Headline
▌First Presidential Debate of the 2024 U.S. Election Doesn’t Mention Cryptocurrency
Coin posted on social media that the first presidential debate just ended without any mention of cryptocurrency. With 52 Americans and 19% of Georgians owning cryptocurrency, it is time to ensure it part of future discussions.
▌Bitcoin Price Stagnates as Inflation Cools Down Stock Market Rises
Despite inflation easing as expected and stock indices rising, Bitcoin remains a slump. After the release of Personal Consumption Expenditures (PCE) price index, the Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Index rose by 0.23%, 0.39%, and 0.% respectively. In contrast, Bitcoin’s price dropped below $61,000. Market participants been closely monitoring inflation data to predict when the Fed will begin tapering its monetary policy which is typically seen as beneficial for long-term investment portfolios with higher risk tolerance. Bitex analysts state that since Wednesday’s presidential election debate between Donald Trump and Joe Biden, both Bitcoin and the cryptocurrency market have exhibited uncertainty and volatility.
Market Data
As of writing according to Cocko:
BTC recent trading price: $60,957.04 with a -2.0% change the past day.
ETH recent trading price: $3,39692 with a -2.25% change in the past day.
BNB recent trading price: $570.7 with a -2 .36% change in the past daySOL recent trading price: $142 .11with a -5 .39% changethe past day.
DOGE recent tradingprice:$0 .1242witha- .12 %changeinthepastday .
XPRrecenttradingprice:$0 .4747witha0 .81 %changeinthepastday .
Policy
Stablecoin Rules within EU Cryptocurrency Market Legislation Effective June30th
The European Banking Authority announced to release its final report by month-end on how stablecoin issuers should be monitored.Tether,Circle,and other major stablecoin issuers soon going to face strict regulation within the EU.AccordingtothenewrulescomingintoeffectonJune30th，thesecompanieswillnotonlyneedtobeproperlyauthorizedtoperatewithinthetradingzoneof27countries,buttheywillalsobesubjecttotightrestrictionsontransactionquantityandvalueunderthe Markets in Crypto Assets (MiCA) legislation.
The Secretary-General of the European Blockchain Association, Kopitsch, stated that these regulations mean that some of the largest stablecoin issuers may not be able to operate within the EU, includingether and Circle.
U.S. Treasury Releases Cryptocurrency Tax System for 2025, Delays Rules for Non-Custodial Firms
The U.S. Department’s Internal Revenue Service has released a cryptocurrency transaction tax system for 2025 aimed at establishing filing rules for asset brokers but has postponed related rules for DeFi and non-custodial wallets. The rules published on Friday will take effect from 2025 and require brokers to closely track the cost basis of customer tokens starting from 2026 The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset kiosks to submit disclosures about customer asset changes and income. These assets will also include stablecoins such as USDT,DC, as well as high-value non-fungible tokens (NFTs) in limited circumstances. According to the new regulations, the IRS will not require reporting on most regular stablecoin sales and sets an annual threshold of $600 for NFT that exceed which must be reported.
Blockchain Applications
ZachXBT: Amber Rose Holds at Least 7.2% of Token Supply Sold 227 SOL
On Juneth,ZachXBT repliedtoAmber Rose’s social media post about her personal token MUVA,statingthat(AmRose)issellingtokensandjustdepositedmoneythroughKraken(likeothermajorholders)andclaiming7 .2%ofthetokensupply,selling227SOL(worth$33 ,000).Youknowblockchaindataispublic.
Velocore Discovers Another Vulnerability in Contracts and Takes White Hat Action
Velore announced on social media that following recent exploit incidents,it has disabled most functionalities except withdrawals address imbalances in stability pools caused by frontend exchanges unable to correct them through arbitrage,resultinginadditionallossesforLPs.OnLinea,the administrator permissions have been,and we can only change exchange fees to zero without fundamental updates.This required us to prevent further harmandsafely placeassetsintoan independent Safe vault.InfluencedLPscannowtrievetheirfundsbasedonLPsnapshotsfromrelevantblocks.
Cryptocurrency
Australian Tax Office Improves Data Procedures to Detect Crypto-Related Tax EvadersThe Australian Tax Office (ATO) has announced that it will closely monitor individuals who cash out their crypto profits before the end of the country’s financial year June 30th. Adam Saville-Brown, the General Manager of crypto tax reporting software Koinly, stated that the ATO has been keeping a close eye cryptocurrency in recent years and this year is no exception. Michelle Legge, Koin’s Head of Tax Education, mentioned that the ATO has modified its cryptocurrency data matching program to collect data from all cryptocurrency exchanges operating legally in Australia 2014 to 2026, regardless of whether one uses Binance, Coinbase, CoinSpot or any other platformU.S. Bitcoin ETFs Increase Holdings by 596 BTC on June 28th
According to monitoring by Lookonchain, U.S.-based ETFs increased their holdings by a total of 596 BTC on June28th,worthapproximately$36 .5million.
-Grayscale added about60BTC worthapproximately $3 .6millionandcurrentlyholds275 ,955 BTCworthabout16 .89billion.
-Fidelityadded109BTCworthabout$6 .7millionandcurrentlyholds167 ,900BTCworthabout$10 .28billion.
Farcaster Introduces In-App USDC Payment Functionality
Dan Romero,the co-founderof social media protocol Farcaster,introduceda newin-app payment functionalityon Friday.ThisnewtoolisbuiltfortheFarcasterclientWarpcast,anditallows for one-click payment with stablecoins usingUSDCthrougha user’sprofileortheapp’smessagingplatform.Itaddressesthe longstanding issueofpaying someone with cryptocurrencieswhereusershavetofind’s alphanumeric wallet address.Farcasterbeinghuman-readable makes this process easie
Bloomberg Analyst: VanEck Solana ETF Application Is a Bullish Bet for November
Bloomberg ETF analyst James Seyffart stated in an interview before 21Shares the second applicant for a Solana ETF that he believes VanEck’s application is abullish bet for November elections.Uthesupervisionofthe current SEC management-basedonapproval and rejections over many years regardingcryptoETFsolanaETFsshouldberejectedduetoalackoffederallyregulatedfuturesmarket.How,newSECgovernmentunderthewhitenewadministrationorasubsequentSECmorewillingtoadheretryptopoliciesmaychangesthesituation.
Major Economic Developments
The three major U.stock indices closed lowerFirst Presidential Debate of the 2024 U.S. Election Doesn’t Mention Cryptocurrency. Coinbase posted on social media that the first presidential debate ended without any mention of cryptocurrency. With 52 million and 19% of Georgians owning cryptocurrency, it is time to ensure it becomes of future discussions.
Bitcoin Price Stagnates as Inflation Cools Down Stock Marketises. Despite inflation easing as expected and stock indices rising, Bitcoin remains in a slump After the release of the Personal Consumption Expenditures (PCE) price index data, the Dow Jones Industrial Average, S&P 500 Index, anddaq Index rose by 0.23%, 0.39%, and 0 respectively. In contrast, Bitcoin’s price dropped below $61,000.
Market Data:
– recent trading price: $60,957.04 with a -2% change the past day.
– ETH recent trading price: $3,39692 with a -2.25% change in the past day.
– BNB recent trading price: $570.7 with a -2 .36% change in the past day.
– SOL recent trading price: $142 .11 with a -5 .39% change in the past day.
– DOGE recent trading price: $0 .1242 with a -3 .12 % change in the past day .
– XPR recent tradingprice:$0 .4747witha -0 .81 %changeinthepastdayPolicy:
Stablecoin Rules within EU Cryptocurrency Market Legislation Effective June30th
The European Banking Authority announced that it plans to release its final report on how stable issuers should be monitored by month-end.Tether,Circle,and other major stablecoiners will soon face strict regulation within the EU.According to new rules coming into effect on June30th，these companies will not only need proper authorization to operate within all27countries’ tradings zones,but they will also face strict limits on transaction quantity and value under Markets in Crypto Assets (MiCA) legislation.
The Secretary-General of European Blockchain Association,Kopitsch,stated that these regulations mean some ofthe stablecoin issuers may no longer be able to operate withintheEU,thisincludesetherCircle.
U.S.Treasury Releases Cryptocurrency Tax System for2025 DelaysRules for Nonustodial Firms
The U.S.Department’s Internal Revenue Service has released acrypt transaction tax system for2025 aimed at establishing filing rules for asset brokersThe U.S. Department of the Treasury has released a cryptocurrency tax system for 2025, which aims establish filing rules for asset brokers. However, the rules for non-custodial firms and De have been delayed. The new rules will take effect in 2025 and require brokers closely track the cost basis of customer tokens starting in 2026. The IRS will require trading platforms, custodial wallet services, and digital asset kiosks to submit disclosures customer asset changes and income.
In other news, the European Banking Authority announced that stable issuers such as Tether and Circle will face strict regulation within the EU. These will need proper authorization to operate within all 27 countries’ trading zones and will face on transaction quantity and value under MiCA legislation.
As for market data, Bitcoin’s recent trading price is $60,957.04 with a -2% in the past day. Ethereum’s recent trading price is $3,396.92 a -2.25% change in the past day.
Please note that this translation provided for informational purposes only and does not constitute investment advice.
