7:00-12:00: BNB Overtakes Starbucks in Market Capitalization; US House of Representatives’ Budget Appropriation Aims to Halt SEC Implementation of SAB 121; Study: Nearly 60% of 2,012 Surveyed Participants Unaware of Digital Euro; Qatar Sovereign Wealth Fund Agrees to Purchase 10% Stake in Huaxia Fund; May Global Web3 Funding Reaches $917 Million, Farcaster Valued at $1 Billion; Injective: 60,000 Tokens Destroyed in May, Over 50 Million INJ Tokens Staked on Chain; Three Bitcoin Mining Pools Mined 69% of the 436 Blocks in the Past 72 Hours; BlackRock and Citadel Securities Plan to Launch New National Securities Exchange in Texas; Cryptocurrency Exchange DMM Plans to Raise $322 Million through Capital Increase and Internal Lending for Customer Withdrawal Fees.
In the span of 7:00-12:00, several noteworthy developments have taken place in the world of finance and cryptocurrency. Here are the key highlights:
1. BNB Surpasses Starbucks in Market Capitalization: BNB, the native cryptocurrency of the Binance exchange, has achieved a remarkable milestone by surpassing the market capitalization of Starbucks. This demonstrates the growing popularity and value of cryptocurrencies in the global market.
2. US House of Representatives’ Budget Appropriation Aims to Halt SEC Implementation of SAB 121: The US House of Representatives has proposed a budget appropriation that seeks to prevent the implementation of Statement of Accounting Bulletin (SAB) 121 by the Securities and Exchange Commission (SEC). This move aims to address concerns and potential negative consequences associated with the implementation of the new accounting standards.
3. Study Reveals Lack of Awareness Regarding Digital Euro: A recent study involving 2,012 participants has unveiled a surprising finding – nearly 60% of the respondents were unaware of the concept of digital euro. This highlights the need for increased awareness and education regarding digital currencies among the general population.
4. Qatar Sovereign Wealth Fund Acquires Stake in Huaxia Fund: Qatar’s sovereign wealth fund has agreed to purchase a 10% stake in Huaxia Fund, further strengthening Qatar’s presence and investments in the global financial market.
5. Impressive Funding for Web3 Projects in May: The total funding for Web3 projects in May has reached a staggering $917 million, with Farcaster being valued at $1 billion. This indicates the significant growth and potential of Web3 technologies in reshaping various industries.
6. Injective Announces Token Destruction and Staking on Chain: Injective, a decentralized exchange protocol, has conducted a token burn event, destroying 60,000 tokens in May. Additionally, over 50 million INJ tokens have been staked on the blockchain, showcasing the community’s commitment and confidence in the project.
7. Dominance of Three Bitcoin Mining Pools: In the past 72 hours, three prominent Bitcoin mining pools have mined 69% of the 436 blocks generated during this period. This highlights the concentration of mining power within a few major players in the Bitcoin network.
8. BlackRock and Citadel Securities Collaborate on New Securities Exchange: BlackRock, the world’s largest asset manager, and Citadel Securities have announced plans to launch a new national securities exchange in Texas. This initiative aims to provide a new platform for investors and further enhance the efficiency of securities trading.
9. DMM Raises Funds for Customer Withdrawal Fees: Cryptocurrency exchange DMM has revealed its plans to raise $322 million through a combination of capital increase and internal lending. These funds will be utilized to cover various expenses, including customer withdrawal fees, ensuring a smooth and efficient user experience.
These developments highlight the dynamic and evolving nature of the financial industry, as well as the increasing importance of cryptocurrencies in shaping the future of finance.