On July 7, Galaxy Research reported that a second Amicus Brief has been officially submitted in a case before the New York State Supreme Court. This brief opposes 'Noah Doe's' attempt to classify Satoshi Nakamoto's Bitcoin as 'abandoned property' and assert ownership based on that classification. The brief was submitted by The Digital Chamber, with assistance from CahillNXT and attorney Palley from Brown Rudnick.
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New York Court Receives Amicus Brief Opposing Bitcoin as Abandoned Property
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Korean Stocks Drop 7%, Falling Below 7500 Points
On July 7, the decline of the KOSPI index in South Korea continued to widen, with a latest drop of 7%, now reported at 7487.25 points. (Jin Shi) -
Southern Double Long on Samsung Electronics Falls Over 20%
On July 7, Southern Double Long on Samsung Electronics fell over 20%, while Southern Double Long on SK Hynix dropped over 19%. -
Central Bank Governor Pan Gongsheng: Firmly Maintain Financial Stability and Security in Hong Kong
On July 7, Pan Gongsheng, Governor of the People's Bank of China, stated at the "Hong Kong Fixed Income and Currency Summit and Bond Connect Forum" that the People's Bank of China will work with the Hong Kong Special Administrative Region government and financial regulatory authorities to focus on four key areas to continue building, consolidating, and developing Hong Kong as an international financial center. One of these areas is to firmly maintain financial stability and security in Hong Kong. Pan emphasized that financial security is the cornerstone of Hong Kong's long-term prosperity and development as an international financial center. Over the years, with strong support from the country, Hong Kong has successfully navigated the challenges of the Asian financial crisis in the late 1990s and the global financial crisis in 2008, accumulating rich experience in preventing and mitigating external shock risks. Pan noted that China's economic and financial strength is currently even more robust, with foreign exchange reserves ranking first in the world. The central bank will continue to provide full support and guarantees for Hong Kong's deepening financial reform and development, as well as maintaining financial stability and security. -
UBS Raises SK Hynix Target Price to 3.2 Million KRW, Upgrades Sales Price and Operating Profit Forecasts
On July 7, UBS published a report expressing confidence that SK Hynix is continuing to secure more revised long-term agreements (LTAs), focusing on DDR5 and NAND Flash for large data center clients. These contracts have a duration of over five years, with approximately 60% to 70% of the expected volume and price already locked in, providing greater visibility for future profits. Based on a projected price-to-book ratio of 3.65 times over the next 12 months, the firm raised its target price from 3 million KRW to 3.2 million KRW, maintaining a 'Buy' rating. Additionally, SK Hynix has begun ramping up shipments of HBM4 for the Rubin platform in the second quarter, indicating that it has completed final design adjustments to meet specifications. Although Samsung Electronics may slightly lead SK Hynix in HBM market share by 2027 (41% to 39%), the long-term outlook suggests that HBM's share in SK Hynix's DRAM business is expected to surpass that of its peers. The firm predicts that HBM's contribution to DRAM revenue will rise from 15% in 2026 to 58% by 2030. If the average selling price of HBM continues to increase, it will provide additional support for profits in 2027. Furthermore, the firm indicated that the shareholder return policy is expected to continue strengthening, with expectations for share buybacks to begin after the ADR listing and to gradually accelerate. The firm noted that there is still room for further price increases in DDR and NAND Flash contracts in the second half of 2026. Considering the revised long-term agreements and HBM, it forecasts that the average selling price of DRAM will increase by 43% quarter-on-quarter in the second quarter of 2026; by 21% in the third quarter; and by 13% in the fourth quarter. For NAND, it expects a 43% quarter-on-quarter increase in the second quarter, a 25% increase in the third quarter, and a 10% increase in the fourth quarter. Taking into account the upward revision of sales price forecasts, UBS raised its operating profit forecast for this year by 7% to 327 trillion KRW, and increased the forecasts for the next two years by 12% each to 623 trillion KRW and 667 trillion KRW, respectively. -
China's NDRC: Sales of AI Phones and AI Computers Expected to Surpass Non-AI Products for the First Time This Year
On July 7, the Shanghai municipal government held a press conference at 10 AM, where Wang Ruomeng, Deputy Director of the Department of Innovation and High Technology Development of the National Development and Reform Commission, stated that last year, the annual shipment of AI phones and AI computers in China exceeded 100 million units. It is expected that this year will continue to see rapid growth, with sales of AI phones and AI computers likely to surpass those of non-AI products for the first time. Currently, the monthly visit volume of AI-native office intelligent agents in China exceeds 20 million, with an average daily token call volume reaching hundreds of trillions, a significant increase compared to last year. This reflects the vigorous development of new products and new business formats driven by 'Artificial Intelligence +.' -
BTC Surpasses $64,000
Market data shows that BTC has surpassed $64,000, currently priced at $64,007.31, with a 24-hour increase of 0.47%. The market is experiencing significant volatility, so please ensure proper risk management. -
BTC Surpasses $64,000
Market data shows that BTC has surpassed $64,000, currently priced at $64,081.64, with a 24-hour increase of 2.34%. The market is experiencing significant volatility, so please ensure proper risk management. -
ETH Surpasses $1800
Market data shows that ETH has surpassed $1800, currently priced at $1803.77, with a 24-hour increase of 1.86%. The market is highly volatile, so please ensure proper risk management. -
BonkDAO Suffers Governance Attack, Losing Approximately $20 Million; Upbit Suspends BONK Deposits and Withdrawals
On July 7, BonkDAO, associated with the Solana ecosystem meme coin project BONK, experienced a "malicious governance proposal" attack. The attacker successfully executed an abnormal proposal by forging/manipulating governance votes, transferring approximately $20 million worth of BONK tokens from the treasury. The stolen funds have begun flowing to multiple cryptocurrency exchanges, triggering market sell pressure and causing BONK's price to drop over 9%. In response to the risk, South Korean exchange Upbit announced the suspension of BONK deposit and withdrawal services. BonkDAO has stated that it has notified law enforcement and is cooperating with relevant parties to track down the attacker and attempt to recover the funds. This incident once again highlights the potential security risks in DAO governance mechanisms. -
BTC Surpasses $63,000
Market data shows that BTC has surpassed $63,000, currently priced at $63,016.31, with a 24-hour increase of 0.46%. The market is experiencing significant volatility, so please ensure proper risk management.
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