Top Story
The Federal Reserve’s dot plot suggests that interest rates will be cut four times in 2025 (with three cuts expected in March).
Trump: Hopes all remaining bitcoins are manufactured in the USA
Former US President Trump posted on Truth Social stating that bitcoin mining could be the last line of defense against CBDC. He hopes that all remaining bitcoins are “MADE IN THE USA”, which would help the US dominate the energy sector.
US May CPI yoy at 3.3%, expected at 3.40%, previous value 3.40%
In May, the US CPI year-on-year stood at 3.3%, slightly below the expected 3.40%. Additionally, the core CPI rates for May were also slightly lower than the previous values. The market is anticipating a possible rate cut by the Federal Reserve.
Industry News
Market News: The Federal Reserve’s dot plot may have already been voted on, with two rate cuts expected this year
Cfra’s Chief Investment Strategist, Sam Stovall, mentioned that unexpectedly low inflation has led to an increase in futures prices and a significant drop in the 10-year US Treasury yield. This bodes well for the Federal Reserve. The dot plot may have already been voted on, and there is a possibility of two rate cuts in 2024 instead of one. The market remains optimistic about the potential for rate cuts by the end of the year.
Tether CEO: To launch a new type of digital asset product on June 17th
Tether CEO Paolo Ardoino announced that Tether will launch a new type of digital asset product on June 17th after a year of effort.
10x Research: Bitcoin may hit new highs if it surpasses $72,000
10x Research’s latest market analysis report suggests that Bitcoin’s price could hit new highs if it surpasses $72,000. However, overexposure to Ethereum futures may have a negative impact on Bitcoin. The market sentiment is shifting towards a possible rate cut by the Federal Reserve in November.
Matrixport: Ethereum may underperform again
Matrixport’s analysis indicates that Ethereum may underperform again as the ETH/BTC ratio has been on a downward trend since the merger of PoW and PoS chains in September 2022.
US core CPI falls to a three-year low, increasing the likelihood of a rate cut by the Federal Reserve
The US core CPI year-on-year recorded a three-year low of 3.4%, below the expected level of 3.5%. Traders are now anticipating a rate cut by the Federal Reserve.
Market expects a 100% probability of a 25 basis point rate cut by the Federal Reserve in November
According to swap contracts, the market is pricing in a 100% probability of a 25 basis point rate cut by the Federal Reserve in November.
Project News
DWF Labs: To launch a fund focusing on specific project areas
DWF Labs’ Andrei Grachev announced the launch of a fund focusing on specific project areas after months of planning and strategic decisions.
Solana Labs introduces customer loyalty platform, Bond
Solana Labs has launched the customer loyalty platform, Bond, to help companies implement loyalty programs on the blockchain. This is the third product developed by Solana Labs.
Ethereum beacon chain staking surpasses 33 million ETH, with a staking rate of 27.55%
Data from Dune shows that Ethereum’s beacon chain staking has exceeded 33 million ETH, with over 1 million validators participating. The staked ETH accounts for 27.55% of the total supply.
Sushi DAO to continue operating, Sushi Labs focused on driving rapid product innovation
Sushi DAO will continue to operate in a decentralized manner, playing a crucial role in governance and decision-making. Sushi Labs aims to complement Sushi DAO by driving faster and more efficient development while maintaining decentralized governance.
Ripple CEO: Ripple’s new stablecoin named RLUSD
At the XRP Ledger Community Summit in Amsterdam, Ripple CEO Brad Garlinghouse announced the name of Ripple’s new stablecoin as RLUSD.
Wormhole: Stake for Governance currently only supports EVM chains
Wormhole announced that while Stake for Governance uses a multi-chain governance system, it currently only supports EVM chains. Solana support will be added later, requiring users to transfer W from Solana to an EVM chain.
Security Advisory
SafePal CEO’s X account has been hacked, do not interact with it
SafePal issued a statement on X stating that its CEO’s X account has been hacked. Users are advised not to interact with any posts or messages from the account until access is restored. The X team is working to resolve the issue and will provide updates once access is recovered.
