Rhythm Morning News｜A list of important news from last night and this morning on June 13

Powell: No greater confidence in inflation to cut interest rates

BlockBeats news, on June 13, Fed Chairman Powell said in a speech that so far this year, the Fed has not had greater confidence in inflation to cut interest rates. Moderate progress has been made, but more good data is needed.

Powell said that if the economy remains stable and inflation persists, the Fed is ready to keep interest rates unchanged if appropriate. If employment conditions are unexpectedly weak, the Fed is ready to respond. (Jinshi)

Biden campaign team is negotiating to accept cryptocurrency donations through Coinbase Commerce

BlockBeats news, June 13, according to The Block, citing people familiar with the matter, US President Biden's campaign team is discussing with people in the cryptocurrency industry to accept cryptocurrency donations through Coinbase Commerce. Coinbase Commerce allows merchants to accept dozens of cryptocurrency payments.

Just a few weeks ago, Trump began accepting cryptocurrency donations through Coinbase Commerce. It is reported that Biden's campaign team has begun to increase its engagement with the crypto community in recent weeks, shortly after Trump attracted attention for taking a pro-cryptocurrency stance.

A person familiar with the matter said that people in Biden's core circle specifically told the Biden team that if they remained silent on the issue of cryptocurrency, they might lose the election. He emphasized that negotiations on the Biden camp accepting cryptocurrency donations are still "exploratory."

Fed dot plot shows only 25 basis points rate cut in 2024

BlockBeats news, on June 13, the Fed's dot plot showed that there will be a 25 basis point rate cut in 2024 (a 75 basis point cut was expected in March). In addition, the dot plot suggests four rate cuts in 2025 (three rate cuts were expected in March)

The dot plot shows that among the 19 officials, four officials believe that there should be no rate cut in 2024, seven officials believe that there will be one rate cut, and eight officials believe that there will be two rate cuts. No official believes that there will be three or more rate cuts this year (previously 10).

The Fed expects that it will be inappropriate to cut interest rates before it has greater confidence that inflation will continue to move toward 2% (Jinshi).

This CPI data meets the "Bitcoin hits a new high" condition previously published by 10x Research

BlockBeats news, on June 12, the U.S. May unadjusted CPI annual rate recorded 3.3%, expected 3.40%, the previous value of 3.40%. Meet the "Bitcoin hits a new high" condition previously published by 10x Research.

BlockBeats previously reported that Markus Thielen, chief researcher at 10x Research, said in a report on May 29: "If the May unadjusted CPI annual rate released by the U.S. Bureau of Labor Statistics (BLS) on June 12 can reach 3.3% or lower, Bitcoin should hit a record high."

May be affected by Trump's remarks on crypto mining, the stock prices of the top ten mining companies rose by about 10%

BlockBeats reported that on Wednesday, June 13, the stock prices of Bitcoin mining companies rose by about 10%, a day after U.S. presidential candidate Trump promised to strengthen the country's crypto mining business. Among the top ten Bitcoin miners by market value, TeraWulf (WULF) and Hut 8 Mining (HUT) had the biggest share price gains, rising 10.5% and 10.07% respectively on June 12.

Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) rounded out the top five with gains of 9.87%, 9.72% and 8.94% respectively.

CleanSpark (CLSK) and Riot Platforms (RIOT) also rose 8.15% and 6.5% respectively, but Marathon Digital (MARA), the largest Bitcoin miner by market value, only rose 2.4% on the day.

Trump previously wrote that Bitcoin mining could be the last line of defense against CBDC. Hopefully all remaining Bitcoins are made in the USA, which will help the U.S. gain energy dominance.

IO once reached $6.5 this morning, and is now quoted at $5.65

BlockBeats news, on June 13, according to Binance market data, IO once reached $6.5 this morning, and is now quoted at $5.65, with a 24-hour increase of 35.87%. The total market value exceeded $500 million.

Curve founder holds $140 million CRV loan position close to liquidation

BlockBeats news, on June 13, Arkham posted this morning that Curve founder Michael Egorov currently borrows $95.7 million in stablecoins (mainly crvUSD) on 5 accounts in 5 protocols with $140 million CRV as collateral. Based on the current interest rate, Egorov needs to pay $60 million per year to maintain his position in Llamalend.

Egorov has $50 million in crvUSD borrowed on Llamalend, because there is almost no remaining crvUSD to borrow on Llamalend with CRV as collateral, and Egorov's three accounts already account for more than 90% of the crvUSD borrowed on the protocol. If the price of CRV drops by about 10%, these positions may begin to be liquidated.

ether.fi: 18 days left in Season 2, airdrop rewards will be distributed linearly

BlockBeats news, on June 13, Ethereum re-staking protocol ether.fi issued a statement saying that there are 18 days left in the Season 2 event, and the rewards will be distributed linearly to all participants without any top-ups. "We firmly believe that this is the fairest way to recognize participation and contribution to the development of the protocol."

Ether.fi has previously stated that Season 2 will airdrop 5% of the total tokens, and Season 1 points will continue to be used until Season 2.

YOLO GAMES has issued the first season of airdrop rewards

BlockBeats news, on June 13, Blast ecological entertainment platform YOLO GAMES announced that it has issued the first season of airdrop rewards to the community. At the same time, the second season is about to start, which will bring new rewards to players and liquidity providers.

Highstreet: The price of the currency plummeted due to malicious attacks, and the team had no intention of damaging the project

BlockBeats news, on June 12, Highstreet officials posted in its community that Highstreet had no intention of damaging its own project, and the team recently investigated the price trend of HIGH. The results of the investigation confirmed that the trend was the result of a malicious attack on its community.

Specifically, the team has identified an address that has withdrawn 20 million tokens from CEX, 9 million of which came directly from the Korean exchange. The team and investors have responded aggressively, digesting the initial 8 million of the 20 million tokens that were sold. But because these people originally purchased tokens from Bithumb and laundered the funds through the BSC bridge, the team did not know who they were fighting until now, and urges all traders to proceed with caution and remain vigilant.

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