have more opportunities to survive the bubble cycle, but the currency price and governance model are determined by the project party and require in-depth analysis.
He Yi also mentioned that the rise of Defi has increased market liquidity and freedom, making it more difficult for CEX to formulate rules. This is the charm of the free market in the currency circle. She reminds everyone to do your own research (DYOR).
According to Chosun Biz, all domestic virtual asset exchanges in South Korea are jointly participating in the formulation of the "Virtual Asset Trading Support Self-Regulatory Management" plan. The self-regulation that used to be led by the five major Korean won market exchanges is now being extended to all exchanges to jointly establish self-regulatory norms. The plan is promoted by the Korean Digital Asset Exchange Alliance (DAXA) and aims to develop self-regulatory guidelines for virtual asset trading support through joint consultation. The "General Guidelines for Virtual Asset Trading Support Reviews" that DAXA has published have become the basis for the new plan, and it is collecting opinions from various exchanges for improvement.
This cooperation not only involves five major Korean won market exchanges, but also includes about 20 currency market exchanges. It is the first case of comprehensive cooperation between virtual asset exchanges to establish a self-regulatory mechanism. The country’s Financial Supervisory Authority also actively participated, providing advisory support and requiring exchanges to strengthen the review and supervision of listed assets.
The new self-regulatory plan is expected to be announced before and after the implementation of the Virtual Asset User Protection Act on July 19. Industry players are actively working to upgrade existing guidelines and strengthen relevant regulatory content.
Tether CEO Paolo Ardoino posted on social platforms According to the report, USDT is bringing dollars to hundreds of millions of people around the world living in developing countries who need an alternative to their local currencies, which are rapidly losing value. Tether has been investing its stablecoin reserves in U.S. Treasury bonds and has become one of the world's three largest holders of short-term U.S. debt.
Vitalik Buterin pointed out that people should realize The phrase “news is propaganda” itself is a form of propaganda designed to make social media users think they are safe because social media is not “news” and thus accept social media propaganda more uncritically.
According to the FCA official website, the British Financial Conduct Authority (FCA) and The Metropolitan Police have arrested two suspects suspected of running an illegal cryptocurrency business. The pair, aged 38 and 44 respectively, are accused of buying and selling more than £1 billion ($1.3 billion) in crypto assets through the business they ran without registering.
According to a statement from the FCA, the two suspects have been released on bail following interrogation. As part of their investigation, the FCA and the Metropolitan Police conducted inspections of relevant offices and seized a number of digital devices from two residential properties in London. The investigation is still ongoing and FCA did not disclose further details.
As of January 2021, the UK requires all crypto asset service providers to register with the FCA to comply with anti-money laundering regulations. However, so far, only 44 companies have successfully obtained registration, despite more than 300 companies trying to register.
According to Reuters, Italy is strengthening its monitoring of crypto assets Market regulation and plans to impose high fines for market manipulation and insider trading. Fines could be as high as 5 million euros ($5.4 million), according to a draft document reviewed by Reuters. The document is expected to be approved by Cabinet later today. The draft proposes fines ranging from 5,000 euros (about $5,400) to 5 million euros for acts involving insider trading, illegal disclosure of inside information or market manipulation.
According to Bitcoin Magazine, Argentinian President Javier Milei said that "currencies will compete freely, so if you want to use Bitcoin, there will be no problems."
Circle CEO Jeremy Allaire posted on social platforms that he is now unprecedentedly optimistic about the prospects of cryptocurrency .
Jeremy Allaire said that the development of Internet technology demonstrates the power of open networks and software, and cryptocurrency is at a critical moment in promoting social and economic development. The public lacks a comprehensive understanding of the development of cryptocurrency, which is a positive signal. .
In addition, Jeremy Allaire believes that public blockchain infrastructure has evolved into its third generation and is capable of supporting large-scale applications, and there is a large innovative community around the world that is constantly improving these technologies, although cryptocurrency adoption is still in its early stages, However, its potential is huge and major changes are expected to occur in the next ten years. Therefore, we are confident in the future of cryptocurrency and believe that this technological wave will bring greater changes than the previous Internet revolution.
"What are some exciting articles worth reading this week (6.17-6.23)"
1. "Conversation with Emma, CEO of LongHash Ventures: Why is there only micro-innovation in this bull market?" 》
In 2016, by chance, LongHash Ventures CEO Emma Cui participated in Vitalik’s meeting at Singapore Management University. Since then, she decided to enter crypto finance from traditional finance.
At the end of 2017, after receiving early funding support from Hashkey and Fenbushi Capital, Emma Cui and former McKinsey colleague Shi Khai officially founded LongHash Ventures.
When early funds were not abundant, Longhash Ventures soon faced difficulties in raising funds in the bear market. “At that time, we tried to establish our first fund and were rejected countless times.” It was not until the arrival of DeFi Summer that Longhash Ventures survived the crisis and started its upward period.
Currently, Longhash Ventures manages hundreds of millions of dollars. The internal rate of return (IRR) of the two funds has reached 40%-70%, and invests in Polkadot, Astar, io.net, Manta, Safe, Avail, Puffer Finance Waiting for hundreds of Web3 projects.
Emma Cui believes that this bull market is still in its early stages. In addition to the expected market effects of BTC spot ETFs, more catalysts are needed to start a real bull market.
2. "Ethereum has won a staged victory in the SEC investigation, and the direction of US regulation may change"
Following the approval of the Ethereum ETF, Ethereum once again won a staged victory in the public eye.
On June 19, Ethereum infrastructure development company Consensys posted on social media: "We are pleased to announce that Ethereum developers, technology providers and industry participants have achieved a major victory: the U.S. Securities and Exchange Commission (SEC) The SEC’s Enforcement Division informed us that it is closing its investigation into Ethereum 2.0. This means that the SEC will not file charges that the sale of ETH was a securities transaction.”
This 14-month investigation has finally come to an end. A satisfactory progress.
3. "Analyst: What caused the poor performance of altcoins in this cycle? 》
In the field of cryptocurrency, the over-dispersion problem of altcoins has gradually become prominent and has become the core factor of their weak performance during this cycle. After further research, I discovered that this fragmentation poses a serious threat to the overall health of the cryptocurrency market. Sadly, however, it appears that we have yet to find a clear solution to this challenge.
The purpose of writing this post is to help more people understand this key issue that affects the future development of cryptocurrency. It will explain how we got here, why prices behave the way they do, and the path ahead.
4. "Do you still need to donate to receive an airdrop?" Maybe we really blamed LayerZero wrongly》
From LayerZero’s announcement of airdrop snapshots in early May to the witch purge, for nearly 2 months, LayerZero has always been in the spotlight, facing doubts, controversies and disputes. After going through all this, the community thought they could finally receive airdrops with peace of mind. Unexpectedly, LayerZero has developed a new Claim mechanism of "Donation Proof". To receive ZRO, users must donate US$0.1 for each ZRO.
Some people think that this is another attempt by LayerZero to make things difficult for the community, but is it really so? The donation proof mechanism introduced by LayerZero may be a positive improvement to the current airdrop model.
5. "The bull market is gone?" Don’t panic, these plots in the second half of 2024 are still worth looking forward to”
In the past two months, although hot events such as memes and the leading project Airdrop have continued, the market has been in a rather paradoxical downturn - —The roar of bears seems to be faintly audible, the footsteps of cattle seem to be far away, and the market collapse and restart seem to only take a moment.
This article aims to unearth and sort out some of the fermenting events hidden in the market in the past two months. At the same time, it looks forward to the positive factors that may be ignored in the future, and looks forward to the main plot that may stir up trouble in the first half of the year.
6. "From simplicity to simplicity, how will Ton open the door to the Web3 long-tail market?" 》
After more than ten years of development, the blockchain industry seems to have gained momentum and is at the crossroads of large-scale application. From the DeFi summer to the NFT craze, from the explosion of P2E games to the rise of Web3 social networking, and now the hotly-hyped concepts of "DePin" and "Web3+AI", there are countless ecosystems and projects in the industry, large and small, but they are spreading to the general public. In terms of public promotion, there is still no success.
Looking at it as a whole, putting aside some of the prejudices and other factors that exist in mainstream society, complex concepts such as smart contracts, addresses, and private key management in blockchain and encryption applications are not only innovations that are different from traditional ones, but also shackles that are difficult to remove. ——When strengthening users' perception of Web3 elements, it often leads to a contrast between high threshold, high cost and poor experience, which has also become the main reason restricting the widespread adoption of Web3.
However, technological innovation has never happened overnight from its emergence to completely changing the lives of ordinary people. What is certain is that any emerging technology is not fully mature when it first enters the market, and usually needs to go through a long-term iterative upgrade process. As the saying goes, never forget the past and learn from the future. By drawing on the experience and practices of related industries or fields, you can gain more ideas and creativity and bring enlightenment to the Web3 industry.
7. "SEC decided to end its investigation into Ethereum 2.0, will it benefit ETH spot ETFs?" 》
Good news, ZRO airdrop can be claimed.
Bad news, you need to pay to receive it.
There was some doubt in the market about the low number of Layerzero airdrops. Everyone said that they had worked hard to interact for a long time but the amount seemed not enough; the feeling of "insulting airdrops" emerged spontaneously.
And this insult seemed to come twice.
On the evening of June 20th, Layerzero officially announced that the ZRO airdrop can be claimed, but this claim is not free:
Users must donate USD 0.10 USDC, USDT or native ETH for each ZRO. Claim ZRO tokens.
LayerZero, euphemistically calling it a new claiming mechanism called Proof-of-Donation, will donate up to $18.5 million to the Protocol Guild, the collective financing mechanism for Ethereum developers.
10. "Small cost investment, huge financing social protocol Farcaster interaction strategy"
With LayerZero issuing coins amidst a lot of criticism, the high-profile project airdrop wave has come to an end for the time being. Zksync’s rat barn and LayerZero’s witch hunt also chilled the hearts of players. Some old players bluntly said that the golden age of hair-raising has passed.
But as long as the market still exists, new projects will always bring a steady stream of opportunities.
The Four Kings are over, but there is a new troika - Monad, Bearchain and Farcaster.
All three have just disclosed huge financing this year, and there are many opportunities. Recently, rumors have surfaced that Farcaster may issue coins, which greatly increases Farcaster’s interactive weight and makes it one of the must-have projects. The interactive tutorial between Monad and Bearchain, DeepChao Tech Flow, has been released before. Today, the editor will take you to interact with Farcaster, a potential stock in the social sector that just announced a huge financing last month.
The above is the detailed content of Weekly Report | Since June, Bitcoin miners have sold more than 30,000 BTC; Tether has now become one of the world's three largest holders of short-term U.S. debt; Italy will strengthen monitoring of the cryptocurrency market, with fines up to 5 million EUR. For more information, please follow other related articles on the PHP Chinese website!