Recently, there have been frequent hot events in the cryptocurrency market and the global economy. Golden Finance brings you a detailed report.
FTX has initiated the second phase of its repayment process, with over 5 billion US dollars to be disbursed soon
FTX officially announced on the X platform the launch of the second phase of the user repayment process. According to the announcement, it is expected that more than 5 billion US dollars will be distributed to creditors, and creditors will receive the funds within 1 to 3 working days starting from today. Since FTX’s bankruptcy, the disposal of its assets and the repayment of user funds have been closely watched by the market. The advancement of the second phase of the repayment process this time is a crucial step for FTX towards debt settlement and also brings hope for the recovery of funds to many creditors.
Trump Administration Updates: Policy and “cryptocurrency speculation” Controversies coexist
On May 30 local time, US President Trump and Elon Musk, an American entrepreneur and head of the Government Efficiency Department, held a press conference at the White House. At the meeting, Trump highly praised the “Department of Government Efficiency” led by Musk, emphasizing that the department has recruited top talents in the field of computer science, and stated that the government will promote the “Department of Government Efficiency” to make its spending reduction policy permanent. Musk also revealed that in the future, he will continue to follow the development of the “Government Efficiency Department” as a friend and advisor to Trump. As time goes by, the team’s strength will keep increasing.
However, the activities of the Trump family in the fields of cryptocurrencies and meme coins have sparked controversy. Frankie Hill, the chairman of the House Financial Services Committee of the United States, stated directly that President Trump’s relevant actions in this field have made it increasingly complicated for Congress to advance the cryptocurrency legislation that has been brewing for many years. Hill pointed out that the Trump family’s involvement in meme-coins has diverted the attention of lawmakers from both parties and hindered the legislative process related to stablecoins and market frameworks. He called on all parties to work together to promote the passage of the stablecoin bill and the market framework bill, so as to clarify the rules for digital assets in economic operation.
In addition, on May 30 local time, Trump announced at a rally in Pennsylvania that the import tariff on steel would be raised from 25% to 50% starting from June 4. The White House later issued a statement confirming this decision, aiming to further protect the US steel industry from the impact of external unfair competition.
Cryptocurrency market conditions: Major currencies generally declined
As of the time of publication, CoinGecko data shows that the prices of major cryptocurrencies in the market have generally declined. Among them, the price of BTC was $105,632, with a 24-hour decline of 2.1%. The price of ETH is $2,498.09, with a 24-hour decline of 4.2%. The price of BNB is $675.15, with a 24-hour decline of 1.8%. The price of SOL is $153.98, with a 24-hour decline of 3.2%. The price of DOGE is $0.1898, with a 24-hour decline of 8.6%. The price of XRP is $2.12, with a 24-hour decline of 3.5%. The market as a whole shows a downward trend.
New trends in policies and industries
In terms of policy, Brad Lander, the auditor General of New York City, rejected the proposal put forward by Mayor Eric Adams to issue municipal bonds supported by Bitcoin. Lander made it clear that during his tenure, New York, the largest city in the United States, would not issue such bonds, highlighting the differences among local governments on cryptocurrency financial innovation.
Meanwhile, Bloomberg analyst James Seyffart disclosed that REX Shares has submitted the prospectus for Solana and Ethereum staking ETFs and is expected to be listed on the US market in the coming weeks. These funds adopt the C-type company structure under the 1940 Act, obtaining spot exposure to SOL and ETH through their Cayman subsidiaries, and are regarded as an innovative strategy to break through regulatory restrictions and achieve product listing.
The field of blockchain applications has also been making frequent moves. On May 31st, Lunar Digital Assets announced the launch of Litecoin Ecosystem zero-knowledge Layer-2 Network LitVM, which is built based on BitcoinOS and Polygon CDK with the support of the Litecoin Foundation. Introduce smart contract functionality to Litecoin to help it expand into the DeFi and Web3 ecosystems. The BitMEX security team successfully defended against a social engineering attack launched by the Lazarus Group, a hacker group associated with North Korea. This attack attempted to carry out an invasion by inducing employees to run the code of the NFT market Web3 project containing malicious code. Fortunately, the employees reported it in time. The security team discovered that the attack reused the malicious code “BeaverTail” and also traced the attacker’s original IP address and multiple suspicious accounts.
Cetus announced that thanks to the approval of the relevant on-chain proposal by the Sui community, it plans to complete a full recovery and restart within about a week, covering multiple important tasks such as protocol upgrades and data recovery.
Hot events related to cryptocurrencies
Coinbase plans to launch the Vaulta perpetual contract on June 5, 2025, providing users with more trading options. On-chain data shows that the whale James Wynn has been performing poorly in Bitcoin trading recently. His newly opened 40x Bitcoin long position has suffered a floating loss of 660,000 US dollars, with a margin call price of 103,340 US dollars. Moreover, today, both his PEPE long position and BTC long position were partially liquidated. The cumulative loss reached 9.36 million US dollars. Furthermore, Onchain Lens detected that a certain whale deposited 2 trillion PEpes it held into Binance and made a profit of 6.85 million US dollars. On-chain analyst Yu Jin discovered that whale 0x3c9 completed all PEPE take-profits and ultimately made a profit of 6.86 million US dollars.
Brazilian fintech company Meliuz also announced on May 31 that it would launch a stock offering, planning to raise up to 450 million reais (approximately 78.6 million US dollars) to increase its holdings of Bitcoin. Affected by this news, the company’s share price dropped by 8% on that day. However, since its transformation into a Bitcoin fund management institution in March 2025, Its share price has risen by 217% cumulatively.
Important economic dynamics
Jpmorgan Chase CEO Jamie Dimon expressed several important viewpoints. He believes that the Fed’s current wait-and-see attitude is a correct decision, and the market should be prepared for interest rates to rise to 5%. At the same time, he points out that the Fed’s manipulation of long-term interest rates is difficult to last. Regarding artificial intelligence, Dimon said that although it might have a deflationary effect, it would not be manifested next year. Furthermore, Dimon also warned that after the large-scale excessive spending and quantitative easing by the US government and the Federal Reserve, the bond market “will sooner or later show cracks”, and expressed concerns about global deficit spending.
In the US stock market, the decline has widened, with the Nasdaq Composite Index falling by more than 1%. Market volatility has drawn widespread attention from investors.
Related Topics:
