● Analysts predict that BTC has huge upside potential this month, and MicroStrategy stock may rise with it
According to WuSaid, TD Cowen analyst Lance Vitanza said in a report on Monday that BTC has huge upside potential this month, and Michael Saylor's MicroStrategy (MSTR) stock may also rise with it and reach higher levels by the end of the year.
He noted that May 15 was the deadline for institutional investment managers to submit Form 13-F to the SEC, and that more companies may have bought into the newly approved spot BTC ETF in the first quarter. Another thing that could be good for Bitcoin is that the fate of the spot ETH ETF may be delayed until 2025 or longer.
● Yesterday, the US Bitcoin ETF had a net inflow of US$218 million
According to Golden Finance, according to HODL15Capital data, the US Bitcoin ETF had a net inflow of US$218 million yesterday (May 6).
● Report: Global competition for cryptocurrency spot ETFs heats up, with strong demand in the Asia-Pacific region
According to Odaily Planet Daily, according to the latest report released by Kaiko, the competition for cryptocurrency spot ETFs is heating up globally. Last week, three asset management companies, Bosera, Harvest and Hua Xia, launched Bitcoin and Ethereum spot ETFs in Hong Kong. The total trading volume of Hong Kong's cryptocurrency spot ETF on the first day was US$12.7 million, significantly lower than the US$4.6 billion trading volume of the US Bitcoin spot ETF on the day of its listing. However, it should be noted that the Hong Kong ETF market is many times smaller than the US market. In addition, although Hua Xia Bitcoin ETF charges a fee of 99 basis points, its trading volume is the strongest. Its Ethereum ETF attracted 23% of the total trading volume on the first day, while its Bitcoin ETF accounted for as much as 77%.
Overall, demand for cryptocurrency ETFs in the Asia-Pacific region appears strong. Hong Kong-based asset manager Yong Rong holds more than 1 million BlackRock IBITs, making it one of the largest holdings in its portfolio, according to the first batch of mandatory 13F filings with the U.S. SEC disclosed last week.
● Robinhood received a Wells notice from the US SEC
According to Foresight News, Robinhood Crypto, LLC (RHC) has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (SEC) regarding topics such as RHC's cryptocurrency listing, cryptocurrency custody and platform operations (RHC activities). The SEC staff has informed RHC that it has made a "preliminary determination" to recommend that the SEC charge RHC with violating Sections 15(a) and 17A of the Securities Exchange Act of 1934 (as amended). Potential actions may involve civil injunction actions, public administrative proceedings and/or cease and desist proceedings, and may seek remedies including injunctions, cease and desist orders, disgorgement of ill-gotten gains, prejudgment interest, civil capital penalties, censures, revocations and restrictions on activities.
● CFTC Chairman predicts a new cycle of enforcement actions
According to PANews, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission, said at the Milken Institute's 27th Annual Global Conference that as retail investor interest and the value of the cryptocurrency market rise, enforcement actions will also increase. He expects the next round of "enforcement action cycle" to occur in the next six months to two years.
“From my perspective as a regulator, we’re likely to see another cycle of enforcement actions over the next six to 18 months or six to 24 months, and that’s because of this cycle of asset appreciation and retail investor interest,” Behnam said. “Without a regulatory framework, without transparency, without these tools that we normally use as regulators, you’re going to continue to see this fraud and this manipulation.”
Behnam was asked during Monday’s discussion about the likelihood of the stablecoin bill being completed. “If we start to put a percentage, I still think it’s pretty low,” Behnam said, citing the reduction in legislative days in Congress between election season and the holidays, arguing that it would be very difficult to complete legislation.
● Binance Kazakhstan executive appointed as Minister of Digital Development of Kazakhstan
Richard Teng, CEO of Binance, said on X Platform: “Congratulations to Zhaslan Madiev, General Manager of Binance Kazakhstan, on his recent appointment as Minister of Digital Development of Kazakhstan. We have every confidence that Zhaslan’s passion and expertise will advance Kazakhstan’s important digital development initiatives. We wish Zhaslan all the best in this new role.”
● Microsoft internally trains large-scale artificial intelligence model MAI-1 for the first time
Microsoft has for the first time trained a new AI model, MAI-1, internally at a scale large enough to compete with models from Google, Anthropic, and OpenAI, Foresight News reports. The model is led by former Google AI leader Mustafa Suleyman, who most recently served as CEO of AI startup Inflection. In March, Microsoft hired most of Inflection’s staff and paid $650 million for its intellectual property.
The new model is separate from Inflection’s previously released Pi model and may be based on the startup’s training data and other techniques, the people said. MAI-1 will be much larger than the small open source models Microsoft has trained before, requiring more computing power and training data, and therefore will cost more. MAI-1 will have about 500 billion parameters that determine what the model learns during training. In comparison, OpenAI’s GPT-4 has more than 1 trillion parameters, while small open source models released by companies such as Meta Platforms and Mistral have 70 billion parameters.
