Golden Morning Post | Bitcoin has risen by more than 80% so far this year

Headline

**▌****Bitcoin has risen to a new high in the past year, with an increase of over **80% so far this year

Jinse Finance reported that although the encryption industry is facing a series of challenges, people’s enthusiasm for digital assets has been rekindled. Bitcoin broke through the year’s peak of $31,013, reaching its highest level since June 2022. At present, the price of Bitcoin once climbed to more than 31,400 US dollars, an increase of more than 80% since the beginning of the year. Other cryptocurrencies followed suit, a notable development that also shows the resilience of the crypto market. Strahinja Savic, head of data and analytics at FRNT Financial, said that from the perspective of an avid Bitcoin enthusiast, the coin’s most fundamental investment thesis is at play: inflation, currency mismanagement, banking crises, sovereign debt anxiety, the U.S. dollar Reserve status issues, all creating opportunities for Bitcoin enthusiasts to say I told you so. If bitcoin goes to all-time highs, I won’t say despite the challenging environment, I’ll say because the environment is challenging.

▌JPMorgan expands its JPM Coinsystem to include Euro payments

JPMorgan Chase has expanded its blockchain-based payment system, JPM Coin, to provide corporate clients with euro-denominated transactions, Jinse Finance reported. According to Toprak, German tech giant Siemens made the first euro payment on the platform. The JPMorgan Coin payment system was originally launched in 2019 to transfer U.S. dollars. JPM Coin has so far processed more than $300 billion in transactions amid the expansion of the euro.

▌**DASH**** officially completed the production reduction, and the block reward dropped to **2.56630257 DASH

Jinse Finance reported that according to Tokenview data, Dash (DASH) has completed the production reduction at block height 1,892,161. The block reward was reduced from 2.76371046 DASH to 2.56630257 DASH.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 30595.8 US dollars, with an intraday increase and decrease of +1.80%;

The latest transaction price of ETH is 1886.21 US dollars, with an intraday increase and decrease of +0.34%;

The latest transaction price of BNB is 244 US dollars, with an intraday increase and decrease of +1.63%;

The latest transaction price of XRP is 0.49518 US dollars, with an intraday increase and decrease of + 0%;

The latest transaction price of DOGE is US$0.067879, with an intraday increase and decrease of +2.56%;

The latest transaction price of ADA is US$0.2949, with an intraday increase and decrease of +0.72%;

SOL’s recent transaction price was US$16.997, with an intraday increase or decrease of +1.22%.

policy

▌Chen Maobo: How to bring virtual asset service providers into proper regulation is the focus of the SAR government

Jinse Finance reported that Hong Kong Financial Secretary Chen Maobo mentioned the development of virtual assets in the latest interview with “Ta Kung Pao”. The policy positions and guidelines formulated for the ecosystem have also actively promoted the development of the Web3 ecosystem recently. Chen Maobo said that how to bring virtual asset service providers into appropriate regulation to protect the interests of investors while maintaining financial stability and security is the focus of the SAR government.

▌FATF****: Three-quarters of jurisdictions do not comply with global cryptocurrency money laundering norms

Jinse Finance reported that the global anti-money laundering regulator FATF issued a statement stating that nearly three-quarters of jurisdictions only partially complied or did not comply with FATF’s requirements for virtual assets. North Korea is using illicit virtual assets to finance weapons of mass destruction, the statement said, and called on businesses to make anti-money laundering norms a top priority. A forthcoming FATF report will urge jurisdictions to close the loopholes, focusing on new risks posed by decentralized finance and peer-to-peer transactions that do not use regulated intermediaries such as wallet providers.

Blockchain Application

▌****Mitsubishi UFJ Financial Group is exploring the issue of stablecoins on its blockchain platform

According to news on June 23, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial institution, is negotiating with stablecoin issuers and other companies to issue stablecoins through its blockchain platform. MUFG vice president of product Tatsuya Saito said in an interview that the agency is in discussions with various parties to use its blockchain platform Progmat to issue stablecoins anchored to foreign currencies, including the U.S. dollar, for global use. Japan’s stablecoin law, one of the first in a major economy, went into effect on June 1, effectively meaning that only the country’s licensed banks, registered remittance agents and trust companies can issue tokens.

▌Enterprise Application Software ProviderSAP** is testing cross-border payments settled in USDC for its customers**

On June 23, German enterprise application software provider SAP announced that it is testing cross-border payments settled in USDC for its customers. As part of the test drive, customers will receive testing USDC as in-game currency to pay sample invoices. The test drive does not run on the main blockchain, but on a test network, which does not involve real money.

Cryptocurrency

**▌Bitcoin volatility has picked up again, reaching its highest level since mid-May

Jinse Finance reported that according to data tracked by The Block, the volatility of Bitcoin had been in a downturn before, but has now picked up again, reaching the highest level since mid-May. Bitcoin’s annualized volatility has been surging, hitting 51.8% on June 21. That’s up from a recent bottom of about 31% on June 6. Additionally, while the seven-day moving average of cryptocurrency volumes on exchanges has risen, it is still about a quarter of its level three months ago, according to The Block Research. That could indicate that most of the buying is happening off-market, an industry source said, describing the latest move as institutional entry through off-market trading.

▌****Bitcoin trading activity increases during Asian hours

Jinse Finance reported that bitcoin trading activity increased during the Asian session, but fell sharply during the US and European sessions; Bitcoin and Ethereum reserves on US exchanges fell sharply; exchanges competed for Asian territory. Asia is fast becoming the new center of gravity for the cryptocurrency market. Billions of dollars in trading volume have shifted to Asia as U.S. regulators have sued three major cryptocurrency exchanges this year. This shift is likely to accelerate as market makers and exchanges shift resources to the region. In the region, several jurisdictions have rolled out regulatory frameworks and are vying for digital asset traders. Cryptocurrency investors and trading venues are flocking to Singapore, Japan, South Korea and, most recently, Hong Kong, which introduced a new cryptocurrency regulatory regime this month. Bitcoin trading activity has increased this year, mainly during Asian hours, but has fallen sharply during U.S. and European hours, according to data compiled by CryptoQuant. The token accounts for almost half of the total cryptocurrency market capitalization. Several market participants interviewed by foreign media said that the resilience of cryptocurrency trading volumes in Asia is underpinned by institutional investors, who believe that the regulatory environment there is less risky.

▌****OCBC Bank becomes the first local bank in Singapore to allow certain foreign customers to open a local digital bank account

Jinse Finance reported that OCBC Bank became the first local bank in Singapore to allow specific foreign customers to open a fully digital bank account locally. According to a statement issued by OCBC Bank in Singapore, this service is limited to customers from Malaysia, Indonesia, mainland China and Hong Kong, China, and plans to migrate their business to Singapore. currency account. (8world)

▌**Optimism**** chain renamed to **OP Mainnet

On June 24th, Optimism officially announced that the Optimism chain has now been renamed OP Mainnet. The reason for this change is to distinguish the OP Mainnet main network from Optimism (the collective, atmosphere and spirit, etc. contained in the super chain. In the vision, OP Mainnet is just one of many Layer2s, communicating seamlessly with other chains such as Base and Zora Network.

Important economic developments

▌****S&P 500 snaps 5-week winning streak

The S&P 500 snapped a five-week winning streak, its longest winning streak since November 2021. (Golden Ten Data APP)

▌****This week, the three major US stock indexes all recorded the largest weekly decline since March 10

This week, the S&P 500 fell 1.39%, the Dow fell 1.66%, and the Nasdaq fell 1.44%. (Golden Ten Data APP)

▌SpaceX raises internal stock sale price, valuation rises to $150 billion

Golden Ten Data News, June 24, according to people familiar with the matter, Musk’s company SpaceX has proposed to sell internal stocks at a price of US$80 per share, raising the company’s valuation to about US$150 billion. The previous valuation was $137 billion in January, when SpaceX raised $750 million from investors. SpaceX has about $5 billion in cash on its balance sheet. The size of the tender offer may vary based on interest from inside sellers and buyers. (Golden Ten Data APP)

Golden Encyclopedia

▌****Fork

When two blocks pointing to the same parent block are generated at the same time, some miners see one block, and other miners see the other block. This results in the simultaneous growth of both blockchains. Generally speaking, as miners on one chain get lucky and that chain grows, all miners will switch to that chain, and the mathematical score will almost finish itself in 4 blocks.