After the U.S. stock market opened on Monday night, many stocks on the New York Stock Exchange experienced abnormal performance, with stocks such as Berkshire Hathaway, Bank of Montreal, and Barrick Gold falling by more than 98%. The New York Stock Exchange said it was investigating the reported technical issues. About an hour and a half later, the affected stocks resumed trading and the price range issue had been resolved.
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The Hong Kong Securities and Exchange Commission has updated the list of virtual asset trading platforms. According to the Anti-Money Laundering and Terrorist Financing Ordinance, a total of 11 platforms are deemed to be licensed; only 6 platforms in the application list are not deemed to be licensed. The Hong Kong Securities and Exchange Commission reminds that all virtual asset trading platform applicants listed in the list have not been licensed and have not necessarily complied with the requirements of the Securities and Exchange Commission. The Hong Kong Securities and Exchange Commission has recently reminded the public that the non-violation period for virtual asset trading platforms operating in Hong Kong under the Anti-Money Laundering Ordinance will end on June 1. The U.S. House of Representatives Financial Services Committee said that President Biden vetoed the SAB 121 bill and Congress will continue to fight for clarity in digital asset regulation. U.S. Senator Cynthia Lummis said that Biden's decision to veto the repeal of the controversial cryptocurrency accounting standard SAB121 missed the opportunity to "correct" himself on the issue of crypto assets. Nvidia CEO Huang Renxun said that Blackwell chips have now begun production, and Nvidia will launch BlackwellUltra AI chips in 2025. The next-generation AI platform is named Rubin, which will use HBM4 memory. According to RootData data, the total financing amount of the crypto market in May 2024 was US$1.019 billion, a 30% increase from May 2023. The number of financings in May 2024 was 155, a decrease of 8.28% from the previous month. Billionaire Chamath Palihapitiya asked his team to calculate the BTC halving and proposed a high target of between US$200,000 and US$500,000. The Block Pro data showed that miners' income fell to US$963 million in May, a drop of 46%; ETH staking income rose 4.1% to US$267 million, and ETH destroyed a total of 26,747 ETH in May.
Roaring Kitty posted on the Reddit platform again after three years. The circle video displayed in the post shows that it owns $65 million worth of US GameStop stock call options with an exercise price of $21 and an expiration date of June 21. JPMorgan Chase warned that BTC's "first-mover advantage" and the recent halving event are important demand catalysts for BTC ETFs. BTC's position as a gold competitor in portfolio allocation has further increased its demand for ETFs. ETH is mainly regarded as an application token. ETH lacks this demand and may be overly optimistic compared to spot BTC ETFs. Jan van Eck, CEO of VanEck, said that the cryptocurrency market is undergoing a sentiment shift, which is related to the US Securities and Exchange Commission (SEC) approving rule changes to allow ETH ETFs. The 21st Century Financial Innovation and Technology Act passed by the US House of Representatives on May 8 is another big step towards clarifying cryptocurrency regulation, although he doubts whether the bill can enter the Senate. Last week, the US spot BTC ETF increased its holdings by 2,730 BTC; in May, the US spot BTC ETF increased its holdings by 29,592 BTC, about $2 billion. 10x Research said: Although BTC price is only 7% away from its all-time high, traders complain that BTC is stagnant. The Federal Reserve's monetary policy and inflation data are seen as two key variables that may drive BTC to a new all-time high. The Bank of Canada may take the lead in launching a global interest rate cut cycle on June 5, providing a blueprint for the Federal Reserve, and the inflation data released by the United States on June 12 needs to show a lower figure (3.3%) for BTC to rise. The sharp drop in BTC exchange balances indicates that whales are moving BTC out of exchanges in anticipation of price increases. In the past month, 88,000 BTC have been moved out of exchanges. Exchange outflows began 45 days after the US registered investment management of more than $100 million submitted the 13F quarter-end report (position report) on May 15.
Franklin Spot ETH ETF's latest S-1 filing with the U.S. Securities and Exchange Commission (SEC) last Friday (showing a 0.19% fee). Franklin Templeton executive Roger Beston said that financial innovators are playing a long game with the U.S. Securities and Exchange Commission (SEC) and are happy to see the SEC change its attitude and change its tone. Analyst Nancy Lubale believes that the launch of the spot ETH ETF may be at the end of June, and the market expects its price to reach $10,000 during this cycle. Analyst Peter Brandt said that BTC's bull market is similar to the cycle after the halving in the past. If it continues, the BTC price may reach $130,000 by the end of next year. The last BTC bull market began about 16 months before the halving on May 11, 2020, and the cycle ended about 18 months after the halving. The previous two halvings, July 9, 2016 and November 28, 2012, also followed a similar situation. UBS said the ECB may cut interest rates by 25 basis points on Thursday and is not expected to make further commitments on the subsequent path; the Fed needs to see further improvement in inflation before considering cutting interest rates, and may start cutting interest rates as early as September, and there are still many data to be released before that. Morgan Stanley said: The ECB's interest rate cut itself is not big news, the question is "what message does it convey for the future?" Bank of America: The ECB will start cutting interest rates by 25 basis points this week, and it is expected to cut interest rates by 200 basis points in total in 2024-25. It will maintain a meeting-by-meeting approach. If data allows, the ECB may send a mild signal of a September rate cut.
Data from Goldman Sachs Group's prime brokerage business shows that hedge funds' exposure to technology giants has reached an all-time high. Ed Clissold, chief strategist at Ned Davis Research, said that if the rise in US stocks continues, it will also be in line with the common situation in presidential election years. In US election years, the S&P 500 index has a 77.8% probability of rising from April 30 to October 31, and the median increase in "election years" is 3.3%, the second best performance in the cycle. After the opening of the US stock market on Monday night, many stocks on the New York Stock Exchange had abnormal market conditions. About an hour and a half later, the affected stocks resumed trading. Bitcoin plunged $70,000. Last month, the US BTC spot ETF increased its holdings by 29,592 BTC; the Coinbase address, which is mainly composed of institutions, has outflowed 11,305.98 BTC in the past week, and 40,406 BTC from April 1 to early June. The continuous outflow of BTC from centralized platforms is a basic feature of the early and middle stages of the bull market, and the continuous increase in spot ETFs is also the driving force of the bull market in this cycle. The interest rate market shows that the probability of the European Central Bank cutting interest rates in June is about 97%, and the probability of the Bank of Canada cutting interest rates in June is 80%. The Federal Reserve cannot escape the interest rate cut cycle. After June, the bull market will gradually stabilize. (The European Central Bank's interest rate cut in June is a pre-priced event. The market's focus is on whether the European Central Bank will cut interest rates once or continuously in the future) $BTC $ETH $BNB