yangjun

$USDC USDC is a compliant stablecoin launched jointly by Circle and Coinbase, pegged to the US dollar at a 1:1 ratio. It is issued via smart contracts on blockchains such as Ethereum and is supported by equivalent dollar reserves for each token [1,2](@ref). Its core advantages lie in **compliance and transparency** (regulated by the US FinCEN, with monthly audit reports) and **multi-chain compatibility** (supporting Ethereum, Solana, and more than 18 public chains), making it a mainstream medium for DeFi lending, cross-border payments, and cryptocurrency trading [2,5](@ref). As of June 2025, USDC's market capitalization exceeds $62 billion, accounting for 28% of the stablecoin market, with liquidity covering over 100 exchanges [1,6](@ref). Compared to USDT, USDC adopts a government bond + cash reserve model, with a lower redemption threshold (no large amount restrictions), and is more recognized for its safety by institutions [1,3](@ref). The current price remains stable in the range of 0.999-1.001, influenced in the short term by US dollar liquidity and regulatory policies, while long-term attention should be paid to Circle's compliance evolution after its IPO.

#我的交易风格 My trading style is centered around trend following and value resonance, emphasizing the 'three rates unified' (win rate ≥ 65%, profit-loss ratio ≥ 3:1, frequency ≤ 3 trades/week) quantitative discipline. The main operational techniques include:

1. Technical resonance: Focus on high-probability structures such as platform breakthroughs and converging patterns, combining K-line and moving average systems to capture trend initiation points;
2. Capital verification: Only participate in key varieties with continuous net inflows from institutional capital, requiring a fundamental performance gap (e.g., net profit growth rate > 30%);
3. Dynamic risk control: Hard stop loss at -5% immediately executed, reduce position by 50% when profit reaches +8%, set breakeven stop loss at +15% to avoid emotional interference. The holding period is primarily based on weekly-level fluctuations (average 2-4 weeks), and a multi-account isolation strategy is employed to balance aggressive and conservative needs. The core philosophy is 'do not guess tops and bottoms, only engage in deterministic resonance', intervening in the middle of trends and strictly adhering to exit mechanisms.

On June 17, 2025, the U.S. Senate passed the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act) with a vote of 68 to 30, establishing a federal regulatory framework for dollar-pegged stablecoins for the first time. The bill requires issuers to hold high-quality liquid assets such as cash in U.S. dollars and short-term government bonds as a 1:1 reserve, and to publicly disclose reserve details monthly. Issuers with a market value exceeding $50 billion must accept federal regulation. The bill explicitly prohibits algorithmic stablecoins, prohibits payment stablecoins from providing yields, and exempts them from securities/commodity characteristics. This legislation fills a legal gap of over a decade in the stablecoin sector, reinforcing the dominance of the U.S. dollar in digital finance, with the next steps being submission to the House for review and presidential signing.

As of June 17, 2025, the price of Bitcoin against the US dollar (BTC/USD) fluctuates around $104,000, continuing the momentum pattern following this halving cycle. As the first decentralized cryptocurrency, BTC is being rapidly incorporated into the asset allocation systems of mainstream institutions, supported by the scarcity (total supply of 21 million coins) and anti-inflation properties enabled by blockchain technology. Currently, the market is influenced by multiple intertwining factors: the delayed expectations of Federal Reserve interest rate cuts suppress short-term risk appetite, while the cryptocurrency-friendly policies promoted by the Trump administration provide long-term support; the technical indicators show a bullish arrangement after RSI overbought correction, and the key resistance level breakthrough needs to be observed with volume support at $105,000. The derivatives market shows a high position ratio of long and short positions, indicating that volatility may be amplified. In the medium to long term, the competition among global central bank digital currencies and the inflow of funds into Bitcoin spot ETFs (such as BlackRock's product exceeding $100 billion in scale) may push its positioning towards "digital gold" deeper.

In May 2023, the Federal Reserve's FOMC meeting decided to maintain the federal funds rate target range at 4.25%-4.50%, marking the third pause in rate hikes this year. The meeting minutes showed that officials are highly vigilant about the stickiness of inflation and the uncertainty of the economic outlook, believing that tariff policies may drive up prices and suppress growth, leading to an increased risk of stagflation with rising unemployment and inflation. Although the labor market remains resilient, corporate hiring has slowed due to policy uncertainty, and there is upward pressure on long-term inflation expectations. The Federal Reserve emphasized taking a cautious stance and highlighted the need for more data to assess the actual impact of tariffs on the economy, with market expectations for the first rate cut possibly delayed until September. This meeting underscored the difficult trade-offs policymakers face between curbing inflation and avoiding a hard landing for the economy.

$BTC $BTC pairs refer to trading combinations formed by using Bitcoin (BTC) as a benchmark against other cryptocurrencies or fiat currencies, such as BTC/USDT, BTC/ETH, etc. The core function is to achieve value measurement and exchange between different assets, with the ratio of the base currency (BTC) to the quote currency (such as USDT) reflecting the real-time market price.

In the cryptocurrency market, BTC pairs dominate, accounting for over 60% of exchange trading volume. The main types include:

1. Fiat currency pairs (e.g., BTC/USD): Connecting to the traditional financial system, making it easier for new investors to enter;
2. Cryptocurrency pairs (e.g., BTC/ETH): Supporting cross-asset arbitrage and portfolio allocation;
3. Stablecoin pairs (e.g., BTC/USDT): Reducing volatility risk by pegging to the US dollar.

The liquidity, spreads, and trading depth of BTC pairs directly affect market efficiency. For example, the high liquidity of BTC/USDT makes it a preferred choice for hedging, while the volatility of BTC/ETH attracts trend traders. As of now (June 2025), influenced by expectations of interest rate cuts by the Federal Reserve and cryptocurrency policies of the Trump administration, BTC pairs generally exhibit high volatility characteristics, requiring a comprehensive assessment of risks based on on-chain data and macroeconomic indicators.

On May 2025, Trump Media & Technology Group (TMTG) announced a $2.5 billion Bitcoin treasury plan, financing it through the issuance of $1.5 billion in common stock and $1 billion in zero-coupon convertible bonds, aiming to incorporate Bitcoin into its balance sheet as a strategic reserve asset. This move emulates MicroStrategy's 'Bitcoin treasury' model, attempting to enhance company valuation through cryptocurrency binding and support its Truth Social platform payment system and token ecosystem. The plan is linked to the 'America First' cryptocurrency policy promoted by the Trump administration, including an executive order signed in March to establish a strategic Bitcoin reserve. However, the market reacted severely, with TMTG's stock price dropping 10.38% in a single day, and the volatility of Bitcoin prices, weak corporate financial fundamentals, and regulatory risks sparked controversy.

#卡尔达诺稳定币提案 Cardano (ADA) stablecoin proposal is centered around algorithmic mechanisms and over-collateralization, constructing a multi-layer price stability system. Representative projects include:

1. Djed: Adopts a dual-token model (DJED/SHEN), dynamically adjusting the collateralization rate (400-800%) through smart contracts, and combining emergency reserves to respond to market fluctuations, achieving decentralized price anchoring;
2. USDA and USDM: The former is a fiat-backed stablecoin, while the latter has received a $100 million ADA investment from the Cardano treasury, in collaboration with Brevan Howard to optimize liquidity, planning to reduce exchange slippage through an algorithmic trading engine.

On the technical side, the proposal relies on Plutus smart contracts to achieve collateral management, oracle data verification, and governance voting functions, emphasizing a balance between transparency and compliance. The current ecosystem's TVL accounts for less than 10%, but the inclusion of ADA in the Nasdaq index and institutional collaborations (such as SEC approval progress) provide strategic opportunities. Challenges include regulatory policy uncertainty, smart contract security, and competitive pressure from traditional stablecoins.

The stablecoin proposal for Cardano (ADA) at #卡尔达诺稳定币提案 is centered around algorithmic mechanisms and over-collateralized reserves, combined with a dynamic stability fund to ensure price anchoring. Representative projects include:

1. Djed: Adopts a dual-token model (DJED and SHEN), manages collateral and price governance through smart contracts, and includes an emergency reserve mechanism (400-800% collateralization ratio) to address market fluctuations;
2. Ardana and COTI: Based on over-collateralized diversified asset reserves, integrating ADA and fiat stablecoins, leveraging the efficiency and scalability of the Cardano blockchain;
3. Privacy stablecoin: Planned for launch in 2025, it aims to balance compliance and anonymity through selective disclosure mechanisms to meet anti-money laundering requirements. Challenges include regulatory uncertainty, smart contract security, and market volatility risks, but its decentralized governance and transparency design lay the foundation for ecological development.

$ADA $ADA is the native token of the Cardano blockchain, developed under the leadership of Ethereum co-founder Charles Hoskinson. It uses the Ouroboros proof-of-stake (PoS) consensus mechanism, consuming only 1/300 of the energy of Bitcoin. Its technical highlights include a layered architecture (separating the settlement layer from the control layer), Haskell language security, and an academically-driven iterative model, supporting smart contracts and decentralized finance (DeFi) applications. As of June 2025, ADA's market capitalization has consistently remained in the top ten globally, priced at approximately $0.63, with a 24-hour increase of 1.9%. Recently, it has been included in the Nasdaq index, and whales have increased their holdings by 120 million coins, boosting market confidence. As the core of the ecosystem, ADA is used for transactions, staking rewards, and governance voting, but it needs to address regulatory policies and technological upgrade risks.

The Cardano stablecoin proposal #卡尔达诺稳定币提案 is centered around an algorithmic mechanism, combining over-collateralized reserves and a dynamic stabilization fund, aiming to achieve price anchoring. Its representative projects include:

Djed: Adopts a dual-token model (DJED and SHEN), managing collateral and price governance through smart contracts, with an emergency reserve mechanism (400-800% collateralization ratio) to cope with market fluctuations;

Ardana and COTI: Based on over-collateralized diversified asset reserves, integrating ADA and fiat-backed stablecoins, relying on the efficiency and scalability of the Cardano blockchain.

In the future, Cardano plans to launch a privacy-focused stablecoin, achieving cash-like anonymity under compliance requirements, meeting anti-money laundering obligations through selective disclosure, expected to be implemented in 2025.

Challenges include regulatory uncertainty, smart contract security, and market volatility risks, but its decentralized governance and transparent design lay a foundation for ecological development.

The Cardano stablecoin proposal (#卡尔达诺稳定币提案 ) is centered around an algorithmic mechanism, combining excessive collateral reserves and a dynamic stability fund to achieve price anchoring. Its representative projects include:

1. Djed: Adopts a dual-token model (DJED and SHEN), managing collateral and price governance through smart contracts, with an emergency reserve mechanism (400-800% collateralization rate) to respond to market fluctuations;
2. Ardana and COTI: Based on excessive collateral diversified asset reserves, integrating ADA and fiat stablecoins, relying on the efficiency and scalability of the Cardano blockchain. In the future, Cardano plans to launch a privacy stablecoin to achieve cash-like anonymity under compliance, meeting anti-money laundering requirements through selective disclosure, expected to be implemented in 2025. Challenges include regulatory uncertainty, smart contract security, and market volatility risks, but its decentralized governance and transparent design lay the foundation for ecological development.

As of June 14, 2025, Ethereum (ETH) has shown a significant fluctuation pattern. Influenced by the escalation of the situation in the Middle East and expectations regarding Federal Reserve policies, the ETH price sharply dropped from a high of $2,649 to the $2,490 range within the day, with a 24-hour decline of 7.8%, hitting a three-month low. Technical analysis indicates that the 4-hour chart has broken below the key support level of $2,640, and the short-term resistance level has shifted down to the $2,580-$2,600 range; if it cannot break through, it may further test the strong support at $2,400. The current ETH/BTC ratio has dropped to 0.0245, indicating a relative weakness compared to Bitcoin. Market panic sentiment is spreading, with over $380 million in liquidations in the 24-hour contracts, and long positions accounting for 82%. However, Ethereum's spot ETF has maintained a net inflow for 18 consecutive days, and institutional long-position confidence remains unchanged. In the short term, it is recommended to pay attention to the $2,500 threshold for bulls and bears; if it breaks below, it may trigger algorithmic selling pressure, and a rebound will require breaking through $2,620 to alleviate downward pressure.

The BTC trading pair $BTC is a cryptocurrency trading combination based on Bitcoin (BTC) as the base currency, commonly seen as BTC/USDT, BTC/ETH, etc., reflecting its exchange price with other assets. On June 13, 2025, due to the escalating situation in the Middle East, BTC's price plummeted over 4% in a single day, falling below $103,000, triggering over 240,000 liquidation events with losses reaching $1.159 billion. As the first decentralized digital currency, BTC has a fixed total supply of 21 million coins, possesses anti-inflation characteristics, but its price is highly volatile and susceptible to geopolitical conflicts, policy regulations, and market sentiment shocks. Current trading pairs need to pay attention to liquidity risks and technical support levels (such as $102,500), with short-term fluctuations expected to continue.

In June 2025, the conflict between Israel and Iran escalated sharply. In the early hours of the 13th, Israel launched a 'preemptive' airstrike against Iran's nuclear facilities, air defense systems, and military command centers, destroying the Tabriz airbase and resulting in the deaths of several senior Iranian generals. Iran subsequently launched nearly 100 missiles and drones at Israel, with cities like Tel Aviv being attacked. Israel claimed to have intercepted most of the missiles but still reported 63 injuries. Both sides declared they would 'continue to retaliate,' with Iranian Supreme Leader Khamenei pledging to 'completely destroy the Israeli regime,' while Israeli Prime Minister Netanyahu emphasized that the actions aimed to eliminate the nuclear threat. The international community expressed high concern, with the UN Security Council holding emergency consultations, and Russia and France calling for restraint. The United States denied direct involvement but was accused of tacitly allowing the actions. The conflict caused international oil prices to surge by 8% in a single day, bringing the Middle East situation to the brink of chaos, with global supply chains and financial markets facing shocks.

$BTC Bitcoin (BTC) is a decentralized digital currency based on blockchain technology, launched in 2009 by a team under the pseudonym Satoshi Nakamoto. Its total supply is fixed at 21 million coins, and mining rewards decrease through a proof-of-work (PoW) mechanism, halving every four years to control inflation. Its core features include peer-to-peer transactions, no need for third-party intermediaries, public and immutable transaction records, and security ensured by cryptographic algorithms. As of June 2025, the price of Bitcoin surpassed $110,000, reaching an all-time high, primarily driven by the approval of U.S. spot ETFs, increased institutional investment, and global liquidity easing. As 'digital gold,' Bitcoin serves both as a store of value and a payment method, but faces challenges such as transaction fee volatility, regulatory policy differences, and technical scalability issues (e.g., low transactions per second). Its price cycle is strongly correlated with halving events, and it may further penetrate mainstream financial systems in the future.

The recent tariff policy imposed by the United States has triggered global trade shocks. Starting from May 2025, the U.S. will impose a 25% tariff on imported cars and parts, leading to risks of export shrinkage and supply chain disruptions for the South Korean automotive industry, prompting companies like Hyundai and Kia to accelerate local production in the U.S. In response, China has implemented countermeasures, imposing a 15% tariff on U.S. coal and liquefied natural gas, and increasing agricultural product import tariffs to 27%. Countries such as the European Union and Mexico are also facing tariff pressures on steel, aluminum, and agricultural products, while ports in Europe, like Hamburg, are experiencing cargo delays due to intensified logistics congestion. Data shows that the U.S. inflation rate has already shown an upward trend due to tariff transmission, with the core CPI rising by the largest month-on-month increase in four months in May. Economists warn that the costs of tariffs will ultimately be passed on to American consumers, with an expected increase of $4,400 in annual household spending. This unilateral policy not only impacts global supply chains but also plunges the U.S. into a dual dilemma of expanding trade deficits and runaway inflation.

The ETH trading pair $ETH ETH consists of Ethereum (ETH) paired with other cryptocurrencies or stablecoins. Common types include ETH/BTC (ETH against Bitcoin) and ETH/USDT (ETH against the US Dollar stablecoin). ETH/BTC reflects the relative value of ETH to Bitcoin and is often used to assess the market strength of both; ETH/USDT anchors the fiat value through stablecoins, reducing volatility risk and is suitable for short-term trading.

When trading ETH pairs, attention should be paid to technical indicators (such as MACD divergence, RSI oversold) and on-chain data (such as the proportion of profitable addresses, staking volume). For example, ETH recently broke through the 20-day moving average, leading to a surge in contract open interest that pushed prices up. Additionally, the development of the ETH ecosystem (such as Layer 2 scaling and growth in DeFi applications) may support its pair value in the long term, but one should be cautious of high leverage liquidation risks.

The Nasdaq Crypto ETF expansion plan is accelerating, intending to include 9 tokens such as Solana (SOL), Cardano (ADA), and XRP into its benchmark index, promoting diversification of holdings. Currently, the Hashdex Nasdaq Crypto Index ETF (NCIQ) is limited to holding BTC and ETH, but the SEC has accepted its rule change application in June 2025. If approved, it will allow investment in all index component assets, with results expected to be announced by November 2, 2025. This move will enhance institutional capital allocation efficiency, reduce tracking error risks, and may trigger a wave of passive capital inflows for newly included tokens like SOL. As a key node in the integration of traditional finance and the crypto market, this ETF expansion may become a landmark event for regulatory breakthroughs in the crypto industry in 2025.

The core driving factors behind the recent rebound in the cryptocurrency market include: macroeconomic recovery (increased liquidity due to expectations of Federal Reserve interest rate cuts), accelerated technological innovation (Ethereum's Pectra upgrade improving transaction efficiency, surge in Layer 2 network activity), institutional funds returning (Bitcoin ETF ending net outflows, BlackRock leading a $33 billion capital allocation), and favorable policy releases (Hong Kong's stablecoin regulations coming into effect, Trump Media Group submitting ETF application). The current market presents a pattern of 'Bitcoin taking the stage, altcoins performing,' with a total market capitalization surpassing $3.34 trillion, but caution is needed regarding high leverage (total network contract positions exceeding $50 billion) and regulatory uncertainty (SEC's determination of ETH's security attributes) leading to short-term volatility risks.