Musk's artificial intelligence company xAI announced the completion of a $6 billion Series B financing. Musk said that xAI's pre-investment valuation was $18 billion. On May 28, the cold wallet address of MtGox, which had been bankrupt for ten years, moved 141,685 bitcoins, worth about $9.8 billion.
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The European Securities and Markets Authority (ESMA) defines maximum extractable value (MEV) as a clear example of illegal market abuse in its draft technical standards under the proposed Markets in Crypto-Assets (MiCA) regulation. Almost all EU-regulated crypto businesses are required to detect and report MEV instances through comprehensive "suspicious transaction or order reports" (STORS). The deadline for consultation feedback set by ESMA is June 25, and the final standards are expected to have an important impact on the EU's crypto regulatory environment. Musk's artificial intelligence company xAI announced the completion of a $6 billion Series B financing round. Musk said xAI's pre-investment valuation is $18 billion. Kaiko Research pointed out that the approval of the spot ETH ETF eliminates the regulatory uncertainty of the U.S. Securities and Exchange Commission (SEC) and has a positive impact on the long-term growth of ETH. Although it may face resistance in the short term, the approval shows that the SEC regards ETH as a commodity rather than a security. Zhusu, the former founder of Three Arrows Capital, said that last weekend was an important turning point and believed that ETH would dominate the market in the next 90 days. FicO1 ETH will reach $4,500 before the ETH spot ETF begins trading. Analyst Ansem said that the volatility of mainstream cryptocurrencies is expected to decline this summer, similar to the second and third quarters of last year, and then volatility will return as the US election approaches. Nikolaos Panigirtzoglou, managing director of JPMorgan Chase, said that the US Securities and Exchange Commission is not expected to approve other cryptocurrency ETFs after the spot ETH ETF unless US policymakers eventually pass legislation that most cryptocurrencies are not securities.
Bloomberg commodity analyst Mike McGlone discussed the volatility of the market and said that from some investment perspectives, BTC's volatility lags behind gold and the US dollar. At the same time, during the US recession, BTC's collapse may be more severe than the US stock market. Cryptoquant analyst CryptoDan said that the cryptocurrency market is still in a bull market, and BTC prices have not yet reached their peak. In the past bull market, the MVRV (market value to realized value ratio) peaked at 4.83 and 3.97, respectively, and currently only reached 2.78, and has not yet entered the overvalued area. BTC has experienced more than two months of sideways and adjustment after entering the overheating stage in March 2024, and may see further increases in early June. On May 28, the cold wallet address of MtGox, which has been bankrupt for ten years, moved 141,685 BTCs worth about US$9.8 billion. The MtGox announcement stated: The original trust trustee is preparing to repay the claim portion of the distributed cryptocurrency, and the creditors receive BTC and BCH, or repay through the proceeds from the sale of BTC and BCH. Mark Karpeles, former CEO of Mt.Gox, said: "The trustee is transferring the tokens to another address to prepare for possible compensation this year, and there is no upcoming BTC sale." According to the previous announcement released by MtGox, the deadline for repayment of the 140,000 BTC debt is October 31, 2024. Mindao said: "Because most creditors have sold their money to those funds, this part of the selling pressure has long been hedged, and those like us who have held on to the end will definitely not sell it at this time."
Grayscale GBTC has sold about 330,000 BTC since it was converted to a spot ETF in January 2024. If compared with the current spot ETF scale, MtGox's 141,000 BTC ranks fourth (currently Grayscale has 289,000 BTC, BlackRock has 287,000, and Fidelity has 162,000). The old man believes that the MtGox compensation is a negative factor, which has a greater impact on the market's sentiment than the actual impact. When the new address of MtGox is distributed again, it is expected that there will be a short-term decline in the negative impact, which will not change the actual bull market. This negative factor has been around the currency market for ten years, and there is a panic every year. The bankruptcy event is about to end. The US PCE data for April will be released this Friday, providing key data for investors who hope that the Federal Reserve will cut interest rates. The market expects the US core PCE price index to remain at an annual rate of 2.8% in April. UBS analysts believe that the indicator is expected to further show that price pressures may be easing, which will support the reason for a rate cut later this year. The bank raised its year-end price forecast for gold by 4% to $2,600. Goldman Sachs expects the Fed to cut interest rates for the first time in September and the second in December, maintaining its expectation of a total of two rate cuts by the Fed in 2024. According to media data, Wall Street's average target price for the S&P 500 index is about 5,250 points, higher than 4,850 points on December 30 last year, and the highest target price has risen from 5,200 points at the beginning of this year to 5,600 points. Binky Chadha, chief strategist at Deutsche Bank, said that the year-end forecast for the S&P 500 was raised to 5,500 points. The lesson of the past two years is that when interest rates rise suddenly, the US stock market will be sold off, and if interest rates remain at the original level, the US stock market will rebound. Analyst Belski said that in the years when the S&P 500 index rose by more than 8% in the first five months of the year, the index rose by more than 7% at the end of the year in 70% of the cases. It is about to enter June, and there are more than three months left before the market expects the Fed to cut interest rates in September. After the rate cut, it is expected that the US stock market, gold, and currency markets will enter a longer bull market cycle. Ethereum spot ETF has played a role in the bull market transition. After the interest rate cut, it is a bull market for mainstream assets including Bitcoin. During this period, look for some good targets to cope with the next stage of the bull market (similar to 2017 and 2021). #MtGox钱包动态 #MegadropLista #BTC走势分析