Daily Report | Trump promises to support cryptocurrency mining in Washington D.C.; Bithumb will launch ICP/KRW trading pair; The Federal Reserve will announce its interest rate decision and policy statement tomorrow at 02:00 AM
June 12 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- Watcher.Guru: ICBC praises the development of Bitcoin and Ethereum, comparing Bitcoin to gold
- Trump: Hopes all remaining Bitcoin is made in the USA
- Vitalik proposes expanding cryptocurrency functionalities in response to the dominance of meme coins
- Trump promises support for crypto mining operations in Washington, D.C.
- Bithumb announces the launch of ICP/KRW trading pair
- The Federal Reserve will announce interest rate decisions and policy statements tomorrow at 02:00 AM
- Taiwan will establish a VASP industry association tomorrow, with a draft law on virtual asset management expected by the end of the year
- Victory Securities announces that investors can use the VictoryX APP to deposit and withdraw USDT and USDC
- Data: OKX buyback and burn wallet received 5.73 million OKB in the past 2 hours, worth approximately $259 million
"What important events occurred in the past 24 hours"
Data: OKX buyback and burn wallet received 5.73 million OKB in the past 2 hours, worth approximately $259 million
According to Spot On Chain monitoring, as part of the ongoing 24th burn activity, the OKX buyback and burn wallet received 5.73 million OKB ($259 million) in the past 2 hours.
Since May 15, 2019, the OKX team has repurchased a total of 97.92 million OKB (currently worth $4.42 billion), with a burn occurring every 3 months.
Victory Securities announces that investors can use the VictoryX APP to deposit and withdraw USDT and USDC
According to reports from Hong Kong, Hong Kong brokerage Victory Securities announced the launch of fixed-rate access for USDT and USDC, becoming the first brokerage in Hong Kong to offer this service. This feature is currently available to professional investors and has launched access services for cryptocurrencies BTC and ETH, facilitating retail investors in cryptocurrency deposits and withdrawals.
Watcher.Guru: ICBC praises the development of Bitcoin and Ethereum, comparing Bitcoin to gold
According to WatcherGuru, the Industrial and Commercial Bank of China (ICBC) praised the development of Bitcoin and Ethereum in a recently published report, comparing Bitcoin to gold and emphasizing its rapid growth in the digital economy, while referring to Ethereum as "digital oil," noting that its ecosystem drives numerous Web3 applications and projects in a growing market.
Vitalik proposes expanding cryptocurrency functionalities in response to the dominance of meme coins
Ethereum co-founder Vitalik Buterin proposed several directions for expanding and improving the functionalities and scope of cryptocurrencies in response to the ongoing dominance of meme coins:
- zk reputation / identity / credentials;
- p2p cross-border payments (lower fees and rapidly improving user experience within this cycle);
- decentralized social;
- prediction markets (actually usable within this cycle);
- privacy;
- enterprise applications realized through zk validiums;
- zk+ censorship-resistant voting.
Taiwan will establish a VASP industry association tomorrow, with a draft law on virtual asset management expected by the end of the year
According to reports from Juheng.com, the chairman of Taiwan's Financial Supervisory Commission, Peng Jinlong, stated that the regulation of virtual assets and trading businesses (VASP) will be gradually implemented in four phases. The VASP industry association will be established tomorrow (June 13), and subsequent self-regulatory norms will be formulated with penalties to strengthen self-discipline. A draft law on virtual asset management is expected to be proposed by the end of December this year, followed by regulatory announcements and public hearings, with the draft law to be submitted to the legislature by June next year. The Financial Supervisory Commission has been designated by the "Executive Yuan" as the authority for virtual assets with "financial investment or payment nature," thus initially regulating important aspects. The future law will focus on safety and consumer protection while also paying attention to market development. Additionally, according to reports from Zhongshi News Network, the Financial Supervisory Commission pointed out that the regulation of virtual assets will be divided into four phases, and it is currently at the third phase.
Brazil's largest bank Itau Unibanco opens cryptocurrency trading services to all users
According to Bitcoin.com, Brazil's largest bank, Itau Unibanco, has opened its cryptocurrency trading services to all users. Through the bank's internal investment platform Ion, customers can purchase BTC and ETH, a feature that was previously only available to specific users.
Trump: Hopes all remaining Bitcoin is made in the USA
According to Tree News, former U.S. President Trump expressed his hope that all remaining Bitcoin is made in the USA. Earlier news reported that Trump met with representatives of U.S. Bitcoin mining companies and promised to support crypto mining operations.
Trump promises support for crypto mining operations in Washington, D.C.
U.S. presidential candidate Donald Trump met with the CEO of Bitcoin Magazine and representatives of U.S. Bitcoin mining companies, promising to support crypto mining operations in Washington, D.C. Additionally, Donald Trump told CleanSpark co-founder Bitcoin miners that he likes what they are building.
Bithumb announces the launch of ICP/KRW trading pair
According to an announcement from the South Korean cryptocurrency exchange Bithumb, the Internet Computer (ICP) has officially launched its KRW trading market today. ICP token deposits will begin at 2 PM Beijing time (3 PM Korean time), and trading and withdrawals will open at 5 PM Beijing time (6 PM Korean time), with a reference price of 13,900 KRW. Bithumb noted that this launch only supports the Internet Computer network, and deposits from other networks will not be accepted.
The Federal Reserve will announce interest rate decisions and policy statements tomorrow at 02:00 AM
According to the schedule, the Federal Reserve will announce its latest interest rate decision and monetary policy statement at 2:00 AM Beijing time (June 13) on Thursday, while just hours earlier, the U.S. Department of Labor will release the latest inflation data. Powell's press conference will be held at 2:30 AM. It is widely expected that the Federal Reserve will maintain the benchmark interest rate in the range of 5.25%-5.50% set last July.
Ava Protocol completes $10 million seed round financing, with participation from Polygon founder and others
According to CoinDesk, Ava Protocol (formerly OAK Network) has completed a $10 million seed round financing, with participation from Electric Capital, Taisu Ventures, and Polygon founder Sandeep Nailwal. The new funds will be used to develop its Eigenlayer AVS for private autonomous trading on Ethereum.
The ETF Store president: It would be surprising if the Ethereum spot ETF S-1 application is not approved by the end of this month
The ETF Store president Nate Geraci stated on social media: "Although we don't know of any progress yet, it would be surprising if the Ethereum spot ETF S-1 filing is not approved by the end of June… (SEC) has no reason to delay. A lot of work has already been done on ETH futures ETFs and spot BTC ETFs."
OKX plans to gradually delist XRP and LTC futures contracts
According to an official announcement, considering market reasons and user demand, OKX plans to gradually stop the generation of XRP and LTC coin-based and USDT-based futures contracts in the near future, with the official delisting of XRP and LTC futures contracts scheduled for December 27, 2024, at 4:00 PM. This delisting applies to the web, mobile, and API platforms. The specific plan is as follows: starting from June 21, 2024 (UTC+8), no new weekly futures contracts will be generated; starting from September 27, 2024 (UTC+8), no new quarterly futures contracts will be generated; contracts that are already trading will not be affected, and users can trade normally.
CMT Digital is raising $150 million for its fourth fund
According to FORTUNE, venture capital firm CMT Digital has been raising $150 million for its fourth fund since a month ago. Gerald Brant is overseeing this fundraising effort, serving as the head of capital formation at CMT Digital. Before joining CMT Digital, Gerald Brant held the same position at BlockTower Capital and Pantera Capital. If successful, the fourth fund will be the largest fund the company has raised to date. The first three funds raised $25.5 million, $130 million, and $100 million, respectively.
Data: Six Hong Kong virtual asset ETFs had a trading volume of approximately HKD 20.95 million today
Hong Kong stock market data shows that as of the market close, the trading volume of six Hong Kong virtual asset ETFs today was approximately HKD 20.95 million, including: Huaxia Bitcoin ETF (3042.HK) with a trading volume of HKD 5.26 million; Huaxia Ethereum ETF (3046.HK) with a trading volume of HKD 2.3 million; Harvest Bitcoin ETF (3439.HK) with a trading volume of HKD 4.71 million; Harvest Ethereum ETF (3179.HK) with a trading volume of HKD 2.02 million; Bosera HashKey Bitcoin ETF (3008.HK) with a trading volume of HKD 5.47 million; Bosera HashKey Ethereum ETF (3009.HK) with a trading volume of HKD 1.19 million.
OKX Ventures announces leading investment in the decentralized data protocol codatta built for developers
OKX Ventures announced a leading investment in codatta, a decentralized data protocol built for developers. Codatta is the first decentralized data protocol aimed at building foundational data infrastructure with scientific confidence, designed to serve developers and protocols. Codatta aims to allow Web3 users to monetize data and contribute to building public data without compromising privacy. It has a large network of data contributors that enhance data confidence through AI-verified evidence, multi-party cross-referencing, and staked confidence. Developers can create machine learning model-driven Web3 native applications in areas such as crime prevention networks, on-chain advertising, cross-DApp universal recommendation systems, and credit-based lending products.
"What are some interesting articles worth reading in the past 24 hours"
Vitalik's blog: What challenges does the Ethereum L2-centered ecosystem face?
Two and a half years ago, I mentioned in the article "Endgame" that the different development paths for blockchains in the future look very similar at least from a technical perspective. In both cases, there are a large number of transactions on-chain, and processing these transactions requires: (1) a lot of computation; (2) a lot of data bandwidth. A regular Ethereum node (like the 2 TB reth archive node I am running on my computer) is not sufficient to directly verify the huge amount of data and computation, even with strong software engineering performance and Verkle trees. Instead, in the two solutions of "L1 sharding" and rollup-centric, ZK-SNARKs are used to verify computations, and DAS is used to verify data availability. Whether it is L2 sharding or rollup, DAS is the same, and the ZK-SNARKs technology is also the same. They are both smart contract code and a function of the protocol. From a true technical perspective, Ethereum is sharding, and rollup is sharding.
Graduate becomes CEO, what is the background of Nexus, which Pantera led with $25 million?
It is well known that crypto VCs have a preference for infrastructure projects, so it is not surprising that they invest heavily in zero-knowledge proof-related infrastructure.
However, investing in a project led by a newly graduated student as CEO is somewhat surprising.
In the same day's open letter from Pantera titled "Why We Invested in Nexus," Pantera believes that Nexus's greatest advantage lies in its team composed of professionals in cryptography and computer science.
The CEO of the project team is Daniel Marin, a recent graduate from Stanford University.
Do top Western VCs also favor the halo of prestigious schools?
Forbes: Why are FTX creditors still dissatisfied despite full compensation?
Last month, the lawyers overseeing the FTX bankruptcy case submitted a reorganization plan that would not only fully compensate almost all customers but also provide them with an additional 18% interest. If most creditors and the bankruptcy judge agree to the plan, compensation checks will be mailed within two months.
Compared to typical bankruptcy cases, the compensation amount for FTX is quite substantial. Few creditors receive cash payments, and some creditors may have to wait years to recover a small portion of their claims. FTX creditors are among the lucky ones, but not everyone is overjoyed.
Some feel dissatisfied because they cannot retrieve their original cryptocurrencies from the exchange. Instead, customers will be compensated in USD based on the value of the cryptocurrencies held by FTX at the time of its bankruptcy filing in November 2022, when cryptocurrency prices were hit hard by industry turmoil. Since then, Bitcoin has nearly doubled, and many other tokens have reached new highs. For those investors whose cryptocurrencies are trapped on the exchange, this is a lost opportunity. Many lawyers (including those currently working for FTX) believe this is how bankruptcy works, but creditors unanimously claim they have been wrongfully deprived of their property, and this is not the only thing they are dissatisfied with.
