Wynn's on-chain assets have been cleared, Gemini applies for IPO in the US

Headlines

▌James Wynn's on-chain assets have been cleared and all transferred to CEX

According to @EmberCN monitoring, James Wynn's on-chain address has been cleared and the remaining assets have all entered CEX, a total of 1.91 million USDC. Among them, the transfers were: Kucoin 1.5 million US dollars, MEXC 335,000 US dollars, and Gate 75,000 US dollars.

▌Cryptocurrency trading platform Gemini applies for IPO in the United States

According to Reuters, the cryptocurrency trading platform Gemini secretly applied for an IPO in the United States. As previously reported, on March 8, according to Bloomberg, people familiar with the matter revealed that the crypto trading platform Gemini has secretly submitted an IPO application in the United States and is working with Goldman Sachs and Citigroup. Whether the IPO will be carried out in the end is still undetermined. This move occurred after the U.S. Securities and Exchange Commission (SEC) terminated its investigation into Gemini and did not take any action. In addition, Gemini also reached a $5 million settlement with the U.S. Commodity Futures Trading Commission (CFTC) in January this year on a lawsuit.

Market

As of press time, according to CoinGecko data:

BTC price is US$101,642, up or down -3.0% in 24 hours;
ETH price is US$2,420.45, up or down -7.3% in 24 hours;
BNB price is US$633.39, up or down -4.4% in 24 hours;
SOL price is US$144.18, up or down -5.8% in 24 hours;
DOGE price is US$0.1719, up or down -8.7% in 24 hours;
XRP price is US$2.1, up or down -4.8% in 24 hours.

Policy

▌Fed Vice Chairman of Supervision Bowman: Proposed Reform and Relaxation of Banking Supervision

The Fed's new top regulatory official Bowman has set an ambitious agenda to review and relax a number of bank rules and regulatory policies, which she believes have become too onerous and unnecessary. Bowman said the Fed will reconsider the way it makes rules and how it regulates some of the largest and most complex banks in the United States. She pointed out that a large number of rules introduced since the 2008 financial crisis deserve reconsideration. Bowman specifically pointed out that the Fed will consider revising its ratings of large banks, noting that two-thirds of large banks are still rated as unsatisfactory by Fed regulators even if they meet all capital and liquidity requirements. She said the proposed reforms would address this strange mismatch by taking a more reasonable approach, namely reducing some of the subjective rating weights of banks that have demonstrated resilience. She also said the Fed would reconsider its rating framework for small banks to ensure that it focuses primarily on significant risks rather than regulatory judgments. Bowman also said the Fed would closely examine so-called "horizontal reviews," in which regulators conduct in-depth reviews of multiple banks on a particular issue. She believes that this approach actually causes banks to compete with each other and ignores their respective uniqueness when identifying deficiencies.

▌Trump's tax reform bill is expected to pass the U.S. Senate, and no Republican lawmaker supports Musk

Republicans in the U.S. Congress chose to stand on Trump's side in his public dispute with Musk, which was seen as an optimistic signal that the tax reform bill will eventually pass smoothly. Most lawmakers followed Trump's instructions and firmly supported the $3 trillion bill. Musk had previously threatened to help any congressional candidate who voted against the bill in the primary election, but lawmakers believed that maintaining a good relationship with the president was a safer choice for political survival. Johnson, speaker of the House of Representatives, said: "The tax reform bill is not in danger, we will definitely pass it... I tell you - don't doubt, don't question, and don't challenge President Donald Trump of the United States. He is the leader of the party and the most influential politician of our time."

Blockchain Application

▌Microsoft releases AI Agent Failure White Paper

Microsoft released the white paper "Classification of AI Agent System Failure Modes" to help developers and users better understand and solve various daily Agent failures. These failures are mainly divided into two categories: new failures and existing failures, and the causes of these failures and how to solve them are explained in detail.

Cryptocurrency

▌Hyperliquid perpetual contract trading volume hit a new high, reaching $248 billion in May

According to The Block, Hyperliquid hit a new high in perpetual contract trading volume, reaching $248 billion in May, an increase of 843% year-on-year and 51.5% month-on-month. The platform has successfully captured 10.54% of Binance's perpetual contract traffic, a record high.

▌Sources: Pump.fun considers distributing protocol revenue to PUMP token holders

According to The Block, two people familiar with the matter revealed that Pump.fun is seeking to raise $1 billion through an initial coin offering and is considering sharing protocol revenue with potential token holders. It is unclear how much of Pump.fun's revenue, if any, will be allocated to the upcoming PUMP token through a "buyback-driven utility structure," nor whether this will include revenue generated by the decentralized exchange PumpSwap launched earlier this year. Pump.fun did not respond to multiple requests for comment.

▌Trump Crypto Wallet Dispute Ends with WLFI Buying Memecoin

U.S. President Trump's son Eric Trump said on Friday that tensions between competing factions within the Trump crypto empire have cooled and his family's World Liberty Financial (WLFI) will buy a "significant amount" of Memecoin at the center of the dispute. Eric said the company responsible for Trump Memecoin will not move forward with the issuance of a digital wallet, which has led to a rift with World Liberty Financial, a crypto company partly owned by the Trump family.

▌Musk and Trump's war of words has affected assets closely related to Musk, such as Dogecoin

The public dispute between US President Trump and former Department of Government Efficiency (DOGE) "advisor" Musk has led to a decline in the value of transactions related to Musk and some Trump-related transactions. Dogecoin fell 10% on Thursday, and listed funds related to space exploration company SpaceX fell 13%. This highlights the risks of personality-driven investments, where investors are attracted to products associated with dominant figures such as Musk and Trump and are vulnerable to sudden changes in public image. The rise of crypto tokens, ETFs and other financial products has driven a speculative investment landscape that allows retail investors to bet on the wealth of billionaires such as Musk and Trump, often without considering traditional fundamentals.

▌Japanese listed company Remixpoint announced the purchase of 44.8 BTC worth $4.7 million

According to a document released by Bitcoin Magazine, Japanese listed company Remixpoint announced the purchase of 44.8 BTC worth $4.7 million.

▌Trump’s second son: TRUMP token has reached cooperation with WLFI, WLFI will hold TRUMP

Trump’s second son Eric Trump issued a statement announcing, “MEME coin TRUMP has reached cooperation with WLFI. Although their Meme wallet project is no longer advancing, they are still focused on creating the world’s most exciting MEME-Trump. In addition, we are proud to announce that World Liberty Financial plans to hold TRUMP on a large scale in its long-term treasury. We have a common grand vision for cryptocurrency, patriotism and long-term success. Stay tuned for more follow-up! ”

Important Economic Dynamics

▌Bank of America: Global stock markets are close to triggering a sell signal

Bank of America strategist Michael Hartnett warned that global stock markets are about to trigger a technical "sell" signal after hitting record highs this week. He said the market is currently running too hot after surging 20% ​​in just two months. He cited fund flow and market breadth data as evidence that investors have piled into risk assets and their positions are too high. Traders often use this as a bearish signal because in theory it can show that market buying power may soon be exhausted and prices are prone to a correction. Hartnett cited data showing that funds flowing into stocks and high-yield bonds accounted for 0.9% of total assets in the past four weeks. He said that if this figure rises above 1%, it will be a sign for investors to sell. At the same time, the market is approaching "overbought territory." About 84% of national indexes are above their 50-day and 200-day moving averages. He said his sell trigger point is reached when the indicator reaches 88%.

▌Citi adjusted its forecast for the Fed's rate cut from July to September

Citi adjusted its forecast for the Fed's rate cut from July to September.

▌Fed Harker: The Fed is still likely to cut interest rates later this year

Fed Harker said that at a time when the U.S. financial system faces growing challenges, the deficit must be controlled and he is "very concerned" about the current government fiscal situation. Harker also said: "We are becoming increasingly blind when it comes to key data. We are worried that the quality of economic data is declining. Uncertainty makes it very difficult to predict the outlook for monetary policy. But amid uncertainty, the Fed may still cut interest rates later this year."

Golden Encyclopedia

▌What is the market depth of cryptocurrency?

In cryptocurrency trading, market depth describes the ability of the market to withstand a large number of orders without a significant impact on the price.

It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.