Group 1 - Trump Media & Technology Group (TMTG) plans to raise $3 billion to invest in cryptocurrencies, including Bitcoin, supported by the U.S. government [1] - TMTG aims to raise $2 billion through a new stock issuance and $1 billion through convertible bonds, with the announcement expected at a major cryptocurrency investor conference in Las Vegas [1] - The financing size has been increased due to strong demand, although specific terms and timing may still be adjusted [1] Group 2 - TMTG's stock closed at $25.72 last week, with a market capitalization of nearly $6 billion [2] - The Trump family has engaged in the cryptocurrency sector through NFT trading cards, meme coins, and stakes in cryptocurrency mining company American Bitcoin and stablecoin supporter World Liberty Financial [2] - TMTG plans to launch a cryptocurrency-focused exchange-traded fund (ETF) [2] Group 3 - A SPAC led by Brandon Lutnick has reached a $3.6 billion deal with Tether and SoftBank to create a Bitcoin investment platform named "Twenty One Capital" [3] - Ripple acquired a top brokerage focused on digital currencies for $1.25 billion, betting on increased institutional investment in the cryptocurrency market during the Trump administration [3] - A wave of similar mergers and acquisitions in the cryptocurrency sector is expected in the coming weeks, particularly among special purpose acquisition companies [3]

Core Insights - The event hosted by Trump for the largest buyers of his meme coin "Trump Coin" ($TRUMP) was attended by 220 guests, including notable figures from the cryptocurrency industry and former NBA star Lamar Odom, but the coin's price dropped by 16% shortly after the event [1][2] - The largest holder of "Trump Coin," Sun Yuchen, is facing SEC fraud charges and has invested $75 million in Trump's cryptocurrency project [2][3] - The event sparked protests outside, highlighting concerns from lawmakers about cryptocurrency corruption and the implications of Trump's involvement in the crypto space [3][4] Group 1: Event Details - The dinner was marketed as "the most exclusive invitation in the world," with attendees spending approximately $148 million to participate [1] - Attendees reported a lack of engagement from Trump, who only stayed for 23 minutes and did not interact with most guests [2] - The atmosphere at the event was described as subdued, with many attendees checking the price of "Trump Coin" during dinner [2] Group 2: Regulatory Implications - The event raised alarms among lawmakers, with a bipartisan effort to introduce new legislation aimed at regulating cryptocurrency, specifically targeting the potential corruption associated with Trump's crypto ventures [6][7] - The GENIUS Act, which aims to regulate stablecoins, faces challenges due to controversial amendments and political tensions surrounding Trump's cryptocurrency activities [7] - Major banks are in preliminary talks to issue a unified dollar stablecoin, but the progress of the GENIUS Act is critical for these plans [7] Group 3: Market Impact - Since its launch, "Trump Coin" has generated over $324 million in transaction fees, with approximately 80% of the token supply controlled by Trump's group [9] - The Trump family's cryptocurrency project, World Liberty Financial (WLFI), has raised $550 million, indicating significant financial backing in the crypto space [9][11] - The potential for stablecoin legislation to create substantial demand for U.S. debt is highlighted, with expectations of bipartisan support for regulatory clarity [10]

今年4月初，在美国总统唐纳德·特朗普宣布"解放日"关税，引发全球金融市场动荡后，加密货币交易员 一度担心，比特币价格会跌到什么程度。 "需求暴增" 风险资产如股票和加密货币遭到抛售，比特币一度跌至接近7.4万美元，较1月20日特朗普宣誓就职时创 下的历史高点10.94万美元暴跌32%。 然而，仅仅六周后，全球最大加密货币便强势反弹并创下新高，首次突破11.1万美元。随着特朗普的贸 易战持续动荡，比特币正逐步演变为类似黄金的"避险资产"，吸引了大量寻求避风港的投资者。 "我们坚信，比特币正越来越脱离对风险资产的联动，开始表现得像一个独立、可靠的资产配置工具， 尤其是在不确定时期，"MHC Digital Group全球市场主管Edward Carroll表示。 他指出，尽管20年期美国国债拍卖不佳导致债券价格暴跌，引发市场对美国巨额赤字威胁其避险地位的 担忧，但比特币却在隔夜交易中逆势上涨。与此同时，美股下跌，美元兑多数主要货币走软。 比特币目前的走势更贴近黄金，本周金价上涨4%，至每盎司约3325美元，逼近上个月创下的历史新 高。 澳洲投资者也在前所未有地涌入加密货币市场。截止5月21日的一周内，当地比特币E ...

Core Insights - The regulatory environment for stablecoins is evolving, with Hong Kong and the United States making significant legislative progress [2][3] - Hong Kong's Legislative Council has passed the Stablecoin Ordinance, expected to take effect within the year, establishing a licensing system for fiat-backed stablecoin issuers [3][4] - The U.S. Senate has advanced the GENIUS Stablecoin Act, which aims to provide a federal regulatory framework for dollar-backed stablecoins [2][3] Hong Kong's Stablecoin Regulation - The Stablecoin Ordinance emphasizes a 100% reserve and segregation of assets, ensuring that licensed issuers maintain high-quality, liquid reserve assets for stablecoin redemption [4] - Investor protection is a key focus, allowing stablecoin holders to redeem their assets at face value within a reasonable timeframe [4] - The ordinance mandates compliance with anti-money laundering measures, disclosure obligations, and audit requirements [4] Market Implications - The introduction of the Stablecoin Ordinance is expected to position Hong Kong as an international hub for Web3 and digital finance, facilitating the internationalization of the Renminbi and offshore financial services [3][4] - The global stablecoin market is projected to grow from $250 billion to $1 trillion in the coming years, driven by increased compliance and the influx of "quasi-dollar" funds [2][3] Institutional Preparations - The first batch of stablecoin issuers in Hong Kong includes five entities, with notable participants like JD Group and Standard Chartered Bank [5][6] - JD Chain Technology is currently in the second phase of sandbox testing for its stablecoin, focusing on cross-border payments and retail transactions [5][6] Strategic Considerations - JD Group's entry into the stablecoin market is driven by the need for efficient cross-border payment solutions amid geopolitical risks affecting traditional systems like SWIFT [6][7] - Stablecoins are seen as a disruptive force in payment systems, offering significant improvements in transaction speed and cost compared to traditional methods [6][7] Future Outlook - The maturation of compliance pathways is expected to attract long-term capital from pension funds and mutual funds into the crypto market, enhancing market stability and reducing structural risks [7] - The interplay of policy incentives and market consensus is likely to create new growth opportunities for Bitcoin and other crypto assets [7]

近日美国关于稳定币的《GENIUS法案》由参议院通过，法案要求稳定币要有足额储备，实行分级监 管，现存稳定币需在18个月内纳入合规体系。近日香港也通过了《稳定币法案》，明确了在香港发行稳 定币的相关要求。这背后是盘什么棋呢？关注我，听我细聊。 稳定币也是一种依托区块链技术的加密货币，与传统货币或资产挂钩，价格波动幅度较小，价值相对稳 定。它绕过了SWIFT系统，交易更便捷，交易成本更低，因此很受青睐，目前2/3的加密货币交易是用 稳定币作为报价货币的。 在通胀严重、资本管制严格、本币不稳定的地区，稳定币被大量使用。俄罗斯正在考虑推出一种与人民 币挂钩的稳定币以规避制裁。今年5月，维萨宣布与稳定币公司Bridge合作，以实现与拉丁美洲的跨境 支付。 最后，《GENIUS法案》对稳定币的定性是用于支付或结算，不是证券，也不是商品，至多可以作为数 字美元，应对各国央行数字货币的竞争，增强美元的可及性，扩大美元的影响力，但是其与短期美债绑 定，就难逃美债的命运，若发生赎回危机，会加剧金融市场波动。 比如加密货币暴跌时，投资者会纷纷赎回稳定币换回美元，发行商需要抛售短期美债储备来应对，这就 把风险传导到了短期美债市场。 ...

据Coinglass统计，过去近24小时内，加密货币全网爆仓人数超10万人，爆仓金额达到3.23亿美元。其中，最大单笔爆仓单发生在Bybit-BTC，价值250.71万 美元。 | 指标 清算地图 | | 爆仓信息 多空比 资金费率 | | E V | | --- | --- | --- | --- | --- | | 実部 BTC | ETH | SOL | XRP | DOGE =Q | | 总爆仓 | | | | | | 1小时爆仓 | 多車爆仓 | | | 空单爆仓 | | $460.8万 | $368万 | | | $92.8万 | | 4小时爆仓 | 多单爆仓 | | | 空单爆仓 | | $2860.4万 | $740.8万 | | | $2119.6万 | | 12小时爆仓 | 多单爆仓 | | | 空单爆仓 | | $5949万 | $2141.4万 | | | $3807.6万 | | 24小时爆仓 | 多单爆仓 | | | 空单爆仓 | | $3.2亿 | $2.3亿 | | | $9133万 | 消息面上，当地时间5月19日，美国参议院投票通过了首部加密货币立法，旨在建立稳定币的监管框 ...

加密货币市场剧烈波动。 5月24日早间，比特币一路下行，一度跌破107000美元，其他加密货币也普跌；不过下午比特币又突然出现拉升，一度重返109000上方。截至发稿，比特币报 108876美元。 与此同时，以太坊波动也比较大，早盘一度跌超5%，截至发稿已小幅上涨。 据Coinglass统计，过去近24小时内，加密货币全网爆仓人数超10万人，爆仓金额达到3.23亿美元。其中，最大单笔爆仓单发生在Bybit-BTC，价值250.71万美元。 | 清算地图 指标 | | 爆仓信息 多空比 资金费率 | | | E V | | --- | --- | --- | --- | --- | --- | | 実部 BTC | ETH SOL | | XRP | DOGE | =Q | | 总爆仓 | | | | | | | 1小时爆仓 | 多車爆仓 | | | 空单爆仓 | | | $460.8万 | $368万 | | | $92.8万 | | | 4小时爆仓 | 多車爆仓 | | | 空单爆仓 | | | $2860.4万 | $740.8万 | | | $2119.6万 | | | 12小时爆仓 | 多单爆仓 | ...

Core Viewpoint - The article discusses a controversial event called "Trump Coin Night," held at Trump's golf club, highlighting the intersection of politics and cryptocurrency, particularly focusing on the involvement of major crypto figures like Sun Yuchen and the implications for the crypto industry [1][2][3]. Group 1: Event Overview - The event was attended by 220 major holders of "Trump Coin," with the top 25 receiving VIP meeting opportunities with Trump [1]. - Sun Yuchen, founder of TRON, was the center of attention, receiving a $100,000 Trump-branded watch during the event [2]. - Trump's speech criticized the Biden administration's stance on cryptocurrency and promised to make the U.S. the "crypto capital of the world" [3]. Group 2: Ethical Concerns and Protests - The event faced ethical scrutiny, with protesters outside the venue chanting against perceived corruption in cryptocurrency [8][11]. - Senator Jeff Merkley labeled the dinner as "the peak of corruption," and there were concerns about potential violations of federal gift regulations [13][14]. Group 3: Financial Implications - Over $148 million has been invested in Trump Coin to secure dinner seats, with 80% of the coin controlled by Trump's family and associated entities, valued at over $10 billion [15][16]. - The transaction fees from Trump Coin have reportedly generated over $300 million for insiders, with Trump's entities potentially earning up to $100 million from these fees [16]. Group 4: Market Dynamics - Trump Coin experienced a significant price drop of approximately 80% from its January peak, indicating high volatility and speculative nature [18]. - The article suggests that only a small group of early investors profited, while many ordinary investors faced substantial losses, characterizing Trump Coin as a typical meme coin reliant on hype and celebrity influence [19].

图片来源:币界网 从长期来看，比特币的涨势有着坚实的结构性基础。币界网数据显示，非流动性供应量达历史峰值，表明涨势并非散户 狂热推动，而是机构资金流入、供应紧缩以及宏观经济环境改善共同作用的结果。XBIT去中心化交易所平台分析师预 测，比特币今年可能上涨至15 -18万美元。 然而，在价格狂欢的背后，风险不容忽视。币界网数据显示，5月22日暴涨下，24小时内全球106369人被爆仓，爆仓总金 额4.05亿美元，截至当日15时08分，仍有121185人被爆仓，金额达4.94亿美元。XBIT去中心化交易所平台分析师指出，当 前市场杠杆驱动特征明显，高倍杠杆仓位激增，一旦遭遇不利因素，极易触发连锁爆仓。而且市场乐观预期高度一致， 构成反身性风险，价格可能因政策、情绪等因素快速反转。 5月21日晚间，比特币价格再创历史新高，突破2025年1月记录，达到109,455.99美元。XBIT分析指出，此次突破源于多 重利好叠加——美国稳定币法案取得关键进展、特朗普政府释放明确监管信号，以及市场对长期结构性变化的信心增 强。这场涨势不仅是短期情绪的爆发，更标志着加密货币行业迈入新阶段。 图片来源:币界网 一组民主党人放弃反对 ...

Group 1 - The U.S. Senate has advanced the "Stablecoin Unified Standards Guarantee Act" (GENIUS) with a vote of 66 in favor and 32 against, marking significant progress for the legislation [1] - The passage of this act is expected to have a profound impact on the stablecoin market, reinforcing the global dominance of the U.S. dollar while limiting the expansion of large tech companies and foreign issuers, particularly Tether [1][2] - The act mandates that all stablecoins must be backed 1:1 by high-quality, low-risk liquid assets, including U.S. Treasury securities, bank deposits, or physical U.S. dollars [2] Group 2 - The revised act prevents large tech companies like Meta, Apple, and Amazon from issuing stablecoins unless they meet strict financial risk, consumer data privacy, and fair business practice requirements [5] - This amendment reflects concerns among Democratic lawmakers regarding tech giants monopolizing financial infrastructure and blurring the lines between banking and commerce [5] - The act also imposes stricter regulations on foreign stablecoin issuers, particularly Tether, placing them under the same regulatory framework as U.S. domestic stablecoin providers [5][6] Group 3 - The legislation explicitly prohibits stablecoins from paying yields or interest, although the market for yield-bearing stablecoins is still growing [6][7] - As of May 21, yield-bearing stablecoins accounted for 2.8% of the stablecoin market, equivalent to $5.9 billion [7] Group 4 - Despite the progress of the legislation, it faces criticism from Democrats due to potential conflicts of interest involving former President Trump and his financial ties to various cryptocurrency projects [8] - The rapid rise of the USD1 stablecoin, which increased from a market cap of $1.28 million on April 28 to over $2 billion in May, has raised concerns about its potential use as a shadow banking tool for political figures [8]