Headline
▌A whale that has been dormant for four years deposited 4,949.63 ETH into the exchange, equivalent to approximately 12.54 million USD
According to Onchain Lens, an Ethereum whale that has been dormant for four years has regained its activity, depositing a total of 4,949.63 ETH (about $12.54 million) to Binance, Gate, and MEXC exchanges. In addition, the whale also transferred 3,936.44 ETH (about $9.9 million) to another wallet address.
▌Circle(CRCL.K) US stocks rose 10% in after-hours trading
The first stock of stablecoins, Circle(CRCL.K), rose 10% in the US night market. ( Jin Ten )
Market
As of the time of writing, according to data from CoinGecko:
The price of BTC is $105,707, with a 24-hour change of +0.1**%**;
The price of ETH is $2,502.64, with a 24-hour change of -1.2**%**;
The price of BNB is $652.39, with a 24-hour change of +0.3%;
The price of SOL is $152.16, with a 24-hour change of **+1.7%****; **
The price of DOGE is $0.1834, with a 24-hour change of -0.2%;
The price of XRP is $2.26, with a 24-hour change of +3.9%.
Policy
▌Ethiopia is preparing to regulate cryptocurrency
On June 9, news came that although the Ethiopian government has banned trading in virtual currencies, officials from the Financial Intelligence Service (FIS) stated that they are preparing to regulate cryptocurrencies.
The Director of the Financial Intelligence Bureau, Muluken Amare, announced this news at the ( ESAAMLG meeting held in Addis Ababa. The bureau is collaborating with the United Nations, Russia, and member countries to provide training for financial security experts on monitoring and handling illegal virtual currency transactions.
Amare stated: “In Ethiopia, trading virtual currencies is not permitted, except for the Ethiopian birr, but we are providing training in preparation for any potential unauthorized transactions.” He added that regardless of whether the National Bank of Ethiopia decides to legalize virtual currencies in the future, relevant technology, human resources, and capacity building efforts are ongoing.
Kamal Anwar, a project management officer of the United Nations counter-terrorism program, pointed out that virtual assets are not only used for terrorist financing but also for tax evasion and money laundering activities.
▌Eleanor Terrett: The “alternative amendment” to the CLARITY Act has been released
According to crypto journalist Eleanor Terrett, tonight, the “Alternative Amendment” (ANS) to the CLARITY Act has been released. The ANS is an updated version of the submitted bill, which includes recent revisions and additions, and this text will serve as the basis for the Financial Services GOP Committee review meeting this Tuesday.
Blockchain Applications
▌Michael Saylor downplays the threat of quantum computing to Bitcoin
The founder of Strategy, Michael Saylor, recently downplayed the threat of quantum computing to Bitcoin in an interview with CNBC, believing that when the threat becomes imminent, the Bitcoin protocol can respond to potential risks through software upgrades. He stated, “This is mainly a marketing tactic by those who want to sell you the next quantum concept token. Google and Microsoft will not sell computers that can break modern encryption technology, as that would destroy Google and Microsoft— it would also destroy the U.S. government and the banking system.”
****▌Casa Alliance: It is not recommended to rely on artificial intelligence to explain the technical details of Bitcoin.
In response to Grok’s post saying that “the block size of Bitcoin is about 664 GB, an annual growth of about 72 GB, and the removal of the OP_RETURN limit can increase the block size by about 20%”, Jameson Lopp, co-founder of Casa, posted a response on the X platform: If you rely on artificial intelligence to explain the technical details of Bitcoin, it must be a bad experience, this answer is complete nonsense, based on OP_ The block size data for RETURN is actually much smaller than the block size based on witness records.
▌Slow Mist Cosine published a question on how to successfully implement a coin theft attack on public Wi-Fi and seeks real case verification
In response to Kraken’s Chief Security Officer Nick Percoco’s warning about frequent security breaches at crypto industry conferences and saying that common vulnerabilities include the use of public Wi-Fi, SlowMist founder Cosine questioned on the X platform, saying: “What are the dangers of public Wi-Fi? How to successfully carry out a coin theft attack? Have a real case? Note: Seriously, there have been a lot of hacking practices in this field, don’t come to false attacks…”.
Cryptocurrency
▌Over the past 24 hours, the entire network has liquidated over $90 million, with both long and short positions being liquidated
According to Coinglass data, the total liquidation amount in the cryptocurrency market in the past 24 hours reached $91.4591 million, with long liquidations amounting to $50.0084 million and short liquidations also amounting to $50.0084 million.
ETH liquidated $27.4926 million, BTC liquidated $12.9448 million, and ANIME liquidated $5.8866 million. A total of 46,385 people were liquidated in the last 24 hours, with the largest single liquidation occurring on HTX’s ETH-USDT trading pair, worth $1.4232 million.
▌A certain PEPE whale deposited 6,200 ETH into Binance in the last 3 days, with an average price of $2,492
According to on-chain analyst Yu Jin’s monitoring, the whale 0x3c9, which sold PEPE for a profit of 6.86 million USD a few days ago, has started selling ETH again: in the last 3 days, it has transferred 6,200 ETH) for 15.45 million USD( to Binance, with an average price of 2,492 USD. This whale currently holds about 36,700 ETH) in several DeFi protocols, worth approximately 22.92 million USD(.
▌Data: Bitcoin network transaction count has fallen to a new low since October 2023
The seven-day average transaction volume on the Bitcoin network dropped to 317,000 last Friday, reaching a new low since October 2023. Due to the sluggish trading activity, some miners have begun to seek transactions with fees below the Bitcoin Core default relay threshold (1 sat/vB). Mononaut pointed out that one of their transactions was submitted to the Bitcoin mining company MARA (formerly known as Marathon Digital), which publicly operates a non-standard low-fee transaction channel called Slipstream.
On June 6th, 31 Bitcoin core developers signed an open letter opposing node filtering of low-fee or non-standard transactions, emphasizing the essential characteristic of Bitcoin as a censorship-resistant system. The developers pointed out that forcing users to use private channels like Slipstream would undermine decentralization. This position was opposed by individuals such as Samson Mow, founder of Jan3, who believes that the core developers are removing protective mechanisms for spam transactions.
▌The Bitcoin investor family “Taihuttu family” has dispersed the storage of their cryptocurrency mnemonic phrases across four continents in response to kidnapping threats
On June 9, news broke that due to the growing threat of kidnapping faced by cryptocurrency holders, the Bitcoin-investing “Taihuttu family” revealed that they have abandoned hardware wallets and instead are dispersing their cryptocurrency recovery phrases hidden across four continents.
Taihuttu stated that over the past eight months, they have adopted a hybrid storage system: splitting the encrypted mnemonic phrases, with some engraved on fireproof steel plates hidden across four continents, while the rest is stored via blockchain-based encryption services. Even when threatened with a gun, he could only provide the limited assets in his mobile wallet.
Currently, the Taihuttu family stores about 65% of their Crypto Assets in cold wallets across four continents, while the remainder is kept in multi-signature wallets or decentralized exchanges for trading and daily expenses.
Important Economic Dynamics
▌****CME Fed Watch: The probability of a 25 basis point rate cut in June is only 2.6%
According to CME’s “FedWatch” data, there are 10 days left until the next FOMC meeting, and the probability of a 25 basis point rate cut in June is 2.6%, while the probability of maintaining the interest rate is 97.4%.
The probability that the Federal Reserve will keep interest rates unchanged until July is 83.3%, the probability of a cumulative rate cut of 25 basis points is 16.3%, and the probability of a cumulative rate cut of 50 basis points is 0.4%.
Golden Encyclopedia
What is market depth in cryptocurrency?
In cryptocurrency trading, market depth describes the ability of the market to handle a large number of orders without significantly affecting the price.
It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are typically used to illustrate this data. One side plots buy orders (bids), while the other side plots sell orders (asks) to reflect the price levels.
