Crypto Assets market news today

Regulatory and Policy Trends

A large exchange in South Korea may face hefty fines due to KYC violations. It is reported that the exchange has over 9.57 million violations, of which about 9.34 million involve customer identity verification issues. Regulatory authorities have currently implemented business suspension and personnel accountability, but the specific amount of the fines has not yet been determined.

French lawmakers have proposed using the surplus electricity from nuclear power plants for Bitcoin mining. It is estimated that this could bring in between $100 million to $150 million in revenue for France each year. This move would not only help cover the maintenance costs of the nuclear power plants but also prevent electricity waste and assist in balancing the power grid. If the proposal is approved, a pilot program will be launched immediately.

Several UK lawmakers are calling for a ban on using crypto assets for political donations, expressing concerns over their traceability and potential foreign interference. The Minister of the Cabinet Office stated that existing legislation needs to be updated promptly to ensure transparency and trust in political financing. Previously, a certain political party in the UK announced it would accept bitcoin donations, raising concerns.

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 indicated that the MVRV metric for short-term Bitcoin holders shows that there is still room for market growth. Currently, the metric is at 1.15, which is still some distance from the key point of 1.35. Analysts believe that the price of Bitcoin may have an upward potential of 20%-25%.

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

Project Updates

The founder of an AI company announced that the male companion of its AI platform will be named "Valentine". This name is derived from the protagonist of the classic science fiction novel "Stranger in a Strange Land". The naming has triggered market reactions, with the market capitalization of the token sharing the same name rapidly surpassing 15 million dollars, while tokens with other related names have seen a significant decline.

A certain trading platform plans to launch its new token issuance platform at the end of July or early August. The 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 that upgrades its original wallet into a "universal application" integrating social features, mini-apps, trading, and instant payments with stablecoins. The new platform is based on the Ethereum Layer 2 ecosystem, allowing users to view their friends' transactions in real time within social feeds, directly exchange tokens, and monetize content creators' earnings through protocols.

Important Data

The Ethereum spot ETF saw a net inflow of $727 million yesterday, setting a new historical record. The current net asset value of the ETF has reached $16.41 billion, accounting for 4.02% of ETH's market value.

Bitcoin spot ETF net inflow reached $799 million yesterday, marking the 10th consecutive day of net inflow. Currently, the total net asset value of the ETF stands at $153.762 billion, accounting for 6.45% of the BTC market capitalization.

The circulation of a certain stablecoin has exceeded $160 billion, setting a new historical record. On the chain side, Tron, Ethereum, and Solana dominate, with circulation amounts of $80.117 billion, $75.637 billion, and $18.864 billion respectively.

Institutional Dynamics

An institution spent $10 million in the last 9 hours to purchase 3,007.4 Ethereum at a price of $3,325 each.

Another institution continues to increase its holdings of Ethereum, accumulating over 320,000 coins. Since the beginning of June, this institution has purchased a total of 321,000 ETH, with an average purchase price of approximately $2,745, and the current floating profit has reached $204 million.

A publicly listed company has announced that it has signed a $60 million securities purchase agreement, with potential subscription gains of up to $140 million in total in the future. The funds raised will mainly be used to launch the BNB treasury strategy and acquire BNB.

Another publicly listed company plans to accumulate 6,000 bitcoins by 2027 or earlier and has submitted a preliminary short form prospectus to provide financing flexibility over the next 25 months.