Crypto Assets Market Dynamics and Industry Development

Regulation and Macroeconomic Policy

The South Korean crypto exchange Upbit may face hefty fines for violating KYC regulations. According to investigations, Upbit has over 9.57 million violations, of which about 9.34 million involve customer identity verification issues. Regulatory authorities have currently implemented business suspensions and personnel accountability, but the specific amount of the fines has not yet been determined.

French lawmakers have proposed using excess electricity from nuclear power plants for Bitcoin mining, which could generate an annual income of up to $150 million. The proposal suggests a five-year pilot program that would not only cover the maintenance costs of the nuclear power plants but also prevent electricity waste and help balance the power grid. The proposal also states that the heat generated from mining could be used in areas such as district heating.

Several MPs in the UK are calling for a ban on the use of Crypto Assets for political donations, expressing concerns over their traceability and the potential for foreign interference. The Minister for the Cabinet Office stated that existing legislation needs to be updated in a timely manner to ensure transparency and trust in political financing. Previously, the Reform Party in the UK announced it would accept Bitcoin donations, raising concerns. In addition to the UK, places like Ireland and some states in the US have also implemented bans on Crypto Assets for political donations.

The Thai Securities and Exchange Commission and the central bank plan to launch a national Crypto Assets sandbox, allowing foreign tourists to use digital assets in Thailand.

Market Analysis

A data analysis agency stated that the MVRV indicator for short-term Bitcoin holders shows that there is still room for growth in the current market. MVRV is used to measure unrealized profits, and when the MVRV for short-term holders reaches 1.35, the market usually sees profit-taking. Currently, this indicator is only at 1.15, indicating that there is still some distance to the key point. Analysts believe that Bitcoin's price may have an upward potential of 20%-25%.

The global trading volume of Ethereum perpetual contracts reached $90.82 billion, surpassing Bitcoin's $82.93 billion for the first time, ranking first in the entire market.

The current net circulation of a certain stablecoin has reached 160.261 billion USD, setting a historical high. On the subchains, Tron, Ethereum, and Solana dominate, with circulation amounts of 80.117 billion, 75.637 billion, and 18.864 billion USD respectively.

Project Updates

A well-known entrepreneur announced that the male companion of its AI platform has been named "Valentine." This name is derived from the protagonist of the classic science fiction novel "The Moon Is a Harsh Mistress," which was also the inspiration for the name of the AI platform.

A certain trading platform will launch SPX and MOG perpetual contracts. SPX is a memecoin centered around the rising stock price, while MOG is a memecoin centered around the spirit of victory.

The liquidity protocol Orca in the Solana ecosystem plans to launch a new token issuance platform at the end of July or early August. This platform has developed a new mechanism aimed at allowing real users to have an advantage over automated bots when participating in new coin sales, enhancing fairness and user experience.

A large exchange has officially launched a new application, upgrading its original wallet to an "all-in-one application" that integrates social features, mini-apps, trading, and instant payments. The new platform is based on the Ethereum Layer 2 ecosystem, allowing users to view friends' transactions in real-time within social dynamics, directly exchange tokens, and monetize content creators' earnings through the protocol.

Institutional Dynamics

The stablecoin payment and embedded financial service platform KUN has completed its Series A financing, with a total financing amount exceeding 50 million USD. Investors include BAI Capital, GSR Ventures, and others.

The cryptocurrency infrastructure company Talos has acquired the blockchain data provider Coin Metrics for over $100 million, integrating on-chain data services to provide institutional clients with a one-stop solution for digital asset trading and portfolio management.

World Liberty Fi has spent 10 million dollars in the past 9 hours to purchase 3007.4 Ethereum at a price of 3325 dollars each.

SharpLink Gaming has once again acquired 20,279 ETH through the exchange in the past 4 hours, worth approximately $68.38 million. Since the beginning of June, the company has accumulated a total of 321,000 ETH, with an average purchase price of about $2,745, and the current unrealized profit has reached $204 million.

U.S. publicly listed company Windtree signed a $60 million securities purchase agreement, with potential future subscriptions that could yield up to $140 million in total revenue. The funds raised from this offering will primarily be used to initiate the BNB treasury strategy and acquire BNB.

The board of directors of the Canadian publicly listed company Matador Technologies Inc has approved a long-term Bitcoin acquisition strategy, planning to accumulate 6,000 coins by 2027 or earlier.

The UK-listed company The Smarter Web Company increased its holdings by 325 coins of Bitcoin, bringing its total holdings to 1,600 coins.