BTC fell below $101,000 but has now recovered to $103,876; ETH fell below $2,400 but has now recovered to $2,479. The market fear index has dropped to 45 (from 57 the previous day), with capital inflows slowing and institutional enthusiasm for buying cooling.
In the last 24 hours, global liquidations reached $980 million, with BTC and ETH accounting for $341 million and $285 million, respectively. Altcoins fell simultaneously, with the L2 sector down 5.89%. Traders are betting on bullish ETH options, expecting a breakout above $3,400 by the end of June, but technical analysis shows a 'death cross' on the daily chart, indicating short-term risks remain.
TRUMP coin plunged 12% due to the Trump family's lawsuit, and the public feud between Musk and Trump intensified market sentiment volatility.
DOGE fell 10% in a single day, and Tesla's stock dropped 14.26%, dragging down related assets.
Tesla's market value evaporated by 1.09 trillion yuan (approximately $152.5 billion), the Nasdaq fell 0.83%, and Trump Media Group (DJT) fell 8.04%.
Circle (USDC issuer) surged 168% on its first day of listing, reaching a market value of $6.9 billion, showing traditional capital's recognition of compliant crypto assets.
Hedge fund mogul Ackman calls for reconciliation between Trump and Musk, but the market believes his remarks may pave the way for shorting tech stocks.
Hong Kong's (stablecoin regulation) will take effect on August 1, requiring issuers to meet capital reserves, which may impact the market share of USDT and USDC.
The U.S. (Clarity Act) has entered the review stage, and if passed, it will provide a long-term compliance framework for the crypto market.
In May, the private sector added 37,000 jobs, far below the expected 115,000, with imports plummeting by 20%, showing the adverse effects of tariffs.
The Federal Reserve maintains a 97.5% probability of keeping interest rates unchanged in June. If the non-farm data is below expectations, it may strengthen rate cut expectations.
The China-U.S. call emphasizes 'making good use of the economic and trade consultation mechanism,' with the market focusing on tariff negotiation progress.
The Monetary Authority of Singapore (MAS) announced that the licensing guidelines for digital token service providers will take effect on June 30, requiring all DTSPs operating domestically to be licensed, or face a maximum fine of 250,000 SGD and up to 3 years in prison.
South Korean President Lee Jae-myung promotes the legalization of Bitcoin spot ETFs, allowing pension funds to allocate to crypto assets, which may attract traditional financial institutions.
China has built the world’s first 300-kilometer quantum secure direct communication (QSDC) network, utilizing quantum entanglement for hacker-proof data transmission, which may reshape the security architecture of crypto assets in the future.
Summary
Market sentiment: Affected by the public conflict between Trump and Musk, weak economic data, and regulatory uncertainty, cryptocurrencies and U.S. stocks fell in tandem. Panic sentiment dominated short-term trading. Events such as the imminent implementation of Hong Kong's (stablecoin regulation) and Circle's planned listing indicate that the stablecoin market is moving towards compliance and transparency, which will help enhance market trust and stability, while also providing investors with more reliable asset choices.
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