Weekly Market Highlights Review【6.9 - 6.13】: After a general rise in the crypto market, a black swan event occurred, and the narrative around stablecoins and Sol ETF is heating up.

This week, the crypto market experienced a roller coaster ride with initial rises followed by declines. At the beginning of the week, Bitcoin and Ethereum led the market to a broad rise, and the DeFi sector surged significantly due to favorable regulatory news. However, on Friday, sudden changes in the Middle East situation brought a black swan impact to the market, causing most altcoins to drop by about 10%. Additionally, a company's stock price plummeting by 70% also somewhat dragged down Ethereum's performance.

This week's market focus is mainly on three aspects:

1. The topic of stablecoins continues to rise in popularity.

The U.S. Senate has passed the procedural vote on the stablecoin bill, which could complete legislation as early as next Monday. This will be the first comprehensive federal legislation targeting encryption assets in the U.S. Government officials have expressed support for the bill and hope to sign it into law before August.

As a result, other countries like South Korea have also accelerated their stablecoin layout. The new president of South Korea holds an open attitude towards the crypto industry, and the ruling party has proposed the "Basic Law on Digital Assets," allowing local companies to issue stablecoins. The Bank of Korea will also discuss the development of a won-backed stablecoin with commercial banks.

Relevant beneficiaries include:

1. A certain payment company: As a leading digital wallet and payment platform, it is seen as a potential beneficiary of domestic stablecoins. After the announcement of the bill, its stock price rose by 29% in a single day.

2. A certain blockchain project: formed by the merger of two major tech giants, with a user base of 250 million. Recently announced plans to issue a Korean won stablecoin, with its token rising over 50% this week.

2. Dynamics of a certain DEX project

The project has completed the airdrop snapshot, and is considered an important project within a certain public chain ecosystem. The project is integrated from two related protocols, and its tokens will undergo a 1:1 replacement, but half will need to be locked for six months. Considering the support from the backing forces, there is a possibility of a subsequent rise for the original tokens.

Three, Regulatory Policy Trends

1. The chairman of a regulatory agency delivered a speech at a roundtable meeting, stating that the concept of DeFi aligns with the American spirit, and expressed intentions to explore an innovation exemption framework that allows eligible on-chain projects to operate legally. This is seen as significant support for the DeFi industry.

2. The agency requires the issuer of a proposed crypto market ETF to submit revised documents, which may indicate that the ETF will be approved within 3-5 weeks. The news also suggests that regulators seem willing to accept proposals that include a staking mechanism.

The market has currently entered the speculation phase for ETF-related tokens. The final deadline for a certain cryptocurrency ETF application is next October, and the likelihood of approval is relatively high. It is recommended to pay attention to the coin itself and the quality assets within its ecosystem.