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Galaxy CEO: Strategy stocks and preferred securities have become key indicators for measuring Bitcoin market risk

According to a report by crypto.news, Galaxy Digital CEO Mike Novogratz stated that the core reason for Bitcoin's recent decline is the "collapse of confidence triggered by Strategy." The issue lies not only in the price of Bitcoin itself but also in the growing concerns in the market regarding Strategy's financing model.As the largest publicly traded holder of Bitcoin globally, Strategy's stock and preferred securities have become key indicators for traders to measure Bitcoin market risk. Previously, the company's Bitcoin flywheel effect had come under pressure, with stock trading prices dipping below the value of its Bitcoin holdings, indicating that its long-reliant "premium stock issuance to repurchase Bitcoin" model is being challenged. Novogratz bluntly stated that STRC trading is weak, which should have been maintained around $100. Currently, Strategy's annual dividend obligation has risen to about $1.2 billion, and a decline in cash reserves has reduced the dividend coverage period to only about 14 months.Bitcoin is also facing pressure on a macro level. Novogratz summarized the current market logic as "a strong dollar means a weak Bitcoin," with hawkish central bank signals and a strengthening dollar suppressing demand for risk assets. From a technical perspective, the $59,000 to $60,000 range for Bitcoin has become a critical defense line, and if it breaks down, the downward space could open up to $45,000.Novogratz also admitted that the current situation is complex, with a 50-50 probability of a rebound or a deep correction. Outflows from ETF funds, weak liquidity, and cautious positioning in the options market further confirm the fragile market sentiment. Now, the health of Strategy's balance sheet, the performance of STRC prices, and cash positions have evolved from being company-level issues to becoming confidence signals for the overall Bitcoin market.

SK Hynix's financing in the U.S. may exceed Alibaba's to become the largest in history, with ADR financing up to 29 billion dollars

South Korean memory chip giant SK Hynix plans to raise up to 45 trillion won (approximately 29 billion USD) by issuing American Depositary Receipts (ADRs) in New York, with the related transaction set to start in July. If successful, this financing scale will surpass Alibaba's 25 billion USD IPO in 2014, becoming one of the largest overseas equity financing projects in the history of South Korean companies, and approaching historical records in the global capital market.According to the plan, SK Hynix will first issue shares in South Korea, then deposit the relevant shares into a South Korean securities depository as the underlying securities for the ADRs. South Korean regulators are expected to complete the review by July 3. The raised funds will primarily be used for the construction of the Yongin semiconductor cluster in South Korea and a factory in Indiana, USA, as well as the purchase of EUV extreme ultraviolet lithography equipment to support the expansion of advanced storage capacity related to AI. Citigroup, JPMorgan Chase, Goldman Sachs, and Bank of America have been selected as the lead underwriters.SK Hynix's confidence in this U.S. financing stems from its strong position in the AI industry chain. As a leading company in the global high bandwidth memory (HBM) sector, the company is a core supplier of AI accelerator chips for NVIDIA. Driven by AI demand, its stock price has increased by over 300% this year. CEO Lee Seok-hee stated that the company hopes to leverage the U.S. capital market to enhance its global influence and achieve a valuation level comparable to other AI hardware companies.

Bitget CFD Chief Analyst: PCE data will become a barometer for Federal Reserve policy, beware of the downward risk for gold

Today, Bitget CFD Chief Analyst Lewis Huang pointed out in an online live broadcast themed "Logic of Gold Trend Analysis" that this week's market focus will be on the U.S. May PCE Price Index and the final value of Q1 GDP.Previously, CPI and PPI data reached new highs, non-farm employment showed robust performance, and signals of inflation rebound combined with the Federal Reserve's hawkish stance have led the market to gradually digest rate hike expectations. He emphasized that Waller has clearly stated that controlling inflation is the top priority, and the interest rate dot plot shows that rate hikes in 2026 are becoming an internal consensus, and the market needs to prepare for a higher and longer-lasting interest rate environment.Regarding the gold trend, Lewis Huang stated that due to the impact of geopolitical conflicts driving up energy prices, the overall year-on-year increase in the Personal Consumption Expenditures (PCE) Price Index may rise to 3.4% or even higher. If the Personal Consumption Expenditures (PCE) Price Index rises unexpectedly, the U.S. Dollar Index will gain strong momentum, while non-interest-bearing assets like gold will face weakening risks. He suggests that CFD traders closely monitor inflation expectation differentials and flexibly capture opportunities for U.S. dollar bullishness or guard against gold downturns.

JPMorgan: Bitcoin mining is becoming increasingly sensitive to price fluctuations, with more miners approaching the breakeven point

According to CoinDesk, JPMorgan's latest report indicates that as more miners operate close to breakeven, the Bitcoin mining network is showing a higher sensitivity to price changes, with the response of hash rate and mining difficulty to price fluctuations significantly enhanced. The analysis shows that the "elasticity coefficient" of mining difficulty relative to Bitcoin price changes has risen to 0.62 over the past six months, indicating that the hash rate is responding more quickly to market changes.Analysts state that Bitcoin prices have been below production costs for five consecutive months, with approximately 20% of miners currently in a loss-making position. Under profit pressure, publicly listed mining companies have increased their Bitcoin selling scale, with sales exceeding 32,000 BTC in the first quarter alone, surpassing the total for the entire year of 2025. As some high-cost mining machines shut down, the network hash rate declines, and mining difficulty adjusts accordingly.JPMorgan expects that as long as Bitcoin remains below the production cost of about $78,000, the high sensitivity of mining to price fluctuations will continue to exist. At the same time, some mining companies are turning to artificial intelligence and high-performance computing businesses to seek more stable sources of income.
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