Binance announced that it will adjust the leverage and margin levels for 10 USDⓈ-M perpetual contracts, including SXPUSDT and EGLDUSDT, at 06:30 UTC on May 9, 2025. Then at 07:30, the parameters of 8 contracts including 1000RATSUSDT and VANAUSDT will also be changed. Binance reminds that existing positions will be affected by this adjustment. It is recommended that users adjust their trading strategies in advance to cope with potential changes.
The market share of Bitcoin has risen, and market volatility has intensified
According to TradingView data, the market share of Bitcoin (BTC.D) has risen to 64.85% and has maintained an upward trend for nine consecutive weeks, returning to the level of mid-January. Bitcoin’s dominant position in the cryptocurrency market has been further consolidated, which has also drawn more attention from the market to the overall trend of cryptocurrencies.
As of the time of publication, according to Coingecko data, the price performance of major cryptocurrencies is as follows: The recent trading price of Bitcoin (BTC) was $96,041.17, with an intraday decline of 0.5%. The trading price of Ethereum (ETH) was $1,837.72, with an intraday increase of 0.4%. Binance Coin (BNB) traded at $599.69, with an intraday increase of 0.1%. Solana (SOL) traded at $146.73, with an intraday decline of 0.9%. The trading price of DOGE was $0.176, with an intraday decline of 2.5%. Ripple (XRP) traded at $2.20, with an intraday decline of 0.1%.
The transfer of 29.53 million XRP to Coinbase has drawn attention
According to Whale Alert’s monitoring, at around 1:24 Beijing time, 29,532,534 XRP (approximately 64,429,964 US dollars) were transferred from an unknown wallet to Coinbase. The transfer of large tokens often triggers market speculation about subsequent transaction dynamics and price trends. Whether the transfer of XRP this time will bring further market fluctuations is worth investors’ continuous attention.
Buffett announced that he would step down as the CEO of Berkshire Hathaway at the end of the year
At the end of the shareholders’ meeting, Buffett suddenly announced that he would step down as the CEO of Berkshire Hathaway at the end of the year and suggested that Greg Abel, the vice chairman of the company and the successor announced earlier, take up the position of CEO at the end of the year. Buffett said that he “would still stay” and offer help, but the “final decision” would be in the hands of Abel. He also disclosed that only he and his children knew about this decision, while Abel and other board members were unaware of it. Furthermore, Buffett indicated that he has no intention of selling any shares of Berkshire, but will gradually donate them.
Some analyses suggest that Buffett’s retirement may prompt Berkshire Hathaway to gradually embrace BTC. Currently, the company holds shares in the digital bank Nubank, which supports transactions of mainstream digital currencies such as Bitcoin and Ethereum. The successor Greg Abel may further develop related businesses on this basis. Coupled with Trump’s supportive stance on cryptocurrencies, it may also assist the company in its transformation. Buffett also said at the shareholders’ meeting, “Something might happen in the United States that makes us more inclined to hold a large amount of other currencies,” which has also sparked many speculations in the market about the company’s future investment strategy.
Many countries have introduced policies related to cryptocurrencies
The UK plans to ban credit purchases of crypto assets
The UK Financial Conduct Authority (FCA) has proposed a ban on the use of any form of credit, including credit cards and loans, to purchase crypto assets, due to the increasing consumer debt associated with highly volatile digital assets. A survey commissioned by the FCA and conducted by YouGov revealed that in August 2024, 14% of UK cryptocurrency users used credit to purchase cryptocurrencies. This phenomenon has drawn regulatory attention, aiming to reduce potential debt risks for consumers.
The GENIUS Act in the United States has encountered obstacles
Alex Thorn, the research director of Galaxy Digital, posted on X that nine Senate Democrats (six of whom are members of the Senate Banking Committee) expressed opposition to the current version of the “GENIUS Act” (the Senate stablecoin Act). The group said that if the current version of the bill is submitted to the full Senate for a vote, they “cannot vote in favor of ending the debate”. It is worth noting that the four signatories (Senators Rochester, Warner, King and Gallego) previously voted in favor of advancing the bill in the Senate Banking Committee in March, but now they have stated that they will not support the bill in a full Senate vote if no amendments are made to it, which brings uncertainty to the progress of the bill. Ultimately, on May 9th, the US Senate voted 48:49, preventing the GENIUS Act from receiving sufficient support and failing to meet the 60-vote threshold required to initiate a review. The core point of contention lies in the distribution of regulatory powers.
Kyrgyzstan may expand its crypto business
Kyrgyzstan’s President Sadyr Zhaparov posted a tweet on the X platform about his meeting with Binance’s CZ, stating that the two sides discussed the development of blockchain technology and digital assets in Kyrgyzstan on Cholpon-Ata. The cooperation between the two sides is not limited to Kyrgyzstan itself, but will also provide support for the expansion of crypto business throughout the region. This news indicates that the crypto market in this region may embrace new development opportunities in the future. Previously, the two sides have signed a strategic memorandum of understanding. CZ will provide guidance for the country in the field of digital assets, promoting the construction of blockchain infrastructure and talent cultivation.
New developments in blockchain applications and the cryptocurrency market
The policy adjustment of the App Store in the United States benefits NFT and cryptocurrency applications
After losing the legal lawsuit against Epic Games, Apple was forced to make significant adjustments to the policy of the US App Store. The new regulation allows app developers to guide users to use external payment methods, thereby bypassing the 27-30% commission fee that Apple previously forced to charge. This will significantly reduce the operating costs of NFTS and cryptocurrency-related applications. Judge Yvonne Gonzalez Rogers of the Northern California District Court ruled in favor of Epic Games. Although Apple said it would appeal, it has currently revised the App Store rules for the United States region. However, this policy adjustment only applies to the US market, while other regions still maintain the original restrictions.
The market size of Bitcoin contracts has expanded
According to data from Coinglass, the outstanding position of Bitcoin futures contracts across the entire network is 673,260 BTC (approximately 64.8 billion US dollars). Among them, the outstanding position of CME Bitcoin contracts is 145,92 BTC (approximately 14.04 billion US dollars), ranking first. Binance’s open interest in Bitcoin contracts stands at 117,020 BTC (approximately 11.26 billion US dollars), ranking second, indicating that the market’s enthusiasm for Bitcoin contract trading remains high.
The trading volume of crypto derivatives on CME Group has seen a significant increase
Data released by the CME Group shows that the average daily trading volume of its cryptocurrency derivatives market reached 183,000 contracts in April, an increase of 129% year-on-year, with a nominal value of 8.9 billion US dollars. Among them, the average daily trading volume of ETH futures increased by 239% year-on-year to 14,000 contracts, micro ETH futures rose by 165% to 63,000 contracts, and micro BTC futures increased by 115% to 78,000 contracts, reflecting the continuous improvement of the activity level in the crypto derivatives market.
The investment strategies of Bitcoin mining enterprises have sparked discussions
John Glover, the chief investment officer of Bitcoin lending firm Ledn, said that Bitcoin mining companies should hold the Bitcoins they mine and use them as collateral for legal loans to cover operating expenses instead of selling Bitcoins to avoid losing the asset appreciation space brought by the soaring price. Glover believes that holding BTC has many benefits, such as price appreciation, tax deferral, and earning additional income by lending out the BTC held in corporate bonds. This view has sparked widespread discussions within the industry about the investment strategies of Bitcoin mining companies.
A certain whale suffered heavy losses from its investment in TRUMP tokens
According to on-chain analyst Yu Jin’s monitoring, Whale, which sold TRUMP before the TRUMP dinner plan and missed out on a $3.8 million gain, sold TRUMP, which was bought for the second time, three hours ago. Not only did it lose the first profit, but it also lost a principal of $900,000. The whale sold 630,000 TRUMP cards at $8.7 in the early hours of April 23 for 5.483 million USDC, making a profit of $483,000. However, due to the announcement of TRUMP’s dinner plan, TRUMP’s price soared to $16, missing out on a significant gain. Subsequently, on April 27th, influenced by market sentiment, he repurchased at a price of $15.39. Eventually, in the early hours of this morning, when TRUMP’s price dropped by 13%, he sold it at a loss at $11.29. His investment experience has become a typical case of market speculation risks in cryptocurrencies.
Blockchain software development company Consensys has acquired wallet infrastructure provider Web3Auth
Golden Finance reported that blockchain software development company Consensys announced the acquisition of wallet infrastructure provider Web3Auth. The transaction amount was not disclosed. This acquisition aims to enhance the user experience of its wallet MetaMask. Consensys stated that this move is particularly aimed at addressing “one of the biggest risks” in the self-hosting process – the issue of mnemonic phrase management.
According to the data, approximately 35% of users have not backed up their mnemonic phrases, putting their funds at risk of being lost. By integrating Web3Auth, MetaMask users will be able to create and restore wallets using familiar Web2 login methods such as social accounts and device authentication, without the need to manually back up mnemonic phrases, thereby reducing the risk of fund loss.
The U.S. Securities and Exchange Commission (SEC) is seeking feedback on the physical creation and redemption of the WisdomTree Bitcoin fund
Golden Finance reports that the U.S. Securities and Exchange Commission (SEC) is seeking feedback to decide whether to modify the rules to allow physical creation and redemption of the WisdomTree Bitcoin Fund. According to the information released by the agency, regarding the WisdomTree Bitcoin Fund, the SEC invited individuals to submit written data, opinions or arguments within 21 days to determine whether to approve or oppose the rule change.
WisdomeTree Bitcoin Fund (BTCW) is a spot Bitcoin exchange-traded fund (ETF) that was initially approved in January 2024. Physical redemption enables investors to redeem their shares in the fund using the underlying asset (in this case, Bitcoin) instead of cash.
The head of BlackRock’s US equity ETF said that clients asked questions related to BTC
Golden Finance reported that Jay Jacobs, the head of BlackRock’s U.S. equity ETF, said in an interview with CNBC that clients are consulting their financial advisors about BTC-related issues. This phenomenon indicates that the attention paid to Bitcoin among investors is continuously rising. Even investors in the traditional financial sector have begun to show a strong interest in cryptocurrencies, reflecting the increasingly close connection between the cryptocurrency market and the traditional financial market.
Tether and Bitfinex invested in Twenty One Capital, transferring a total of over 25,812 Bitcoins
Golden Finance reported that Tether and Bitfinex invested in Twenty One Capital, transferring a total of over 25,812 Bitcoins. Tether and Bitfinex executive Paolo Ardoino said, “Tether participated in the financing of Twenty One Capital (XXI) and has transferred a total of 18,812 bitcoins to it (of which 14,000 bitcoins were transferred today; 4,812 pieces were transferred on May 10th.
Meanwhile, Bitfinex also transferred 7,000 Bitcoins today to support this investment. This investment move has drawn market attention and may have an impact on related market sectors. It also indicates a new direction in the investment layout of Tether and Bitfinex.
Strategy, the largest corporate holder of Bitcoin, plans to sell preferred stocks to purchase Bitcoin
Golden Finance reported that Strategy, the largest corporate holder of Bitcoin, said that as part of its ongoing efforts to hoard Bitcoin, the company plans to sell 2.5 million permanent preferred shares named Stride (STRD).
Strategy said in a statement: “Strategy plans to use the net proceeds from this issuance for general corporate purposes, including the acquisition of Bitcoin and as working capital.” The company stated that what was issued this time were 2,500,000 permanent Stride preferred shares of Strategy 10% Series A. Strategy added that this issuance was targeted at “institutional investors and specific non-institutional investors”.
The company has recently issued additional preferred shares to the public, named Strike (STRK) and Strife (STRF), and also plans to raise $84 billion (equal in equity and debt) for future Bitcoin purchases.
STRK and STRF are convertible preferred stocks. Strategy said on Monday that after its latest acquisition, the total amount of Bitcoin it holds has exceeded 580,955, worth more than $60 billion. This series of actions demonstrates Strategy’s firm optimism about the long-term value of Bitcoin and its continuous advancement in the Bitcoin market layout.
The Ethereum Foundation has reorganized its core Protocol research and development team and adopted a new name “Protocol”.
Golden Finance reported that on June 2nd, the Ethereum Foundation announced the reorganization of its core Protocol research and development team and officially launched a new name, “Protocol”. The organization will work around three strategic goals: expanding the mainnet (L1), enhancing data scalability (Blob expansion), and improving user experience (UX). This reorganization involves team structure adjustment, clear leadership responsibilities, and indicates that some members will leave the foundation. The foundation emphasizes that this move is aimed at accelerating the development of zkEVM and Layer 2, making Ethereum more scalable, verifiable and censorship-resistant, in order to achieve the vision of a “world computer” on a global scale. This reorganization is expected to bring new vitality and direction to the development of the Ethereum ecosystem, and drive Ethereum to make greater progress in technological innovation and application expansion.
Coinbase has included Ethena (ENA) in its listing roadmap
Gold Finance reports that Coinbase has included Ethena (ENA) in its listing roadmap. This move may bring more market exposure and trading opportunities to ENA, and also demonstrate Coinbase’s continuous efforts to enrich its cryptocurrency trading varieties, which is expected to meet users’ diverse investment needs. At the same time, it may have a positive impact on ENA’s project development and market value.
Robinhood has completed the acquisition of the Luxembourg-based cryptocurrency exchange Bitstamp
Golden Finance reports, Robinhood Markets, Inc. The acquisition of the Luxembourg-based cryptocurrency exchange Bitstamp worth 200 million US dollars has been completed. This acquisition has added over 50 licenses and registrations to its cryptocurrency division and brought in a mature institutional client base. Robinhood said on June 2 that the transaction price remains at $200 million, in line with the preliminary agreement in June 2024, and will be paid in full in cash. Bitstamp serves over 5,000 institutional clients and 50,000 retail investors, with the majority of its trading volume coming from institutional clients. Through this acquisition, Robinhood’s competitiveness in the cryptocurrency trading field is expected to be further enhanced, which will help it expand its market share and improve its business layout.
Tether announced a collaboration with the TON Foundation to launch the cross-chain gold stablecoin XAUt0
Golden Finance reports that Tether announced a collaboration with TON Foundation to launch XAUt0, which is a cross-chain gold stablecoin based on LayerZero’s Omnichain Fungible Token (OFT) standard. XAUt0 is a gold stablecoin XAUt based on Tether. Each token of the latter is backed by 1 Troy ounce of physical gold and stored in a Swiss vault. XAUt0 can freely flow across multiple blockchains without relying on intermediate chains or asset packaging. Technically, it is similar to the previously launched cross-chain US dollar stablecoin USDT0. This innovative measure provides users with a more convenient cross-chain gold trading method, which is expected to promote the wide application of gold stablecoins in different blockchain ecosystems and further integrate the cryptocurrency market with the traditional precious metals market.
Trump’s encryption project WLFI address sent 10 million USDC to BitGo
Golden Finance reports that, according to Onchain Lens’ monitoring, the WLFI address of Trump’s crypto project has sent 10 million USDC to BitGo. BitGo offers institutional-level digital asset security, custody and liquidity services. The intention behind this fund transfer remains unclear, but it may be related to the project’s fund management, operational needs or strategic layout, which has drawn market attention to the subsequent developments of Trump’s crypto project.
Important economic viewpoints
Arthur Hayes, the co-founder of BitMEX, said recently that although the US government currently holds approximately 198,000 Bitcoins (worth over 18 billion US dollars), constrained by the pressure of national debt and the “player” image of Bitcoin investors, it is unlikely that the US will increase its Bitcoin reserves through direct purchases. This view provides a reference for analyzing the future policy direction of the United States in the field of cryptocurrencies.
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