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

This week, the crypto market experienced a roller coaster of rising and falling. At the beginning of the week, Bitcoin and Ethereum led the market to a general rise, especially with DeFi tokens experiencing a brief surge stimulated by favorable regulatory news. However, on Friday, the geopolitical situation in the Middle East suddenly escalated, triggering a black swan event that caused most altcoins to drop by about 10%. In addition, the S-3ASR prospectus submitted by SharpLink Gaming caused misunderstandings in the market, leading to a 70% drop in its stock price, which somewhat dragged down Ethereum's performance.

This week's report focuses on three aspects: the ongoing heated discussion on stablecoins, updates on the Aster project, and changes in regulatory policies.

First, the U.S. Senate passed the procedural vote on the "GENIUS stablecoin bill" with 68 votes in favor and 30 against, and the bill may complete the legislative process as early as next Monday. If ultimately passed, it will become the first comprehensive federal legislation in the United States addressing encryption assets. As the U.S. government's support for the bill becomes increasingly evident, other countries and regions are also accelerating their layouts in the stablecoin sector.

In South Korea, the ruling party has proposed the "Basic Law on Digital Assets" aimed at allowing local companies to issue stablecoins. About 30% of the country's population participates in digital asset trading, providing a solid market foundation. The governor of the South Korean central bank will also meet with executives from commercial banks to discuss the development of stablecoins backed by the won. Against this backdrop, stocks and token prices of related companies such as KakaoPay and Kaia have seen a significant rise.

Secondly, the Aster project has completed the airdrop snapshot of Au points. As a decentralized exchange project incubated by a well-known institution, Aster is regarded as an important component of a certain public chain ecosystem. It has been confirmed that the AST token will replace APX, but the specific conversion ratio has not yet been announced. The market expects that this project may have significant growth potential.

Finally, regarding regulatory policies, the chairman of a regulatory agency delivered an important speech at the "DeFi and the American Spirit" roundtable meeting. He emphasized that the design concept of DeFi aligns with the American spirit, clarified that participation in PoW or PoS network activities does not fall under the jurisdiction of federal securities laws, supported users' rights to self-custody, and indicated the exploration of an "innovation exemption" framework. These statements are seen as positive signals for the DeFi industry.

In addition, regulators require the issuers of the proposed spot SOL ETF to submit a revised S-1 form within the next week, which may indicate that the related ETF will be approved within 3-5 weeks. The market has entered the ETF speculation cycle for the related tokens, and SOL and high-quality assets in its ecosystem may attract attention.

Overall, despite short-term fluctuations in the market, factors such as the development of stablecoins, new project dynamics, and changes in regulatory policies continue to bring new opportunities and challenges to the industry. Investors need to closely monitor developments in these areas while carefully assessing potential risks.