● The Brazilian Bitcoin Reserve Bill has passed the first committee review
According to PANews, the Brazilian Bitcoin Reserve Bill 'PL 4501/2023 or PL 4501/2024' has passed the first committee review. The bill proposes to allocate up to 5% of foreign exchange reserves to Bitcoin. Once implemented, Brazil will become the second Latin American country, after El Salvador, to establish a legal BTC reserve.
● CryptoQuant: The Bitcoin bull market has not yet peaked and still has room for growth
According to Cointelegraph, CryptoQuant's Index Bitcoin Cycle Indicators (IBCI) tool shows that the Bitcoin bull market still has space. Despite BTC/USD hitting an all-time high, the market remains at a 'defining point'. The IBCI combines multiple on-chain indicators, including the Puell Multiple and MVRV, indicating that the market is at a neutral point and has not reached the traditional bull market peak area. The IBCI has remained in the 50% range since breaking the $73,800 high last October.
Gaah points out that investor behavior is relatively calm, which may open the door to new highs. Historical data shows that the IBCI behaves similarly at long-term BTC price peaks. BTC price targets include $200,000 and higher. A Puell Multiple below 1.0 typically suggests an accumulation or undervaluation period, currently at 1.27, indicating that the market has not yet reached a fully euphoric stage and still has room for expansion.
● The VanEck Solana ETF has been listed on the DTCC website
According to reports from Wu, the VanEck Solana ETF (code: VSOL) has been listed on the DTCC website. This is a standard procedure in preparation for launching a new ETF and does not indicate that the ETF has received any regulatory approval.
● Bank of America prepares to support cryptocurrency payments under favorable policy expectations
According to Deep Tide TechFlow, on June 17, Bank of America's global research department released a chart that lists Bitcoin as one of the most influential innovations in modern history. The chart tracks key breakthroughs from the printing press to quantum computing and compares them with global population growth, with Bitcoin appearing at the steepest part of the curve, indicating its significant impact during periods of rapid technological advancement. Bitcoin stands out for challenging the traditional financial system, positioned alongside the World Wide Web, microprocessors, and electric vehicles as a systemic innovation.
Bank of America CEO Brian Moynihan stated that once regulations clarify safety and legality, the bank is ready to incorporate cryptocurrency payments into its services. This reflects a broad shift by institutions towards digital assets under the pro-crypto regulatory environment of the Trump administration.
● JPMorgan will pilot the issuance of JPMD tokens on the Base chain
According to Foresight News, a tweet from Base announced that JPMorgan will pilot the issuance of JPMD tokens on the Base chain, representing dollar deposits. The first transfer will be completed in a few days and will only be available for institutional clients.
● Elon Musk's xAI is negotiating to raise $4.3 billion for AI chatbot development
According to Deep Tide TechFlow, on June 17, Bloomberg reported that informed investors revealed that Elon Musk's AI company xAI is negotiating to raise $4.3 billion through equity financing. The new funding will support the ongoing development of its AI chatbot Grok.
● Dialogue with CKB: Why choose to persist in building a slow but steady Bitcoin world?
Recently, as some BTCFi projects in the EVM camp have underperformed in the market after token issuance, discussions about 'Is BTCFi dead?' have resurfaced. This wave of skepticism coincides with Bitcoin's gradual price recovery and even the potential for a new all-time high, creating a certain contrast. In the context of narrative retreat and misalignment of market expectations, what is the real possibility for BTCFi?
In this context, Binance News invited the CKB team. As a representative project that has long insisted on building technical infrastructure and promoting the programmability of Bitcoin through the UTXO architecture, how does it view the current development status and path choices of BTCFi? Meanwhile, as core modules like RGB++, Fiber Network, and UTXO Stack continue to improve, how does CKB understand its role positioning and long-term strategy in the Bitcoin application layer?
