6.7 Important News

I. Political Events Impact and Market Volatility

1. Trump and Musk's public break leads to market turmoil

The conflict between two key figures in the crypto community led to short-term drastic fluctuations in the cryptocurrency market. Bitcoin once fell below the psychological mark of $100,000, then quickly rebounded to $104,472 (a 24-hour increase of 2.85%); Ethereum rebounded from a low of $2,392 to $2,474 (an increase of 2.43%). The incident triggered the liquidation of 227,300 users across the network, amounting to $983 million, but the market then showed resilience, with Bitcoin ETFs resuming net inflows of $50 million.

2. Trump family crypto layout dynamics

Trump's second son, Eric, announced that his company, World Liberty Financial (WLFI), will hold a large amount of Meme coin TRUMP and terminate the previously controversial digital wallet issuance plan. This move is interpreted as the Trump family trying to consolidate its influence in the crypto field.

II. Regulatory Policies and Compliance Progress

1. Comparison of regulatory policies between Hong Kong and Singapore

- Hong Kong: Officially announced that the "Stablecoin Ordinance" will be implemented on August 1, 2025, establishing a licensing regulatory system and planning to approve the first batch of stablecoin issuer licenses within the year. Currently, 12 trading platforms have been approved by the Securities and Futures Commission.

- Singapore: Requires digital token service providers (DTSPs) to operate with a license by June 30, even if they only serve overseas customers, which may lead to the relocation of more than 300 institutions to Hong Kong.

2. Funding gap for California's crypto regulation

The California Department of Financial Protection and Innovation faces a $193 million funding gap due to the implementation of the "Digital Financial Assets Law," which may affect the compliance process of crypto companies.

III. Market Hotspots and Institutional Trends

1. Circle soars 168% on its first day of listing

Stablecoin USDC issuer Circle landed on the New York Stock Exchange, with its market value soaring to $18.5 billion, becoming a benchmark for compliant stablecoins. Cathy Wood's Ark Fund invested $373 million to buy its shares, highlighting institutional confidence in the stablecoin sector.

2. Bitcoin ETF fund flow reverses

Bitcoin ETFs ended their continuous outflow trend, with a net inflow of $50 million on June 7, showing increased institutional willingness to buy on dips.