CoinNess Global

[Arca withdraws $8.28M in BNB, PENDLE and LDO from Binance] On-chain analyst @EmberCN reported on X that asset management firm Arca withdrew $8.28 million worth of BNB, PENDLE and LDO from Binance Exchange about five hours ago. https://coinnesslive.page.link/yts3N3HLHFufuqYK7

[U.S. SEC agrees to exempt certain firms from constraint of controversial crypto accounting guidance] Based on business practices proposed by some companies and financial institutions, the U.S. Securities and Exchange Commission (SEC) staff have agreed to exempt certain firms from constraint of the controversial crypto accounting guidance, The Block reported, citing a source at the SEC. Since the release of Staff Accounting Bulletin No. 121 (also known as SAB 121) in March 2022 and the mass bankruptcies in the crypto field, corporations have been asking the SEC for advice on developing cryptocurrency-related policies and procedures, said the SEC source. By developing specific procedures and adopting specialized technology, companies have demonstrated that cryptocurrencies can be taken back just like any other asset (e.g., dollars) in the event of a company bankruptcy, thereby avoiding undertaking the obligations under SAB 121. The SEC source, however, refused to answer whether crypto players had given assurances that they would be excluded from the coving range of SAB 121. SAB 121 itself has not changed, the source added. Earlier, a resolution to repeal SAB 121 was passed by both the Senate and the House, but was later vetoed by President Joe Biden. https://coinnesslive.page.link/CLf4mnzWi4WPk3SX6

[BTC falls below $57,000] According to CoinNess market monitoring, BTC has fallen below $57,000. BTC is trading at $56,980 on the Binance USDT market. https://coinnesslive.page.link/SzACXkvU1naheuRq9

[Pendle recovers domain after hijacking incident] DeFi yield trading protocol Pendle announced on X that it has successfully recovered its domain. Previously, Pendle had reported losing access to its official website and application due to a domain hijacking incident. https://coinnesslive.page.link/GiWNLiy6mHFQXkpN8

[Interest rate cuts likely soon, says U.S. Fed's Goolsbee] On July 11, U.S. Chicago Federal Reserve Bank President Austan Goolsbee expressed confidence that the U.S. economy is back on track to achieve 2% inflation, suggesting the time for interest rate cuts may soon be ripe. While the labor market is cooling, it does not signal a recession, said Goolsbee. On the same day, the U.S. Department of Labor reported that the June Consumer Price Index (CPI) rose by 3.0% year-over-year, down from a 3.3% increase in May. This decrease marks the first month-over-month decline since May 2020. https://coinnesslive.page.link/DSdGVXD5GcVN6mQT9

[Easing monetary policy sooner rather than later, says Fed's Daley] Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, highlighted in a conference call with the media on July 11 that it would be better to ease monetary policy sooner rather than later in light of recent inflation and employment data, JinSe Finance reported. Making some policy adjustments may be essential given the information we've received so far, including data on employment, inflation, GDP growth and the economic outlook, said Daly. However, Daly declined to reveal when she thought it would be appropriate for the Federal Reserve to cut interest rates. She reckoned that the existing mandatory forward guidance, including the number and timing of rate cuts, is actually not optimal. It is clear that the risks to the Fed's dual goals of price stability and full employment have been better balanced, Daly stated. Although the monetary policy is working, Daly is fairly unsure about how the economy will evolve, according to the news outlet. https://coinnesslive.page.link/mQGBvTHCW3oiVUct6

[$1.37B worth of BTC options to expire on July 12] $1.37 billion worth of Bitcoin options are set to expire at 08:00 UTC on July 12, according to data from crypto options exchange Deribit. The put/call ratio is 1.09, and the max pain price is $58,500. At the same time on the same day, around $484 million worth of ETH options will mature. The put/call ratio is 0.38, and the max pain price is $3,100. The max pain price is when the cryptocurrency price settles at a specific value as an option nears its expiration date, resulting in financial losses for the largest number of options traders. https://coinnesslive.page.link/Qg2ahpcwYvcCZowV7

[Crypto Fear & Greed Index drops to 25, entering ‘Extreme Fear’ zone] The Crypto Fear & Greed Index, provided by software development platform Alternative, stands at 25, down four points from yesterday. The index moved down from the “Fear” zone to the “Extreme Fear” zone, marking the lowest market sentiment since January last year. The index ranges from 0 to 100 where 0 signifies extreme fear and 100 indicates extreme greed in the crypto market. The fear greed index takes into account six different factors: volatility (25%), market momentum/volume (25%), social media (15%), surveys (15%), Bitcoin dominance (10%) and Google Trends (10%). https://coinnesslive.page.link/b5PeBtW22Gn2FGuw6

[Pendle advises against app usage following domain hijacking] DeFi yield trading protocol Pendle announced via X that its official website domain has been taken down due to a domain hijacking. Users are advised to avoid using the app until further notice while the team works on securing the site. The protocol itself remains unaffected, and users' funds are safe. Previously, Cointelegraph reported that several DeFi apps have been targeted by a domain hijacker, possibly exploiting a vulnerability in Squarespace’s registry system. https://coinnesslive.page.link/dY3AF2naoTsTtUZr8

[UK authorities conduct first Monero cryptocurrency conversion] In a landmark case, UK authorities successfully seized and converted Monero cryptocurrency into British pounds, marking the country's first such payout using the privacy-focused digital currency. Decrypt reported that Jack Edward Finney, a British man convicted of selling illegal drugs including a dangerous weight loss drug, was compelled to hand over £15,000 worth of Monero as part of the legal proceedings. The Food Standards Agency sold the tokens following their seizure by the Cheshire Cyber Crime Unit, showcasing that privacy coins like Monero cannot completely shield criminal activities from law enforcement. The funds were part of a broader confiscation that included cash and assets totaling £23,000. https://coinnesslive.page.link/jKtPgHEUkBoRBy2P8