Today's Outlook
1. The U.S. EIA crude oil inventory (in ten thousand barrels) for the week ending June 20 will be announced today, previous value -1147.3.
2. Federal Reserve Chair Powell will testify today before the Senate Banking, Housing, and Urban Affairs Committee regarding the semiannual monetary policy report.
3. AltLayer (ALT) unlocked approximately 240 million tokens, accounting for 6.83% of the current circulating supply, valued at approximately $6.7 million.
4. Venom (VENOM) unlocked approximately 59.26 million tokens, accounting for 2.84% of the current circulating supply, valued at approximately $10 million.
5. The Story ecosystem RWA protocol Aria will open APL claiming on June 25.
Macroeconomic & Hot Topics
1. Israel stated that after a call between U.S. and Israeli leaders, Israel will stop further military strikes against Iran. The Iranian president stated he is ready to engage in dialogue at the negotiating table. The Iranian president said that if Israel does not violate the ceasefire agreement, Iran will not violate it either. The Israeli military claims to have delayed Iran's nuclear program by several years. The Israeli transportation minister stated that Israel plans to fully reopen its airspace. The Qatari prime minister expressed hope to restore Gaza ceasefire negotiations within two days, urging Israel not to expand military operations in Gaza using the ceasefire with Iran. Wang Yi had a phone call with the Iranian foreign minister, stating that China supports Iran in achieving a true ceasefire based on the maintenance of national sovereignty and security. #CeasefireNegotiation
2. The Texas state government in the United States will allocate $10 million for purchasing Bitcoin. According to news yesterday, Texas Governor Greg Abbott recently signed Senate Bill No. 21, making the state the first in the U.S. to establish a publicly funded Bitcoin reserve. The state will allocate $10 million for purchasing Bitcoin, becoming the first state in the country to actually inject funds (rather than just authorize) to establish a cryptocurrency reserve. Lee Bratcher, chairman of the Texas Blockchain Council, stated that although this investment accounts for only 0.0004% of the state budget, it sends an important signal of Texas's recognition of the future of digital finance. Accompanying bill HB 4488 also takes effect, prohibiting the transfer of Bitcoin reserve funds into the state's general revenue.
3. Chainlink partners with Mastercard to support 3 billion users in on-chain cryptocurrency purchases. Mastercard has partnered with Chainlink to allow over 3 billion cardholders worldwide to directly complete fiat-to-cryptocurrency on-chain exchanges via credit cards. The solution integrates Zerohash's compliance technology, while Swapper Finance, Shift4 Payments, XSwap, and Uniswap protocols will support an 'intuitive user experience'. Chainlink and Mastercard stated in a joint statement that through this partnership, global cardholders will be able to 'securely convert fiat to cryptocurrency and directly purchase crypto assets on-chain', aiming to eliminate 'long-standing barriers that have hindered mainstream users from entering the on-chain economy.'
4. Solana treasury company Upexi's stock price plummeted 60%, investors sold 43 million shares. According to news yesterday, Upexi (UPXI) opened on Tuesday with a sharp drop of about 60%, falling below $4, currently reported at $3.82. The reason is that investors registered to sell 43.85 million shares, an amount equivalent to the company's initial circulating shares in April. Upexi had previously raised $100 million to establish the Solana treasury and currently holds 679,677 SOL tokens. Despite investment bank Cantor Fitzgerald giving the company a target price of $16, optimistic about Solana's growth potential as a treasury asset, the large supply of shares still led to a significant drop in the stock price.
