JOON HYOUNG LEE

The world's largest cryptocurrency exchange, Binance, has added USYC, the tokenized money market fund (TMMF) from Circle, the issuer of USDC, to its collateral assets. On the 24th (local time), Circle announced on its official website, “Binance institutional clients can now use USYC as OTC collateral for derivatives trading.” Circle further stated, “USYC users can exchange tokenized cash and treasuries almost in real time,” and “In response to the growing demand for real-world assets (RWA) from institutional clients, we are strengthening our collaboration with Binance.” USYC is a type of stablecoin. According to Fortune, “USYC is a tokenized version of a money market fund, which sets it apart from most stablecoins,” noting, “Unlike existing stablecoins like Tether (USDT), both holders and interest are shared.” Circle views this partnership as a way to enhance capital efficiency for Binance clients. Kash Razzaghi, Circle Chief Business Officer (CBO), explained, “The integration of USYC and Binance will unlock new possibilities for institutional capital efficiency,” adding, “USYC is particularly suitable as collateral in digital markets, as it can be redeemed instantly for USDC.” Meanwhile, earlier this year, Circle acquired Hashnote, the USYC issuer, for $100 million.

Last week, the number of new unemployment claims in the United States fell sharply below market expectations. The U.S. Department of Labor announced on the 24th (local time) that the number of new unemployment claims for last week was tallied at 217,000. This is 10,000 fewer than experts' forecast (227,000). Compared to the revised figure from the previous week (221,000), it is 4,000 less. The number of continuing unemployment benefit claims—those filing for benefits for a second consecutive week—was reported at 1,955,000, which is 4,000 higher than the previous week's revised figure (1,951,000). Compared to the market estimate (1,960,000), it is 5,000 lower. The number of initial jobless claims serves as an indicator for assessing whether the U.S. labor market is overheating. If jobless claims increase, it can be interpreted as the overheated labor market beginning to cool down. Experts are closely monitoring employment indicators such as jobless claims. This is to assess the potential impact of President Donald Trump's federal government restructuring and tariff increases on corporate decision-making.

The European Central Bank (ECB) put the brakes on the rate-cutting cycle. On the 24th (local time), the European Central Bank held a monetary policy meeting in Frankfurt, Germany and kept the deposit rate unchanged at 2.00%. The benchmark rate was also left unchanged at 2.15%. The European Central Bank decides monetary policy with a focus on the deposit rate among policy rates. After shifting its monetary policy direction in June last year, the ECB had lowered policy rates for seven consecutive times from September last year until this June. With this decision to keep rates unchanged, the gap between the ECB’s policy benchmark (the deposit rate) and the Fed’s benchmark rate (4.25–4.50%) remains at 2.25–2.50 percentage points. The difference with the Bank of Korea’s benchmark rate (2.50%) is 0.50 percentage points.

It has been reported that in the cryptocurrency futures market, positions worth $840 million (approximately ₩1.15 trillion) were liquidated over the past 24 hours. The Block, citing CoinGlass data on the 24th (local time), reported, "Over the past 24 hours, there were liquidations amounting to $837 million in the cryptocurrency market." The Block stated, "Of the liquidation amount, Ethereum (ETH) accounted for $168 million," adding, "Of this, $142.4 million were long positions." The amount of XRP long positions liquidated also reached $92.7 million. Liquidated Bitcoin long positions totaled $57.4 million. Seokmoon Jeong, head of the Presto Research Center, told The Block, "Corporate demand for cryptocurrency purchases remains strong," adding, "Traders are closely monitoring the earnings announcements of major tech companies and macroeconomic signals."

A whale (large investor) that had been dormant for the past 15 years has reportedly transferred Bitcoin (BTC) worth $470 million (about ₩650 billion). Blockchain analytics firm OnchainLens announced on the 24th (local time) via its official X (formerly Twitter) account, "The whale, who has been dormant for about 15 years, transferred all 3,962.62 Bitcoins in its possession to a new wallet," adding that "the value is approximately $468.67 million." On the same day, this whale also moved Bitcoin worth about $220 to a new wallet. OnchainLens stated, "(The whale) purchased all of its Bitcoin for just $1,558." Analysts suggest that the whale dormant for 15 years is estimated to be an early miner. On-chain analyst ai_9684xtpa commented on X that "(The whale) appears to be an early Bitcoin miner," and explained, "If the unit purchase price of (Bitcoin) is assumed to be about $0.3, the current return is more than 370,000 times the purchase price."

Hong Kong will begin full-scale regulation of unlicensed stablecoins starting next month. The Hong Kong Monetary Authority (HKMA) announced on the 23rd (local time), "The Stablecoin Ordinance will come into effect from the 1st of next month" and stated, "From the implementation date, it will be illegal to offer or promote unlicensed fiat-backed stablecoins." Hong Kong also plans to release separate regulatory guidelines regarding stablecoins. The Hong Kong Monetary Authority said, "We will announce guidelines on (stablecoin) supervision and anti-money laundering by the end of this month," adding, "Stricter requirements will be imposed to minimize the risk of stablecoins being used as tools for money laundering." It further added, "Next week, we will release a 'stablecoin issuance permit guide.'"

The U.S. crypto industry has sent a letter to President Donald Trump, urging him to stop "large banks from hindering innovation." According to CoinDesk on the 24th (local time), ten leading organizations in the U.S. fintech and cryptocurrency sectors, including the Blockchain Association and the Chamber of Digital Commerce (CCI), sent a letter to President Trump the previous day (23rd). The core content of the letter was to point out the global investment bank (IB) JPMorgan's policy of charging fees for access to bank data. Previously, JPMorgan announced last month that it would impose fees when fintech and crypto firms access financial data such as customer information. Fortune, a U.S. magazine, reported, "Data intermediaries are expected to pass the new fees onto fintech companies," adding, "Some of these fees may also be passed on to consumers." The U.S. crypto industry believes JPMorgan's actions could stifle financial innovation. In the letter, the industry stated, "Financial data is owned by the American people, not by banks," and added, "JPMorgan's fees directly contradict President Trump's vision to make the U.S. the global hub of financial innovation." The industry asked President Trump to take action against JPMorgan by the 29th of this month. Arjun Sethi, Co-CEO of the U.S.-based crypto exchange Kraken, described JPMorgan’s fee policy as a "calculated shift," stating it "turns user-generated data into a kind of 'toll.'"

Justin Sun, founder of Tron (TRX), will ring the opening bell at the Nasdaq in the US. On the 23rd (local time), Tron announced, "Founder Justin Sun will ring the Nasdaq opening bell on the 24th." Tron added, "The event will be broadcast live from the Nasdaq MarketSite located in New York Times Square," and described it as "a symbolic occasion marking a bold step toward next-generation technology and digital innovation for Tron." Rich Miller, CEO of Tron, stated, "Ringing the Nasdaq opening bell is a key milestone in Tron's journey." He continued, "We will highlight our long-term vision to create shareholder value based on innovation and strategic leadership."

Due to increased selling pressure from institutional investors, Dogecoin (DOGE) plunged nearly 10% in just one day. According to CoinMarketCap, a virtual asset market tracking site, Dogecoin was trading at $0.2360 as of 5:48 PM on the 24th. This represents a 9.28% drop from the previous day. The decline is attributed to heavy selling by institutional investors. CoinDesk reported, "Dogecoin experienced a sharp downtrend from the 23rd to the 24th due to continued selling pressure from institutional investors," adding, "It failed to break through the $0.25 resistance level, amplifying downside risks."

Tether (USDT) recently froze and subsequently reissued $1.6 million worth of Tether in cooperation with U.S. authorities' terrorism investigation. On the 24th (local time), Tether announced on its official website that it had frozen and reissued $1.6 million worth of Tether associated with BuyCash. BuyCash is a cryptocurrency exchange based in the Gaza Strip, Palestine. BuyCash is suspected of being involved in financing terrorism in the Middle East. Tether stated, "This action is part of a civil forfeiture case announced by the U.S. Department of Justice (DOJ)," and, "By swiftly freezing and reissuing funds related to terrorist organizations, (we) supported the authorities' legitimate asset recovery procedures."

The price of Bitcoin (BTC) has exceeded $118,000. According to the cryptocurrency market tracking site CoinMarketCap, Bitcoin was trading at $118,136.96 as of 4:25 PM on the 24th. This is a decrease of 0.33% compared to the previous day. The Kimchi Premium entered negative territory. According to Cryprice, as of 4:25 PM on this day, the Kimchi Premium was recorded at -0.98%.

Chris Larsen, Ripple’s co-founder, has reportedly transferred 175 million dollars (approximately ₩2.4 trillion) worth of XRP to centralized exchanges (CEX) and other destinations within the past week. On June 24 (local time), on-chain analyst ZachXBT stated on X, “From June 17, Larsen has sent 50 million XRP to four different addresses,” adding, “(The total XRP is) worth about 175 million dollars.” Most of the transferred XRP was deposited to centralized exchanges. ZachXBT explained, “Of the transferred XRP, approximately 140 million dollars went to exchanges,” while “(the remaining) about 35 million dollars was sent to two new addresses.” Previously, on June 15, Larsen sent 26 million dollars worth of XRP to the U.S. cryptocurrency exchange Coinbase. DL News stated, “The main reason for sending (crypto) assets to Coinbase is almost always to sell.”

The volume of Ethereum (ETH) ValidatorQueue unstaking requests has recently hit its highest level in 18 months. Cointelegraph reported on the 23rd (local time), citing ValidatorQueue data, stating, “As of this date, 644,330 Ethereum are awaiting network withdrawal.” Cointelegraph added, “This amounts to approximately $2.34 billion, a recent 18-month high,” and noted, “In January last year, the Ethereum unstaking queue also surged, and in the second half of the year, the price dropped by 15%.” The waiting time for unstaking has increased to about 11 days. Global staking provider Everstake commented, “It's natural to assume that some holders are preparing to sell (Ethereum),” and explained, “This could increase short-term sell pressure on (Ethereum) and potentially lead to a price correction.” Meanwhile, as of 3:41 PM that day, Ethereum is trading at $3,549.88 on CoinMarketCap, down 3.93% from the previous day.

Sberbank, Russia's largest bank, is entering the cryptocurrency custody market. According to Reuters on the 17th (local time), Sberbank recently proposed changes to cryptocurrency regulations to the Central Bank of Russia. Sberbank sent this proposal to the Central Bank of Russia for the purpose of launching cryptocurrency custody services. Reuters reported, "Sberbank has expressed its intention to provide cryptocurrency custody services to play a leading role in the development of Russia's digital assets." Since last year, Russia has been accelerating its adoption of cryptocurrencies. The decision was made based on the judgment that cryptocurrencies are suitable for circumventing economic sanctions imposed by Western powers such as the United States and the European Union (EU) due to the Russia-Ukraine war. Anatoly Pronin, Executive Director of Sberbank's Alternative Payment Solutions Division, stated, "Crypto assets will be regulated similarly to assets in bank accounts," and added, "The bank guarantees the security of tokens."

Cryptocurrency whale (large investor) James Wynn has reportedly liquidated his Bitcoin (BTC) short position. The blockchain analytics firm OnchainLens announced on the 17th (local time) via its official X account that "James Wynn has liquidated his 40x leverage short position on Bitcoin and a 10x leverage short position on Hyperliquid (HYPE)." Previously, on the 15th, James Wynn deposited approximately $470,000 into the decentralized exchange (DEX) Hyperliquid. OnchainLens reported, "His current balance stands at approximately $790,000."

U.S. President Donald Trump has once again pressed Jerome Powell, Chair of the Fed. On the 17th (local time), President Trump stated through his social media Truth Social, “Too Late” and “Rates need to be cut.” Previously, President Trump had repeatedly called Chair Powell “Mr. Too Late” (meaning decision-making is always late), pressuring him to lower rates. Former Fed Board member Kevin Warsh also backed Trump's administration in its pressure on Powell that day. Warsh is being considered as a candidate for the next Fed Chair. In an interview with U.S. CNBC, Warsh said, “The Powell-led Fed has stepped into a policy area beyond its authority,” adding, “A change in Fed leadership is necessary.”

Tether (USDT) supply has, for the first time ever, surpassed $160 billion. According to Tether on the 17th (local time), the total supply of Tether was approximately $160.2 billion as of this day. This marks the first time Tether's supply has exceeded $160 billion. Paolo Ardoino, CEO of Tether, stated on X, "$160 billion (in supply) is a remarkable milestone," adding that "Tether has proven its unique utility as a digital dollar." Previously, in May, Tether's total supply surpassed $150 billion. The Block reported, "81.5% of Tether's reserves consist of cash and cash-equivalent assets such as short-term U.S. Treasury bonds," and "Bitcoin (BTC) accounts for 5.1% of the reserves." Meanwhile, U.S. investment bank Bernstein projected that the stablecoin market will expand from $250 billion today to $4 trillion by 2035. According to Bernstein's prediction, Tether's stablecoin market share in 2035 will be approximately 65%.

Kevin Warsh, former Fed board member and a potential candidate for the next Fed chair, stated that “the leadership of the Fed needs to be replaced.” In an interview with US CNBC on the 17th (local time), Warsh said, “Independence is essential in carrying out monetary policy,” but added, “However, that does not mean independence must be guaranteed for everything the Fed does.” Warsh continued, “The Fed led by Chair Powell has strayed into policy areas beyond its authority,” and emphasized, “There is a need to change the Fed’s leadership.” When asked whether President Donald Trump should dismiss Chair Powell, Warsh answered, “I think the change in the Fed’s leadership will happen at the appropriate time.” He added, “The Fed’s reluctance to cut rates is a factor being evaluated negatively for the institution,” and “the past failure to properly forecast inflation is putting pressure on them.” Warsh also said, “The reason President Trump feels justified in publicly pressuring the Fed is that leadership change is necessary for the institution’s policy management.” Warsh is being discussed as a candidate for the next Fed chair. He served as a Fed board member from 2006 to 2011. Bloomberg reported, “While Warsh consistently pursued hawkish rate policies during his time as a Fed board member, this year he is advocating for rate cuts.” The report continued, “President Donald Trump is considering nominating a successor when Chair Powell’s term expires in May next year.”

US Nasdaq-listed medical device manufacturer Semler Scientific (Semler Scientific) has made an additional purchase of Bitcoin (BTC) worth $25 million (approximately ₩35 billion). Bitcoin for Corporations announced on the 17th (local time) through its official X account, "Semler Scientific has additionally purchased 210 Bitcoins for $25 million," adding, "The average purchase price is $119,048." Bitcoin for Corporations is an organization supporting Bitcoin financial strategy, co-founded by Strategy and the US crypto-focused media outlet Bitcoin Magazine. Bitcoin for Corporations also stated, "Currently, Semler Scientific's Bitcoin yield is 30.3%." As of today, the total number of Bitcoins held by Semler Scientific is tallied at 4,846. Semler Scientific recently announced plans to accumulate 105,000 Bitcoins by 2027.

Ripple's co-founder recently deposited XRP worth $26 million (about ₩3,600,000,000) into a centralized exchange (CEX). According to DL News on the 17th (local time), Chris Larsen, Ripple's co-founder, transferred $26 million worth of XRP to the U.S. crypto exchange Coinbase on the 15th. DL News reported, "This deposit happened as XRP hit its highest price in the last seven months." There has been speculation that Larsen may be preparing to sell XRP. The large-scale transfer occurred as XRP's price has recently surged. On the 15th, when Larsen moved a large amount of XRP, its price surpassed $3. This is the first time in about five months, since early February, that XRP has exceeded $3. DL News stated that "sending (crypto) assets to Coinbase is generally done almost exclusively for selling purposes."

Last month, U.S. retail sales rose by 0.6% from the previous month, surpassing market expectations. The U.S. Department of Commerce announced on the 17th (local time) that retail sales in the United States increased by 0.6% in June compared to the previous month. This figure is 0.5% points higher than experts' forecast (0.1%). Year-over-year, sales rose by 0.5%. The May retail sales index remains, as previously announced, at a '0.9% decrease' from the prior month. The U.S. monthly retail sales index is a flash statistic that primarily tallies merchandise sales within total consumption. It is considered an indicator to gauge changes in consumption, the backbone of the U.S. economy. Wall Street has expressed concerns that uncertainties over tariff policies during the Trump administration's second term and fears of an economic downturn may weaken U.S. consumer sentiment and suppress personal consumption spending.

Last week, the number of initial jobless claims in the United States was significantly lower than market expectations. The U.S. Department of Labor announced on the 17th (local time) that initial jobless claims for last week totaled 221,000. This is 12,000 fewer than the expert forecast of 233,000. Compared to the revised figure from the previous week (228,000), the number is 7,000 lower. The number of continuing claims for unemployment benefits, those claiming for two consecutive weeks, was counted at 1,956,000. This is 2,000 higher than the previous week's revised figure (1,954,000), but 14,000 fewer than the market forecast of 1,970,000. Initial jobless claims are an indicator that can gauge whether the U.S. labor market is overheating. When unemployment benefits claims increase, it can be interpreted as a sign that an overheated labor market is cooling down. Experts are closely monitoring employment indicators such as jobless claims to gauge the impact of factors like federal government restructuring under U.S. President Donald Trump and tariff increases on corporate decision-making.

XRP's market capitalization has approached $200 billion. According to CoinMarketCap, a cryptocurrency market data site, as of 9:03 PM on the 17th, XRP's market cap was recorded at about $193.1 billion, up 10.67% from the previous day. Cointelegraph reported, "This figure is about $2.18 billion lower than the (market cap) peak six months ago," adding, "There is also a possibility that the XRP market cap could surpass $200 billion for the first time ever." XRP's price has recently surged with unstoppable momentum. As of 9:03 PM on this day, XRP was trading at $3.26 on CoinMarketCap, up 33.11% from a week ago. This marks a surge of nearly 49% compared to a month ago. If XRP continues this upward trend, there are predictions that its market cap could exceed $250 billion by the end of this year. Cointelegraph noted, "XRP's recent surge shows a trend similar to late last year," and stated, "If it succeeds in surpassing a market cap of $212 billion, it could grow to about $258 billion by year-end."

Raydium (RAY), a decentralized exchange (DEX) based on Solana (SOL), has reportedly bought back its own tokens worth $190 million. According to The Block on the 17th (local time), Raydium has acquired a total of 69.1 million of its own tokens as of that day. At current Raydium values, this represents around $190.4 million (approx. ₩2.7 trillion). The Block reported, "Raydium utilizes a portion of platform revenue for public buyback of its own tokens." Since early last year, Raydium has been pushing buybacks to maximize returns for token holders. As of 8:25 PM that day, Raydium was trading at $2.94 on CoinMarketCap, up 1.11% from the previous day. This marks a 19.53% increase compared to one week ago. With this price rally, the market capitalization is approaching $800 million. According to CoinMarketCap, Raydium's market cap stood at approximately $787 million as of that day.

In the past two weeks, new Bitcoin (BTC) buyers have purchased as many as 140,000 bitcoins. According to the on-chain analytics firm Glassnode on the 17th (local time), bitcoins held by investors who purchased Bitcoin for the first time increased from 4.77 million to 4.91 million over the past two weeks, a rise of 140,000 (2.86%). Glassnode explained, "Continuous inflows of new capital are supporting the recent upward trend in (Bitcoin) prices." The surge in new Bitcoin buyers is interpreted as being caused by the recent record-breaking highs in Bitcoin prices, which triggered investors' 'FOMO (Fear of Missing Out)'. On-chain analytics firm Santiment stated, "Bitcoin reached an all-time high on the 14th, sending public FOMO to its peak," and added, "Currently, FOMO is shifting to Ethereum (ETH), causing the price targets of various altcoins to soar."

The market capitalization of meme coins has increased by nearly $17 billion this month. Cointelegraph, citing CoinMarketCap data on the 17th (local time), reported that the meme coin market cap was approximately $72 billion as of the day. This marks an increase of $17 billion (29%) compared to the end of last month ($55 billion). Cointelegraph also noted, "On this day, the 24-hour trading volume of meme coins surpassed $18 billion, setting an all-time high." The meme coin with the highest price increase this week was BONK. According to Cointelegraph, the price of BONK surged by approximately 72% just this week. Pudgy Penguins (PENGU) and Floki (FLOKI) also saw increases of 45% and 58%, respectively. The upward trend of Ethereum (ETH) is cited as a major factor driving meme coin prices higher. As of 7:15 p.m. that day, Ethereum was trading at $3,466.34 on CoinMarketCap, up 9.83% from the previous day. This is about a 25% increase compared to one week ago.

El Salvador, the first country in the world to adopt Bitcoin (BTC) as legal tender, is strengthening its cooperation with Pakistan in the field of cryptocurrency. On the 17th (local time), international news outlets including Cointelegraph reported that Nayib Bukele, President of El Salvador, held talks in El Salvador with Bilal Bin Saqib, Chairman of the Pakistan Cryptocurrency Council and advisor to the Prime Minister of Pakistan, during which they discussed Bitcoin strategy. On X, Saqib stated, "President Bukele was a visionary who foresaw the future with unwavering conviction when no one else supported Bitcoin," adding, "(El Salvador) sets a great example that a country can attain the world stage with vision and steadfast belief." With this meeting, El Salvador and Pakistan are expected to boost collaboration related to Bitcoin. It is reported that the Bitcoin Office (ONBTC) directly under the President of El Salvador and the Pakistan Cryptocurrency Council signed a Letter of Intent (LOI) for cooperation. The Pakistan Cryptocurrency Council explained, "This strategic collaboration reflects Pakistan's willingness to assume a leading position in the global digital asset economy." Meanwhile, El Salvador became the first country in the world to adopt Bitcoin as legal tender in 2021. It is currently reported that El Salvador holds Bitcoin worth $745 million.

The price of Bitcoin (BTC) has fallen below $118,000. According to CoinMarketCap, a virtual asset market tracking site, as of 4:28 PM, Bitcoin is trading at $117,998.84. This represents a 0.21% decline compared to the previous day. The Kimchi Premium recorded a negative figure. According to Cryprice, as of 4:28 PM, the Kimchi Premium was -1.67%.

MicroStrategy, the publicly traded company that holds the most Bitcoin (BTC) in the world, has reached a record-high market capitalization. Attention is also turning to the earnings report MicroStrategy is set to announce in early next month. According to foreign media sources such as The Block on the 16th (local time), MicroStrategy's stock closed at $455.9, up about 3% from the previous day. The company reached an all-time high market cap of $128.4 billion (about ₩179 trillion). The Block reported, "MicroStrategy's stock return rose 36% over the past three months," and "soared 174% over the past year." The recent surge in MicroStrategy's share price has been driven by the rising price of Bitcoin. Bitcoin, buoyed by anticipation for 'Crypto Week' as the US House of Representatives focuses on legislation relating to cryptocurrency this week, recently breached the $120,000 mark for the first time ever. As of this afternoon, Bitcoin was trading in the $118,000 range on CoinMarketCap. The market is now paying close attention to the latest earnings report MicroStrategy is scheduled to announce on the 5th of next month. As of the 14th, MicroStrategy is estimated to hold 601,550 Bitcoins, with an average purchase price of about $71,270.

TRON (TRX)'s daily revenue has recently exceeded $2 million. Crazzyblockk, a CryptoQuant contributor, stated on the 17th through CryptoQuant, "According to on-chain data, TRON is generating an average daily revenue of $2 million solely from transaction fees," adding, "this demonstrates the value of the (blockchain) network, based on massive user activity." TRON’s annual revenue is also hitting new highs every year. Crazzyblockk mentioned, "TRON's financial growth is explosive," and added, "Revenue soared by 2951% in 2021, and last year reached an all-time high of $2.02 billion." He continued, "This strong performance is ongoing," noting, "recent daily revenues even surpassed $13 million."