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The semiconductor research institution SemiAnalysis has released a latest analysis indicating that Changxin Memory Technologies (CXMT) has clearly become the world's fourth largest DRAM manufacturer. Although its production capacity and cash flow are continuously growing, the institution believes that Changxin Memory still faces multiple challenges in equipment, technology, and market, and will not end the current storage "super cycle" in the short term.In terms of specific challenges, export controls on advanced semiconductor manufacturing equipment (such as EUV, advanced etching, and TSV tools) severely restrict Changxin's expansion into more advanced processes and high bandwidth memory (HBM) fields; although domestic equipment (such as Zhongwei Company, Northern Huachuang, etc.) has alleviated some pressure, it cannot fully resolve the integration and yield bottlenecks across multiple process links, resulting in its technology still lagging behind leading manufacturers by several generations. Additionally, Changxin's market share is currently still highly concentrated in the Chinese domestic market, with global expansion limited by geopolitical factors and customers' willingness to diversify their supply chains.In response to market concerns that Changxin might "impact the global market with cheap chips," SemiAnalysis clarified that there is currently a severe structural shortage in the DRAM market, and the increase in Changxin's production capacity may even struggle to fully meet domestic demand in China. In fact, the prices of Chinese memory chips are also soaring significantly, in line with the global upward trend, and Changxin is similarly a beneficiary of the shortage premium. Therefore, Changxin Memory should be viewed as a long-term structural competitive force, and in the current context of accelerated AI demand and constrained supply, it cannot shake the fundamental super cycle dominated by leading manufacturers in the short term.

According to Fortune, the crypto venture capital firm Framework Ventures announced the completion of its fourth fundraise, totaling $400 million. The investors include endowment funds from Ivy League schools, sovereign wealth funds, and non-profit organizations, though the specific names have not been disclosed. Framework co-founders Vance Spencer and Michael Anderson stated that the new fund will invest in the field of "cutting-edge technology," which includes not only crypto but also areas such as AI, robotics, and energy. Currently, about half of the funds from the fourth fund have been deployed.Framework Ventures was established in 2019 and initially focused on investments in the DeFi sector, participating in early rounds of leading protocols such as Aave and Chainlink. Previously, it completed fundraises of $100 million and $400 million for its second and third funds in 2021 and 2022, respectively.

According to Jinshi reports, the four-week average of initial unemployment claims in the U.S. for the week ending June 20 was 224,250, with the previous value revised from 223,250 to 223,500.

Jiang Zhuoer, the founder of the Liebit mining pool, stated that the current mNAV of Strategy has fallen to 0.72, close to the low of 0.7 set during the last bear market in May 2022. Based on recent market sentiment events such as the decoupling of STRC, it is judged that we are currently in the bottom area of the mNAV for this cycle. mNAV often leads BTC prices to bottom out by about 6 months, and based on the "four-year cycle" and the decreasing volatility model, this round of Bitcoin bear market may bottom out between October and December 2026, with a target price range of $42,000 to $44,000. Jiang Zhuoer indicated that his recent short-term strategy remains focused on selling spot and shorting, and will switch to buying spot and going long once the expected bottom arrives.

The B.AI platform's "custom service provider" model matrix has officially expanded, with the latest integrations of mainstream large models such as Moonshot (Kimi series) and Z.ai (GLM series).This module covers four major discount groups: 10% off, 40% off, 60% off, and 80% off. Users can generate a personalized "discount model invocation Key" with a single click, allowing for flexible switching between core business and daily testing, achieving a precise balance of high availability and low cost.In addition, all discounts can be stacked with a maximum 1:1 recharge bonus, further lowering the computational power threshold. Starting today, log in to the B.AI console to customize your exclusive model combination and immediately enter the era of AI invocation with exceptional cost performance.

The National Association of Attorneys General, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs' Association jointly sent a letter to the Department of Justice and the White House on Tuesday, warning that Section 604 of the Digital Asset Market Structure Clarity Act contains serious enforcement loopholes that could make it difficult for law enforcement agencies to investigate and prosecute crypto-related criminal activities. The letter pointed out that Section 604 includes broad exemption clauses that may allow individuals or entities assisting in the circulation of crypto assets to evade regulatory accountability, disrupting the investigative and enforcement powers that have long been relied upon.The four organizations emphasized that their concerns are not aimed at developers who simply write or publish software code, but rather at the broad exemptions that may provide a shield for illegal activities. The core of the controversy lies in Section 604—the "Blockchain Regulatory Clarity Act" (BRCA) provision, which was originally a standalone bill but was later incorporated into the Clarity Act, aimed at providing a safe harbor for non-custodial developers, clarifying that they do not fall under money transmission entities. Law enforcement organizations believe this move will create obstacles for investigations into crypto crimes.Additionally, the letter pointed out that several other provisions of the bill would "reduce transparency, weaken accountability mechanisms, and create loopholes in the anti-money laundering framework." On the same day, nearly a hundred Catholic leaders representing parishes across the country also issued a warning, stating that the bill could weaken protections against human trafficking. In response, White House cryptocurrency advisor Patrick Harker insisted that the Clarity Act is a bill that "supports regulation and supports law enforcement," emphasizing that the U.S. must proactively set standards or risk passively accepting the rules of other countries.

According to CoinDesk, the U.S. Senate passed a housing bill with a vote of 85 to 5, which includes a four-year ban on Federal Reserve central bank digital currency (CBDC). This ban will last until the end of 2030, prohibiting the Federal Reserve system or its member banks from issuing or creating central bank digital currency or any digital assets that are substantially similar. Although the Federal Reserve has not actively promoted a CBDC project, Republican lawmakers view CBDCs as a dangerous act of government overreach and insisted on including it in the housing bill. The newly appointed Federal Reserve Chairman Kevin Warsh called CBDCs a "bad policy choice" during his nomination hearing. Trump signed an executive order in January 2025 prohibiting any actions to advance CBDCs. If the House passes it and the President signs it, the ban will become law.

According to Laprovence, French police arrested four suspects in Marseille and surrounding areas in connection with an attempted kidnapping and robbery involving cryptocurrency assets. The incident occurred around 3 AM on June 13, 2026, when the suspects broke into a residence in the 13th district of Marseille, attempting to obtain cryptocurrency-related assets by holding two women hostage. A family was awakened by the noise and immediately called the police, prompting the suspects to flee the scene, leaving only vehicle license plate clues behind.It is reported that such cryptocurrency kidnapping crimes are on the rise in France, with approximately 70 cases involving the kidnapping or extortion of cryptocurrency assets recorded since 2026. Police state that these cases typically target cryptocurrency asset holders and their family members, exhibiting highly targeted and violent characteristics.

According to Jinshi reports, the Federal Reserve has maintained the benchmark interest rate at 3.5%-3.75% for the fourth consecutive meeting, in line with market expectations.

The Hebei High Court released typical cases of cracking down on illegal fundraising. A certain man packaged an investment project with the concept of "metaverse" to promote the virtual goods investment project of the "Newmateworks" platform under the "Yishang United Community" to the public, inducing the masses to participate in the investment. He directly introduced 19 investors who invested a total of 15.3936 million yuan in the platform, of which 1.1014 million yuan has been returned, while 14.2922 million yuan has not been returned. The court found that this case used emerging technology concepts such as "metaverse" as a cover to implement fraudulent marketing, violating national financial management laws and regulations, with a huge amount involved. The behavior constituted the crime of illegally absorbing public deposits, and Chen was sentenced to five years and four months in prison and fined.

The High Court of Hebei Province, China, released typical cases of combating illegal fundraising. A man packaged an investment project with the concept of "metaverse" to promote the virtual goods investment project of the "Newmateworks" platform under the "Yishang United Community" to the public, inducing the public to participate in the investment. He directly introduced 19 investors who invested a total of 15.3936 million yuan, of which 1.1014 million yuan has been returned, while 14.2922 million yuan has not been returned. The court found that this case used emerging technology concepts such as "metaverse" as a cover to implement fraudulent marketing, violating national financial management laws and regulations, with a huge amount involved. The behavior constituted the crime of illegally absorbing public deposits, and he was sentenced to five years and four months in prison and fined.

According to market data, SpaceX (SPCX.O) has increased by 17%, surpassing Microsoft (MSFT.O) in total market value, becoming the fourth largest company in the world by market capitalization. Currently, SpaceX is only behind Nvidia, Apple, and Google's parent company Alphabet.

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), published an article clarifying four major misconceptions about perpetual futures contracts.Regarding the misconception of "fixed expiration date": There is a viewpoint that the defined "futures contract" requires a fixed expiration date or delivery date, and the indefinite nature of perpetual contracts is inconsistent with congressional intent. Selig clarified that neither the Commodity Exchange Act nor CFTC regulations provide a clear definition of the term "futures contract," nor do they require a fixed expiration date or delivery date. Since Congress did not define the term, the criteria for its determination are provided by case law and committee interpretation, both of which do not require a fixed expiration date.Regarding the misconception of "high leverage": There is a viewpoint that the CFTC approved a futures contract allowing Americans to use leverage of up to 250 times when approving the BTCPERP contract, violating its own rules. Selig clarified that extreme leverage has been a characteristic of trading perpetual contracts in offshore venues since their inception, and is not inherent to the contract structure itself. The perpetual contracts regulated by the CFTC are subject to the same leverage limits as other futures contracts regulated by the CFTC.Regarding the misconception of "public opinion": There is a viewpoint that the CFTC did not provide the industry with an opportunity to participate or express opinions. Selig clarified that the CFTC released a request for comments on "perpetual contracts" and "24/7 trading" in April 2025, soliciting public input, and received over 100 comments from a wide range of stakeholders, including many registered entities regulated by the CFTC.Regarding the misconception of "funding rates": There is a viewpoint that the funding rate mechanism imposes unique and prohibitively high costs on market participants, fostering bad behavior in the market. Selig clarified that after considering the costs associated with opening positions and rolling over contracts with expiration dates, the annualized cost of holding futures contracts with expiration dates is roughly equivalent to that of perpetual contracts. The funding rate mechanism is far from fostering bad behavior; rather, it is a constraint tool that keeps the contract linked to the underlying spot market.

Aster has become one of the first DeFi protocols on the BNB Chain to support bStock, allowing users to use bStock as collateral for perpetual contracts. After enabling multi-asset mode, users can deposit bStock into their perpetual accounts, with each bStock counted as margin up to a maximum of 90% of its value.TSLAB, NVDAB, CRCLB, and SNDKB are the first supported bStock assets, with more varieties to be launched gradually. bStock is a tokenized security issued by Binance, backed 1:1 by underlying U.S. stocks held by custodians, and does not represent direct ownership of the stocks.

Trader Bob Loukas stated that Bitcoin is still in a "very standard four-year cycle," and the current price trend is not significantly different from previous cycles. Many people say "this time is different," but he believes this round of the Bitcoin cycle still fits the typical four-year cycle framework. He pointed out that the current cycle has entered week 44, and the cycle low window usually appears around week 46 within a time range of about 10%.Loukas mentioned that the midpoint of the past four-year cycles was around $53,000, which could become an important support and resistance level, and may serve as a potential buying position near the bear market low. He also stated that Bitcoin's price may re-enter the price discovery phase in 2028.QCP Capital stated in their latest market report on Monday that BTC is currently in a narrow psychological range, with buying interest around $60,000, but the options market remains defensively positioned, and macro risks are still affecting market sentiment.

Former U.S. President Trump and his family have collectively profited approximately $2.3 billion through four cryptocurrency ventures: World Liberty Financial, TRUMP Meme Coin, American Bitcoin, and ALT5 Sigma (now AI Financial), while related investors have also faced a total unrealized loss of about $2.3 billion.Reports indicate that around 75% of the token sale revenue from World Liberty Financial has flowed to the Trump family. Meanwhile, the price of TRUMP Meme Coin has retraced about 97% from its historical peak, and the stock prices of ALT5 Sigma and American Bitcoin have also seen significant declines.The report cites some investors' views that they overlooked risk management due to the "presidential endorsement." Some investors are currently considering legal action.