Daily News | BTC’s Rise Triggers a Decline in Altcoins; JPMorgan Chase Revised BTC Production Costs to $45K; PancakeSwap Announced Payment of Interface Fees for Uniswap Users

Crpto Dail Digest: JPMorgan Chase revised BTC production costs to $45,000; PancakeSwap announced pament of interface fees for Uniswap users; DTCC and Chainlink complete the pilot of fund data tokeniation

Firstl, let's take a look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on Ma 16, Grascale Bitcoin spot ETFs (GBTC) continued to experience outflows of $4.6 million in funds. Meanwhile, Fidelit Bitcoin spot ETF (FBTC) inflow was $67.1 million, Bitwise Bitcoin spot ETF (BITB) inflow was $1.4 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $62 million.

JPMorgan Chase recentl adjusted its central estimate for Bitcoin production costs from the previous $42,000 to $45,000 due to changes in Bitcoin mining computing power.

JPMorgan analst Nikolaos Panigirtoglou pointed out in a report released on Thursda, "We previousl expected a significant decrease in computing power after halving as unprofitable Bitcoin miners exit the Bitcoin network. Despite some delas, this seems to be happening." Analsts added that the current computing power and power consumption make their central estimate of Bitcoin production costs around $45,000, far below the current price (around $65,000).

In Februar, analsts estimated the cost of producing one Bitcoin to be $42,000. Therefore, the also estimate that once the excitement caused b halving after April subsides, the price target for Bitcoin will be $42,000. Panigrtoglou added, "The estimation of production costs is a function of computing power and mining equipment efficienc, which are constantl changing after being halved."

On the other hand, the rune protocol has led to a temporar surge in Bitcoin transaction costs, providing income growth for miners. However, analsts pointed out in the report that the boost from runes was brief, and user activit and expenses have sharpl declined in the past one or two weeks. This highlights the ongoing challenges Bitcoin miners face in maintaining sustainable sources of income, especiall in the environment after halving.

Analsts point out that as the enthusiasm for rune protocols fades and the temporar driving force of Bitcoin miners weakens, the decrease in network power consumption exceeds the decrease in hash rates, indicating that unprofitable and inefficient miners are exiting.

The decentralied exchange PancakeSwap recentl announced plans to pa up to $8 million in fees incurred b traders on its competitor Uniswap.

According to the plan, crpto traders participating in PancakeSwap v3 will receive a full interface fee refund for Uniswap v3 trading volume in a 1:1 ratio from Ma 16 to August 15. This move is due to Uniswap Labs increasing the cost of most interchangeable interfaces from 0.15% to 0.25% to alleviate the burden on users. The interface fee of Uniswap is the fee paid b traders when using the wallet interface of the protocol and network applications to perform token exchange.

To qualif for a refund, crpto traders must hold at least $5,000 worth of Packaged Bitcoin (WBTC) and Packaged Ethereum (WETH) pairs traded on the Uniswap Ethereum platform between Januar 1st and March 31st. Uniswap users can access the Dune dashboard of PancakeSwap to check their activit eligibilit and need to fill out a form to appl for reimbursement.

The interface fee campaign of PancakeSwap v3 marks its latest effort to gain dominance from competitors. According to CoinGecko's data, based on dail trading volume, Pancakeswap currentl ranks sixth in DEX, slightl behind Uniswap V3's $700 million trading volume.

The American Depositar Trust and Clearing Corporation (DTCC) has partnered with Chainlink to complete a pilot program to tokenie data for traditional financial funds, and has successfull partnered with several major US banking companies, including JPMorgan Chase and Bank of New York Mellon.

According to the DTCC report, the pilot project is called the Smart Asset Net Worth Pilot Program, which aims to standardie the use of Chainlink's Cross Chain Interoperabilit Protocol (CCIP) to provide cross-blockchain fund asset net worth (NAV) data. The report states, "B providing structured data on the chain and creating standard roles and processes, basic data can be embedded into various on-chain use cases, such as tokenied funds and 'bulk consumer' smart contracts, which hold data from multiple funds."

The results of this pilot project show that tokeniing fund data can support future industr exploration and support "numerous downstream use cases" such as brokerage applications, more automated data dissemination, and easier access to fund historical data.

DTCC also pointed out that the pilot project will help establish better-automated data management and has a limited impact on existing market practices of traditional financial institutions. In addition, the project also enables customers to retrieve historical data without manuall saving records, and provides a broader API solution for price data.

Market Trends: BTC has a dominant rate of 56%, NOT performance is not as expected

BTC broke through the $66,000 mark esterda but then experienced a slight pullback, currentl quoting $65,350. This pullback triggered a significant decline in Altcoins, and as a result, BTC's ruling rate further increased to 56%. In terms of macroeconomics, there has been a pullback in the US stock market, and the market generall expects a higher possibilit of a rate cut in September.

Market Hotspots:

Ton Ecosstem Popular Meme Project NOT Launched on Gate.io: Despite high expectations for its launch, its price performance is not as expected and has been close to halving since its peak. NOT is a full circulating Meme token, with miners holding approximatel 80% and a current market value of roughl $760 million, consistent with esterda's forecast. The price performance of this project deserves further attention and ma affect future investor confidence in Meme tokens.

Oracle chain LINK skrocketed: There are rumors that LINK is partnering with JP Morgan, and this news ma become a driving factor for price increases. At the same time, the FTM of the public chain has also seen an increase, and its project team plans to upgrade Sonic in the third quarter, which ma include a developer reward plan. This positive news ma bring more investor attention to related projects.

ALEX and STX in the BTC ecosstem have plummeted: ALEX is a DEX project in the BTC ecosstem. Recentl, the private ke of funds has been stolen, and hackers have stolen STX for sale, resulting in a significant drop in the prices of related tokens. This incident serves as a warning for the securit issues of BTC ecosstem projects, and investors need to be cautious about the investment risks of associated projects.

Against the backdrop of BTC price correction, the overall decline of Altcoins has led to a further increase in BTC's dominance. Investors must closel monitor market trends, adjust investment strategies promptl, and prevent investment risks.

Macro: After the Dow Jones index hit the 40,000 milestone, the US stock market lost momentum, and the Asian market slightl declined

On Ma 16, the US stock market closed lower, as investors began to readjust their interest rate cut expectations as the Dow Jones index hit a historic milestone of 40,000 points for the first time. Despite data showing a slowdown in inflation, the earl gains in the stock market subsequentl dissipated, and the three major stock indices closed slightl lower.

The specific performance of the three major indexes: the Dow Jones index fell 0.10%; The Standard&Poor's index fell 0.21%; The Nasdaq index fell 0.26%. Despite the Federal Reserve's interest rate hike, the Dow Jones Industrial Average has rebounded since its low point in October 2022, driven b strong economic growth in the United States.

According to data from the FedWatch tool of the Chicago Mercantile Exchange, investors are betting that the Federal Reserve will cut interest rates twice this ear and expect a 70% chance of the first rate cut in September.

The data shows that the consumer price increase in April was lower than expected, indicating that inflation has returned to a downward trend. On Wednesda, all three major Wall Street stock indexes set historical closing records. However, Thursda's data showed that the number of new applications for unemploment benefits in the United States decreased last week. Although emploment growth is cooling down, the labor market remains tense.

On Ma 17th, Asian stock markets slightl declined, and traders were cautious when considering the path of US monetar polic. Federal Reserve officials have stated that although inflation shows earl signs of slowing, interest rates ma need to remain high for a longer period.

Wednesda's data showed that US consumer price inflation has cooled, prompting the market to quickl digest expectations of at least two interest rate cuts this ear. However, the latest report shows that the labor market remains tense, and the central bank governor is cautious about inflation, which has led investors to doubt monetar polic.

Although this week's data provides two aspects of good news for the Federal Reserve, policmakers have et to change their view that investors are confident that interest rate cuts will begin this ear.

Regarding the currenc market, the euro rose b about 1% against the US dollar, with the latest price at $1.08595. The USD/EUR exchange rate experienced its largest weekl decline since Februar, while the EUR/USD exchange rate rose b approximatel 1%.

In the earl trading session, the Japanese en fell 0.23% against the US dollar to $155.80, taking back some of the gains made earlier this week after a mild US CPI report. As the Bank of Japan maintains loose monetar polic, while the rise in US interest rates attracts funds to US bonds and dollars, the en has fallen b about 9.5% this ear.

In terms of commodities, oil prices have risen during Asian trading hours, and the global benchmark Brent crude oil price is expected to see its first weekl increase in three weeks due to improved global demand and signs of slowing inflation in the largest oil-consuming countr in the United States.

The price of US crude oil has remained almost unchanged, while the global benchmark Brent crude oil price has risen due to improved global demand and signs of slowing US inflation. The price of crude oil in the United States is $79.18 per barrel, while Brent crude oil has increased b 0.1% to $83.35 per barrel.

The price of gold remains high at $2,377.25 per ounce.