Gate Daily (June 25): Trump cancels signing bill opposing Federal Reserve CBDC; Polymarket integrates into Telegram

Bitcoin (BTC) weakened and slumped, temporarily reported around $60,828 on June 25. President Trump canceled the signing of a bipartisan housing bill that includes a four-year ban on the Federal Reserve's central bank digital currency (CBDC). Polymarket is now integrated into Telegram, powered by the TON network.

Macro Events & Crypto Hotspots

1. According to Cryptopolitan, President Trump canceled the signing of a bipartisan housing bill that includes a four-year ban on the Federal Reserve's digital dollar. Trump demanded that Congress first pass his voter identification bill. This hold-up may delay the passage of the crypto industry's CLARITY Act, which has only about five weeks to pass in the Senate before the summer recess.

Trump posted on Truth Social that the signing ceremony for the bi-partisan housing affordability bill was "immediately canceled" until the "urgently needed" Save America Act is passed. He stated that he believes the bill pertains to a national emergency.

2. The Open Platform announced on X that Polymarket is now integrated into Telegram, powered by the TON network. Through the TON native dApp Predict (developed by the GetGems team), users can directly access prediction markets for sports, politics, crypto, culture, and other real-world events within Telegram. Activities are settled on-chain and users have full control over their assets. Transactions can be funded using USDT on TON, with a small amount of GRAM for gas fees, and STON.fi's Omniston protocol provides cross-chain support.

News Updates

1. Ripple stablecoin RLUSD has launched in Japan and obtained approval from the Japan Financial Services Agency

2. Stablecoin MIM depegged to approximately $0.5, Abracadabra has initiated emergency measures

3. Polymarket has been integrated into Telegram, powered by the TON network

4. Coinbase has chosen Luxembourg as its EU MiCA compliance headquarters

5. Kalshi is seeking a new round of funding at a valuation of $40 billion

6. Micron Technology's third fiscal quarter revenue was $41.46 billion, net profit $28.24 billion

7. U.S. Congress is weighing the risks of the Federal Reserve setting up "streamlined accounts" for crypto and fintech companies

8. Huang Licheng's 25x ETH long position was liquidated with a loss of $1.9 million, then he opened another 25x ETH long position

Market Trends

1. Latest Bitcoin news: $BTC weakened and slumped, temporarily reported around $60,828, with liquidations of $401 million in the past 24 hours, mainly long positions;

2. U.S. stocks diverged on June 24. High-priced tech stocks continued to fall, dragging the Nasdaq to a third consecutive day of losses, but a sharp drop in oil prices boosted airline and tourism stocks, with the Dow Jones Industrial Average closing higher. However, stimulated by optimistic outlooks from Micron and Qualcomm, Nasdaq 100 futures surged over 2%, and S&P 500 futures rose 0.7%. The Dow Jones Industrial Average rose 182.06 points, or 0.4%, to close at 51,848.90; the S&P 500 fell 7.24 points, or 0.1%, to close at 7,358.22, testing the 50-day moving average during the session, but over 300 components still closed higher; the Nasdaq fell 110.40 points, or 0.4%, to close at 25,476.64.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current price of 60,807.40 USDT, if it drops to around $60,359, cumulative long position liquidations exceed $107 million; if it rises to around $63,366, cumulative short position liquidations exceed $855 million. Short position liquidation amounts are significantly higher than longs, suggesting reasonable control of leverage ratios to avoid triggering large-scale liquidations amid market movements.

(Source: Coinglass)

4. Over the past 24 hours, BTC spot inflows were $3.73 billion, outflows $4.03 billion, net outflow $300 million.

(Source: Coinglass)

5. Over the past 24 hours, contract trading net outflows led by $LAB, $EWY, $SYN, $SLX, $TRX , presenting trading opportunities.

X KOL Selected Views

Phyrex Ni (@Phyrex_Ni): "The key to today's decline should be two aspects. One is Micron's earnings report. Micron feels to me like Nvidia—both are ceilings of their tracks, and earnings data can sway expectations for the entire track or even industry. So if Micron's earnings remain good, the market will think AI server demand is still continuing, giving U.S. tech stocks, especially Nvidia, AMD, Broadcom, TSMC, Samsung, and SK Hynix, a chance to rebound."

"The reason I say even if earnings are good, it's only a chance, is because the Fed's rate hike expectations are still scaring the market. If the second half of today's U.S. stock decline was due to hedging ahead of Micron's earnings, then the declines in gold, silver, Bitcoin, and Treasury yields are hedging against the possibility of a Fed rate hike. (Of course, U.S. stocks were also somewhat affected.)"

"The core of hedging should be tomorrow's core PCE data. Core PCE is the Fed's key focus and an important guide for interest rate adjustments. Needless to say, the market expects core PCE to rise. Combined with Bank of America's pessimistic expectations, this triggered today's DXY rise and declines in everything else."

"So the current focus should be on whether the Fed truly has rate hike expectations. Although Bank of America believes there will be a rate hike, from my personal view, at least under current conditions, there will be no rate hike. Although oil price transmission will be slow, this is likely why [Warsh?] is unwilling to provide forward guidance. Under these circumstances, forward guidance would inevitably predict rising inflation and a higher probability of rate hikes, but after oil prices recover, inflation may drop within a few months."

"Although I don't know the exact direction of price movements, I believe the process of ups and downs will be closely related to Fed interest rate adjustment expectations and inflation data."

"Especially for Bitcoin breaking below $60,000, this level seems like a psychological defense line for many investors. Below this price, investors' pessimistic expectations rise, and many may worry about a drop to $50,000 or lower. But from my personal view, I always believe $BTC 's price is correlated with Fed monetary policy and correlated with U.S. stocks."

"For me personally, the best I can do is buy more the lower it goes. I've already added some positions at $62,000 and $63,000. I'll wait and see after tomorrow's Micron earnings report and core PCE data."

Today's Preview

1. UK June CBI retail sales expected index, previous -36

2. US April durable goods orders preliminary (monthly), previous 8.0%

3. US Q1 real GDP final (annualized quarterly), previous 1.6%

4. US May personal consumption expenditures price index (monthly), previous 0.4%

5. US weekly initial jobless claims (thousands) (to June 20), previous 226

6. US Q1 personal consumption expenditures price index final (annualized quarterly), previous 4.5%

7. US May personal income (monthly), previous 0.0%