Daily market update (June 4, 2025, 8:25 PM)
ChainDD data for June 4 shows the comprehensive ChainDD index and CoinMarketCap quotes:
BTC is at $105,744.74, up about 0.09% in 24 hours;
ETH is at $2,638.16, up about 1.43% in 24 hours;
BNB is at $670.12, up about 0.35% in 24 hours;
DOGE is at $0.1964, up about 0.52% in 24 hours;
SOL is at $156.82, down about 1.53% in 24 hours.
Cryptocurrency market news
Analysis: The ETH/BTC exchange rate has risen by 30% in the past month, and Ethereum may be on the verge of a breakthrough.
The ETH/BTC exchange rate has been rising recently, increasing by 30% in the past month, indicating stronger demand for Ethereum. Analysts believe that a breakout of the ETH/BTC exchange rate from the cup-and-handle pattern may mark the beginning of a new 'altcoin season.'
Meanwhile, the US spot Ethereum ETF has recorded net inflows for 12 consecutive days, indicating growing interest from institutional investors in ETH. In contrast, the spot Bitcoin ETF experienced capital outflows for three consecutive days from May 29 to June 2, totaling $1.23 billion.
MoonPay has obtained a Bitcoin license in New York (BitLicense).
Crypto journalist Eleanor Terrett stated on platform X that MoonPay has obtained a Bitcoin license in New York (BitLicense), paving the way for the company to serve clients in all 50 states. Currently, a few companies that have obtained this license include Anchorage Digital, Coinbase, and Circle.
Wu Jiezhuang: Willing to assist Singapore virtual asset companies looking to establish in Hong Kong.
Hong Kong Legislative Council member Wu Jiezhuang stated on platform X, "Singapore recently released (Guidelines on Licensing for Digital Token Service Providers), which introduced new policies for companies, institutions, and personnel engaged in virtual assets. Since Hong Kong released its virtual asset declaration in 2022, it has actively welcomed the industry to develop in Hong Kong. According to informal statistics, over a thousand Web3 companies have settled in Hong Kong. If you are currently engaged in related industries in Singapore and intend to relocate headquarters and personnel to Hong Kong, I am willing to provide assistance and welcome you to develop in Hong Kong!"
The Moscow Exchange in Russia has launched Bitcoin futures trading.
According to Bitcoin Magazine, Russia's largest securities exchange, the Moscow Exchange, has officially launched Bitcoin futures trading services for qualified investors. This Bitcoin futures contract was launched by Russia's largest commercial bank Sberbank on its SberInvestments platform, marking Russia's first Bitcoin ETP.
The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors.
According to the Securities Times, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated that the Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors and will formulate robust risk management measures. These measures will further enrich the product options in the Hong Kong market while ensuring that transactions are conducted in an orderly, transparent, and secure manner. Additionally, in light of the latest developments in the virtual asset market, the Financial Services and Treasury Bureau will issue a second policy declaration on the development of virtual assets, outlining the next policy vision and direction.
The Bank of Japan will consider slowing the pace of bond purchase reductions next year.
Four sources familiar with the Bank of Japan's thinking stated that the Bank of Japan is considering slowing the pace of bond purchase reductions starting from the next fiscal year, indicating its focus on avoiding large-scale turmoil in the bond market. Last month, the yield on Japan's ultra-long-term government bonds surged to record highs, reflecting investors' concerns over Japan's deteriorating public finance situation.
Sources say that there is no consensus within the Bank of Japan, with some believing that the central bank should focus on reducing its intervention in the bond market and therefore prefers to maintain the current pace. The Bank of Japan will make a final decision at its next policy meeting on June 16-17, during which it will evaluate the ongoing reduction plan lasting until March and propose follow-up plans for after April 2026.
Australian Securities Exchange listed company Locate Technologies allocates Bitcoin in its balance sheet.
Australian Securities Exchange listed company Locate Technologies announced the completion of a AU$1.45 million financing and became the first ASX-listed company to allocate Bitcoin in its balance sheet. The company stated that it will allocate cash exceeding operational funding needs to Bitcoin, aiming to establish a long-term strategic position. CEO Steve Orenstein stated that this move can enhance the strength of the balance sheet and support future mergers and acquisitions, while acknowledging that some shareholders may hold a cautious attitude.
US SEC Chair: Future cryptocurrency policies will be advanced through open rulemaking processes.
According to Cointelegraph, US SEC Chairman Paul Atkins stated that future policies related to cryptocurrencies will be developed through open rulemaking processes rather than through enforcement actions.
Atkins emphasized that this process will be conducted through the 'Notice and Comment' method to ensure public participation in policy-making and allow for feedback.
Matrixport: The new president is actively promoting cryptocurrency reform in South Korea, but has not yet fully boosted market enthusiasm.
Matrixport released a chart today stating that the new South Korean president Lee Jae-myung is actively promoting a series of cryptocurrency reform measures, clearly supporting the legalization of spot Bitcoin ETFs, the issuance of stablecoins pegged to the Korean won, and relaxing restrictions on institutional investors entering the cryptocurrency market. In addition, Lee Jae-myung also plans to amend the current regulatory provisions on trading platforms and establish a "Digital Asset Committee" to promote the formulation and implementation of related policies such as the "Basic Law on Digital Assets." These measures aim to align with global financial development trends, strengthen South Korea's financial sovereignty, and accelerate the integration of digital assets into South Korea's mainstream economy. Despite an increasingly friendly regulatory environment, local cryptocurrency trading activity in South Korea remains relatively sluggish, and the president's reform promises have not yet fully boosted market enthusiasm.
South Korean President Lee Jae-myung promises to promote the development of cryptocurrency ETFs and Korean won stablecoins.
Candidate Lee Jae-myung of the Korean Left Party has been elected as the new president of South Korea with a vote rate of 49.42%, defeating right-wing opponent Kim Moon-soo's 41.15%. Lee Jae-myung pledged to vigorously develop South Korea's cryptocurrency industry, with key policies including: allowing local adoption of spot cryptocurrency ETFs, establishing a Korean won stablecoin market, improving the regulatory framework for digital assets, and reducing blockchain regulations in specific areas to promote innovation.
South Korea is one of the largest cryptocurrency markets in the world, with 9.7 million trading users, accounting for about 20% of the total population. Unlike the previous president Yoon Suk-yeol’s unfulfilled promise of being crypto-friendly, Lee Jae-myung is expected to push for the implementation of his cryptocurrency policies against the backdrop of a shift in attitude from the Financial Services Commission.
Tether CEO: Will continue to focus on markets outside the US.
Tether CEO Paolo Ardoino recently stated in an interview with Bloomberg that despite the Trump administration's friendly stance towards cryptocurrencies, the company's "main interest" will still be focused on regions outside the United States. Data shows that in 2024, stablecoin payment transactions will reach $51.4 billion, a significant increase from last year, with Tether's USDT occupying 62% to 91% of the market share in most regions worldwide. Singapore, Hong Kong, and Japan combined account for 36.3% of global stablecoin traffic, far exceeding the United States' 18.7%.
Ardoino stated that the company will continue to focus on emerging markets such as Latin America, Asia, and Africa, while not ruling out the possibility of issuing new stablecoins in the US "once a suitable regulatory framework emerges."
