Daily News | BTC High Horizontal, Meme and AI Are Strong; US House of Representatives Approved the Crypto Market Structure Act; "Centralization Concerns" Led to a 30% Decline in ADA

Crpto Dail Digest: The US House of Representatives approved the Crpto Market Structure Act; Taiko announced the launch of the TKO airdrop qualification quer page; Cardano's "centraliation concerns" led to a 30% drop in ADA prices

First, let's take a look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on Ma 22nd, Grascale Bitcoin spot ETFs (GBTC) had a cash outflow of $16.1 million; Meanwhile, Fidelit Bitcoin spot ETF (FBTC) inflow of $74.6 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $3.5 million.

The US House of Representatives approved the Crpto Market Structure Act On Wednesda, the US House of Representatives passed the Republican led 21st Centur Financial Innovation and Technolog Act (also known as FIT21) with 279 votes to 136. The passage of this bill marks the first vote on comprehensive crpto legislation in the House of Representatives, with 71 Democrats voting in support of the bill, including former California House Speaker Nanc Pelosi.

FIT21 aims to regulate the entire crpto industr, empower the Commodit Futures Trading Committee with more power and funding to oversee the crpto spot market and "digital commodities," particularl Bitcoin. The bill also creates a process that allows for secondar market trading of digital goods initiall offered as part of investment contracts. In addition, the bill also includes stablecoin and anti mone laundering provisions. Although FIT21 is unlikel to be introduced in the Senate this ear, the bill ma la the foundation for the next Congress in Januar next ear.

Ron Hammond, Director of Government Relations at the Blockchain Association, said that Congress's views on crptocurrencies are changing. He believes FIT21 is a "huge turning point" and states, "The connection between crpto voters and the upcoming elections is undeniable, and the Biden administration seems to have finall begun to realie the potential consequences of maintaining the status quo."

Prior to the FIT21 vote, the Senate and House of Representatives passed a measure to repeal the Securities and Exchange Commission's emploee accounting statement, which established certain accounting standards for companies hosting crptocurrencies. The resolution has received support from some Democrats, including Senate Majorit Leader and New York State Democrat Chuck Schumer. However, the White House has stated that President Joe Biden will veto the bill. On Wednesda, the White House expressed opposition to FIT21 but "eager to work with Congress" to develop a digital asset regulator framework.

Taiko announced the launch of the TKO airdrop qualification quer page Taiko, an Ethereum L2 network based on kRollup, officiall announced the launch of the first phase of TKO airdrop on the X platform earl this morning and launched the airdrop qualification quer page. It is reported that in the first stage, 5% of the initial token suppl will be provided, and users will have 7 das to check their qualifications. After the check is completed, the collection window will open, and eligible users will have one month to collect TKO.

The TKO airdrop application has not been launched et. Please refer to the official release information for participation in the application and be careful of an related scams. According to the TKO token economics model, its total suppl is 1 billion coins, and the specific allocation includes:

DAO Tear accounts for 20%; Trailblaer airdrops account for 10%; The highest proportion of Genesis airdrops is 5%; Liquidit and market makers account for 5%; Investors account for 11.62%; Taiko Labs/core team accounts for 20%; Taiko Foundation reserves account for 16.88%; Taiko's official Prover Bonds account for 1.5%, and so on.

Cardano's "centraliation concerns" triggered a 30% drop in ADA prices After analsts questioned the centraliation of the Cardano network, The price of ADA has plummeted. Crpto analst Justin Bons stated that Caldano's parent compan Input Output Global (IOG) controls 5 out of 7 "Genesis kes" on the blockchain, which were used as earl as 2015 to sign and establish the initial blocks of the Caldano blockchain.

The analst pointed out that "Genesis Ke allows for seamless code changes without the need for hard forks." He added, "This means that IOG can stop the chain, change emission schedules, conduct reviews, and so on, which is an unprecedented level of centralied control over the L1 chain."

As of Ma 22nd, The price of ADA began to decline after testing the upward trend line of the triangle. At present, b the end of Ma, the price will continue to fall to the downward trend line of around $0.44, a 6.5% decrease from the current price level. However, during this period of price adjustment, the suppl of ADA held in the address of the giant whale actuall slightl increased, indicating that the giant whale did not pa attention to Boggs' warning about Caldano's so-called centraliation.

Market Trends: Short term profit taking in the market, but long-term positive trend remains unchanged

BTC: Bitcoin is trading sidewas at a high level, temporaril falling below $70,000, which ma be due to short-term profit taking in the market. Nevertheless, the long-term trend of Bitcoin remains bullish, especiall in the context of increasing global economic uncertaint.

ETH spot ETF: Bloomberg analsts predict that its sie ma onl reach 10% of BTC spot ETF. This prediction reflects weak market confidence in Ethereum, but it ma also be a conservative estimate. Once ETH spot ETFs are approved, market demand ma significantl increase.

Macro Econom:

US stock market correction: The Federal Reserve's minutes suggest that interest rates will not be cut soon, which is a disadvantageous factor for the stock market. However, technolog leader Nvidia's performance exceeded expectations and continued to reach historic highs, indicating that technolog stocks ma continue to be a bright spot in the market.

Crpto market: A pullback in the US stock market ma put short-term pressure on the crpto market, but in the long run, funds ma Flow into high-risk assets such as crptocurrencies in search of higher returns.

Market Hotspots:

Meme concept coins: PEOPLE, MAGA, WIF, BOME, MANEKI: PEOPLE and MAGA have shown strong performance driven b the concept of the US election. And the Meme on Solana's face also performed well, especiall MANEKI, rebounding more than 30% from a lower point. With both US presidential candidates being friendl to Meme, these Meme coins ma continue to receive market attention.

Investment strateg: In the short term, attention can be paid to the volatilit of these currencies, which is suitable for investors with high-risk preferences. In the long run, it is necessar to be alert to changes in market sentiment.

Other hot coins: EDU: Animoca Brands, the major shareholder, plans to repurchase, which directl benefits the currenc price. It ma continue to rise in the short term.

BNX: As a star project of the GameFi concept, the increase in this round is close to 10 times. It should be noted that such a high increase ma trigger profit taking.

HOOK: It is recommended to pa attention to its subsequent development and changes in market sentiment.

Laer2 network Taiko Announce the airdrop of 5% tokens, primaril for Taiko users and the LRC communit. Airdrop news usuall brings short-term market heat, but it is necessar to pa attention to the market reaction after the airdrop.

AI concept coins: LPT rose sharpl, but other AI concept currencies did not show significant gains. This ma be due to the strong market response to specific positive news about LPT. Suggest paing attention to the overall development trend of AI concepts and evaluating whether there are other opportunities for growth.

The current market is full of opportunities but also comes with risks. Investors should make flexible adjustments based on their risk tolerance and market dnamics. For high-risk investors, it is recommended to focus on Meme coins and GameFi concept coins, while for conservative investors, it is recommended to keep an ee on long-term investment opportunities in BTC and ETH.

Macro: Federal Reserve meeting minutes released, overall stock market decline; Technolog companies represented b NVIDIA still perform well

On Ma 22nd, Reuters reported that the US stock market closed lower on Wednesda as investors digested the minutes of the Federal Reserve's latest meeting. Semiconductor leader NVIDIA's revenue stood out and exceeded expectations, with the compan's stock price rising b about 6% after the close. This news has also driven up the stock prices of other chip manufacturers.

After soaring nearl 240% in 2023, Nvidia's stock price has risen b about 90% this ear. Investors are paing attention to whether Nvidia's first quarter performance can meet extremel high expectations, and whether the significant rise in artificial intelligence related stocks can be sustained.

Index decline: The Dow Jones index fell 0.51%, the Standard & Poor's index fell 0.27%, and the Nasdaq index fell 0.18%.

According to analsts surveed b Reuters, the closing price of the S&P 500 index this ear ma be close to its current level of 5302 points, but warning that the strong performance of the index means there ma be adjustments in the future. Part of the reason wh the stock market rose to a historic high this month is due to the optimistic sentiment of artificial intelligence, a robust financial reporting season, and the renewed hope of the Federal Reserve cutting interest rates this ear.

According to CME's FedWatch tool, the market expects a 59% chance that the Federal Reserve will cut interest rates b at least 25 basis points at its September meeting, lower than the 65.7% seen in the previous trading da.

In the Asian market, on Ma 23rd, several major stock market benchmark indices in Asia closed lower on Thursda as the market digested the impact of polic makers in major economies tending to adopt patient monetar easing policies amidst sustained high inflation.

The latest polic meeting minutes of the Federal Reserve have been more hawkish than expected, with the UK inflation report receiving much attention. The Bank of New Zealand has remained calm on inflation issues in New Zealand, leading investors to reduce their bets on the speed and scale of global interest rate cuts.

The MSCI Asia Pacific Stock Index fell 0.57%. The Australian S&P/ASX 200 was affected b the decline in some commodit prices, becoming one of the stocks with the largest decline, falling 0.8%. After hitting a high of over nine months earlier this week, the Hang Seng Index in Hong Kong experienced profit taking and fell 1.5%. The Chinese blue chip index has decreased b 0.3%.

The Japanese Nikkei Index hit its lowest level in over three weeks, with the en rising 0.6%. The latest exchange rate between the Japanese en and the US dollar is 156.85.

In terms of commodities, oil prices have fallen, with Brent crude oil falling 0.82% to $81.23 per barrel and US crude oil falling slightl b 0.9% to $76.87 per barrel.

Gold prices fell 0.25% to $2,372.28 per ounce, far from the historical high of $2,449.89 hit on Monda, as the prospect of long-term interest rate hikes in the United States has tarnished some of the gold's luster.