FTX officially announced on the X platform the launch of the second phase of the user repayment process, and it is expected to distribute over 5 billion US dollars to creditors. The relevant creditors will receive the payment within 1 to 3 working days starting today. This repayment action aims to gradually fulfill the commitment to users and alleviate the trust crisis caused by the bankruptcy event.
Trump’s meeting with Musk at the White House has drawn attention to several issues
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 its achievements in recruiting outstanding talents in the field of computers, and stated that he would promote the department’s policy of cutting government spending to be permanent. Musk disclosed that the “Government Efficiency Department” team will continue to grow in the future, and he himself will continue to pay attention to the department’s affairs as an advisor to the president after leaving office.
The cryptocurrency market declined across the board
As of the time of publication, CoinGecko data shows that the cryptocurrency market is on a downward trend: the price of BTC has dropped to $105,632, with a 24-hour decline of 2.1%. The price of ETH was $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 is highly volatile, and investors should respond with caution.
Cryptocurrency policy developments occur frequently
Frankie Hill, the chairman of the House Financial Services Committee of the United States, criticized the Trump family for their involvement in the cryptocurrency and meme-coin fields, saying that it distracted the attention of lawmakers and hindered the legislative process of stablecoins and market frameworks. 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, clearly stating that the largest city in the United States would not implement the plan during his tenure. Furthermore, Bloomberg analyst James Seyffart disclosed that REX Shares has submitted the prospectus for Solana and Ethereum staking ETFs. If approved, it is expected to be listed on the US market in the coming weeks. Its special structure has sparked discussions in the market about regulatory strategies.
New progress in the field of blockchain applications
Lunar Digital Assets launched Litecoin Ecosystem zero-knowledge Layer-2 Network LitVM on May 31st. With the support of the Litecoin Foundation, it introduced smart contract functionality to Litecoin. Help it expand into the DeFi and Web3 ecosystems. The security team of BitMEX successfully defended against the social engineering attack launched by the Lazarus Group associated with North Korea and discovered the IP addresses and security loopholes of the attackers. After the proposal was approved by the Sui community, Cetus plans to complete a full recovery and restart within a week, involving multiple tasks such as protocol upgrade and data recovery, in order to return user funds and restore product functions.
Hot events in the cryptocurrency market
Coinbase announced that it will launch the Vaulta perpetual contract on June 5, 2025. On-chain data shows that the Bitcoin long position and PEPE long position of the whale James Wynn were liquidated, with a cumulative loss of 9.36 million US dollars. The current floating loss of his Bitcoin long position is 660,000 US dollars, and the margin call price is 103,340 US dollars. Another giant whale transferred 2 trillion PEpes to Binance, making a profit of 6.85 million US dollars. Whale 0x3c9 also completed the stop-profit of all PEpes and ultimately made a profit of 6.86 million US dollars. Brazilian fintech company Meliuz has launched a stock offering, planning to raise up to approximately 78.6 million US dollars to increase its holdings of Bitcoin. The company’s share price had risen sharply after its transformation, but it dropped by 8% after the announcement of this news.
Important economic dynamics have drawn market attention
Jpmorgan Chase CEO Jamie Dimon expressed several economic views, believing that the Fed’s decision to remain on the sidelines was correct. At the same time, he warned that cracks would emerge in the bond market sooner or later and stated that he was prepared for interest rates to rise to 5%. In addition, the decline in the US stock market widened, with the Nasdaq Composite Index falling by more than 1%. On May 30 local time, Trump announced that the import tariff on steel would be raised from 25% to 50% starting from June 4. The White House then issued a statement confirming the decision, aiming to protect the US steel industry from external competition.
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