Last night, the crypto market was on a roller coaster again. Under the influence of the two important events, the latest US CPI data and the Federal Reserve interest rate, the crypto market rose first and then fell, with both long and short positions exploding. The US CPI data was released first, increasing the probability of the Federal Reserve cutting interest rates. The crypto market rose accordingly. Bitcoin received and paid all the recent declines, soared nearly 5%, breaking through $70,000 in one go, and at the same time led to the rise of other tokens. After that, at 2 a.m., the Federal Reserve announced the latest interest rate decision (unchanged), and the Federal Reserve Chairman delivered a speech. The market expected only one interest rate cut this year. The crypto market's gains fell sharply and were once again beaten back to square one.
Let's take a look at what was worth noting last night:
1. US core CPI fell to a three-year low, and the crypto market soared
The annual rate of the US core CPI in May was 3.4%, lower than the expected level of 3.5%, the lowest level since April 2021. Traders expect that the Fed will cut interest rates more likely. The crypto market surged on this news, and Bitcoin once broke through $70,000, an increase of 5%.
2. Market news: US SEC says Terraform has agreed to pay $4.47 billion
According to market news, the U.S. Securities and Exchange Commission said that Terraform has agreed to pay $4.47 billion in its lawsuit against it.
Earlier news, the US SEC required Terraform Labs and its co-founder Do Kwon to pay a fine of US$5.3 billion and impose civil penalties. Terraform Labs' attorney filed an opposing motion.
3. Fed Chairman Powell's speech cooled down the interest rate cut, and the crypto market narrowed its gains
Concept currency: $BTC
Fed Chairman Powell delivered a speech last night, saying that if the economy remains stable and inflation persists, we are prepared to keep interest rates unchanged where appropriate. We have implemented a slightly conservative strategy in inflation expectations, and we expect good but not excellent inflation data to ensure that the inflation rate falls back to 2%. Affected by Powell's conservative speech, the crypto market's gains fell sharply, and Bitcoin once fell back to around $68,000.
4. Affected by Trump's promise to support Bitcoin mining, the share prices of the top ten mining companies rose by about 10%
Shares of bitcoin miners rose about 10% on Wednesday, a day after U.S. presidential candidate Donald Trump pledged to boost crypto mining in the country.
According to data from Google Finance, among the top ten Bitcoin mining companies by market value, TeraWulf (WULF) and Hut 8 Mining (Hut) had the largest share price increases, rising 10.5% and 10.07% respectively on June 12.
Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) ranked in the top five with increases of 9.87%, 9.72% and 8.94% respectively.
CleanSpark (CLSK) and Riot Platforms (RIOT) also rose 8.15% and 6.5%, respectively, but Marathon Digital (MARA), the largest Bitcoin mining company by market value, only rose 2.4% on the day.
Yesterday, Trump posted on Truth Social that Bitcoin mining may be the last line of defense against CBDC. He hopes that all remaining Bitcoins will be made in the United States, which will help the United States gain energy dominance.
Trump also told industry executives that he pledged to support the industry if he is elected president in November.
5. People familiar with the matter: Biden campaign is considering accepting cryptocurrency donations through Coinbase Commerce
U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry insiders about accepting cryptocurrency donations through Coinbase Commerce, a platform that the Trump campaign began accepting last month, according to people familiar with the matter.
The discussion is the latest move by the Biden campaign to explore how to win over cryptocurrency supporters ahead of an election that some congressional experts believe will be decided by a narrow margin. A person familiar with the matter said the Biden team may be seeking to gain support from well-funded cryptocurrency supporters. People in Biden's inner circle specifically told the Biden team that if they remain silent on cryptocurrency, they could lose the election, a person familiar with the matter said.
6. Bubblemaps: Insider trading activity in Meme coin DADDY, insiders have bought 30% of its total
Concept currency: $DADDY (+190%)
According to Bubblemaps, there is a lot of insider trading activity in the Meme coin DADDY. At launch, insiders bought 30% of the total supply, and then Andrew Tate (@Cobratate) began to promote it on X, and the current holdings are worth more than $45 million.
Additionally, Andrew Tate has yet to burn 40% of the supply he holds ($64 million), which means he could start selling at any time.
It is reported that DADDY’s current market value is US$320 million, with an increase of nearly 190% in the past 24 hours.
