Daily Market Update (July 6, 2025, 10:30 AM)
ChainDD's market update for July 6 shows a comprehensive index alongside CoinMarketCap's quotes:
BTC is priced at $108,188.68, with a 24-hour increase of approximately 0.23%;
ETH is priced at $2,516.57, with a 24-hour increase of approximately 0.14%;
BNB is priced at $655.54, with a 24-hour increase of approximately 0.10%;
DOGE is priced at $0.1641, with a 24-hour increase of approximately 0.76%;
SOL is priced at $147.37, with a 24-hour decrease of approximately 0.48%.
Cryptocurrency Market Dynamics
Musk responds that 'the election time' is next year.
In response to a tweet where Musk announced the establishment of the 'American Party', a user asked if his new party would participate in the 2026 midterm elections or the 2028 presidential elections, to which Musk replied, 'Next year.'
The Central Bank of Bahrain has launched a licensing and regulatory framework for stablecoin issuers.
The Central Bank of Bahrain has announced the launch of a licensing and regulatory framework for stablecoin issuers, aimed at ensuring the secure integration of stablecoins into the financial system. The new rules allow licensed institutions to issue single-currency stablecoins backed by the Bahraini dinar, US dollars, or other approved fiat currencies. This initiative aims to reduce the risks associated with unregulated stablecoins, enhance investor confidence, and promote sustainable growth in the industry.
Chairman of Société Générale: Europe needs to embrace stablecoins.
Chairman of Société Générale and former member of the Executive Board of the European Central Bank, Lorenzo Bini Smaghi, wrote that 'Europe needs to shrug off fear and embrace stablecoins', stating that Europe faces the risk of being marginalized in the digital finance ecosystem, as currently 99% of stablecoins globally are issued by the United States and denominated in US dollars, with the euro having almost no presence in emerging fields. Although the EU has introduced the most comprehensive regulatory framework for crypto assets, MiCA, requiring stablecoin issuers to hold 30% cash and 70% high-rated sovereign bonds as highly liquid reserves, cultural risk aversion still hinders innovation, and European banks view stablecoins as a threat and lack motivation to invest.
The Bank of England has an 'open attitude' towards the use of stablecoins for wholesale payments.
The Bank of England this week indicated a forward-looking stance on digital innovation, with its Executive Director Sasha Mills stating an 'open attitude' towards the use of stablecoins for wholesale payments, contrasting with a report from the Bank for International Settlements last week that labeled stablecoins as 'unreliable currencies'.
Mills emphasized that financial stability is the top priority, but after legal revisions, the central bank must balance innovation, and the regulatory approach will be more balanced. There is a significant policy shift: the Bank of England has relaxed restrictions on the use of stablecoins in the wholesale market for the first time, although it still favors central bank money settlement; in the retail sector, reserve requirements are loosened, allowing some investments in high-quality assets while planning to set temporary holding limits for individuals and businesses to prevent deposit outflows.
The Bank of Canada is exploring technical pathways for a retail CBDC.
The Bank of Canada has taken an important step in exploring the technical feasibility of a digital Canadian dollar by proposing a system specifically designed for retail central bank digital currency (CBDC), focusing on simple everyday payments.
It is reported that the Bank of Canada's team examined the OpenCBDC 2PC model, which was developed in collaboration with MIT's Digital Currency Initiative, prioritizing privacy, speed, and decentralization, allowing users to hold digital funds directly, just like digital cash.
The Swedish Minister of Justice has called for increased efforts to seize 'involved' cryptocurrency assets, with parliament members suggesting the inclusion of Bitcoin reserves.
Swedish Minister of Justice Gunnar Strömmer has called for police, the tax authority, and law enforcement agencies to increase efforts to seize criminal proceeds, particularly cryptocurrency assets. The confiscation legislation that came into effect last November allows law enforcement agencies to seize property 'without proving that someone actually committed a crime'. This means that if authorities suspect anyone of illegally obtaining cryptocurrency and that person 'cannot explain its source', police and other agencies will have the right to seize those assets. Swedish Democrat MP Dennis Dioukarev supports this seizure action and has called for the confiscated BTC to be transferred to the Bank of Sweden to establish a national strategic Bitcoin reserve.
Hong Kong Treasury Bureau: Preparing to issue the third batch of tokenized bonds and promote the tokenization of assets and financial instruments such as precious metals.
The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated that Hong Kong has issued green bonds in tokenized form twice in 2023 and 2025, with a third batch of tokenized bonds also in preparation. Hong Kong will regularize the issuance of tokenized government bonds and provide incentives for the tokenization of real-world assets, such as exempting tokenized exchange-traded funds (ETFs) from stamp duty during transfers. In addition, Hong Kong will promote broader asset and financial instrument tokenization, showcasing the diverse applications of tokenization technology in different fields, including precious metals, non-ferrous metals, and renewable energy (such as solar panels).
Vitalik: Institutions choose Ethereum not for speed, but for its 'stability, reliability, and non-crashing'.
In an interview at the Ethereum Community Conference (EthCC) held in Cannes, France, Ethereum co-founder Vitalik Buterin stated that many institutions do not pursue scalability and speed, but rather value Ethereum's stability and reliability more.
He pointed out that 'many institutions have clearly told us that they choose Ethereum because it is stable, reliable, and does not crash,' emphasizing that long-term features like privacy are the functions that institutions 'truly value'.
Vitalik also stated on the main stage of the conference: 'We don't just want to succeed; we want to be a network worthy of success.' He hopes that in the future, people will see Ethereum as a true model for achieving open, free, and permissionless access.
Cambodia and the United States have reached a trade agreement and will soon release a joint statement on 'reciprocal tariffs'.
The Cambodian government announced on the 4th that it has reached an agreement with the United States in tariff negotiations. The two sides will soon release a joint statement on 'reciprocal tariffs', although specific details of the agreement, including tariff rates, remain unclear.
News from the Cambodian government shows that Deputy Prime Minister Sun Chanthol held online consultations on the 4th with Assistant U.S. Trade Representative for Southeast Asia and Pacific Affairs Sara Ellerman. Both sides reached a consensus on the draft joint statement.
