Gate Daily (July 2): EU MiCA Regulations Fully Effective; American Bitcoin Reverse Stock Split

Bitcoin (BTC) saw a slight short-term rebound, trading around $59,852 on July 2. The EU's MiCA regulations are now fully in effect, meaning crypto companies serving clients in the 27 EU member states must hold a license or cease operations, splitting the European crypto industry into winners and losers. American Bitcoin announced a reverse stock split after Nasdaq pressured it to delist.

Macro Events & Crypto Hot Topics

1. According to CoinDesk, the EU's crypto market entered a new era on Wednesday as its MiCA regulations came into full force, requiring crypto companies serving clients in the 27 EU member states to hold a license or cease operations. Thousands of crypto service providers face service suspensions and are legally obliged to stop serving EU clients from midnight June 30, forcing millions of European users to find MiCA-approved platforms.

Executives and lawyers have welcomed the unified EU regulatory framework, but there is disagreement on whether MiCA creates a level playing field. Some say high compliance costs make it difficult for smaller companies to operate in the region, forcing them to look elsewhere, such as Dubai. Others argue the rules are meant to benefit crypto companies that invest in transparency. Another concern is whether regulators can prevent offshore companies from continuing to serve European clients without a license.

2. According to Cryptopolitan, American Bitcoin will implement a reverse stock split on July 2 to continue its Nasdaq listing. The company's stock price has fallen over 95% from its post-IPO high. This move aligns with a trend among Bitcoin treasury companies, as Nakamoto and K Wave Media also face Nasdaq delisting pressure. Historical precedents from Citigroup, AIG, and RadioShack show that stock prices tend to decline further after similar measures.

News Updates

1. Only 1 of 3 tokens issued by James Wynn survives; WYNN has a market cap of just $320,000 with high concentration

2. ENS community members propose dissolving the DAO; the project's co-founder previously blocked the renewal of the security committee

3. Avalanche Treasury Corp stock plunges 93%, warns SEC that the company may not be able to continue as a going concern

4. Cloudflare launches a monetization gateway for stablecoin payments via the x402 protocol

5. Cantor Fitzgerald: Bitcoin cycle suggests the market may bottom in the coming months

6. CryptoQuant: CeFi lending market size dropped 6% QoQ in Q1, the first contraction since Q3 2024

7. ParaFi Capital continues to increase its holdings of 56 million SKY, with total floating loss of $1.72 million

8. Solana launches on-chain governance mechanism; proposals need 15% staked support to vote

9. dYdX Foundation: Arcus is an independent product; dYdX Chain is unaffected

Market Trends

1. Latest Bitcoin news: $BTC slightly rebounded in the short term, currently around $59,852. In the past 24 hours, $152 million in liquidations occurred, mainly short positions.

2. U.S. stocks closed slightly lower on July 2; the Philadelphia Semiconductor Index fell 6.3%, pressured by tech stocks, dragging down the broader market. However, Meta surged 8.8%, easing the decline in the S&P 500 and Nasdaq. The Dow fell 13.96 points, or 0.03%, to 52,305.24; the S&P 500 fell 16.13 points, or 0.2%, to 7,483.23; the Nasdaq Composite fell 173.69 points, or 0.7%, to 26,040.03.

(Source: Gate)

3. On Gate's BTC/USDT liquidation map, based on the current price of 59,707.70 USDT, if it drops to around 59,504, cumulative long liquidation amount exceeds $210 million; if it rises to around 60,488, cumulative short liquidation amount exceeds $87.38 million. Short liquidation amount is significantly higher than long, suggesting reasonable leverage control to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows were $2.82 billion, outflows $2.78 billion, with net inflows of $40 million.

(Source: Coinglass)

5. In the past 24 hours, $BTC, $ETH, $SOL, $XAU, $ZEC and other contract net outflows lead, presenting trading opportunities.

X KOL Selected Views

Phyrex Ni (@Phyrex_Ni): "Today I suddenly don't know what to write. This kind of day is fine, meaning nothing big happened. I bought the dual-currency at $59,000 yesterday, just being greedy for a little interest. Today I set a sell order at $60,000, feels like it will be sold out again. The $59,000 price is pretty good; I don't really want to sell, still want to hold. But dual-currency is essentially about buying low and selling high, then collecting premiums."

"Interesting in the past two days too. U.S. stocks rose yesterday while $BTC fell; today U.S. stocks fall but Bitcoin rises, once again verifying what I often say: BTC's purchasing power around $60,000 is still strong, investors' interest in bottom-fishing at this price level is high. Of course, this may not be visible from spot ETF data, but spot ETF trading volume has been relatively low recently."

"The main buying is likely from native Bitcoin spot investors. Also, I saw some Western analysts today saying that the BTC bear market is almost over. I don't know if that's true; I'm not good at price predictions. But as long as the price is low, I buy. The average cost of my recent purchases has been pulled to around $60,000."

"I haven't been following the U.S.-Iran developments much; just look at oil prices. Today WTI is almost breaking below $68, declining faster than I expected. My short positions are still held, should be closed out anytime soon. This hold has been quite long, but unfortunately the position size is small. I'll do a summary after it's all over."

Today's Outlook

1. Eurozone May unemployment rate, previous 6.3%

2. U.S. June seasonally adjusted non-farm payroll change (in thousands), previous 172

3. U.S. May durable goods orders revised (monthly rate), previous -4.5%

4. U.S. June unemployment rate, previous 4.3%

5. U.S. weekly initial jobless claims (seasonally adjusted) (week ending June 27), previous 215