Industry Weekly | Facebook currency is yellow? – Waiting for the official hearing in July

Summary

This week, Bitcoin hit a 14,000 US dollar callback and the market continued to fluctuate. LedgerX was approved to provide physical settlement of bitcoin futures contracts, and the G20 summit focused on digital currency regulation.

Facebook currency still needs to wait for the hearing. Today, some media reported that five Democratic Party members of the US House Financial Services Committee suddenly sent a letter to Zuckerberg and other Facebook executives requesting the immediate suspension of the digital currency Libra project. The move is more concerned with the market: Facebook has issued a new currency. ?

In our previous communication, we believe that Facebook has taken the first step to embrace the blockchain, but Libra, as a global stable currency anchoring a basket of assets, has a long way to go in terms of technology and supervision. From a regulatory point of view, a letter from a member is only expressing willingness. It is not the final ruling. Regardless of success or failure, Facebook still needs to face some hearings in the future. We will also closely follow the event and look forward to more details of Libra. .

The G20 summit focused on digital currencies, and global coordinated regulation continued to deepen. At the Chinese and foreign media briefings held by the Ministry of Foreign Affairs, the G20 Chinese spokesperson said that the G20 will also pay attention to the application of new technologies such as digital currency and encryption assets in the financial sector. China should say that it is doing a good job in this regard. From June 28th to 29th, the V20 Virtual Asset Service Provider Summit of the G20 Summit was held. Representatives explored feasible technical solutions for the latest cryptographic asset monitoring guidelines proposed by the Financial Action Task Force (FATF). The cryptocurrency industry representatives and regulators discussed FATF's cryptographic asset monitoring guidelines and agreed to establish an international regulatory agency for virtual currency service providers, but the name has not yet been determined. In addition, the V20 meeting has not yet agreed on the technical solutions and regulatory framework of the FATF regulations.

LedgerX was approved as a Bitcoin physical delivery futures exchange. Recently, the US Commodity Futures Trading Commission (CFTC) has approved the Bitcoin derivatives provider LedgerX to provide physical settlement of the Bitcoin futures contract, which is the second company approved to provide physical delivery of bitcoin futures contracts; Bakkt, Seed CX and ErisX of the exchange are also planning to enter the market. Unlike the cash-settled bitcoin futures offered by the Chicago Mercantile Exchange Group and the previous Chicago Board Options Exchange, customers will receive actual bitcoin after the contract expires instead of the equivalent dollar. LedgerX can not only trade Bitcoin futures contracts, but also provide such products to retail investors. It is not limited to institutional clients. Bitcoin officially enters the traditional financial market, and Bitcoin has begun to become like gold and stocks. a vast market.

Goldman Sachs and JP Morgan Chase are eager to stabilize the currency. Plustoken is suspected of running, involving 20 billion yuan. All this shows that the blockchain industry has had an indiscriminate impact in all areas. On the one hand, the industry is waiting for a verifiable innovation. The role model, on the other hand, is how regulation regulates chaos in the industry. We believe that Bitcoin brings the creation of blockchain from 0 to 1. The industry looks forward to the next 1 to 2 or even 1 to 10 re-innovation, using the actual landing to change the world. At the same time, regulation will be impossible for the development of the industry. A lack of a link to avoid illegal chaos.

Last week's market review: Chainext CSI 100 fell 4.57%, and the basic enhancements in the segmentation sector performed best. From the perspective of the sub-segment, the basic enhancement, the Internet of Things & Traceability section outperformed the Chainext CSI 100 average, which was +24.58, +10.83%, pure currency, storage & computing, AI, basic chain, entertainment social, Payment transactions and commercial finance sectors underperformed Chainext CSI 100 averages of -1.6%, -2.64%, -6.91%, -8.38%, -13.16%, -13.8%, -16.87%, respectively.

Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.

1. Hotspot tracking: G20 summit promotes global coordination of digital currency regulation, LedgerX becomes Bitcoin physical delivery futures exchange

This week, Bitcoin hit a 14,000 US dollar callback and the market continued to fluctuate. LedgerX was approved to provide physical settlement of bitcoin futures contracts, and the G20 summit focused on digital currency regulation.

Event: Recently, the US Commodity Futures Trading Commission (CFTC) has approved LedgerX, a New York-based bitcoin derivatives provider, to provide physical settlement of bitcoin futures contracts; the G20 summit is concerned with digital currency regulation, and global coordinated regulation continues to deepen. The media blasted Plustoken suspected of running, Goldman Sachs, JP Morgan Chase issued the "arrow on the string."

The G20 summit focused on digital currencies, and global coordinated regulation continued to deepen. At the Chinese and foreign media briefings held by the Ministry of Foreign Affairs, the G20 Chinese spokesperson said that the G20 is also concerned about the application of new technologies in the financial sector, including digital currency, encrypted assets, etc. China should say that it is doing a good job in this regard. From June 28th to 29th, the V20 Virtual Asset Service Providers Summit was held at the G20 Summit. According to the V20 official website, the conference will convene G20 representatives, as well as cryptocurrency exchanges such as Circle, Coinbase, bitFlyer, Kraken, and Huobi, to jointly explore feasible technical solutions to achieve the FATF's Financial Action Task Force (FATF). The latest cryptographic asset monitoring guidelines. The cryptocurrency industry representatives and regulators discussed FATF's latest cryptographic asset monitoring guidelines. After two days of discussions, I agreed to establish an international regulatory agency for the Virtual Money Service Provider (VASP). However, the name of the institution is currently undetermined. In addition, the V20 meeting has not yet agreed on the technical solutions and regulatory framework of the FATF regulations.

LedgerX was approved as a Bitcoin physical delivery futures exchange. Recently, the US Commodity Futures Trading Commission (CFTC) has approved that New York-based Bitcoin derivatives provider LedgerX can provide physical settlement of bitcoin futures contracts, and LedgerX is the second company approved to provide physical delivery of bitcoin futures contracts. Other companies, such as the Intercontinental Exchange's Bakkt, Seed CX and ErisX, are also planning to enter the market (although Bakkt's own futures contract is self-certified, the company is still waiting for the New York Financial Services Department to issue a license for its warehouse). Unlike the cash-settled bitcoin futures offered by the CME Group and the previous Chicago Board Options Exchange (Cboe), customers will receive the actual bitcoin after the contract expires instead of the equivalent dollar. . LedgerX can not only trade Bitcoin futures contracts, but more importantly, it can also provide such products to retail investors, rather than institutional customers, whereby Bitcoin officially enters the traditional financial market, and Bitcoin also begins to become like gold. Like stocks, it has opened up a broader market.

Goldman Sachs and JP Morgan Chase are eager to stabilize the currency. Plustoken is suspected of running, involving 20 billion yuan. All this shows that the blockchain industry has had an indiscriminate impact in all areas. On the one hand, the industry is waiting for a verifiable innovation. The role model, on the other hand, is how regulation regulates chaos in the industry. We believe that Bitcoin brings the creation of blockchain from 0 to 1. The industry looks forward to the next 1 to 2 or even 1 to 10 re-innovation, using the actual landing to change the world. At the same time, regulation will be impossible for the development of the industry. A lack of a link to avoid illegal chaos.

2. Relevant news from various governments: The US Minnesota new bill determines that cryptocurrency political donations are illegal

The new US Minnesota bill was released, and it was decided that the cryptocurrency political donation was illegal. Four members of the US House of Representatives of Minnesota filed a motion number 2885, hoping to identify “donations or contributions from digital trading units of all sources” as illegal, including but not limited to bitcoin contributions, and considered that such contributions were not issued by the government. Legal tender support. The bill does not clarify whether the stable currency belongs to the above categories. Rather, it may stipulate that any individual, political committee, political fund, political propaganda committee or political party unit may not raise funds or accept any kind of donation. If deliberately donate or accept, A civil penalty of up to $3,000 will be imposed. If an individual violates this rule and accepts all digital trading units, it is a felony.

The Abkhaz government drafted a regulatory law requiring cryptocurrency mining licenses. In response to domestic cryptocurrency mining activities, the Ministry of Economic Affairs of Abkhazia, the autonomous republic of Georgia, drafted a bill that has been approved by the department and presented to the cabinet. The regulatory bill establishes mining regulations from a legal, economic, organizational, and technical perspective, requiring mining operators to register as legal entities or businesses plus, and register as taxpayers, obtain licenses for mining activities, and Temporary restrictions on mining power are available in crisis situations such as failures.

3. Industry chain related dynamics: BTC miners' revenue increased by 38.0% from the previous month

(The following source website data is updated to June 29)

Last week, BTC added 2.654 million new transactions, an increase of 9.04% from the previous month; ETH added transactions of 5,915,600, down 2.86% from the previous month. Last week, the average daily income of BTC miners was 25.32 million US dollars, an increase of 38% from the previous month; the average daily income of ETH miners was 4.369 million US dollars, an increase of 11.65%.

Last week, BTC's average daily computing power reached 62.19EH/s, an increase of 15.77% from the previous month; the average daily computing power of ETH's entire network reached 169.6TH/s, an increase of 5.36% from the previous month.

Last week, the difficulty of mining the whole network of BTC was 7.63T, an increase of 2.91% from the previous month; the next difficulty adjustment day was on July 10, the estimated difficulty value was 8.73T, and the difficulty increased by 9.99%; the average mining difficulty of ETH whole network last week was 2.12T, an increase of 4.96% from the previous month.

4. Last week's market review: Chainext CSI 100 fell 4.57%, and the basic enhancements in the segmentation sector performed optimally.

We introduce the professional index product of the token market, the Chainext CSI series index, in which the CSI 100 index [1] represents the overall trend of the market; the CSI 5 index [2] represents the trend of the market oversized currencies; the CSI 21-100 index [3] Represents the trend of small caps in the market. The market fluctuated this week and trading continued to be active. As of last Sunday (June 30), the Chainext CSI 100 index was 1059.39, down 4.57% from the previous week, and the total volume of 24 hours on Sunday was 16.790 billion US dollars; among them, the global average price of BTC was 10,917.16 US dollars, compared with the previous period. It fell 0.04%; ETH's global average price was 290.7 US dollars, down 5.76% from the previous period.

From the perspective of the sub-segment, the basic enhancement, the Internet of Things & Traceability section outperformed the Chainext CSI 100 average, which was +24.58, +10.83%, pure currency, storage & computing, AI, basic chain, entertainment social, Payment transactions and commercial finance sectors underperformed Chainext CSI 100 averages of -1.6%, -2.64%, -6.91%, -8.38%, -13.16%, -13.8%, and -16.87%, respectively.

risk warning

1. Regulatory policy uncertainty;

2. The technical progress and application of the project fell below expectations;

3. A cryptocurrency-related risk event occurs.