News on June 19, the Cryptos market is fluctuating. As of the time of publication,$Bitcoin (BTC.CC)$ up 0.15%, reported at $104,969.86; $Ethereum (ETH.CC)$ down 0.02%, reported at $2,524.59.
Key focus
Trump: Hope the House can also act swiftly to pass the stablecoin legislation.
Trump stated on Social Media: The Senate has just passed an incredible bill that will make the United States the undisputed leader in digital assets—no one can compare, this is simply genius! Digital Assets are the future, and our country will dominate it. We are talking about massive investment and significant innovation. I hope the House can also act at lightning speed to pass a 'clean' 'Genius Bill'. Get it to my desk as soon as possible—no delays, no attachments. This is the best embodiment of American wisdom, and we will show the world how to win in the digital assets space like never before!
JD.com: Currently conducting internal testing of stablecoins at the Hong Kong Monetary Authority, expecting to launch in the fourth quarter of this year.
According to reports, $JD.com (JD.US)$ The CEO of JD.com's Blockchain Technology, Liu Peng, recently announced that they are testing a compliant stablecoin pegged to the Hong Kong dollar and other currencies within the Hong Kong Monetary Authority's "sandbox". The plan is to launch as early as the fourth quarter of this year, initially applying it in the settlement scenarios for JD.com's global sales in Hong Kong and Macau. Liu Peng pointed out that JD.com's stablecoin will primarily target the traditional cross-border trade market, connecting the real payment needs in the Asia-Pacific, Middle East, and Africa regions with advantages such as compliance, security, and auditability.
On June 19, JD.com responded to reporters that the relevant statement is accurate, but the earlier timeline has a clear prerequisite: the specific timetable depends on regulation. "We hope to obtain a license in early fourth quarter of this year and simultaneously launch JD.com's stablecoin. The stablecoin will be issued on a public chain, and at that time, anyone can publicly access data such as the issuance volume."
U.S. Treasury Secretary: Cryptos will not threaten the dollar's status, instead stablecoins help consolidate dollar hegemony.
U.S. Treasury Secretary Scott Bessent stated this morning on platform X that cryptos will not threaten the dollar's position, rather stablecoins help consolidate dollar hegemony. He pointed out that digital assets are one of the most important phenomena today but have been long ignored by governments. Bessent emphasized that the current administration is committed to making the United States a center for digital asset innovation, and the advancement of the GENIUS Act brings this goal closer.
Circle has risen nearly 34% again, and the stock price has more than quintupled in just 10 days since its listing.
On Wednesday, the U.S. Senate passed the GENIUS Act with a vote of 68-30, establishing a federal regulatory framework for dollar-backed stablecoins. This news instantly ignited the Crypto Sector, with the 'first stablecoin stock' $Circle (CRCL.US)$ The stock price skyrocketed nearly 34% that day. The passage of the GENIUS Act is seen as a historic breakthrough for the U.S. crypto industry. This act aims to clarify the legal status of stablecoins, defining them as digital cash, promoting widespread use in mainstream payment and settlement areas, rather than being limited to the current 80-90% use in crypto asset settlements.
As the second largest stablecoin issuer by Market Cap, Circle is seen as a core player for Cryptos to move towards mainstream payments and regulated finance. Since its listing on June 5th, the company's stock price has accumulated a rise of over 543%, soaring from the IPO price of $31 to Wednesday's closing price of $199.59.
Central Financial Committee: Support the use of blockchain and other technologies to develop supply chain finance, and build an offshore financial system that matches Shanghai.
The Central Financial Committee issued "Opinions on Supporting the Acceleration of Building Shanghai into an International Financial Center," suggesting the strengthening of a unified financing credit service platform, and supporting financial institutions in utilizing blockchain and other technological means to develop supply chain finance. This will service the development of a multi-level, multi-pillar pension insurance system. High-quality construction of a global fintech center is encouraged. Financial support for the higher quality integrated development of the Yangtze River Delta is promoted. The opinions also propose expanding high-level two-way financial opening. Steadily expanding institutional openness in the financial sector will fully align with international high-standard economic and trade rules. Facilitate cross-border trade and investment, providing comprehensive financial services for “going out” enterprises. Deepen and expand investment and financing cooperation in the CSI One Belt & One Road Index. Innovate in shipping insurance and reinsurance business. Build an offshore financial system that matches the Shanghai International Financial Center.
Bitcoin transaction fees account for a miner reward ratio that has fallen below 1%, hitting a three-year low.
According to foreign media reports, by mid-June, Bitcoin transaction fees accounted for only 0.96% of block rewards, the lowest level since January 2022. Although the price of BTC has surpassed $0.1 million, the decrease in on-chain transaction activity has led to a sharp decline in miners' transaction income. The current average transaction fee is only about $1.45, lower than past peaks. Miners’ earnings continue to face pressure, with hash prices and fees both falling, leading some mining companies to sell BTC to maintain operations.
a16z: The official X account was briefly hacked this morning, posting false token information.
The well-known venture capital institution a16z announced that its official X account was briefly hacked this morning. During this time, the account published token promotions and other false content, which were not officially released by a16z. The account has now been restored to normal.
Coinbase has launched a stablecoin payment stack called Coinbase Payments.
$Coinbase (COIN.US)$ Announced the launch of "Coinbase Payments" service, allowing merchants to accept USDC stablecoin payments around the clock, with Shopify being the first integrated platform, closing up 16.32% on that day. This service is built on its Ethereum Layer Two network Base, providing a payment stack with no knowledge barrier to blockchain. Coinbase stated that the stablecoin settlement amount reached 30 trillion dollars last year, indicating significant market potential.
Coinbase also stated that it has signed an agreement allowing USDC to be used as collateral for Futures trading in the United States. According to a statement on Coinbase's website, Coinbase derivatives are working with the clearing agency Nodal Clear and regulatory authorities, and this is expected to be the first regulated use of USDC as collateral. Additionally, Coinbase's Chief Legal Officer, Paul Grewal, revealed that the company is seeking approval from the U.S. Securities and Exchange Commission to launch its tokenized equities service.
The United Kingdom plans to introduce restrictive regulatory rules for banks regarding crypto assets.
According to CoinDesk, David Bailey, Executive Director of Prudential Policy at the Bank of England, stated that the United Kingdom plans to introduce stricter regulations on bank exposure to crypto assets by 2026 to maintain financial stability. This proposal will adopt recommendations from the Basel Committee, potentially limiting exposure to highly volatile assets like Bitcoin to within 1%. Bailey indicated that it is more appropriate to take a more conservative approach to banking crypto risks at the current stage.
The U.S. Department of Justice has filed a civil forfeiture lawsuit involving more than 0.225 billion dollars related to crypto fraud.
According to an official announcement, the U.S. Department of Justice filed a civil forfeiture lawsuit in the U.S. District Court for the District of Columbia, targeting over 0.2253 billion dollars in cryptocurrencies. Through investigations such as blockchain analysis by law enforcement, these cryptocurrencies are linked to funds stolen from victims of crypto investment fraud, with involved addresses forming a complex money laundering network executing hundreds of thousands of transactions to obscure their sources. The head of the Criminal Division of the Department of Justice stated that this act is to protect the public and full efforts will be made to recover the funds. The U.S. Attorney for the District of Columbia indicated that their office is leading the fight against such scams and will return seized funds to victims. It is reported that over 400 suspected victims suffered losses from fraudulent investments. The supervisor of the U.S. Secret Service's San Francisco field office stated that this seizure of funds is the largest cryptocurrency seizure operation in the agency's history.
Spokane, Washington, has banned Bitcoin ATMs due to a surge in cryptocurrency scams.
According to Decrypt, the Spokane City Council in Washington State unanimously passed a bill banning the operation of all cryptocurrency ATMs in the city, becoming the first city in the state to implement such a ban. Over 50 existing devices must be removed within 60 days, with violators facing civil penalties. City Council member Paul Dillon stated that the ban aims to protect residents from fraud utilizing cryptocurrency ATMs.
The U.S. Senate Banking Committee is developing its version of the principles for the Crypto Market Structure Bill.
According to crypto journalist Eleanor Terrett, the Senate Banking Committee is drafting its version of the principles for the cryptocurrency market structure bill, which will be the focus of a subcommittee hearing led by Senator Cynthia Lummis next week. Senator Tim Scott expressed his hope to hold a full committee hearing within the next month, possibly after the draft is released.
ZachXBT warns that the crypto industry is facing a 'criminal supercycle', with a sharp increase in illicit activities.
On-chain detective ZachXBT posted that as politicians launch meme coins and courts dismiss multiple cases, the crypto industry has entered a "criminal supercycle." Organizations like Lazarus are easily processing stolen funds from Bybit, DMM Bitcoin, and WazirX through small OTC and money laundering groups, with the size of the black market on the Tron chain estimated to reach $50 to $10 billion. He criticized certain protocols for having over 50% of their funds sourced from stolen assets but still collecting fees without taking action, while also pointing out the lack of legal sanctions against scam KOLs and smart contract exploiters. He called for the industry to reflect on systemic loopholes and long-term risks.
The three major Chinese Bitcoin mining giants, which have a combined market share of over 90%, are turning to the United States to set up factories in response to tariff pressures.
According to Reuters, in response to the tariff policies imposed by the Trump administration on 'liberation day,' Bitmain, Canaan, and MicroBT, the three major Chinese Bitcoin mining manufacturers, have established production lines in the United States, covering over 90% of the global mining machine market. Canaan has already begun trial production in the U.S., while MicroBT is actively advancing a localization strategy. Analysts warn that China's dominance in hardware supply poses a strategic risk to the U.S., and American mining companies are pushing for restrictions on Chinese product imports to balance supply and demand.
The founder of Bridgewater Capital stated that the company's use of debt to purchase Bitcoin could potentially "damage Bitcoin."
According to Decrypt, SkyBridge Capital founder Anthony Scaramucci warned at the DigiAssets 2025 conference that the trend of companies purchasing Bitcoin as reserve assets through bond issuance may ultimately "hurt Bitcoin." He compared this phenomenon to a fleeting trend in the fashion industry, believing that when this hype fades, it could impact the cryptocurrency market. While Scaramucci and Michael Saylor are both bullish on Bitcoin, Scaramucci perceives Bitcoin as "digital gold" valued at 24 to 25 trillion dollars, while Saylor views it as a potential "digital property" worth 500 trillion dollars.
Analysis: Bitcoin needs to hold its current support range to maintain upward expectations and may climb to 0.14 million USD by the end of this summer.
According to Matrixport analysis, changes in global liquidity over the past 18 months have often preceded Bitcoin's movements, being seen as important "leading Indicators." However, as market structures evolve, the predictive power of this model is weakening and requires ongoing validation and dynamic adjustment. Currently, the Bitcoin price fluctuates in the 105,000 to 110,000 dollar Range, which aligns closely with the 13-week delayed rhythm indicated by the model. If the correlation remains effective, Bitcoin must hold its current support Range to maintain upward expectations and may rise further to 0.14 million dollars by late summer this year.
Editor/Joe
