Are you shocked to see today's theme? Yes, you read it right - whether this round of ETFs can pass or not, it is bad news for the cryptocurrency circle. The reason is very simple: assuming it does not pass, there is no need to explain this bad news; the point is why it is also bad news if it passes? In fact, the reason is very simple. The implementation of good news is bad news, that's all. Because the expectations have been fully raised before, the fact that the market can now stay sideways illustrates this problem. However, although it is bad news in the short term, it must be positive in the long run. So what we have to do is to learn to buy at the bottom when it really falls, just like buying last year, and then wait for the market to explode.

A new report from CoinShares shows that Bitcoin investment products attracted $310 million in inflows in 14 days amid skepticism about the U.S. Securities and Exchange Commission (SEC) approving a spot BTC ETF. The report said that Bitcoin is leading the way as it recovers from nine consecutive weeks of outflows. Despite the week's inflows of $123 million, short BTC investment products recorded outflows of $900,000, making it the tenth consecutive week of negative growth. Analysts at brokerage firm Bernstein said the SEC would rather introduce a regulated Bitcoin ETF led by more mainstream Wall Street players and overseen by existing regulated exchanges than deal with Grayscale's over-the-counter products that fill the institutional gap.

Hong Kong is exploring the launch of a stablecoin, HKDG, to compete with established stablecoins such as USDT and USDC. By backing HKDG with foreign exchange reserves, the government seeks to promote financial innovation and maintain its leadership in the blockchain field. By issuing a stablecoin (HKDG) pegged to the Hong Kong dollar, the government aims to increase transaction efficiency, reduce costs, and improve the existing payment system. The move is expected to enhance Hong Kong's fintech capabilities and improve the efficiency and inclusiveness of its financial system. However, the government's current plan allows private institutions to issue Hong Kong dollar stablecoins, which may limit their market share and overall impact.

The UK's Economic Crime and Corporate Transparency Bill was passed by the House of Lords of Parliament and will help law enforcement agencies seize and freeze cryptocurrencies used to commit crimes. Although the House of Lords did not amend the cryptocurrency aspects of the bill, it was amended in early proceedings to ensure that measures were extended to terrorism cases and to add measures to help authorities seize property that helps identify cryptocurrencies associated with crimes. In addition, an amendment was added to ensure that the courts can ask authorities to seize and freeze cryptocurrencies used to commit crimes.

On July 5, it was reported that the South Korean crypto financial company Delio transferred all of its virtual assets worth 9.2 billion won (about 7.07 million U.S. dollars) before stopping deposits and withdrawals on June 14. However, the background and purpose of Delio's transfer of all virtual assets before stopping deposits and withdrawals can only be confirmed through a mandatory investigation by the procuratorate. After stopping withdrawals, a representative of Delio said that community rumors such as customer virtual asset withdrawals, financial fraud, and cashing out using the personal names of employees were untrue.

Paul Grewal, chief legal officer at Coinbase, tweeted, "I re-read the Nebraska ruling on the major issues principle, at pages 19-26. Replace "Secretary" with "Chairman" and "digital assets" with "student loans," and there is only one conclusion: the SEC's interpretation of "investment contracts" violates the law. In fact, it's much worse. The "economic and political significance" of falsely claiming authority over all digital assets other than BTC is not only "shocking," but also unconstrained by the basic requirement of having enforceable rights between a business and a purchaser."

South China Financial Group announced that its subsidiary South China Securities has become one of the first financial institutions licensed by the Securities and Futures Commission after the virtual asset service provider system came into effect. It is reported that South China Securities was approved by the Hong Kong Securities and Futures Commission on March 17 this year to become an introducing agent for the virtual asset trading platform. After this approval, professional investor clients can be referred to the virtual asset trading platform through South China Securities for virtual asset trading.

Bitcoin: The trend of Bitcoin is not a good sign. It feels shaky. It is better to deal with it according to the range fluctuation.

Ethereum: Close to the support level, you can try to go long, but you must set a good stop loss. The stop loss at 1930 is the most cost-effective position. If this wave can be resisted, it is expected to continue to sprint

BNB: Calm, no further explanation

LTC: The trend is relatively healthy and is still expected to reach a new high. After all, the expectation is still there. Let's see if the 100 mark can be supported.

BCH: It is falling close to the line, and it is quite stable. It is very difficult to recover after the wave of pressure.

ETC: Yesterday a friend asked me how to look at etc. Today I studied it and found it is very weak. This commodity has always been known as the battlefield of doomsday. Don't touch it. Pressure 19.8

 

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