On May 9, the Bank of England announced its interest rate decision, keeping the base rate unchanged at 5.25% for the sixth consecutive time. Bank of England Governor Bailey said: "It is expected that CPI will be close to the target level in the next two months. I am optimistic that things are moving in the right direction." The market currently predicts that the probability of the Bank of England cutting interest rates in June is 55%, and the probability of cutting interest rates in August is 72%.

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British Economy Minister Bim Afolami said the British government may pass stablecoin and pledge legislation in the coming weeks, but will outline more later, saying that these two things are absolute priorities in the coming weeks and months. Citi, JPMorgan Chase, Mastercard, Swift and Deloitte, among other large companies interested in financial services, will join forces to explore shared ledger technology by simulating multi-asset transactions in US dollars. The US House of Representatives passed a resolution to overturn the SEC's announcement on cryptocurrency accounting standards, with a vote of 228-182, showing a clear split. The announcement required banks to record customer crypto assets as liabilities, sparking industry controversy and concerns that it could hinder services. The resolution will enter the Senate for deliberation and face more controversy. On May 8, the turnover of six Hong Kong virtual asset ETFs was HK$26.3161 million, down 32.18% from yesterday. Lookonchain data◇A giant whale increased its holdings of 250 BTC in BTC. Since the decline on March 21, the whale has increased its holdings of 6,530 BTC at a price of $62,952. European Bitpanda said it has expanded its partnership with Austrian bank Raiffeisen General to provide cryptocurrency services to customers of 55 bank branches in the country. Tether has partnered with Swan's mining management service and revealed plans to invest about $500 million in mining. FTX Estate will sell the third batch of locked SOL this week, and people familiar with the matter said the auction is scheduled for May 9. Since the launch of Rune, its fees have exceeded $145 million, accounting for about 45% of all BTC fees.

Musk's artificial intelligence startup xAI is expected to receive financing as soon as this week at a valuation of $18 billion. Pantera Capital announced that it will launch a venture capital fund Pantera Fund V, which is scheduled to close in the first quarter of 2025. The planned fundraising target is $1 billion. It will mainly invest in four directions, venture equity, early tokens, special opportunities and liquidity tokens. The investment plan for liquidity tokens accounts for 20% of the fund. Bitfinex analyst data shows that since the halving on April 20, the monthly VRP (volatility risk premium) has plummeted from 15% to 2.5%. The sharp narrowing of VRP indicates that market expectations are being readjusted to adapt to a more stable and predictable environment after the halving. The market consensus seems to be that future volatility after the halving may be lower than previously expected. Uncertainty has eased, and market participants expect market conditions to be more predictable. On May 9, the Bank of England announced its interest rate decision, keeping the benchmark interest rate unchanged at 5.25% for the sixth consecutive time. Bank of England: 7 people voted to keep interest rates unchanged, and 2 voted to cut interest rates. Bank of England forward guidance: The risk of persistent inflation is weakening. Bank of England Governor Bailey said: CPI is expected to be close to the target level in the next two months, and the optimistic thing is that things are moving in the right direction. The market currently predicts that the Bank of England has a 55% chance of cutting interest rates in June and a 72% chance of cutting interest rates in August. The yen has fallen 2.39% against the US dollar in the past 30 days. Swan Bitcoin executives said that the depreciation of the yen may eventually bring a "disaster" to US Treasuries, which may be beneficial to BTC as investors flock to other means of storing value. Well-known venture capital Pantera Capital published a letter to investors in May on its official website, stating that based on the changes in the BTC stock-to-flow ratio during each halving, it predicts that BTC will bottom out at $17,000 in November 2022 and rebound through halving. Based on the average duration of the previous rebound, it is predicted that it will reach $117,000 in August 2025. After comparing the actual performance before and after the halving, Pantera Capital said that it is easy to imagine that the price will reach $117,000 in 2025.

Roberto Perli, manager of the open market account at the New York Fed, an official responsible for implementing the Fed's monetary policy, said that the Fed's announcement a week ago that it would slow the pace of balance sheet reduction represented an important and prudent step for the Fed in managing this process. Morgan Stanley economists such as Ellen Zentner, Sam Coffn and Diego Anzoategui believe that the Fed will start cutting interest rates in September and cut interest rates three times this year. The core PCE of the three-month and six-month annualized rates in the United States will be "close to or below" 2% by the end of the year. In this case, it will be "too late" to wait until after September to cut interest rates. In the medium term, the Fed will definitely enter a rate cut cycle this year. The Fed's monetary policy shift to easing expectations and the flood of liquidity are also positive. The US stock market/gold/currency market is in a medium- and long-term upward trend. In the short term, it is a boring time to wait for the European Central Bank and the Federal Reserve to turn. Today, the Bank of England kept the benchmark interest rate unchanged at 5.25% for the sixth time. It is expected that CPI will be close to the target level in the next two months, and interest rate cuts may follow. The monetary policies of the Federal Reserve and other central banks are loose, and funds are entering the market, and the US stock market and currency market are ushering in an increase; the monetary policies of the United States and Europe are tight, and funds are panicking, and the US stock market and currency market are facing a decline. The short-term focus is how long to wait for easing, and people are anxious while waiting. Just get through this period, just like the Fed's multiple turning intentions in early 2023 and late 2023, which caused a sharp rise in the stock market and the currency market. It's worth spending a little again, and the next time will still be to turn to interest rate cuts. #比特币