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#韩国拟暂停可疑加密账户支付 South Korea plans to suspend payments from suspicious crypto accounts: from “post-facto asset recovery” to “freeze during the process”

On July 28, 2026, 15 people including Rep. Kim Sang-hoon of South Korea’s People Power Party submitted amendments to the Act on Specified Financial Information to the National Assembly. For the first time, the amendments clearly define “virtual asset accounts” as the “unique identifier issued by an exchange to a user,” and grant the Financial Intelligence Unit (FIU) unilateral authority to suspend payments: if an account is deemed to be involved in the transfer of assets illegally, the FIU may require the platform to stop payments for 30 days, extendable once (up to 60 days). If the platform refuses to comply, it faces a maximum fine of 100 million won. The bill takes effect six months after its announcement.

This mechanism compresses the previously court- and prosecutor-led process—where freezing on-chain assets required a case filing and a court warrant—into an administrative order delivered directly to exchanges, skipping the judicial prerequisite. In effect, it installs a gate at the exit for “kimchi-plate” (retail) funds.

The backdrop is South Korea’s ongoing crackdown on anti–money laundering: In March 2026, the FIU fined Bithumb 36.8 billion won for missing KYC requirements and partially suspended operations for six months; in April, Coinone was fined 5.2 billion won for 70,000+ cases of identity verification failure and suspended new user deposits and withdrawals for three months. In the same month, the Financial Supervisory Service (FSS) tightened rules on pausing suspicious PG (payment gateway) virtual account transactions. In May, the FIU had proposed requiring that any cross-border transfers exceeding 10 million won be reported as suspicious transactions. However, because the number of exchange alert reports surged by 85 times (from 63,000 to 5.44 million), it reversed course and shifted to risk assessments by platforms. Yet the account-level freeze power has now been solidified in legislation.

For the crypto market, the costs for South Korean retail users—who often rotate funds rapidly and transfer across multiple platforms—will rise sharply. For the global signal, this points to a transition in East Asia’s crypto regulation from “taxation + licensing” to “controlling accounts + freezing payments.” After the six-month grace period ends, compliant transaction records, clean addresses, and minimizing interactions with unregistered offshore exchanges will move from “good practices” to “a must to prevent freezes.”

#IonicDigital纳斯达克首日涨26% Ionic Digital Nasdaq first-day jumps 26%: a new AI-computing power tycoon grown from the ruins of Celsius

On July 28, 2026, Ionic Digital (ticker: IOND), formed from the restructuring of Celsius Network’s bankrupt mining business, listed on the Nasdaq via a direct listing. It opened at $50, closed at $62.90, up 25.8% (around 26%) from the opening price. Its market value surged to $2.8 billion, becoming the largest direct-listing case for a U.S.-listed company since 2021.

The company has a unique origin: established in January 2024 to assume Celsius Mining’s assets, it issued about 37 million shares of Class A common stock directly to Celsius’s bankruptcy creditors. The shares soared on the first day—at its core, the move gave creditors, who had waited for two years, a piece of liquidity they could monetize. This time, it did not issue any new shares or raise new funds. JPMorgan Chase served as the financial adviser, and up to 10.8 million shares of existing stock could be resold.

What the market is buying isn’t Bitcoin mining—it’s the story of “turning mining sites into AI data centers.” Ionic converted a 234-megawatt power infrastructure in Ward County, Texas into HPC/AI data centers and leased them to Nscale. Under a 10.5-year lease, contract revenue totals $1.95 billion (potentially rising to $2.6 billion after expansion). In 2026, revenue is expected to be $190–195 million, with about 90% coming from infrastructure leasing. As of the end of March, it still held 2,815.6 BTC (about $192 million) and had zero interest-bearing debt.

After the first day, the stock fell 6.5% to $58.8 in the after-hours session, reminding the market that creditor-unwinding selling pressure, an arms race for AI data center capacity, and execution falling short of expectations are all variables hanging over the $2.8 billion valuation. But no matter what, this “bankruptcy claims → public equity” closed loop provides a scarce exit channel for capital submerged in the crypto winter.

#美国国债收益率回落 U.S. Treasury yields fall: a phased recovery amid cooling inflation and oil prices

In late July 2026, U.S. Treasury yields saw volatile declines. The 10-year benchmark retreated from above 4.70% to around 4.62%, the 2-year yield slipped to roughly 4.32%, and the 30-year yield also fell in tandem to around 5.12%. The spread between 10-year and 2-year yields narrowed to about 32 basis points, showing a classic “bull flattening” pattern.

The drivers are concentrated in two main lines. First, energy-driven deflation squeezed out the inflation premium. Signals became calmer after Iran–U.S. and over the Strait of Hormuz shipping-related developments. WTI dropped more than 7% in a single day, while Brent eased to around $86. This, combined with June CPI year-on-year falling to 3.5% and PPI month-on-month at -0.3%, led the market to quickly roll back pricing of an “oil price out of control → rate hikes resume” scenario. The probability of a July FOMC rate hike was cut from above 40% to about 10%–15%. Second, repricing of short-end expectations: the 2-year yield’s decline was slightly larger than that of the long end, indicating that the bond market was mainly digesting “no near-term rate hikes,” rather than betting on the start of an easing cycle.

In terms of transmission, falling yields temporarily eased discount-rate pressure on long-duration growth stocks (AI and semiconductors). Gold rebounded, the U.S. dollar index weakened, and emerging-market currencies and offshore Chinese tech stocks gained valuation breathing room. However, if the Middle East situation repeatedly flares up and oil rebounds, the long end is likely to give back its gains quickly.

What remains clear is that this is still a tactical rebound under a backdrop of “cooling inflation + supply constraints,” not a turning point toward easy policy. Fed Chair Powell continues to emphasize “zero tolerance for inflation.” The 30-year yield holding near 5.1% reflects that medium-term constraints from fiscal supply and term premia have not disappeared. In one sentence: the short end can exhale a bit, but the long end isn’t ready to celebrate yet.

In the Senate consolidated draft of the CLARITY Act unveiled by Lummis on July 22, #CLARITY法案拟奖励白帽黑客 2026, a previously low-profile cybersecurity provision has come to light — a proposal to establish a white-hat rewards program through a “digital asset cybersecurity coordination mechanism.” This is not about encouraging bounty hunters to break into systems at will, but about incorporating Web2’s mature bug-bounty disclosure mechanism into the text of a U.S. federal crypto market structure law for the first time.

The logic of the provision is clear: security researchers who, through authorized channels, discover and responsibly disclose vulnerabilities in exchanges, custody systems, wallets, smart contracts, cross-chain bridges, clearing and settlement, private key management, and other infrastructure, may receive rewards after verification and after sufficient time is allowed for remediation. It also clearly defines the legal boundary between “security research” and “malicious intrusion.” The idea follows former CFTC Chairman Giancarlo’s advocacy that “market resilience comes from transparent disclosure,” taking consumer protection one step further than simply preventing platforms from misappropriating customer assets — to preventing system vulnerabilities from wiping out customer assets overnight.

Why make this law now? The FTX and Celsius bankruptcies exposed the risks of “commingled ledgers,” while billions in losses from bridge and custody contract hacks over the past year have shown that relying only on companies to voluntarily offer bounties is not enough. The draft bundles customer asset segregation, bankruptcy isolation, anti-misappropriation rules, and white-hat incentives together, effectively adding a technical front-line defense to consumer protection.

But implementation still has gray areas: Will the reward pool be set by CFTC/SEC rules, or funded by exchanges? The scope of liability exemption, disclosure standards, and reward tiers have not yet been specified. The entire bill is still stuck at the Senate’s 60-vote threshold; if it fails to advance before the August recess, the white-hat provision could also be pared back in floor amendments.

If it ultimately becomes law, its significance goes beyond “hacked making money legally” — it would mark a shift in U.S. crypto regulation from “catching scammers after the fact” to “buying vulnerabilities in advance.” The roles of audit firms, insurers, and compliant custodians would all be revalued.

On July 23, #七巨头单日市值损失7970亿美元 2026 (Thursday), U.S. tech “Magnificent Seven” stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla) suffered their worst single-day selloff since the tariff storm in April 2025—erasing about $797 billion in combined market value. The Mag 7 index plunged 4.8%, the S&P 500 fell 1.21%, and the Nasdaq dropped 2.15%.

The immediate trigger was two earnings reports that tore open fears of an “AI money pit.” Alphabet’s second-quarter capital expenditures surged to $45 billion, and its full-year guidance was raised to as high as $205 billion. Free cash flow turned negative for the first time since its IPO, sending the stock down 7.13% and wiping out more than $290 billion in a single day; Tesla beat revenue expectations, but profits and EPS fell far short, and Musk bluntly said 2026 would be a “big capex year.” The stock plunged 14.52%, erasing about $200 billion in market value. None of the other five escaped: Amazon -4.57%, Meta -3.36%, Microsoft -2.24%, Nvidia -1.56%, Apple -1.30%.

On the macro side, the market was squeezed by the double blow of “oil above $100 + a resurgence in rate hikes.” As the U.S.-Iran conflict escalated and the Houthis attacked Red Sea tankers, Brent crude broke above $100, 10-year U.S. Treasury yields climbed past 4.7%, and the market pushed the probability of a September Fed rate hike from 68% to 80%, with high-valuation, long-duration tech stocks hit first.

This $797 billion loss was not a normal pullback, but a repricing of the market’s clock for “AI investment versus returns”: over the past three years, valuations were expanded on the back of a narrative; now it is time to deliver profits. The Magnificent Seven have already fallen 11% from their May highs, with roughly $2 trillion erased in total, but the AI infrastructure cycle has not reversed. It looks more like a trust run in the middle of a super bull market than the end of the story.

On the night of July 23, #原油突破100美元 2026, Brent crude September futures surged more than 6%, breaking above the $100 per barrel mark for the first time since May 22, while WTI simultaneously climbed to around $91. The supply panic triggered by the Middle East’s “dual-strait linkage” was fully ignited.

The trigger was straightforward: after the Houthi armed group announced a maritime blockade on Saudi Arabia, it struck the Saudi tanker "Ensaliya" sailing in the Red Sea with missiles and drones at dawn, sharply escalating risks in the Bab el-Mandeb Strait. At the same time, the Iran-U.S. conflict continued to intensify. Trump declared that "attacking ships will be charged to Iran," and U.S. forces carried out consecutive nighttime strikes on Iranian facilities. With both the Strait of Hormuz and the Bab el-Mandeb Strait under strain, Asian buyers have already begun discussing detour plans around Africa with Saudi Aramco.

The global transmission chain tightened instantly: the U.S. national average gasoline price exceeded $4 per gallon, the 10-year Treasury yield rose to a year-to-date high, and markets priced in the probability of a Federal Reserve rate hike in September jumping from 68% to 80%. The Nasdaq fell nearly 2%, Tesla dropped more than 12%, while energy and storage stocks rallied against the trend. The European Central Bank remained on hold but adopted a more hawkish tone, and imported inflation resurfaced.

For China, the impact is "controllable but structurally differentiated": CF40 estimates that if oil rises from $70 to $100, China’s domestic PPI peak would rise by about 1 percentage point, while the impact on industrial output and CPI would be limited, and RMB assets would show safe-haven resilience. In A-shares and Hong Kong stocks, the typical pattern is "upstream benefits, midstream and downstream face pressure"—the three major oil companies, oilfield services, coal, oil transportation, and the substitution logic of new energy are favored, while airlines (with fuel costs accounting for 30%+), logistics, downstream chemicals, and high-valuation tech stocks are hit from both rising rates and cost compression.

$100 is not the endpoint, but the starting point of risk-premium repricing. If the Strait of Hormuz were to be materially disrupted, Goldman Sachs sees Brent at $120+ in Q4, and RBC’s extreme scenario would challenge $146. But the baseline scenario remains "high-level volatility plus tail risks," with the key question being whether the U.S. and Iran leave room for negotiations over the next two weeks. For individuals, the clearest reminder of oil breaking above $100 is that travel costs, courier fees, and prices of chemical consumer goods will all quietly be rewritten within the quarter.

#布伦特原油涨4.6% Brent crude oil surged 4.6% in a single day, closing at about $88.10 per barrel—its highest level in more than a month. This strong rebound is mainly driven by a sharp escalation of Middle East geopolitical risks.

The core catalyst is the escalation of the U.S.-Iran conflict and increased risks to navigation in the Strait of Hormuz. The market is concerned that oil shipping through the Persian Gulf could be disrupted (about one-fifth of the world’s crude oil passes through this bottleneck). This concern is compounded by military actions such as Iran’s attacks on facilities in neighboring Gulf states and consecutive U.S. airstrikes, forcing crude prices to quickly price in a hefty “war risk premium.”

The knock-on effects have spread to the macro level:

- Inflation worries: Soaring energy costs have reignited global inflation expectations, which may push the Federal Reserve and other major central banks in the U.S. and Europe to delay rate cuts and keep interest rates high for longer;
- Market differentiation: U.S. stocks in energy and defense/aviation-defense sectors benefit, while high-oil-consumption industries such as airlines and logistics, as well as technology stocks, face pressure;
- Spillover to people’s livelihoods: In China, the window for domestic refined oil price adjustments faces upward pressure, and logistics and travel costs are likely to rise accordingly.

In the short term, crude oil price trends are completely tied to developments in the Middle East. If sea lanes are effectively blocked or oil production facilities are continuously targeted, Brent could test levels above $90. If signals of easing tensions emerge, the unwinding of the risk premium could also trigger a sharp pullback, and market volatility would be significantly amplified.

#科技股拖累美股走低 On July 13 in U.S. Eastern Time, the three major U.S. stock indexes all closed lower, with tech stocks becoming the core force dragging the broader market down. At the close, the Dow Jones Industrial Average fell 138.37 points, or 0.26%, to 52,498.64; the S&P 500 fell 60.05 points, or 0.79%, to 7,515.34; and the Nasdaq Composite plunged 408.43 points, or 1.55%, to 25,873.18.

Large-cap tech stocks were mixed: Microsoft, Amazon, and Apple posted slight gains, while Tesla and Nvidia fell more than 3%, and Google and Meta dropped more than 1%. Chip stocks faced concentrated selling, with the Philadelphia Semiconductor Index tumbling 4.78%, making it the main area hit in this round of correction. Arm fell more than 7%, Intel dropped more than 6%, and AMD and Micron Technology declined more than 4%; storage and optical communication sectors also slumped in sync, with SanDisk plunging more than 12%, SK Hynix ADR falling more than 9%, and Astera Labs dropping more than 12%.

This sharp sell-off in tech stocks was mainly driven by the dual pressure of geopolitical conflict and rate-hike expectations. On the one hand, the escalation of the U.S.-Iran conflict sent international oil prices soaring, with WTI crude futures closing up 9.42% and Brent crude up 9.59%, significantly hurting market risk appetite; on the other hand, the surge in oil prices intensified inflation concerns, and Federal Reserve Governor Waller sent a hawkish signal, saying that if core inflation pressure persists, interest rates may need to be raised in the near term, causing market expectations for rate hikes to rise rapidly.

Against the backdrop of rising interest rates and geopolitical turmoil, high-valuation growth stocks such as AI and semiconductors, which had accumulated substantial profits earlier, faced profit-taking. The market has shifted from the "growth narrative" to a stricter focus on "earnings validation," and volatility in the tech sector may continue to expand in the short term.

#比特币计划eCash硬分叉 The proposed "eCash" hard fork of Bitcoin is an experimental proposal led by veteran developer Paul Sztorc (CEO of LayerTwo Labs). It plans to fork a new chain from Bitcoin mainnet in August 2026 (around block height 964,000). Note that this proposal is completely different from the existing eCash (XEC, formerly BCHA) project.

Core Mechanism and Technical Features

The new chain will closely replicate the Bitcoin Core codebase, continue using the SHA-256 algorithm, and reset the initial mining difficulty. Its main selling point is the integration of Drivechains technology under BIP300/BIP301. The plan is to build 7 Layer 2 sidechains supporting privacy transactions, prediction markets, DEXs, and other functions, attempting to achieve scaling and innovation without changing Bitcoin’s base layer.

Allocation Plan and Controversial Focus

The fork will airdrop eCash tokens to BTC holders at a 1:1 ratio. The biggest controversy is that the developer proposed manually redistributing part of the roughly 1.1 million unused Patoshi-pattern coins attributed to "Satoshi" on the new fork chain (no more than half of them), with the intention of giving them to early investors and the development team to activate the network. Bitcoin mainnet assets will not be affected at all; as long as private keys are not leaked, mainnet BTC is absolutely safe. Sztorc stresses that this is only a ledger experiment on a parallel new chain, but the community still criticizes it as "an infringement on property immutability" and hype-driven marketing.

Industry Positioning and Risks

Since being announced in April 2026, the plan has drawn sharply divided reactions: supporters see it as a real-world test of Drivechains technology, while opponents (such as Jameson Lopp) regard it as "anger marketing." For ordinary holders, those who self-custody their private keys may receive the new asset after the fork, but they should be wary of replay attacks and fake token scams. Whether exchanges will support it remains to be seen.

#比特币重测6.44万美元阻力位 :

Bitcoin Re-tests the $64,400 Resistance—Key Turning Point for Bulls vs. Bears

After rebounding from around $61,500, Bitcoin has continued to repair and is now once again approaching the crucial resistance zone around $64,200–$64,400. This area overlaps both a prior heavily traded range and the 0.618 Fibonacci retracement level. The zone is not only a “sell-wall” where price has repeatedly surged and then pulled back, but it also corresponds to the average cost area for short-term holders (between $64K and $68K), where a relatively concentrated amount of “de-risking” supply and breakeven selling pressure may build up.

From a technical standpoint, the 4-hour chart has formed a rebound structure with higher lows. The MA10/MA20 lines are crossing upward, and the RSI is hovering around 60—signaling short-term bullish dominance. However, if the price re-tests $64,400 without a clear breakout accompanied by increased volume, it is likely to face rejection and pull back. The first support lies near $63,400; if that level breaks, price may retest and trade within the lower edge of the $62,200–$62,500 consolidation range. Conversely, if the daily candle closes firmly above $64,500–$65,000, it would confirm a breakout from the descending channel and activate a double-bottom setup. The medium-term targets could then be in the $66,500–$68,000 area.

Fundamentals will depend on U.S. spot Bitcoin ETF flows and the strength of the U.S. dollar index. Recently, news about some institutions reducing holdings has caused market sentiment turbulence. The Coinbase premium remains relatively weak, suggesting that additional confirmation is still needed from local U.S. demand. In terms of strategy, it is recommended not to chase the price. Wait for a clear candlestick reaction at the resistance (e.g., a long upper wick indicating rejection, or a volume-backed breakout) before taking action, and set a strict stop-loss.

#新罕布什尔州将表决1亿美元比特币债券 United States New Hampshire Bureau of Financial Management (BFA) previously approved the issuance of a $100 million Bitcoin-backed municipal revenue bond. On July 8, 2026, the Governor and a five-member Executive Committee will hold a public hearing to enter the final approval process. If the proposal is approved, it would become the first U.S. state-level municipal revenue bond backed by Bitcoin.

This bond is a “conduit revenue bond.” It is raised by a private borrowing party (the affiliated mining company CleanSpark) through the NH CleanSpark Borrower Trust 2026-1. New Hampshire will only serve as the issuing conduit and provide oversight; it will not assume repayment responsibility for principal or interest on the bonds, and taxpayers bear no direct risk. The borrower must provide overcollateralization using Bitcoin in a cold wallet custodied by BitGo, with a collateral ratio of approximately 160% (i.e., roughly $160 million worth of equivalent BTC pledged). If the value of the collateral drops to 140% of the bond’s par value, it will trigger forced liquidation and early redemption. Moody’s gave the bond a preliminary rating of Ba2 in March 2026, which is speculative-grade (junk). The underwriter is Jefferies, and the structure was designed by Wave Digital Assets and Rosemawr Management.

New Hampshire previously passed HB302, making it the first state in the U.S. to legislate that up to 5% of public funds may be directed to Bitcoin (the Strategic Bitcoin Reserve Act). If this bond proceeds, the issuance fees will be injected in the form of Bitcoin into the state’s “Bitcoin Economic Development Fund” to support blockchain innovation projects in the region.

Supporters view it as a regulatory sandbox experiment that merges traditional fixed income with digital assets, and as a way to demonstrate the viability of Bitcoin as high-quality institutional collateral. Critics counter that Bitcoin’s historical volatility makes it easy to breach the liquidation threshold, and that the speculative-grade rating means investors must bear the risk of extreme volatility in the crypto market themselves. The final outcome depends on the Executive Committee’s assessment of feasibility and impacts on the public interest. If approved, it will be formally issued when market conditions are suitable.

#原油价格下跌 Crude Oil Prices Fall: Causes and Market Impact

In early July 2026, WTI crude fell below $69 per barrel and Brent crude dropped below $72 per barrel, hitting the lowest level in nearly three months.

Main reasons for the decline

First, the risk premium from geopolitical tensions has eased. The US and Iran signed a temporary understanding memorandum, shipping through the Strait of Hormuz has returned to normal operations, and the war premium that had been pushing prices up is quickly unwinding.

Second, expectations of abundant supply. OPEC+ is considering continuing modest increases in production; US shale output remains high; and production capacity is being released by member countries such as the UAE. The market has shifted toward an outlook of supply exceeding demand.

Third, global demand weakness. Under a high-interest-rate environment, the recovery of manufacturing in Europe and the United States has been sluggish. The IEA has lowered its forecast for full-year growth in crude oil demand.

Fourth, a stronger US dollar is weighing on dollar-denominated commodities.

Key impacts

Benefiting consumers and downstream industries: As the world’s largest net crude importer, China’s import costs decline. Expectations for domestic refined-oil price cuts strengthen, and costs for downstream sectors such as logistics, aviation (fuel accounts for 30%—40% of costs), and petrochemical/textiles improve, helping restore profit margins.

Pressure on upstream and resource-exporting countries: Profits for oil and gas extraction, oilfield services, and coal-to-chemicals businesses are squeezed. Meanwhile, fiscal revenues for oil producers such as Saudi Arabia and Russia drop sharply, putting strain on both public budgets and exchange rates.

Macroeconomic signals: Lower oil prices curb imported inflation and create room for China’s monetary policy easing, but they may also reflect globally weak economic demand. Policymakers should watch for downside risks from deflationary expectations and weaker external demand that could drag exports.

In the short term, crude prices are likely to remain in a weak, sideways range. Next, focus on OPEC+ weekend meeting decisions and the extent to which the global summer peak travel season boosts gasoline demand.

#特朗普披露超6亿美元加密收入 According to the Trump 2025 annual financial disclosure report released by the U.S. Office of Government Ethics (OGE) on July 1, 2026, U.S. President Trump reported total gross revenue of up to $1.2 billion to $1.4 billion from cryptocurrency-related businesses. Of this amount, only meme coins (Meme Coin) and brand licensing activities brought in more than $600 million.

The following is a brief overview:

Trump disclosed more than $600 million in crypto income, with crypto business becoming a new wealth engine

On June 30, 2026, the U.S. Office of Government Ethics published President Trump’s 2025 annual financial disclosure report. This 927-page document shows that Trump profited about $515 million to $588 million through token sales from the World Liberty Financial (WLF) crypto project, which is linked to him through family ties. He also earned approximately $635 million in royalty income by operating through CIC Digital LLC, where “TRUMP” (the TRUMP Meme Coin) and commemorative coin licenses were issued using his personal image. Together, the two streams made cryptocurrency his fastest-growing wealth segment, far outpacing revenue from traditional real estate and the golf club.

In addition, the disclosure states that Trump’s personal digital wallet holds at least $60 million in crypto assets, and the current market value of the governance tokens issued by WLF is about $900 million. Notably, since its listing, the TRUMP meme coin has fallen sharply, with its circulating market value down more than 90% from its peak.

The disclosure has also reignited controversy over conflicts of interest. After taking office, Trump rolled back some regulatory restrictions aimed at the crypto industry, and he publicly stated his support for making the United States “the capital of cryptocurrency,” while his family is one of the biggest beneficiaries in the crypto market. Critics argue that the line between the president’s personal business interests and the formulation of industry regulatory policies is blurred. Reuters estimates that since Trump’s return to the White House, the Trump family has cumulatively profited at least $2.3 billion from crypto-related businesses.

Regardless of one’s position, this financial report marks cryptocurrency’s rise from a marginal investment category to a core pillar of the personal wealth of the U.S. president—and it also provides a rare footnote to the relationship between global politics, business, and the crypto world.

#Solana涨至72美元 Solana (SOL) rebounded recently from around $64, briefly touching $72—an increase of about 14%—and has regained a key integer level. The main drivers behind this upswing are a recovery in macro risk appetite combined with short-covering in on-chain derivatives. In addition, Solana’s tokenized equities have seen daily trading volume on-chain exceed $113 million, bringing some narrative momentum; futures funding rates have also turned positive, indicating a short-term sentiment rebound.

However, it’s important to note a potential divergence in fundamentals: Solana’s on-chain TVL has fallen by about 11% over the near term, and weekly DEX trading volume has dropped from the February peak of $30 billion to roughly $10 billion. On-chain protocol revenue has also slipped to lows last seen at the end of 2023, and ecosystem activity has not yet risen in line with price. On the technical side, SOL has broken above the 21-day moving average and formed higher lows. If it holds the $70–$72 support zone, there is a chance for a move toward the $80–$82 resistance area in the near term; conversely, if it breaks below $70 on higher volume, caution is warranted for a retest of the $64–$61 area.

In terms of action, the current rebound contains a sizable amount of sentiment-driven and short-covering components, so it is not yet a confirmed strong trend reversal. Spot holders should watch $70 as a defense level and whether on-chain TVL and active addresses are also following suit. For short-term traders, keep position sizing tight and be wary of a false breakout. Cryptoasset volatility is extremely high; the above is for reference only and does not constitute investment advice.

On June 25, #美光市值超Meta达1.398万亿美元 2026, driven by better-than-expected earnings and robust demand for AI storage, Micron Technology (MU), the leading U.S. memory chip maker, surged more than 18% intraday, with its share price touching $1,236 and its market capitalization climbing to about $1.398 trillion. It briefly overtook Meta Platforms (about $1.392 trillion) for the first time in history and briefly approached Tesla (about $1.4 trillion), joining the ranks of the world’s top-valued companies.

The jump was fueled by Micron’s blowout results for the third quarter of fiscal 2026 — revenue soared 414.6% year over year to $41.46 billion, and gross margin rose to 84.6%. At the same time, the company issued fourth-quarter revenue guidance of around $50 billion, far above market expectations, and disclosed that customers had signed long-term purchase commitments totaling $22 billion to secure HBM high-bandwidth memory and DRAM supply. Wall Street interpreted this as a clear signal that demand for AI computing infrastructure remains strong and that the memory supercycle is continuing.

Notably, Micron’s market value had only just broken through the $1 trillion mark on May 26 this year, and in less than a month it surpassed Meta. Its stock is up more than 300% year to date, making it the best-performing constituent in the Philadelphia Semiconductor Index. Analysts point out that as demand for high-bandwidth memory from large-model training and inference grows exponentially, Micron — as a core HBM supplier to giants such as Nvidia, Amazon, and Microsoft — is being re-rated from a cyclical memory manufacturer to a key beneficiary of AI infrastructure. Going forward, attention should be paid to changes in supply-demand balance and the volatility risks brought by the industry’s expansion pace.

#美国国会通过法案禁止美联储发行CBDC

US Congress Passes Bill Banning the Fed from Issuing CBDC

In June 2026, both chambers of the US Congress passed the "21st Century ROAD to Housing Act" with a significant majority, which included a much-discussed clause — explicitly banning the Federal Reserve and its affiliated reserve banks from "directly or indirectly through intermediaries" issuing or piloting retail central bank digital currencies (CBDCs) for the public, or any digital assets substantially similar to CBDCs, with the ban effective until December 31, 2030.

Republican lawmakers are the driving force behind this clause, primarily concerned that retail CBDCs would give the government the ability to monitor citizens' cash flow in real-time, potentially eroding financial privacy rights and creating direct competition between central banks and commercial banks for deposits. Trump had already signed an executive order in January 2025 to halt federal agencies from advancing CBDCs, and this new bill upgrades that executive stance to a legally binding framework with a definite timeline.

Three boundaries to note: First, the ban only targets retail CBDCs; the development of wholesale digital currencies for settlements between financial institutions is not restricted; second, private dollar stablecoins (like USDC, USDT) are explicitly exempted, regarded as "open, permissionless, and private" legal digital dollar vehicles; third, the ban is temporary rather than permanent, with the possibility of re-evaluation after 2030.

In terms of impact, this move effectively hits the pause button on the Fed's issuance of a "digital dollar," with private stablecoins set to dominate the US digital dollar landscape for at least the next five years, benefiting issuers like Circle and Tether. Critics argue that in the context of the accelerating development of the digital yuan and euro CBDCs, the US's self-imposed limitations may weaken the dollar's influence in setting standards for cross-border digital currencies.

#美光股价创历史新高 Micron Technology (MU) closed up about 6.8% on June 23, reaching a high of $1213.56 during intraday trading and closing at $1211.38, officially setting a new all-time high with a market cap surpassing $1.3 trillion.

The driving factors are mainly three points:

- AI Storage Supercycle: Demand for HBM3E high-bandwidth memory has skyrocketed due to Nvidia's Blackwell and other AI chips. Micron's HBM capacity has been locked in by leading cloud providers until the end of 2026, giving them strong pricing power in this oligopoly.
- Earnings Expectations Sky High: The market is betting on the FY2026 Q3 earnings report set to be released after the bell on Wednesday (June 24) — revenue guidance around $33.5 billion, gross margin near 81%, and EPS expectations above $19, prompting early capital accumulation.
- AI Strategic Partnerships: Micron announced a long-term supply and architectural collaboration agreement with Anthropic for HBM and enterprise SSDs, reinforcing its market positioning as a "core asset for AI infrastructure."

Additionally, Samsung and SK Hynix are shifting their original production capacity towards HBM/DDR5, compressing supply for consumer DRAM and NAND. The seasonal contract price for conventional storage is expected to increase by 5% to 8%, further enhancing profit prospects.

On the risk side, the stock has already surged over 300% this year, and Wall Street's expectations are significantly elevated. If the earnings report merely meets or slightly misses expectations, there will be substantial profit-taking pressure given the high valuation; in the medium to long term, caution is warranted regarding potential oversupply and cyclical downturns after 2027 due to collective industry expansions.

Chinese and Hong Kong stocks related to storage concepts (HBM materials, testing, modules) are likely to ride the wave of sentiment, but caution is advised regarding volatility risks before and after the US earnings report.

#韩国虚拟资产税请愿进入国会

Korea's virtual asset tax petition enters parliamentary review

A petition titled "Abolish or Delay the Tax on Virtual Asset (Cryptocurrency) Trading Gains" on Korea's National Assembly electronic petition platform has surpassed 50,000 signatures within just 8 days, automatically forwarding it to the National Assembly's Finance and Economy Committee for review.

According to the current legislative plan, Korea intends to impose a 20% income tax plus a 2% local tax on gains from virtual asset transfers and lending, effective January 1, 2027, for annual earnings exceeding 2.5 million KRW (approximately $18,000), resulting in a total tax rate of 22%. The petitioners argue that Korea has already abolished the stock financial investment income tax, and taxing crypto gains disproportionately is unfair; additionally, the protection mechanisms for crypto investors in Korea are still underdeveloped, and the high participation rate among young people means that forced taxation could hinder wealth accumulation and lead to capital and talent outflows.

Currently, there is a clear divide in positions between the ruling Democratic Party, which favors implementing the plan as scheduled in 2027, and the largest opposition party, the People Power Party, which has proposed a repeal amendment. Once the petition enters the committee, it will be further discussed in a tax subcommittee, with the final outcome awaiting the National Assembly's review by the end of the year. The government has stated it will continue to push forward according to the established timeline, with the National Tax Service coordinating compliance details with major exchanges like Upbit and Bithumb.