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[Link to FM] The Monetary Authority of Singapore is considering restricting retail investors from participating in the cryptocurrency market, and Brazil has established an exclusive encryption investigation team

【Data Intelligence】

Number of Bitcoin Lightning Network Nodes at 17,700

According to data from the 1ML website, the number of Bitcoin Lightning Network nodes is 17,700, a year-on-year increase of 0.43%; the number of channels is 85,138, a year-on-year decrease of 0.2%; the network capacity is 4,074.91 BTC, a year-on-year increase of 3%.

The Ethereum network has currently destroyed more than 2.5112 million ETH

According to Ultrasound data, up to now, the Ethereum network has destroyed a total of 2,511,286.35 ETH. Among them, ETHtransfers destroyed 231,969.21 ETH, OpenSea destroyed 230,049.97 ETH, and UniswapV2 destroyed 134,417.10 ETH. Note: Since EIP-1559 was introduced in the upgrade of Ethereum London, the Ethereum network will dynamically adjust the BaseFee of each transaction according to the transaction demand and block size, and this part of the fee will be directly burned and destroyed.

Regulatory News

Brazil Establishes Encryption-Specific Investigation Team

The Prosecutor's Office of the Federal District of Brazil announced the establishment of an encryption-specific criminal investigation team, whose main duties are to help prosecutors handle cryptocurrency cases, and to warn and educate consumers of encrypted products on the safe use of encrypted currency assets. Brazilian prosecutorFrederico Meinberg stated that the agency’s staff must receive professional training while actively interacting with the market, because the best training for dealing with digital asset issues is to practice in the market.

Central Bank of Russia: Cryptocurrency mining will be legalized, provided that the mined output can only be sold abroad

According to news on July 5, the Central Bank of Russia (CBR) stated that it will agree to the legalization of cryptocurrency mining, provided that the output mined by miners in Russia can only be converted into legal tender outside Russia. The key is to avoid creating incentives for the subsequent use of cryptocurrencies in domestic payments. Ivan Chebeskov, head of the Financial Policy Department of the Russian Ministry of Finance, pointed out that some large cryptocurrency mining companies based in the Russian Federation have also been forced to deal with foreign restrictions when withdrawing funds. Russia may have to build its own trading platform infrastructure to provide liquidity to the industry.

【Industry Trends】

Crypto lending platform CoinLoan temporarily lowers lender withdrawal limits, citing market conditions

On July 5th, the encrypted lending platform CoinLoan announced that affected by the problems of Celsius, Voyager, BlockFi and Three Arrows Capital, the assets withdrawn from its platform surged. Funding limits are established to balance the flow of funds and prevent liquidity-related disruptions. This temporary limit applies to the total daily withdrawals per account: each user can withdraw up to $5,000 per 24-hour period. CoinLoan said it will remove the measure when market conditions permit, and said user assets are safe.

Voyager Digital Opens Withdrawals for Trades Submitted Before Suspension

News on July 5th, according to Voyager Digital’s recent email to users, the platform is currently processing withdrawals before the suspension of transactions, and stated that any funds requested before the suspension are now going through “including security and anti-fraud reviews. and our usual procedures, including those handled by our banking partners." Voyager stopped deposits, withdrawals, transactions and rewards on June 30, and the business has sent little communication since. On July 3, the exchange issued an announcement on Twitter confirming the value of its assets and assuring users that Voyager is doing its best to resolve the issue. Voyager confirmed holding $1.3 billion in crypto assets and $35 in cash at the bank.

Financial technology company BKN301 completes 15 million euros in financing

On July 4th, BKN301, a financial technology company focusing on developing payment services and banking as a service, completed its A-round financing of 15 million euros (about 15.65 million U.S. dollars), led by Swiss fund Abalone Group, PayU, Azimut Digitech Fund, CRIF, GNB Swiss Investments AG participated as well as a number of financial industry executives. BKN301 founder and CEO Steven Muccioli said that the company will adopt emerging banking technologies, such as digital payments, blockchain services, cryptocurrencies and digital assets, and they will also help third parties provide financial services through their BaaS and digital electronic currency platforms. , payment and Token issuance services, currently focusing on the markets in Africa, the Middle East and Eastern Europe.

South Africa's H2O Water Securities completes US$150 million in financing, GEM participates in the investment

According to news on July 4, South Africa’s H2O Water Securities completed a financing of US$150 million, and digital asset investment company GEM Digital participated in the investment. H2O Water Securities is a professional company that combines finance, infrastructure, and water plant deployment and operation. It will launch the world's first water resource encryption token H2ON, making it a means of raising funds for global water projects and supporting more people to invest Water infrastructure.

Jay Chou and celebrity chef Jiang Zhencheng jointly launched an NFT exclusive dessert "Afro Bear Exploding Bear"

On July 4th, according to Vogue reports, Jay Chou and celebrity chef Jiang Zhencheng jointly launched the NFT exclusive dessert "Afro Bear Exploding Bear". Holders of the two NFTs of "Phanta Bear" will have the opportunity to enjoy the dessert "Afro Bear Exploding Bear" first.

Binance NFT and Porto Football Club Cooperate to Launch NFT Blind Box

On July 4th, Binance NFT Market announced that it has reached a cooperation with Portugal's Porto Football Club to launch the "Porto Football Team: 30th League Champion" NFT blind box series. This is the third NFT blind box series from FC Porto, showcasing key player moments from their successful ninth Dobradinha season, as well as highlights from winning the Nations League and Nations Cup, each blind box contains an NFT, The price is 3 PORTO fan tokens. Blind boxes are divided into 4 rarities: Normal (N), Rare (R), Super Rare (SR), and Extremely Rare (SSR).

【Elite Viewpoint】

Ark Invest Analyst: BTC Is Nearing the "Bottom of the Century"

"Sister Wood" Cathie Wood's ARK Investment Management analyst Yassine Elmandjra analyzed on social media that due to the unfavorable macro environment (such as economic recession, the Federal Reserve continues to raise interest rates, etc.), risky assets such as Bitcoin may continue to suffer losses. Yassine Elmandjra analyzed two indicators, one is the net unrealized loss (NUPL), which fell by 17%, indicating that Bitcoin may suffer another correction. According to Elmandjra, NUPL fell to about 25% at the bottom of the previous market cycle the other is the 200-week moving average, which Bitcoin fell below for the first time in this bear market on a short- and long-term cost basis, suggesting that the cryptocurrency king may be approaching another "generational bottom."

Currency Research Institute Ebury: The Fed may slow down the pace of interest rate hikes

On July 5, the Federal Reserve may slow down the pace of rate hikes as US inflation is likely to slow. Matthew Ryan, head of market strategy at Ebury, a currency research firm, said that the Fed is now seen as unlikely to raise interest rates by another 75 basis points. The FOMC meeting has about a three-quarters chance of raising interest rates by this amount. Inflation is likely to ease in the coming months as food and energy prices stop rising and, in some cases, decline.

【What to watch today】

Monetary Authority of Singapore is considering restricting retail participation in the cryptocurrency market

On July 4th, the Monetary Authority of Singapore said in a statement in response to the Singapore Parliament that cryptocurrencies are not suitable for retail investors to invest. Most cryptocurrencies are subject to large speculative price swings. Recent events have vividly demonstrated this risk, with the prices of several cryptocurrencies falling sharply. In January, the Monetary Authority of Singapore went further than most other regulators, including restricting the marketing and advertising of cryptocurrency services in the public domain and banning downplays of the risks of cryptocurrency trading. The Monetary Authority of Singapore has been seriously considering introducing more consumer protections, which could include restrictions on retail participation and rules on the use of leverage when trading cryptocurrencies. There is also a need for regulatory harmonization and cooperation on a global scale. The Monetary Authority of Singapore reiterated that cryptocurrencies are highly risky and not suitable for the retail public market.

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