Bitget Daily Digest (6.19)｜Fed Holds Rates Steady, May Cut Twice This Year; Trump Says Iran Seeks Talks, Tehran Quickly Denies

Today’s Preview

Macro & Hot Topics

1. Trump posted on social media that the Senate has passed the GENIUS Act, claiming it will propel large-scale investment and innovation in US digital assets. He urged the House to pass a “clean version” quickly and send it to the President’s desk as soon as possible.
2. Powell: Inflation Expected to Rise Due to Tariffs. Fed Chair Jerome Powell stated in a press conference that tariffs imposed under the Trump administration could push US inflation up significantly in coming months. He emphasized the need for greater confidence that inflation is falling before rate cuts begin, and described current policy as “modestly restrictive.” The dot plot shows two rate cuts expected in 2025. The Fed is assessing the impact of tariffs and remains committed to the 2% inflation target. Powell also said the current rate level isn't very high and that today’s policy is better described as “moderately restrictive.” He noted: “If you look at the current economic performance, it doesn’t look like we’re under very tight monetary policy.”
3. The Fed Holds Rates, Still Expects Two Cuts This Year. The FOMC kept the benchmark interest rate at 4.25%–4.50% for the fourth consecutive meeting, in line with expectations. The dot plot suggests two cuts in 2025 (same as March). Among 19 policymakers: 7 expect no cuts in 2025 (up from 4 in March), 2 expect one 25bps cut (down from 4), 8 expect two cuts (down from 9), and 2 expect three cuts (unchanged).
4. Trump Claims Iran Proposed Talks, Tehran Denies. Iran’s UN mission stated on social media that Iran has never requested talks with the US, calling Trump’s comments “lies.” Trump had told the media at the White House that Iran wished to negotiate and was willing to come to the White House. Iran replied: “Never has any Iranian official asked to come and beg at the White House door,” and, “Iran will not negotiate or accept peace under coercion, and will respond to threats with counter-threats and reciprocal action.”

Market Updates

Institutional Views

News Updates

1. White House advisor: Crypto legislation is “very close” to passing.
2. UK plans bank crypto asset exposure limits by next year.
3. Israeli military claims to have struck bases linked to Iran’s nuclear program in the west of the country.
4. Trump says Iran requested US talks; Tehran denies it.
5. Trump: US not seeking ceasefire, but requires “no nuclear weapons for Iran.”
6. Hong Kong SFC approves BGE Virtual Asset Trading Platform license, bringing the total of licensed firms to 11.

Project Developments

1. Circle’s market cap surpasses $42B, now 68.5% of USDC circulation.
2. Polygon co-founder spins out new zero-knowledge project ZisK.
3. Canada’s 3iQ to launch XRP spot ETF on the Toronto Stock Exchange.
4. Ondo Finance partners with Solana and others to form Global Market Alliance, promoting tokenization of stocks and other assets.
5. Monad phase two testnet validators are now live.
6. DragonSwap prepares to launch DRG token after annualized trading volume tops $1B.
7. Warden will allocate 2.5% of WARD token supply to the KaitoAI ecosystem.
8. Bitget Wallet rolls out “FOMO Thursday” airdrop campaign.
9. Pudgy Penguins launches P2E game Pengu Clash on TON.
10. Solana Policy Institute and Phantom submit compliance tokenization framework to US SEC.

X Highlights

1. Haotian: Lost Narratives, Developer Exodus & Lack of New Blood—Where’s the Primary Market’s Way Out? The primary crypto market is facing a triple dilemma: completely ineffective narratives with tech tags overtaken by meme “casino” culture, developers leaving and innovation stalling (as AI draws away top talent), and diminishing external capital/new attraction, with VCs and fresh blood shifting to AI and US stocks. Crypto now mostly touts “token launches,” with little real value beyond decentralization. Yet faith persists—a new opportunity might be hiding in these lows and revaluations. Original: https://x.com/tmel0211/status/1935259551030472704
2. BitFool: Market Main Themes—Pump Token Launches, USD1 Competition, Base ACP & AVAX Breakouts
3. “Pump” token launches to watch: $alon, #trencher, #trenches, #Cupsey. Real action is still in the Pump main launch; #trenches lags due to too many early buyers, while overlooked #Cupsey moved recently. Solana meme sector remains harsh.
4. USD1 trading competition targets (#EGL1, #Janitor, #Liberty, legacy #BULLA, #tag, #ca) are all in decline; BSC under pressure, random DCA is risky. Only $U remains relatively strong short-term.
5. Base ACP theme (#mamo, #brain, #swarm) also seeing broad declines—like an avalanche—even hot #noice, #ar are not immune. While #arbus is falling, it tracks with $axr and remains worth watching.
6. AVAX sector shows some revival expectations but is overall weak; only $fomo, $lambo saw breakouts. Big information gaps make it tough for average traders to profit. Overall, the market’s under pressure, main themes are in increasingly heated battle, and risks of blind entries are rising. Control your exposure and trade with caution. Original: https://x.com/bitfool1/status/1935314947170595064
7. Phyrex: Geo-Conflict, Oil, and the Fed—Market in Wait-and-See Mode Geo-conflict looms; the US is prepared but hasn’t acted, Iran faces local internet outages, and the situation seems primed for escalation. Oil prices keep rising, pushing US inflation higher, while the Fed held rates and says geopolitics/tariffs are the main reasons for delaying cuts. Powell believes oil’s rise may be temporary, and the dot plot shows two cuts expected next year. BTC turnover is up slightly, investor sentiment in the $93,000–$98,000 support range remains steady, but risk is rising higher up. No major data releases for the rest of the week; markets will focus on geopolitics. In the short term, watch for risk accumulation and situation changes. Original: https://x.com/Phyrex_Ni/status/1935432394179592406
8. Yuyue: BTC Orthodoxy, USD Dominance & “Stablecoin Trojan Horses” Recent debate around stablecoin regulation is essentially a struggle between Bitcoin supremacy and dollar hegemony. BTC, as an inflation hedge and store of value, always comes out on top, while stablecoins (like Circle’s) further boost the dollar’s global dominance. Short term: Circle is the share leader for USD-pegged stablecoins; long term: mass stablecoin use actually erodes BTC’s value anchor. Stablecoins—while appearing to grow the industry—are a Trojan horse that consistently divert capital into USDC, WLFI, and various yield products, fundamentally diluting BTC’s core value. Only if dollar dominance is shaken could BTC have another supercycle. For now, the best chance to change one’s fate is to focus on high-certainty, major “beta” sectors—and take time to reflect as you prepare for the next market cycle. Original: https://x.com/yuyue_chris/status/1935435135257923786