Summary of important events (07.01-07.07)
1. Top 2 Hot Events of Last Week
US non-farm payroll increased by 209,000 in June, below expectations.
On July 7th, the US released its non-farm payroll data for June, showing that employment increased by 209,000, below the expected 225,000. The unemployment rate remained at 3.6%, in line with expectations. Traders reduced their bets on further interest rate hikes by the Federal Reserve.
Multichain bridges experienced unannounced crypto outflows of over $130M
On July 7th, over $130M worth of tokens were withdrawn from the Multichain bridge on the Fantom network, leading security firms to suspect a security vulnerability. Safehaven, a security firm, questioned whether this could be related to LayerZero, a cross-chain platform, adding support for four tokens (USDC, USDT, WETH, and WBTC). However, Bryan Pellegrino, CEO of LayerZero, responded that the issue is unrelated to their platform and believes it is a hacker attack targeting Multichain.
2. Cryptocurrencies & Exchanges
On July 1, the Lido community passed a proposal to stake the entire treasury ETH in Lido.
On July 1, the Aave community conducted an on-chain vote on the proposal to freeze the TUSD reserve on the V2 Ethereum pool.
On July 3, Huobi announced a strategic partnership with Justlend DAO to support stUSDT staking service.
On July 4, OKX announced a partnership with Trader Joe to bring seamless liquidity management to users.
On July 6, Binance.US’s market share in the U.S. dropped to 0.9%.
On July 6, FTX plans to postpone the sale of its Japanese subsidiary, FTX Japan.
On July 6, Circle is considering issuing stablecoins in Japan according to the country's new regulations.
On July 7, Tether started running its native USDT on the Kava blockchain.
3. Regulatory Updates
On July 2, Pakistan is considering a ban on cryptocurrency trading.
On July 3, the Ministry of Internal Affairs in Belarus is drafting a bill to ban cryptocurrency transactions between individuals.
On July 3, the Law Commission in the UK recommended the implementation of a "distinct" legal category for cryptocurrencies.
On July 3, the Monetary Authority of Singapore (MAS) required crypto exchanges to have trust accounts to safeguard customer funds and protect investor rights.
On July 4, the Digital Asset Exchange Association (DAXA) in South Korea implemented a "Virtual Asset Alert System".
On July 4, South Africa will require cryptocurrency exchanges to obtain licenses by the end of the year.
On July 6, the Hong Kong Securities and Futures Commission (SFC) will change its view on STOs and may open them to retail investors.
On July 6, Israel's cryptocurrency tax bill received preliminary approval in parliament and is expected to exempt foreign individuals from capital gains tax on digital assets in Israel.
4. Market Updates
On July 2, hackers exploited Poly Network and minted over a dozen assets across multiple chains, totaling $34 billion. Binance stated that it does not support the deposits from the Poly Network hacker and its security team is assisting with the investigation.
Between July 2 and July 5, firms such as Fidelity, BlackRock, and Valkyrie refiled their applications for a Bitcoin spot ETF, with Coinbase providing market surveillance.
On July 3, LianLian DigiTech plans to establish a virtual asset trading platform in Hong Kong and has submitted an application for listing to the Hong Kong Stock Exchange.
On July 4, Gemini co-founders proposed a $1.5 billion delayed payment and loan plan for the Genesis debt restructuring negotiation. The following day, they invited DCG founder for negotiations on the "final bid" related to the restructuring.
On July 5th, South China Securities became one of the first licensed virtual asset financial institutions in Hong Kong.
5. Statements from Individuals/Organizations
On July 3, Gemini co-founder: the SEC's refusal to approve a spot Bitcoin ETF has been a “complete and utter disaster for U.S. investors.
On July 5, Coinbase's Chief Legal Officer: SEC interpretation of investment contract violates the law.
On July 5, Binance's CSO: Hackers shifted their focus to cryptocurrency users with lower security awareness.
On July 5, CZ: Binance and traditional asset management companies are not in competition and do not pose a threat to each other.
On July 5, the Vice Minister of Japan's Ministry of Economy, Trade, and Industry: The government will continue to support the Web3 sector and sees many opportunities in NFTs and gaming.
On July 6, the CEO of BlackRock: Will further explore the digital asset ecosystem, including the tokenization of stocks and bonds.
On July 6, Fed's Logan: Economy unexpectedly strong, need to raise interest rates further.
On July 6, Cathie Wood: BlackRock doesn't have an edge when it comes to SEC approval for a spot Bitcoin ETF.
On July 7, U.S. judge: The $2 billion dispute between Genesis and FTX may delay the creditor payment plan.
On July 7, BitMEX co-founder: Bitcoin will become the preferred currency for artificial intelligence.
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