【Data Intelligence】
Crypto Hedge Funds Fall 18% in May, Biggest Drop Since May 2021
According to news on June 22, the Bloomberg Hedge Fund Index showed that cryptocurrency hedge funds fell 18% in May, the largest decline since May 2021, and the largest decline among all types of hedge funds. Commodity funds were the biggest gainers, up 1%.
Report:NFT market size will increase to $7.3908 billion by 2028
The NFT market is divided by type (art and collectibles, games), application (primary market, secondary market primary market, secondary market). 2022-2028 Opportunity Analysis and Industry Forecast. It is estimated that by 2028, the NFT market size will increase from US$1,553.6 million in 2021 to US$7,390.8 million, with a compound annual growth rate of 24.4% from 2022 to 2028. Additionally, the growing use of NFTs in supply chain management, retail, and fashion, as well as efforts by industry giants to personalize Metaverse and NFTs, will present tantalizing prospects for NFT suppliers. From a regional perspective, North America is the largest market with a share of about 34%, followed by Asia Pacific and Europe with a share of about 31% and 23%. By type, art and collectibles is the largest segment with a share of over 70%. NFTs have sparked a digital revolution by allowing people to create, share and acquire a wide range of digital assets, including visual art, games and music. From the perspective of application, the largest application is the primary market, followed by the secondary market.
【 Regulatory News 】
ECB President: Encrypted Lending Businesses Must Be Regulated Alongside Bitcoin
According to "Fortune" magazine,Christine Lagarde, President of the European Central Bank, made it clear when she testified to the European Parliament that encrypted pledge and lending businesses must be regulated together with Bitcoin. Referring to the Market in Cryptoassets (MiCA) regulation, which will come into force across the EU in 2024, Lagarde argued that a potential second follow-on framework is already needed due to the current pace of development in the crypto industry. She said: “MiCA II should regulate the activities of staking and lending crypto assets, which are sure to increase. Innovation in these unexplored and unknown fields puts consumers at risk, and the lack of regulation often leads to fraudulent, completely illegal activities. Valuation claims, as well as speculative and criminal transactions. MiCA I will not cover Bitcoin, but for MiCA II we want to take this into account.”
U.S. CFTC Advocates Expanding Cryptocurrency Market Jurisdiction
More than a decade has passed since Bitcoin was created, but lawmakers and regulators continue to explore important issues, such as which regulator should be allowed to regulate digital assets. Federal regulators , including the Commodity Futures Trading Commission(CFTC), are increasing resources to help police fraud in digital asset markets. Except in incidents of fraud or manipulation, the CFTC does not currently regulate spot or cash market transactions involving digital assets that do not rely on margin, leverage, or financing, nor does it regulate market participants engaging in such transactions. However, current CFTC Chairman Rostin Behnam is looking to expand the agency's remit. In his testimony, Behnam argued strongly for allowing the CFTC to regulate spot digital asset trading. Behnam said the CFTC is well-positioned to play an increasingly important role in regulating the cash digital asset commodity market. Fundamentally, the CFTC is a market regulator that seeks to ensure market integrity and vitality, with the aim of supporting financial stability, while overseeing exchanges, clearinghouses, data repositories, and market participants through principles-based protection of individual customers . This flexible approach has allowed the CFTC to evolve alongside the derivatives market, mandated by Congress, from its historical roots in overseeing agricultural markets to now oversee everything from energy and “precious metals” to financial indices and swaps. We are now ready to trade in digital asset commodities The market does the same.
【Industry Trends】
Uniswap Labs Acquires NFT Aggregation Market Genie and Issues USDC Airdrops to Qualified Users
Uniswap Labs announced the acquisition of NFT aggregation platform Genie, expanding its offerings to include ERC-20 and NFT. Starting this fall, users will be able to buy and sell NFTs directly on the Uniswap web application. NFT will also be integrated into the developer API and widgets, making Uniswap a comprehensive platform for users and builders in web3. Additionally, to welcome the Genie community to the Uniswap world, later this summer we will be airdropping USDC to everyone who has used Genie multiple times or held a GEMNFT by April 15th. According to officials, the acquisition was conducted by UniswapLabs and has no impact on the Uniswap protocol, Uniswap governance or UNI tokens.
Meta to expand NFT testing in Instagram and Facebook
On June 22, Meta founder Mark Zuckerberg announced more ways for creators to make money on Facebook and Instagram to help creators build the Metaverse. These include expanding the testing of digital collectibles so that more creators can display their NFTs on Instagram, and later bringing this feature to Facebook, so users can cross-post on Instagram and Facebook. Meta will soon be testing NFTs in Instagram Stories and Spark AR.
Blockchain payment company Roxe Holding to go public at $3.65 billion valuation via SPAC
Blockchain payment companyRoxe Holdings Inc is about to go public through a SPAC merger with Goldenstone Acquisition Ltd, with a total valuation of $3.65 billion. The merger is expected to be announced publicly in the near future, and none of Roxe Holding Inc.'s investors plan to sell their shares, the sources said, who would also be entitled to proceeds from the additional shares in the combined company. Founded in 2019, Roxe is a connecting bank, payment company and remittance company that facilitates cross-border payments through its private blockchain Token.
CertiK: The LV PLUS project has been confirmed as a running project
According to the monitoring of the CertiK security team, the LV PLUS (token LVP) project has been confirmed as a running project. On June 21, 2022, Beijing time, the project lost about $1.5 million due to rug pull attacks. LV PLUS claims to be part of the "LV Metaverse (Twitter account @LV__Metaverse)". The project has yet to publicly acknowledge the attack on any social platforms, but continues to issue regular announcements about transactions in the coin. The LVP token has nothing to do with the Louis Vuitton brand, and the 18.7% excise tax and highly centralized mechanism all suggest that the project is a scam. CertiK hereby reminds everyone: investment needs to be cautious, please try to choose projects that have been audited by regular auditing companies and have undergone background investigation and verification to better control risks.
Coinbase will list DYP, ALEPH, HOPR, MATH, PRQ and ELA
On June 22, according to official news, Coinbase will list DeFi Yield Protocol (DYP), Aleph.im (ALEPH), HOPR (HOPR), Math (MATH), PARSIQ (PRQ) and Elastos (ELA). Trading will begin on or after 9:00 a.m. PT on June 22, 2022, provided liquidity conditions are met.
【Elite Viewpoint】
SEC Commissioner: Does not support bailout of collapsed digital asset companies
While SEC commissioner and aka "Crypto Mom" Hester Peirce is optimistic about the growth of the cryptocurrency industry, she will never support saving the industry from crisis. On Friday, she claimed that the lack of such a mechanism was actually a force in the market. In an interview with Forbes, Peirce clarified that the SEC has no mandate to be a "systemic risk regulator" and to decide which institutions require government guarantees. Even so, however, she wouldn't support such a move against today's troubled crypto platforms — especially if they're irresponsibly overleveraged.
Economic Daily: Bitcoin plunge still needs to be alert to the risk of zeroing
According to the news on June 22, the Economic Daily commented that the risk of Bitcoin investment has been fully exposed due to frequent sharp falls. Compared with the high point of 69,000 US dollars, it seems that the decline has been deep, but we still need to be vigilant about the risk of clearing. Bitcoin is just a string of digital codes, and the income mainly comes from the price difference between buying low and selling high. In the future, once investors’ confidence collapses and they no longer “take orders”, or sovereign countries such as the United States declare Bitcoin illegal, Bitcoin will return to its original value. Original value worthless. Investors should not rush into the market with the idea of buying bottoms, so as not to be "cut leeks".
【What to watch today】
Binance.US is Seeking $50M in Funding at a $4.5B Valuation
Binance.US is seeking to raise up to $50 million in additional funding at a valuation of $4.5 billion, according to people familiar with the matter. The company previously completed a $200 million seed round in April at a valuation of $4.5 billion. The above-mentioned people familiar with the matter said that the financing will be aimed at “strategic partners” and does not represent a new round of A-round financing.
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