Market Dynamics
The price of Bitcoin (BTC) is declining, and the altcoin market is sluggish, with the downward trend spreading. Currently, market funds are mainly focused on Ethereum (ETH) ecosystem-related sectors. Meanwhile, U.S. stocks are also falling, and the U.S. dollar index has slightly retreated. Recent Sino-U.S. trade negotiations have not progressed smoothly, and the CPI data released by the U.S. has shown weakness, further strengthening market expectations for a rate cut by the Federal Reserve.
Market Highlights
1. Binance's listing of Resolv has drawn attention. Resolv, as a stablecoin project anchored to both Ethereum and Bitcoin, has a model similar to Ethna, essentially a copycat play. The project party hedges risks through perpetual contracts, with most hedged positions deployed on the Hype platform.
2. The South Korean public chain Kaia has seen a surge in its market. With the new South Korean president taking office and holding a friendly attitude towards cryptocurrencies, even planning to lift restrictions on stablecoin issuance, it has injected strong confidence into the local crypto market. The major shareholder behind Kaia comes from South Korea's leading social platforms Kakao and Line (similar to WeChat in China), which have natural traffic and ecological advantages in developing the payment finance (PayFi) sector.
3. The meme craze has reignited, with Labubu and Aura performing brilliantly. Labubu continues to attract attention with its extremely high popularity across the internet, while the veteran meme coin Aura has achieved a hundredfold price surge in just one day, becoming the market focus.
