💰  Coinbase International has launched a pre-launch market giving traders the opportunity to take perpetual futures positions on tokens that are not yet traded on the spot market

For now, the possibility of such speculation is available to institutional traders and Coinbase Advanced users outside the US, Canada and Britain

After the start of trading this token on the spot, the futures contract is automatically converted into a standard perpetual contract

The exchange warned that "given the nature of pre-launch markets, they are more prone to low liquidity, huge volatility and increased risk of liquidation" [an understatement, since you're guessing at the tea leaves here, and beyond that, there is a risk that the token may never will appear on the spot]

The first token added to the price prediction market was EIGEN (EigenLayer), a protocol whose contracts support liquid re-staking

🇰🇷 South Korea's financial regulator has notified 29 licensed crypto exchanges to regularly evaluate tokens traded on their platforms and decide whether to continue supporting them

This comes as part of a law coming into force on July 19 that requires exchanges to review all supported tokens (more than 600) every six months and stop trading coins that do not meet listing standards

From 19 July formal assessment criteria will include:

1️⃣ Reliability of the company issuing the coin (the method of determination is still unknown)

2️⃣ Protecting users from fraud

3️⃣ Security at the level of smart contracts (audit).

4️⃣ Compliance with laws

While quality criteria are written not so vaguely:

Disclosure of information about the general supply, token distribution, history and changes in the business plan (roadmap)

Considering that South Korean exchanges account for at least 10% of global trading volume, it can be assumed that this news influenced the fall of altcoins

However, today the South Korean regulator clarified that it will not be directly involved in the verification of cryptocurrencies; this is the responsibility of the exchanges themselves and the Korean Crypto Exchange Association

🖼 Digital works of art drop to never-before-seen prices

The minimum price of NFTs from the BAYC collection has decreased by 13% over the past 24 hours to 8.9 ETH, and sales volume has doubled

MAYC price fell below 1.6 ETH, which is 96% lower than ATH (40 ETH in spring 2022)

The minimum price of Crypto Punks has dropped to 25.4 ETH, which is 80% lower than the maximum price in the entire history of the collection