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Santiment has spotted a positive development in the Chainlink ecosystem. Chainlink’s social media engagement surged significantly in the past six months. Whales accumulated notable amounts of LINK since September 2024.
Quick Take Bitcoin retraced modestly compared to altcoins as Friday’s U.S. PCE Index data reaffirmed growing inflation unease. The broader crypto market was harder hit by the news, with ETH, SOL, and XRP sliding over 6% in the past 24 hours. Inflation data may disincentivize the Federal Reserve from further rate cuts in May, but catalysts for a bounce still exist, according to experts.
Quick Take Bitcoin dominance has risen to 58%, defying expectations of an altcoin market rotation despite favorable conditions. The following is an excerpt from The Block’s Data and Insights newsletter.
- 12:55The US Stablecoin GENIUS Act Sparks Intense Bipartisan StruggleThe upcoming Senate vote on the GENIUS stablecoin bill has sparked intense bipartisan contention. The legislative controversy disclosed on June 6 indicates that the bill could reshape the $250 billion stablecoin market landscape, but it faces strong opposition from figures like Missouri Republican Senator Josh Hawley, who argues that it would grant tech giants excessive financial control. Hawley accuses the bill of effectively giving the green light for tech companies like Meta to issue stablecoins, and his proposed amendment requires non-financial public companies to obtain approval from a newly established "Stablecoin Certification Review Committee." Although some provisions were adopted, he criticized the final version for weakening key regulatory constraints. On the Democratic side, there are concerns that the bill might provide regulatory arbitrage opportunities for private enterprises like Musk's X Money, with plans to propose an amendment prohibiting tech companies from issuing stablecoins. (The New York Times)
- 12:55James Wynn withdraws the last $700,000 from HyperliquidAccording to on-chain analyst Ember's monitoring, James Wynn withdrew the last $700,000 from Hyperliquid and then transferred 250,000 USDC into a CEX. In fact, he has transferred a total of 1,050,000 USDC to the CEX in recent days.
- 12:54Analyst: The Federal Reserve is Almost Certain to Opt Against Cutting Interest Rates AgainAnalysts from The New York Times stated that the employment report reinforced the Federal Reserve's wait-and-see attitude towards further interest rate cuts. The Federal Reserve is almost certain to choose not to cut rates again at its meeting later this month (June 18).