Today's Headlines:
- Basel Committee Approves Bank Cryptocurrency Risk Disclosure Framework and Capital Standards
- South Korea Strengthens Cryptocurrency Regulation, Cracks Down on Trading Fraud
- MetaMask Developer Consensys Acquires Cryptocurrency Security App Wallet Guard
- Upbit to List Jupiter (JUP)
- Web3 Metaverse Developer Playbux Launches Zero-Fee AI-Driven L1 Gaming Blockchain
- DWF Labs Launches $20 Million Cryptocurrency Native Fund Cloudbreak, Targeting High-Quality Chinese Projects
- Data: Hong Kong Virtual Asset ETF's Daily Trading Volume Reaches Approximately 94.85 Million Hong Kong Dollars
- Bitcoin Slightly Rebounds After Dropping to $57,000, Ethereum Falls to Around $3,150
Regulatory News
Basel Committee Approves Bank Cryptocurrency Risk Disclosure Framework and Capital Standards
The Basel Committee has approved amendments to the bank's cryptocurrency risk disclosure framework and capital standards, and agreed to adjust the interest rate risk standards in bank books, while consulting on third-party risk management principles. The framework will be implemented on January 1, 2026, aiming to enhance information transparency and promote market discipline. The committee also discussed the prudent impact of banks as potential issuers of tokenized deposits and stablecoins, and decided to continue monitoring market developments in this area.
South Korea Strengthens Cryptocurrency Regulation, Cracks Down on Trading Fraud
According to Bloomberg, South Korean regulators are increasing pressure on local cryptocurrency exchanges to eliminate suspicious transactions, as part of efforts to strengthen investor protection under the new digital asset law that took effect later this month. The country's financial regulator stated in a statement on Thursday that it is establishing a system to monitor abnormal cryptocurrency trading activities. It added that exchanges are advised to input data and information into the system to ensure compliance with the legislation that took effect on July 19. The statement noted that danger signals include trading volumes and prices exceeding normal ranges, excessive trading volumes, and unusually slow execution speeds. The financial watchdog stated that one of the goals of this measure is to identify accounts associated with "suspicious" activities.
Matt Younghoon Mok, a senior foreign lawyer and partner at Lee & Ko in Seoul, stated that the Financial Supervisory Service's guidelines "may pose a significant challenge to altcoins that cannot quickly meet regulatory requirements." Korean exchanges have begun reviewing the listing status of over 1,000 altcoins in the next six months to ensure compliance with the Virtual Asset User Protection Act. An industry group stated on Tuesday that the immediate "mass" delisting of altcoins is unlikely and refuted the idea that the law could quickly stifle some of the country's highly speculative token trading.
Democratic Congressman Ro Khanna to Host Bitcoin Roundtable Expected to Take Place on July 17
According to Foxbusiness, U.S. Democratic Congressman Ro Khanna has been in contact with top figures in the digital asset industry, as well as U.S. Democratic legislators and White House officials, inviting them to attend an exclusive Bitcoin roundtable meeting to be held in the U.S. capital next week. The meeting is scheduled to take place next Wednesday (July 17) and is expected to be attended by over 20 people, including at least one White House representative and cryptocurrency investor and advocate, billionaire entrepreneur Mark Cuban. As of now, the details of the event have not been leaked, demonstrating Khanna's campaign staff's request for participants to maintain a high level of confidentiality. For example, the exact location of the meeting has not been disclosed to invitees. Earlier reports indicated that the meeting will discuss how to keep Bitcoin and blockchain innovation within the United States.
Project Updates
Bitwise Discloses Plan to Temporarily Waive Fees for Ethereum Spot ETF in S-1 Update
According to Cointelegraph, in a filing submitted to the U.S. Securities and Exchange Commission on July 3, Bitwise made early amendments to its S-1 form registration statement for the Ethereum spot ETF, including waiving underwriting fees for the first $500 million in trust assets within the first 6 months. The filing did not include a specific launch date for listing and trading on the New York Stock Exchange Arca, but stated that it will launch "as soon as practicable" after the effective date of registration.
Earlier today, Bloomberg analyst James Seyffart stated that the Ethereum spot ETF product may be listed later next week or during the week of July 15.
Capriole Founder: Massive Bitcoin On-Chain Movement, Mt. Gox Compensation May Soon Begin
Charles Edwards, founder of digital asset management company Capriole Investments (@caprioleio), posted on X platform that a chart shows the largest on-chain movement of Bitcoin in history, amounting to $9 billion, about 10 times the previous peak. This massive transfer comes from Mt. Gox, indicating that compensation for Mt. Gox may indeed be about to begin.
MetaMask Developer Consensys Acquires Cryptocurrency Security App Wallet Guard
MetaMask developer Consensys has acquired the cryptocurrency security app Wallet Guard to enhance the security of its non-custodial Web3 wallet. Wallet Guard provides a browser extension that can identify scams and wallet drainers in real time. Consensys plans to integrate Wallet Guard's browser extension and security engine features into MetaMask to protect users' wallets, digital assets, and data from theft, scams, and fraud. The acquisition amount was not disclosed. The Wallet Guard team will join Consensys and work in the MetaMask product security department. MetaMask currently has over 30 million monthly active users.
Revenue of Pump.fun Breaks Historical High, Actual Data Around $600,000
DefiLlama data shows that on July 1st, Pump.fun's 24-hour fee revenue reached $1.99 million, hitting a historical high. This data increased by over 3 times from the previous day's $598,000, and on July 3rd, the data rose again to $1.22 million. PANews analysis found that on June 30th, there was a suspected internal fund migration of 9,500 SOL (worth approximately $1.38 million) from the Pump.fun fee collection address, and on July 2nd, another 3,635 SOL (worth $556,000) flowed into the exchange address. DefiLlama's data capture included this data in the fee revenue, causing Pump.fun's revenue to break the previous high. Excluding the internal fund transfer, Pump.fun's fee revenue should be around $600,000 on July 1st and approximately $663,000 on July 3rd, not achieving a historical high.
Meme Coin Featuring Kamala Harris Experiences Surge
According to Cointelegraph, due to Joe Biden's increasing pressure to withdraw from the presidential race following a poor performance in the debate with Donald Trump, a meme coin featuring Kamala Harris has surged by nearly 250% since last Thursday. According to Dex Screener's data, the market value of Kamala Horris (KAMA) has increased from $3.5 million at the time of the debate on June 27th to nearly $11.9 million, but its market value has dropped from the peak of $22.2 million on July 3rd. The price of KAMA reached over 2 cents on July 3rd, and the current trading price is slightly above 1 cent. The token is a misspelled Solana token marketed with a poorly drawn cartoon of the U.S. Vice President. Reuters reported on July 3rd, citing 7 senior sources from the Biden campaign team, the White House, and the Democratic National Committee, that if Biden decides not to run for re-election, Harris is the preferred replacement. Meanwhile, according to CoinGecko's data, a similarly misspelled meme coin for President Biden, called Jeo Boden (BODEN), has dropped by over 22% in the past day and 73.4% this week.
According to the official announcement, South Korean cryptocurrency exchange Upbit has announced the listing of Jupiter (JUP) on the KRW, BTC, and USDT markets, with trading expected to start at 18:00 on July 4th Beijing time.
Web3 Metaverse Developer Playbux Launches Zero-Fee AI-Driven L1 Gaming Blockchain
According to CoinDesk, Web3 metaverse developer Playbux has announced the launch of a zero-fee AI-driven Layer-1 gaming blockchain. Playbux was initially built on the BNB chain. The team stated, "Playbux is expanding into an AI-driven zero-fee L1 blockchain to enhance its leading position in the gaming industry, break through the barriers of high transaction fees and product optimization, lower the entry threshold, and promote a more active community. The launch of L1 will enable Playbux to compete in the fast and free Web2 field, while leveraging its AI engine to enhance user experience and services."
Bittensor Proposes Burning 10% of TAO Token Supply to Stabilize Token Price
The OpenTensor Foundation (OTF) has initiated a proposal to burn 10% of the Bittensor (TAO) token supply, aiming to stabilize the token price in response to a recent vulnerability that caused token losses.
Additionally, regarding the root cause of the attack, the OpenTensor Foundation stated that the attack traces back to PyPi package manager version 6.12.2, where a malicious package was uploaded, compromising user security. The malicious package masqueraded as a legitimate Bittensor package, containing code to steal details of unencrypted cold private keys. When users downloaded this package and decrypted their cold private keys, the decrypted bytecode was sent to a remote server controlled by the attacker. As a mitigation measure, the OTF team has removed the malicious 6.12.2 version package from the PyPi package manager library and is conducting a thorough review of the Subtensor and Bittensor code on GitHub to ensure there are no other attack vectors. No other vulnerabilities have been found at this time, and a comprehensive assessment of all other potential attack vectors will continue. OTF noted that this attack did not affect the blockchain or Subtensor code, and the underlying Bittensor protocol remains intact and secure. After the code review is completed, Opentensor will gradually restore the normal operation of the Bittensor blockchain, allowing transactions to flow again.
Aptos Labs Launches Self-Custody Wallet "Aptos Connect"
Aptos Labs announced on X platform the launch of a web-based cross-platform self-custody wallet "Aptos Connect," allowing users to create an account with familiar Web2 login, without the need for private keys or mnemonic phrases, and without requiring a wallet application or extension.
DWF Labs announced on X platform the launch of the $20 million cryptocurrency native fund Cloudbreak, providing funding and international strategic resource support for innovative and competitive high-quality Chinese projects. Projects in GameFi, SocialFi, Meme, AI, derivatives, or L1/L2 infrastructure are eligible to apply.
Galxe's GAL Token to Migrate to G Token, Migration Portal to Open on July 9
Web3 infrastructure and digital credential network Galxe announced on X platform that the Galxe (GAL) token will migrate to Gravity (G) to unify and optimize the experience across two ecosystems. G is the native token of Gravity and serves as the utility token for the Gravity and Galxe ecosystems. G drives transactions as the gas token and will soon secure the network through staking. As the primary utility token across two ecosystems, G powers governance decisions, incentivizes growth, and facilitates payments. The G token will serve as the native token of the Gravity Alpha mainnet and exist as an ERC20 token on Ethereum, BNB Chain, and Base. The initial total supply is 12,000,000,000 tokens. After the on-chain migration is completed, existing GAL tokens will be burned, and new G tokens will be sent to wallets at a ratio of 1:60. The migration portal will open to all users on July 9, 2024, and will remain online for at least a year to ensure GAL holders have sufficient time to complete the process.
Funding News
Bitcoin Scaling Protocol QED Raises $6 Million in Seed Funding from Blockchain Capital
According to The Block, the Bitcoin scaling protocol QED has completed a $6 million seed funding round exclusively invested by Blockchain Capital, valuing the company at "nine figures" (at least $100 million). QED utilizes zero-knowledge proof technology and the Taproot upgrade to achieve processing of over 150,000 transactions per second, with the goal of building decentralized exchanges and DeFi applications. The testnet is expected to launch within 3-4 months, and the mainnet and native token will be released after community consensus. QED is headquartered in Hong Kong and plans to open its first office in Texas, USA. This seed funding brings QED's total funding to $10.6 million. Previously, the company received $3.25 million in pre-seed funding from Arrington Capital, StarkWare, Draper Dragon, and $1.35 million in angel funding from Sparkle Ventures supported by Animoca Brands.
Key Data
According to SoSoValue data, the US Bitcoin spot ETF experienced a total net outflow of $20.4495 million yesterday (July 3rd, US Eastern Time). Grayscale's ETF GBTC had a net outflow of $26.9947 million, bringing GBTC's historical net outflow to $18.574 billion. The Bitcoin spot ETF with the highest net inflow yesterday was Fidelity's ETF FBTC, with a net inflow of $6.5451 million, bringing FBTC's total historical net inflow to $9.243 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $51.872 billion, and the ETF net asset ratio (market value as a percentage of total Bitcoin market value) is 4.41%, with a historical cumulative net inflow of $14.62 billion.
Data: Hong Kong Virtual Asset ETFs Achieved Approximately HK$94.85 Million in Trading Volume Today
Hong Kong stock market data shows that as of the close of trading, all Hong Kong virtual asset ETFs achieved a trading volume of approximately HK$94.85 million today. Among them, the Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) had a trading volume of HK$65.2633 million, the Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) had a trading volume of HK$4.6 million, the CSOP Bitcoin ETF (03439.HK/09439.HK) had a trading volume of HK$10.1554 million, the CSOP Ethereum ETF (03179.HK/09179.HK) had a trading volume of HK$5.3444 million, the Bosera Bitcoin ETF (03008.HK/09008.HK) had a trading volume of HK$4.091 million, and the Bosera Ethereum ETF (03009.HK/09009.HK) had a trading volume of HK$5.3977 million. Note: The above virtual asset ETFs have both HKD and USD counters, and only the two Huaxia ETFs also have RMB counters.
"German Government" Wallet Transfers 1300 BTC to CEX, Equivalent to $75.53 Million
According to Arkham data monitoring, 10 minutes ago, a wallet address labeled as the "German Government" transferred a total of 1300 BTC to Bitstamp, Coinbase, and Kraken, equivalent to $75.53 million.
Bitcoin Falls to $57,000 and Slightly Recovers, Ethereum Drops to Around $3,150
EuroYi OKX market data shows that Bitcoin just fell to $57,000 and then slightly recovered, currently trading at $57,422 per coin, with a 4.6% intraday decrease. Ethereum just dropped to a low of $3,125 and is now trading at $3,150 per coin, with a 4.68% intraday decrease.
A Dormant Bitcoin Address Activated After 12.4 Years, Holding 119 BTC
According to Whale Alert monitoring, a dormant Bitcoin address was just activated after 12.4 years, holding 119 BTC, equivalent to $6,992,389 (valued at $599 in 2012).
Symbiotic Adds 210,000 wstETH Quota and Has Reached the Limit, TVL Surpasses $1 Billion
Symbiotic, a competitor of EigenLayer, added a 210,000 wstETH staking quota last night, and has now reached the limit. In addition, DefiLlama data shows that Symbiotic's total value locked (TVL) has surpassed $1 billion, currently at $10.31 billion, reaching a historical high.
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