Cryptocurrency Market Update
On July 9th, reports indicated ongoing fluctuations in the cryptocurrency market, with Bitcoin hovering around $0.108 million, reaching a high of $0.109 million. At the time of writing, Bitcoin was down 0.16%, valued at $108,747.61, while Ethereum saw a rise of 0.65%, now priced at $2,627.50.
Yiwu’s Stablecoin Usage
Recent rumors suggest that Yiwu has begun accepting stablecoins for foreign trade, drawing renewed interest. A research report from HTSC notes that stablecoins are becoming vital for cross-border payments in Yiwu, China, with on-chain stablecoin flows exceeding $10 billion in 2023. Reports claim over 3,000 merchants in Yiwu are utilizing USDT and other stablecoins, resulting in monthly transaction volumes over $1 billion and savings approaching 10 million RMB in fees.
Field Research Findings
A journalist conducted investigations in Yiwu regarding stablecoin acceptance. When asked about stablecoin usage, most merchants expressed unfamiliarity and concerns over compliance and costs, with only a few being open to stablecoin payments.
New ETF Registration
Today, news broke that Trump Media & Technology has submitted an S-1 initial registration statement to the SEC for the ‘Truth Social Cryptocurrency Blue-Chip ETF.’ This ETF aims to directly hold Bitcoin, Ethereum, Solana, Cronos, and XRP in varying asset allocation ratios, subject to SEC approval and listing on the NYSE Arca.
Stablecoin License Applications in Hong Kong
Numerous companies, including JD.com, Ant Group, and STANCHART, are preparing to apply for a Hong Kong stablecoin license. With over 40 companies in the pipeline, only a limited number of licenses are expected to be granted, intensifying competition. Experts argue that while stablecoins can enhance cross-border payment efficiency, their actual costs are almost 1%, thus downplaying their disruptive potential in the global monetary system.
Market Dynamics and SEC Updates
Recent reports indicate that the SEC may soon approve multiple spot cryptocurrency ETFs as they work on a framework to expedite listings. This initiative could streamline processes similar to conventional ETFs. Currently, the SEC has progressed through stages involving Bitcoin, then Ethereum, and is now contemplating Mixed Asset ETFs. Approval seems to be a matter of time, with analysts predicting high chances for various cryptocurrency ETFs.
Legal Challenges in the Cryptocurrency Space
The U.S. Department of Justice has indicted two individuals involved in the OmegaPro fraud scheme, which allegedly defrauded investors of $0.65 billion. The two defendants face serious charges and penalties upon conviction. Meanwhile, Ethereum has updated its execution clients to support data pruning, optimizing node storage and setting the groundwork for future updates.
