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Gate.io Blog Daily News | SEC Rejects ETFs, Liquidations Surge, Azuki NFT Renewal; Global Equities Surge with Caution

Daily News | SEC Rejects ETFs, Liquidations Surge, Azuki NFT Renewal; Global Equities Surge with Caution

03 July 09:21

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![](https://gimg2.gateimg.com/image/article/16883467830703.jpg)

## Crypto Daily Digest: Crypto Volatility, Regulatory Developments, and NFT Challenges

The cryptocurrency market experienced a relatively uneventful weekend, with Bitcoin (BTC) and Ether (ETH) seeing marginal gains. However, **Friday brought significant volatility and a wave of liquidations, amounting to $216 million**. This was triggered by the news of the U.S. Securities and Exchange Commission (SEC) rejecting filings for spot <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> exchange-traded funds, leading to a swift market reaction.

Bitcoin initially surged above $31,200 but quickly dropped to as low as $29,470. The subsequent stabilization around $30,000 allowed for some recovery. Unfortunately, **the volatility resulted in the liquidation of over 68,000 traders, with long positions accounting for $116 million in losses and short positions for $100 million**.

![](https://gimg2.gateimg.com/image/article/1688347126Untitled0703 1.png)
Short position liquidation surged on Friday - Data per Coinglass

Bitcoin traders were the hardest hit, followed by Ether traders. <a href="/price/bitcoin-cash-bch" target="_blank" class="blog_inner_link">Bitcoin Cash</a> (BCH) also contributed to the liquidations with $22 million in losses. Bybit exchange witnessed the largest single liquidation order, involving a BTC-USD position worth $4.57 million.

In regulatory news, Cboe's BZX Exchange has chosen Coinbase as the market for its surveillance-sharing agreement in the refiling of its spot bitcoin exchange-traded fund (ETF) applications. Notably, other major players such as Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco, and BlackRock have also filed for spot bitcoin ETFs, partnering with either Cboe or Nasdaq. **The SEC had previously deemed the initial applications "inadequate" due to the lack of specification regarding surveillance-sharing agreements. By naming Coinbase, Cboe aims to provide supplemental access to data on spot Bitcoin trades occurring on the exchange**. However, the SEC's formal acknowledgment of Coinbase as a significant regulated market for bitcoin remains uncertain.

In South Korea, a standalone digital-asset bill aimed at enhancing investor protection has been passed. The Virtual Asset User Protection legislation consolidates 19 crypto-related bills and establishes definitions for digital assets while imposing penalties for offenses such as market manipulation and unfair trading practices. **The Financial Services Commission will oversee crypto operators and asset custodians, with the Bank of Korea empowered to investigate such platforms. The legislation also requires insurance coverage, reserve funds, and proper record keeping.** This move comes after the collapse of tokens created by Do Kwon, which triggered a $2 trillion crypto-market rout. Despite the decrease in monthly spot crypto trading volume, South Korea is known for periodic virtual-asset manias.

Turning to the realm of non-fungible tokens (NFTs), blue-chip brand Azuki faced backlash and technical issues following its recent "Elementals" NFT mint. The collection promptly sold out, generating $38 million in revenue. However, collectors expressed frustration due to technical difficulties during the minting process and alleged similarities between the new artwork and the original collection, leading to a 44% drop in the floor price. In response, **Azuki held a private call with its community to address concerns and outline its plans for the future. The team acknowledged their mistakes and expressed intentions to update the Elementals artwork to distinguish it further from the original collection**.

![](https://gimg2.gateimg.com/image/article/1688347184Untitled0703 2.png)
Azuki Elementals Proposed Changes Initial Version - Courtesy of Twitter User Arcanic

Azuki also revealed plans for an anime series featuring their character universe, incorporating Web3 technologies and interactive elements with NFTs. The community call mentioned potential rewards for long-term holders and those with rare traits.

Despite the challenges faced, community members remain optimistic about Azuki's future and its ability to regain trust. At present, Azuki Elementals' floor price stands at 1.29 ETH, with a trading volume of approximately 11,930 ETH, according to OpenSea. The original Azuki collection's floor price hovers around 8.19 ETH, with a trading volume exceeding 596,900 ETH.

##Bitcoin (BTC) $30,626 (+0.04%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1688347145Untitled0703 3.png)

![](https://gimg2.gateimg.com/image/article/1688347155Untitled0703 4.png)

**Overview:**

- ***Closest daily support zone: 30025 - 29475***
- ***Closest daily resistance zone: 30690 - 31015***
- ***Key Level: 28420 (Weekly High Between Dec. 21-28, 2020)***

**Daily Resistance zones**

1. 30690 - 31015
2. 31530 - 32255
3. 33100 - 33600

**Daily Support zones**

1. 30025 - 29475
2. 29095 - 28420
3. 27970 - 27265

## Macro: Global Equities Surge but Greed Tempered by Caution

Global markets are showing signs of positivity as Asian shares are expected to open higher following a rally on Wall Street and indications of easing US inflation. Futures contracts for equities in Japan, Australia, and Hong Kong are pointing to early gains, while US-listed Chinese companies experienced a 1% advance. The positive news of Tesla's record car deliveries in the second quarter is likely to benefit its suppliers in Asia.

The Nasdaq 100 and S&P 500 had a strong performance in the first half of the year, with Apple reaching a significant milestone of a $3 trillion market cap. Traders are gaining confidence from data showing moderation in inflation, although this has come at the expense of growth. Bond market activity remained subdued, and major currencies maintained stability against the dollar. Oil prices saw minimal changes as the focus remains on challenges in demand and the complex supply outlook.

Investors are being cautioned not to become overly greedy as global equities have decoupled from the deteriorating economic backdrop, having already achieved double-digit gains in 2023. **Some money managers are warning of a potential surprise downturn in the second half of the year due to increasing corporate profit warnings and hawkish central bank rhetoric.**

![](https://gimg2.gateimg.com/image/article/1688347295Untitled0703 5.png)

Rising interest rates and potential strains in financial markets are particularly concerning for the rate-sensitive tech sector. **Although historical data suggests that stocks may not fully reverse their gains, the combination of low trading volume and the seasonal summer lull could amplify market corrections if traders decide to unwind their bullish positions.** Thus, caution and a conservative approach are advised for the second half of the year.

In China, President Xi Jinping's appointment of Pan Gongsheng as the top Communist Party official of the People's Bank of China (PBOC) indicates a commitment to maintaining the current approach amid the country's ongoing struggle to regain economic momentum. **Pan's appointment suggests a continuation of modest interest rate cuts and targeted lending measures.** While calls for greater stimulus have emerged, concerns remain regarding weak consumer spending and real estate. The PBOC's role is being reshaped under Xi's leadership, with Pan's weaker party ranking potentially reducing the bank's influence in high-level economic decision-making. Pan's challenges include managing the yuan, stabilizing the currency, and navigating regulatory measures in the property market.

<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT -0.75%

ETH/USDT -0.21%

GT/USDT + 0.23%

Crypto Daily Digest

Neutral Outlook（BTC）

Macro: Global Equities Surge but Greed Tempered by Caution

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