Daily News | Regulatory Attitudes Are Unpredictable, Market Trends Remain Unclear, Be Vigilant About Macro Impact

Crypto Daily Digest: SEC is not giving in, the resignation of top utives and difficulties in compliance are numerous

In terms of market, data shows that Cardano‘s NFT market outperformed Ethereum, Solana, Polygon and other competitors in June, although the number of Cardano’s unique NFT buyers declined.

Sega Corp., a Japanese multinational gaming company, recently decided to withdraw from blockchain-based game development because the company believes that “play-to-earn (P2E) games are boring.”

In terms of regulation, Patrick Hillmann, Chief Strategic Officer of Binance, and Steven Christie, Vice President of Compliance of Binance, announced their resignation. This news had a certain negative impact on the cryptocurrency market, triggering investors’ concerns about Binance.

What’s worse, the Australian Securities and Investment Commission (ASIC) has launched another investigation into Binance. ASIC has launched an investigation into Binance’s derivatives business and conducted a search of its offices in Australia. This event triggered concerns about the compliance of Binance and had a certain negative impact on the cryptocurrency market.

Does this mean that Binance will face more and more legal regulatory issues in the future?

Meanwhile, the U.S. Securities and Exchange Commission (SEC) raised an objection to Coinbase’s application, and the SEC objected to Coinbase’s previous application, which considered that the agency did not have enough jurisdiction to file a lawsuit. This may have an impact on Coinbase’s legal disputes.

In this regard, Larry Fink, CEO of BlackRock, the world’s largest asset management company, stated that cryptocurrency might “change the financial industry.” He supported this once skeptical industry, but he believed that the nature of ETF contradicted the original concept of Bitcoin.

Other aspects:
DBS Bank has launched a “merchant collection solution,” which uses the digital currency (e-CNY) of the People’s Bank of China to allow corporate customers in DBS China to collect customers’ payments with e-CNY and automatically settle e-CNY to their bank Deposit account.

Airtains, an Indian Web3 company, plans to issue 500,000 NFTs in cooperation with the Shinshiro Development Authority of West Bengal to improve the registration and transfer of land ownership.

Polygon is undergoing management changes. It operates two of the most trending Ethereum trading scalability networks and is re-branding.

Gemini filed a lawsuit in an attempt to recover funds held by DCG subsidiary Genesis in its Earn plan.

The Innovation Center of the Federal Reserve Bank of New York has cooperated with Citibank, HSBC and other banks to explore the concept of a wholesale payment network based on shared ledgers.

Today’s Main Token Trends

BTC

Weekend trading volume continues to decrease, but there is still an attempt to pull back to the resistance level of $29,580 and form an ascending triangle. The bullish trend remains intact. The upside targets remain unchanged at $32,235 and $33,085. The top target is $36,500 and $41,550.

ETH

After breaking out of a large head and shoulders bottom pattern, Ethereum reached the resistance level of $1,974 and subsequently experienced a continuous decline. Trading volume is relatively weak compared to other major cryptocurrencies. In the short term, it is important to hold the support level at $1,857. The long-term strategy depends on a retest of the $2,000 level for a shift from bearish to bullish.

BCH

The 4-hour chart of Bitcoin Cash (BCH) shows a high-level symmetrical triangle pattern, with the key neckline at $269.08. Trading volume continues to decrease. The short-term rebound target of $345 was almost reached last week. Short-term strategies should wait for the convergence pattern to choose a direction for further pursuit.

GT

GT is a major cryptocurrency in Asian exchanges. The daily chart shows a large symmetrical triangle pattern, indicating a potential bullish trend in the long term. In the short term, there is an “M” head pattern, with support at $4.1550 to $4.1880. The short-term rebound target at $4.2964 was achieved last week.

For more token analysis details, please refer to: Market News | Daily Main Token Trends Overview

Macro: Employment data is positive, interest rate hikes are expected to increase, and Cathie Wood plans to take the lead in the approval contest of Bitcoin ETF

During the weekend, the market eyed the news about employment data. According to the forecast, the number of employed people in June is expected to be 240,000. The ADP employment data released yesterday was close to 500,000 people. If today’s data starts with 20k or 30k, the market may have a positive reaction. If we see data on 400,000 people or more, it may mean that the Federal Reserve may raise interest rates by 50 basis points in July. In addition, it is also necessary to pay attention to the changes in 2-year and 10-year interest rates and the US dollar exchange rate.

The wait-and-see attitude of the U.S. Securities and Exchange Commission (SEC) towards the application of the Bitcoin exchanges has led to a decrease in purchasing activities in the cryptocurrency market. Investors are concerned about whether the SEC will approve the application for Bitcoin Exchange Traded Funds (ETFs), which has led to a decline in Bitcoin prices.

On the other hand, the ARK investment management company of Cathie Wood stated that although the industry speculated that Blackstone Inc. Group might take the lead in the approval contest of Bitcoin ETF, the ARK investment management company would be the first institution to obtain potential approval. Blackstone Inc. recently submitted an application for launching the Bitcoin ETF, which shocked the cryptocurrency market. The application of Blackstone Inc. may be distinguished from other applications through a unique monitoring sharing protocol with exchanges.

The market value of Apple briefly exceeded $3 trillion on January 3, 2022, and today it is the company’s market value that has once again reached this level, as the Apple stock showed a price of over $192 shortly after trading began on Friday. Apple’s stock price remained at the level and ultimately closed at $193.97, becoming the first company with a market value exceeding $3 trillion. There are four other companies in the United States with a market value exceeding $3 trillion.

DBS Bank launched a solution for commercial collection using the digital currency of the People’s Bank of China: DBS Bank of Singapore launched a “merchant collection solution,” which uses the digital currency of the People’s Bank of China (e-CNY) to allow corporate customers of DBS China to collect e-CNY payments from their customers, and automatically settle e-CNY to their bank Deposit account. The measure boosted the adoption of the central bank’s digital currency (CBDC) and had a positive impact on the cryptocurrency market.

Aircains, an Indian Web3 company, cooperated with New Town Kolkata Development Authority to release NFTs: Aircains cooperated with New Town Kolkata Development Authority in West Bengal, India, to release 500,000 NFTs, aiming to improve the registration and transfer of land ownership. The cooperation helped to promote the application and adoption of NFTs, and had a positive impact on the cryptocurrency market.