奔跑财经

Institutional investors are playing a key role in the Bitcoin ETF field, leading to significant changes in the cryptocurrency market. Meanwhile, retail investors choose to remain cautious. IntotheBlock's report shows a divided market landscape, with hedge funds and pension funds increasing their holdings of Bitcoin through ETFs, while ordinary investors still maintain a cautious attitude.

Institutional investors launch Bitcoin ETF.

In early 2024, the Bitcoin Exchange Traded Fund (ETF) was listed on the New York Stock Exchange, marking an important turning point and paving the way for institutional investors to enter the cryptocurrency market. At the same time, this development is a boon for investors who hold a large amount of Bitcoin, also known as "Bitcoin Whales," as they use these emerging financial instruments to buy large quantities of such cryptocurrencies.

According to data from IntotheBlock, these whales have collectively accumulated an additional 250,000 BTC, bringing their Bitcoin holdings back to the level before the FTX crash in 2023.

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Source: IntoTheBlock

Hedging funds, long regarded as the driving force behind institutional adoption, are living up to expectations. According to reports, financial giants like Millennium Management have invested billions of dollars in Bitcoin ETFs, indicating their confidence in the future of cryptocurrencies. Even public pension funds in the United States have joined the game, causing a sensation with a $160 million investment in Bitcoin ETFs in Wisconsin.

The US ETF boom is fading, but the journey continues

Although institutions were initially enthusiastic about the acceptance of the Bitcoin ETF in the United States, the record-breaking influx of funds in January fueled the rise of the entire cryptocurrency market, but now it seems that this trend is cooling down. Experts believe that the early surge may have been driven by a few enthusiastic institutional adopters. However, in recent weeks, there has been a decrease in the influx of funds, indicating that some investors are taking a wait-and-see approach.

In Hong Kong across the Pacific Ocean, the recently launched Bitcoin ETF has received a tepid response. The trading volume on the first day was only $12.7 million, far below the $4.6 billion set by US ETFs on their first day of listing. This lukewarm situation indicates that the Asian market may not be so eager to embrace cryptocurrencies for the time being.

Retail investors stay calm and hold steady, maintaining a cool stance towards market speculation.

This story adds another layer of complexity, as retail investors do not seem enthusiastic. The report shows a significant decrease in the creation of new Bitcoin addresses, which is often used as an indicator of retail participation. This suggests that many individual investors are still on the sidelines, skeptical of the recent price surge or cautious of the volatility of cryptocurrencies.

The possible reasons for this hesitation may be multifaceted. The collapse of FTX may have left some investors dissatisfied, while the overall market correction in early 2024 may have prompted caution. In addition, the complexity of ETFs, combined with the novelty of cryptocurrency investment for some investors, may have created a cautious attitude among retail investors.

This hesitation could be caused by multiple factors. One reason is that the collapse of FTX may have disappointed some investors, which could make them hold a reserved attitude towards the cryptocurrency market. Additionally, the overall adjustment of the market in early 2024 may have made people more cautious, as market fluctuations could make them worry about investment risks. Furthermore, the complexity of ETFs and the relatively unfamiliar nature of cryptocurrency investment for some investors may prompt retail investors to choose to wait temporarily for clearer trend signals in the market.

At the time of writing this article, the trading price of Bitcoin is $67,032, which has increased by 0.7% in the past 24 hours, and according to Coingecko's data, it has achieved an impressive 11.0% price increase in the past week.

Conclusion:

With the rise of Bitcoin ETF, the cryptocurrency market is undergoing an unprecedented transformation. The active participation of institutional investors injects new vitality into the market, while the cautious wait-and-see attitude of retail investors reflects the complexity and uncertainty of the market.

Despite the short-term market fluctuations and adjustments, the long-term potential and value of cryptocurrencies as an emerging asset class are still favored by many investors.

With the maturity of the market and the improvement of regulation, we have reason to believe that cryptocurrency will play an increasingly important role in the future financial system. Let us wait and see how this journey led by institutional whales will shape the future of cryptocurrency.

The United States economic schedule will once again usher in a busy week, and the cryptocurrency market has resumed its consolidation. Will the volatility increase this week?

The highlight of the week's economy is the Federal Reserve meeting minutes and the important earnings report from semiconductor giant Nvidia.

There are also reports on global manufacturing and services indexes, as well as consumer inflation expectations, all of which may have certain impacts on the market.

May 20th to 24th Economic Schedule

Last week, the Dow Jones Industrial Average (DJIA) broke through the 40,000-point mark for the first time. The stock market gained momentum due to favorable figures in the CPI report, which sparked speculation about the US economy cooling down and the Central Bank potentially cutting interest rates in the coming months.

This Wednesday, the market will welcome the release of the minutes of the Federal Open Market Committee (FOMC) meeting in May. These minutes are expected to provide investors with more information and insights into the future direction of monetary policy and possible timing of interest rate cuts.

On Thursday, the preliminary report on global manufacturing PMI for May will be released, capturing the business conditions in the manufacturing sector.

On May 23rd, the PMI report related to the service industry will be released. This report is an important leading economic indicator. The service industry plays a vital role in the US economy, contributing over 70% to the GDP. Therefore, this report can reflect the latest changes in the economic situation.

On Friday, we will see the Consumer Confidence Index for May, which measures inflation expectations. These reports depict the monthly survey results on consumer confidence levels in the country.

On Wednesday, semiconductor giant Nvidia also has an eagerly anticipated quarterly revenue report, which may continue to drive the rise of technology stocks and cryptocurrencies.

In a commentary on May 19, the media "Kobeissi Letter" pointed out the divergence of this market view.

"Risers believe that Nvidia's stock price will continue to rise, breaking through the all-time high, while bearish investors believe that the stock price has reached its peak and will decline next."

On Monday, May 20th, Asian stocks rose slightly, in line with gains on Wall Street. Investors in the region are eagerly awaiting several key economic indicators to be released this week, including inflation data from Japan and interest rate decisions from South Korea.

Cryptocurrency Market Impact

This week there are no major economic events, and the cryptocurrency market is unlikely to be significantly affected. Volatility may remain low.

Last week, the cryptocurrency market received a boost, with a total market cap exceeding $2.5 trillion and maintaining gains over the weekend. However, in the past 24 hours, they have slightly declined, down by 1.2%.

Bitcoin fell to an intraday low of $66,000, but found support at that level and rebounded to $67,000 during Monday morning's Asian trading session as of the time of writing.

Ethereum fell 1.3% on the day, dropping to $3,078, after reaching a high of $3,142 over the weekend. Altcoins generally fell on Monday morning.

Conclusion:

This week, although the US economic agenda is full, the cryptocurrency market is expected to not be greatly affected and market volatility may remain stable. Despite the total market capitalization of cryptocurrencies breaking through the $2.5 trillion mark last week, there was a slight pullback in the market in the short term. Major cryptocurrencies such as Bitcoin and Ethereum experienced some price fluctuations, but overall market sentiment remains positive.

Investors will continue to pay attention to the FOMC meeting minutes from the Federal Reserve, the earnings reports of important companies such as Nvidia, as well as key economic indicators such as global manufacturing and services PMI. Although these factors may have some impact on traditional markets, the impact on the cryptocurrency market is expected to be limited.

As the cryptocurrency market matures and the global economic environment changes, investors should maintain a cautious and optimistic attitude, closely monitor market trends and macroeconomic indicators, in order to make wise investment decisions. At the same time, the uniqueness and decentralization of the cryptocurrency market mean that its price fluctuations may be more influenced by internal industry factors and technological innovations. Therefore, market participants need to consider comprehensive information from various aspects to grasp the development trends of the cryptocurrency market.

A source revealed that Dogecoin (DOGE) is expected to be integrated into Elon Musk's X (also known as "Twitter") payment platform, sparking excited discussions within the Dogecoin community. However, before Dogecoin can truly skyrocket, we need to take a closer look at this situation.

Believers in Dogecoin are excited about tweets from insiders

"DogeDesigner", an insider with connections to both X official and Dogecoin, sparked excitement in the Dogecoin community with a tweet suggesting that X Pay may support Dogecoin by the end of 2024. This hint has ignited enthusiasm among cryptocurrency enthusiasts and regular users who are eagerly looking forward to seeing Dogecoin take a prominent position on this popular platform.

Musk remains silent: Can Dogecoin usher in the dawn of X?

Speculations about the possible integration of Dogecoin with platform X have appeared more than once. Whenever such rumors arise, they always arouse great interest in the cryptocurrency community, especially among those members who use the Dogecoin logo as their avatar. They always display an incredibly optimistic attitude and respond positively to such speculations.

However, as the controller of X platform and a fan of Dogecoin, Musk has remained silent. He has not directly denied the possibility of including DOGE, but at the same time, it is quite difficult to obtain formal confirmation from him.

The current total market capitalization of cryptocurrencies is 2.3 trillion US dollars | Chart: TradingView

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The lack of confirmation has not weakened the morale of the Dogecoin army. Their unwavering optimism has been further strengthened by X company recently obtaining licenses that allow them to process cryptocurrency payments in specific US states. This interesting move has sparked speculation in the crypto world, with many interpreting it as a potential first step towards accepting DOGE as a payment method.

The confirmed absence did not dampen the enthusiasm of Dogecoin supporters. They are excited about the news of X company recently obtaining a specific cryptocurrency payment license in certain US states, which further fuels their optimism. The crypto community has been discussing this extensively, with many believing that this could be an initial step for the X platform to accept Dogecoin as a payment method.

Consider the real situation

Although people are excited about this, the reality must be considered. First of all, Musk has repeatedly emphasized that neither the X platform nor his other ventures have plans to launch their own cryptocurrency. This statement is a direct response to scams targeting uninformed investors and rumors about the future "X coin". At the same time, the ongoing scrutiny of altcoins by the Securities and Exchange Commission in the United States may also have influenced this decision.

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DOGE price trend last week | Data source: CoinMarketCap

Secondly, even if X payment accepts cryptocurrencies, it does not guarantee that Dogecoin will be chosen. Some more valuable and widely adopted cryptocurrencies may be more attractive choices for X.

The Unbreakable Hope of the Dogecoin Community

These difficulties have not discouraged the loyal Dogecoin fan community. They still have hope that Musk's previous affection for this initially joking currency will make Dogecoin a payment option on X platform. Whether their persistent optimism can eventually turn into reality, or if their expectations for X platform adopting Dogecoin will be shattered, time will reveal the answer.

Will X payment be the starting point for the next big rise of Dogecoin, or will the expectations of Dogecoin be shelved again? It all depends on Musk's attitude and the constantly changing regulatory environment of cryptocurrencies.

Conclusion:

In the evolving world of cryptocurrency, the Dogecoin community is eagerly anticipating the integration of X Pay platform. Despite facing uncertainties, Musk's attitude and the development of regulatory policies will be crucial in determining its fate. Dogecoin supporters continue to demonstrate their loyalty and optimism, and time will tell whether this anticipation will turn into reality.

Summary:

• Venezuela will cut off power to all cryptocurrency mining farms in the national power system.

• Power cuts are implemented by authorities due to excessive energy consumption and resulting blackouts.

• This measure mainly targets miners who do not pay electricity bills.

Venezuela's Ministry of Electricity has announced plans to cut off all cryptocurrency mining farms connected to the national power grid (SEN).

This announcement will affect all miners who rely on the national power grid and has been released on the official Instagram account of the Ministry of Power.

How will this plan affect Venezuela's cryptocurrency mining industry?

Venezuela's state electricity company (Corpoelec) and the Public Ministry (MP) support the plan. The authorities in the country have urged restrictions on the power supply to cryptocurrency mining farms, including Bitcoin.

The government claims that this measure is due to concerns about the stability of the national power system. In addition, they aim to put an end to the "free" electricity consumption by miners.

The government claims that they are taking this measure because they are concerned about the stability of the national power system. At the same time, the government also plans to stop allowing miners to use electricity for free.

According to local media reports, Governor Rafael Lacava of Carabobo State emphasized the urgency of this restriction. Lacava, together with Minister of Electricity Jorge Márquez, called for a reduction in the activities of these data centers.

"Lakawa said, 'Neighbors, if you find any suspicious mining farm operations, please ask them to stop or report to us. This is because they illegally occupy electricity for profit, which affects your normal power usage.'"

The Venezuelan government justified the power outages by citing the high electricity consumption required by these cryptocurrency mining farms. The government claims that these mining farms also cause frequent blackouts in the surrounding areas. In addition, the government reiterated its intention to ban illegal crypto mining.

The Power Department said, "This power outage will avoid causing a huge impact on electricity demand, allowing us to continue providing efficient and reliable service to all Venezuelan people."

Although the Venezuelan government has ordered the cessation of cryptocurrency mining activities on the national grid, it is currently unclear whether miners who do not rely on the national grid can continue to operate as they are also facing restrictions. In March 2023, following an investigation into a major corruption scheme, Venezuelan regulatory authorities ordered the suspension of cryptocurrency mining activities nationwide.

It is alleged that the plan illegally transferred funds that were supposed to be paid to the state-owned Venezuelan oil company (PDSVA) through a cryptocurrency wallet. At the same time, some members of the Venezuelan National Cryptocurrency and Related Activities Regulatory Authority (SUNACRIP) have been arrested for their involvement in corruption.

Address transaction related to SUNACRIP potential | Source: Wilson Center

Conclusion:

The Venezuelan government has decided to cut off the cryptocurrency mining farms from the national power grid in order to address the high energy consumption issue and prevent instability in the electricity system. This move mainly affects miners who do not pay electricity fees, while the government also emphasizes its determination to combat illegal mining activities.

Despite the uncertainties, especially for miners who do not rely on the national power grid, the government has indicated that it will prioritize providing stable power services to the citizens.

In addition, the importance of regulation in the field of crypto mining is further highlighted by corruption investigations and the arrest of members of the regulatory body SUNACRIP. This series of actions may drive the mining industry towards a more compliant and energy-efficient direction.

Given the large amount of debt and numerous creditors' claims, equity holders like DCG have no possibility of remaining assets.

Genesis Global Holdco, a bankrupt crypto lending company, received court approval last Friday to return approximately $3 billion in cash and crypto assets to its creditors as part of the bankruptcy liquidation process. This decision was made by US bankruptcy judge Sean Lane.

In addition, Judge Sean Lane rejected the Digital Currency Group's (DCG) attempt to challenge the proposed distribution plan for the debtor's assets in the bankruptcy case.

DCG has raised objections to the distribution plan, as it believes the repayment amount should be limited to the value of crypto assets at the time of Genesis filing for bankruptcy in January 2023. Since then, the value of cryptocurrencies like Bitcoin has soared significantly, with Bitcoin's price jumping from around $21,000 to nearly $67,000.

The company also claimed that the plan provided excessive returns to creditors at the expense of sacrificing DCG's interests. Essentially, DCG believes that it has been unfairly disadvantaged in terms of the distribution of returns.

However, DCG's argument failed to convince the court. Judge Sean Lane ruled that as a shareholder, DCG's financial interests would not be directly affected by the distribution of assets. Shareholders can only be paid after all creditors' claims have been satisfied.

Furthermore, given the insolvency of Genesis Global Holdco and the substantial amount of claims from creditors, DCG as an equity holder will not receive any asset distribution under this liquidation plan.

The total amount claimed by the creditors exceeds the available assets of the debtor, Genesis Global Holdco, by billions of dollars. These creditors are demanding priority over DCG equity holders in the bankruptcy proceedings, meaning that they will be the first to be repaid in the liquidation of assets.

The ruling also prioritizes the claims made by federal and state financial regulatory agencies, totaling up to $32 billion, giving them consideration ahead of DCG's equity.

Genesis previously expected to pay up to 77% of the customer claim value, but this ratio may be influenced by future market fluctuations.

Genesis, like other lending platforms, suffered from liquidity issues during the market downturn in 2022, which was exacerbated by the collapse of Three Arrows Capital (3AC) and FTX. This ultimately led to the company filing for Chapter 11 bankruptcy protection in January 2023.

Genesis' list of creditors includes some well-known entities such as Gemini, Mirama under Bybit, Decentraland, and VanEck.

To make matters worse, Genesis Global Capital has also faced a legal lawsuit filed by the Securities and Exchange Commission (SEC) in the United States. The SEC claims that Genesis and Gemini's products offered through Gemini Earn involve the sale of unregistered securities. In response, the company reached a $21 million settlement with the SEC in March of this year.

Conclusion:

Genesis Global Holdco's bankruptcy case demonstrates the high-risk nature of the cryptocurrency market and the urgent need for regulation. Despite being allowed to return substantial assets to creditors, equity holders like DCG may end up with nothing. This event serves as a reminder to the industry to strengthen risk management and compliance.

With the strengthening of regulations and the development of the market, cryptocurrency enterprises need to constantly adapt to ensure sustainable and responsible growth, in order to win broader trust and realize their potential to change the financial world.

Three employees of a Tsim Sha Tsui cryptocurrency exchange have been detained on suspicion of defrauding a customer with counterfeit cryptocurrency.

Hong Kong police have detained three employees of a cryptocurrency exchange suspected of engaging in fraudulent activities.

Previously, a customer in the store reported encountering a stack of "ghost money" when executing a cryptocurrency transfer worth about 1 million Hong Kong dollars.

Hong Kong authorities arrest 3 people suspected of cryptocurrency fraud

On Wednesday, the Hong Kong Technology Crime Division arrested three individuals aged between 31 and 34. The authorities seized 3,000 Hell Bank notes, a safe, and a cash counting machine from a shop in Tsim Sha Tsui. Hell Bank notes, which are traditionally offered to ancestors or deities in Chinese rituals, were also confiscated.

The arrest operation took place after a 35-year-old man filed a report on April 12. The man claimed that he sold approximately 1 million Hong Kong dollars worth of Tether (USDT) in a shop in Tsim Sha Tsui but was unable to retrieve the cash.

The subsequent investigation revealed that the suspect showed the victim a stack of 500 HKD counterfeit banknotes and persuaded the victim to transfer USDT to the cryptocurrency wallet they provided.

After receiving Virtual Money, the suspects failed to fulfill their agreement. They came up with various excuses to quickly leave the scene, leaving the victim short short alone.

In Hong Kong, fraudulent acts can be punishable by up to 14 years of imprisonment. Individuals charged with obtaining property through fraudulent means may face a maximum sentence of 10 years.

After this incident, the Hong Kong authorities called on residents to be cautious when trading and advised them to choose reputable cryptocurrency exchanges and check the security features of banknotes to prevent becoming victims of such fraud.

Hong Kong cryptocurrency scams are a major problem

This is not the first cryptocurrency fraud and scam incident in Hong Kong. Hong Kong authorities recently arrested three teenagers and rescued a 19-year-old victim who was attacked and unlawfully detained.

The victim was lured with the promise of meeting people and trading encrypted assets. However, when they arrived at a room in the Jiuyun Street Golden Port Hotel, the suspect demanded payment of HKD 180,000 (approximately USD 23,000) in encryption trading profits.

In another incident, a 46-year-old housewife, contacted by a scammer through Instagram, was asked to make cryptocurrency investments through a link to a fraudulent platform, resulting in a loss of 7.1 million Hong Kong dollars (approximately 908,000 USD).

A malicious actor impersonating a customer service representative of a fake trading platform convinced her to transfer over $900,000 to 15 different bank accounts between August 19, 2022, and March 4, 2023. However, she did not receive any investment returns during this period.

Conclusion:

In the field of cryptocurrency, fraud incidents occur from time to time, which brings great risks and troubles to investors and traders. In order to protect our assets and information security, we should always be vigilant and choose reputable cryptocurrency trading platforms for transactions, avoiding trusting strangers' promises and baits. Hopefully, relevant authorities can strengthen regulation and crack down on cryptocurrency fraud in the future, making this field more secure and reliable.

The suspect is suspected of using USDT to operate forex payment and settlement businesses, providing illegal services to cosmetics and drug smugglers.

Chinese police have cracked down on an underground banking operation that used the popular stablecoin Tether (USDT) to facilitate transfers worth up to 13.8 billion yuan ($1.9 billion).

According to reports from local media WeChat official account, the Chengdu Public Security Department arrested 193 suspects related to this case and froze 149 million yuan (20.6 million US dollars), previously raided the location of the business.

$1.9 billion underground banking business

Since 2021, investigations conducted by the police have revealed that this underground banking operation is led by a criminal gang originating from China's import and export business. They use USDT to operate forex payments and settlement services, providing illegal services to smugglers of cosmetics and drugs, as well as locals seeking to acquire foreign assets.

In addition to using stable coins to transfer funds abroad, the gang also collaborated with other companies to obtain tax refunds through fraudulent means. The police also found that USDT was used to circumvent national foreign exchange regulations, posing a threat to the country's financial security.

In addition to providing illegal forex settlement channels, the gang's operations are also related to work-related crimes, smuggling of prohibited goods, and financial fraud, such as obstructing credit card management and defrauding export tax refunds.

Crackdown on China's Underground Banks

The Longquan District Branch of the Chengdu Public Security Bureau first discovered this business when handling a drug case involving underground bank fund settlement in November 2022.

In June 2023, the Ministry of Public Security established a special task force and conducted raids in six municipalities, including Shanghai, Changsha, Nanjing, Shenzhen, Fuzhou, and Jinhua, to search for underground banks. The raids resulted in the arrest of 25 suspects and the seizure of numerous payment tools, including bank cards and U-shields.

In August 2023, another raid was conducted, and 168 people were arrested in 26 provinces. Subsequently, the Ministry of Public Security launched a nationwide campaign to combat underground banking crimes.

Meanwhile, the raid in Chengdu is the second one this month. Earlier this week, the police in Panshi City, Jilin Province, cracked down on another underground bank involving 2.14 billion yuan ($29.6 million) and arrested six individuals, including a South Korean fugitive.

**Conclusion: **

In the crackdown on illegal USDT banking operations by the Chinese police, we have seen the firm determination and effective action of law enforcement agencies in safeguarding national financial security and combating economic crimes. Through cross-province cooperation and nationwide operations, the police have successfully cracked down on underground banking operations involving a total amount of up to 1.9 billion US dollars, arrested a large number of suspects, and frozen a large amount of illegal funds. This not only demonstrates the Chinese government's determination to combat underground financial activities, but also conveys a clear message to the public: any attempt to undermine economic order and financial security through illegal means will be severely punished by the law.

At the same time, this operation also reminds the public that financial security is an important component of national security. Everyone should be vigilant and avoid participating in any transactions that may involve illegal financial activities. Only in this way can we together maintain a healthy, stable, and orderly financial environment and ensure the sustained and healthy development of the national economy.

Finally, the success of this series of actions also highlights the importance of technology in modern law enforcement. With the development of financial technology, criminal methods are constantly evolving. Therefore, law enforcement agencies must constantly update their technology and methods to adapt to new challenges. Only in this way can we more effectively combat crime, protect people's property security, and maintain the financial stability of the country.

Abstract:

• The US Department of Justice has arrested two Chinese citizens on charges related to an international cryptocurrency fraud case involving $73 million.

• This scam is called "Pig Killing Plate", involving money laundering through shell companies.

• The case highlights the growing scrutiny of "pig slaughter" schemes involving Crypto Assets.

The US Department of Justice (DOJ) has arrested two Chinese citizens, Daren Li and Yicheng Zhang, for orchestrating a large-scale cryptocurrency scam known as "Ponzi scheme," involving at least $73 million in money laundering activities.

This arrest operation highlights that "Ponzi scheme" fraud is still a major issue in the encryption industry.

The duo is an international fraud syndicate

According to the DOJ, officials arrested Li on April 12 at Hartsfield-Jackson Atlanta International Airport and transferred him to central California. Meanwhile, Zhang was arrested in Los Angeles.

The Deputy Attorney General of the Ministry of Justice, Lisa Monaco, said:

"We announce the arrest of two foreign citizens who are charged with leading a money laundering scheme associated with international cryptocurrency investment fraud. Cryptocurrency investment fraud exploits the borderless nature of virtual money and online communication to deceive victims."

The DOJ found that they coordinated extensively from communications to facilitate international Money Laundering, including discussing the network's commission structure, the various shorter shell companies used, victim information, and at least one video of an accomplice calling a U.S. financial institution.

Li and Zhang manage an international "pig slaughter" investment scam group. They instructed accomplices in Money Laundering networks to open bank accounts in the name of shorter shell companies. Once the victim sent the funds to the shorter shell company, Li and Zhang monitored the lower-level accomplices, transferring the proceeds to an overseas bank account at Deltec Bank in the Bahamas.

This plan involves converting over $73 million into USDT stablecoin. In addition, a cryptocurrency wallet in this plan has received over $341 million in virtual assets.

Li and Zhang are charged with conspiracy to commit money laundering and six substantive counts of international money laundering. If convicted, they face a maximum sentence of 20 years for each count.

The US Secret Service Assistant Director of Investigations, Brian Lambert, explained in response to this case that the US financial infrastructure is being threatened by sophisticated financial fraud schemes.

Lambert pointed out: "Complex financial fraud schemes like 'Ponzi schemes' pose an obvious and urgent threat to America's financial infrastructure, as countless Americans continue to fall victim to this predatory activity."

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The main types of cybercrime divided by number of complaints｜Source: Federal Bureau of Investigation

Lambert's statement is consistent with the data from the Federal Bureau of Investigation (FBI). According to the FBI's 2023 Internet Crime Report, investment fraud is the most costly crime event tracked by the IC3 program.

Investment fraud losses increased from $3.31 billion in 2022 to $4.57 billion in 2023, a rise of 38%. A total of 17,823 complaints related to trust/romance crimes were received throughout the year.

Analysis of the scam of "Ponzi Scheme" with false promises and empty wallets

'Pig Killing' scams involve scammers creating fake identities to contact potential victims, usually through text messages, social media platforms, or dating apps. Gradually, these scammers develop a seemingly real relationship with their target through regular and friendly interactions. This method is similar to the practice of fattening pigs before slaughter, hence the name.

Once a relationship is established, scammers introduce cryptocurrency into the conversation. They typically do not directly ask for money or cryptocurrency. Instead, they offer assistance with investment strategies and guide victims to platforms they control.

Initially, victims may transfer a small amount of funds to a cryptocurrency exchange. In order to make the scam credible, the fraudster provides false account information, showing that the victim's investment is increasing.

They may even allow the victim to withdraw part of their initial investment in order to appear legitimate. The scammers keep pressuring their victims to send more long funds until they run out of money completely.

A UN report describes the Mekong region in Southeast Asia as the epicenter of this criminal activity. More and more casinos are combining with the ungoverned borders and armed groups in long-standing conflicts in Myanmar. This backdrop creates ideal conditions for large-scale money laundering activities.

Conclusion:

This successful crackdown on the "Ponzi scheme" cryptocurrency fraud case demonstrates the cooperation and determination of international law enforcement agencies in combating cross-border financial crimes. The arrests and charges against Daren Li and Yicheng Zhang by the US Department of Justice send a clear warning to potential fraudsters: using cryptocurrency for illegal activities will be severely punished by the law, regardless of their location. This not only reflects the zero-tolerance attitude of the law towards financial crimes but also demonstrates a firm commitment to protecting investor interests and maintaining financial market order.

At the same time, this case also reminds investors and the public to increase their vigilance against cryptocurrency-related scams. Investors should conduct thorough investigations and risk assessments when investing in cryptocurrencies to avoid becoming victims of fraud. Regulatory agencies and law enforcement departments in various countries should strengthen cooperation, jointly formulate and implement effective regulatory policies to promote the healthy development of the cryptocurrency industry, ensure its full potential is realized, and minimize risks.

Summary:

• The Hong Kong Monetary Authority (HKMA) has approved the use of digital RMB (e-CNY) for retail purposes in Hong Kong, but not for cross-border transactions.

• The adoption of digital RMB in Hong Kong is subject to control and monitoring, with transaction and balance restrictions.

• Hong Kong, through China-approved pilot projects, is promoting the development of Digital RMB to improve the digital money ecosystem in Asia.

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The Hong Kong Monetary Authority (HKMA) announced that it will accept China's digital renminbi (e-CNY) for retail transactions in Hong Kong. This initiative, supported by the People's Bank of China, represents an important step in integrating digital money into daily business.

Residents of Hong Kong and mainland China can now use digital renminbi to shop at physical retail stores in Hong Kong and selected online merchants. A mobile application developed by the Central Bank of China allows users to seamlessly manage their digital renminbi wallets.

Hong Kong only allows the use of RMB for local business

Despite the enthusiasm for digital integration, the program controls circulation by limiting cross-border transactions and peer-to-peer transfers. In Hong Kong, the operational framework of e-CNY sets the maximum wallet balance at 10,000 CNY, with individual transactions and daily expenses limited to 2,000 yuan and 5,000 yuan respectively. These restrictions are aimed at regulating the use of the currency and preventing financial disruptions.

Expanding digital RMB to Hong Kong aligns with broader efforts to internationalize China's currency in the highly competitive global financial market amidst geopolitical tensions. By June 2023, the transaction volume of e-CNY reached 1.8 trillion yuan, indicating rapid adoption by the Chinese population.

HKMA President Eddie Yue said, "By expanding the e-CNY pilot in Hong Kong... users can now deposit into their wallets anytime, anywhere without opening a mainland bank account, making it convenient for Hong Kong residents to make payments at mainland merchants."

e-CNY in Hong Kong | Source: X/HKMA

Currently, over 10 million merchants in 17 provinces and cities in mainland China accept digital Renminbi. This indicates a continuous rise in acceptance of digital money in the region.

Although the use of the CNY in the global financial system is limited, its adoption in the international market reflects China's strategic financial goals. The HKMA is collaborating with the People's Bank of China to explore the potential of cross-border e-CNY payments. This highlights its commitment to improving the practicality of digital money and interoperability with existing payment systems.

Conclusion:

With the approval of the Hong Kong Monetary Authority (HKMA) for the retail use of e-CNY, Hong Kong has taken an important step in promoting the localization of digital money. This move not only demonstrates China's strategic layout in the field of digital currency, but also reflects its vision of seeking greater influence in the international financial market.

Although the use of digital RMB in Hong Kong is currently restricted, with the deepening of pilot projects and the exploration of cross-border payment potential, digital RMB is expected to achieve broader application and deeper international integration in the future. As an international financial center, Hong Kong's innovative practices and regulatory experience in the field of digital money will provide valuable references and inspiration for the development of digital money worldwide.

With the continuous deepening of digital transformation, blockchain technology is gradually becoming an indispensable part of enterprise operations. By providing a decentralized and tamper-proof method of data recording, it greatly improves the operational efficiency and data security of enterprises. The introduction of blockchain technology can not only optimize supply chain management and reduce transaction costs but also enhance the transparency and trustworthiness of enterprises, thereby bringing unprecedented potential for transformation to enterprises.

Meanwhile, the changes in mining policies have also had a profound impact on the global cryptocurrency market. As an important component of the cryptocurrency ecosystem, the stability of the policy environment for mining activities directly affects the output and price of cryptocurrencies. In recent years, as environmental issues have become increasingly important, some countries have started to restrict energy-consuming mining activities. This not only affects the operation of mining companies but also to some extent affects the supply and demand relationship in the cryptocurrency market.

In this article, we will delve into how enterprises can achieve operational optimization by adopting blockchain technology, as well as how changes in mining policies can affect global market stability. By analyzing specific enterprise cases and policy changes, our aim is to provide readers with a comprehensive perspective to better understand the role and impact of blockchain technology and mining policies in the global economy.

Adoption of Enterprise Blockchain Technology

In the wave of enterprises adopting blockchain technology, the practices of IBM and Walmart stand out. IBM, using its blockchain platform IBM Blockchain, has collaborated with shipping giant Maersk to develop the TradeLens platform, which significantly improves the transparency and efficiency of the global supply chain through blockchain technology. On the other hand, Walmart has implemented blockchain technology through its food safety collaboration initiative, achieving end-to-end food traceability, enhancing consumer confidence in food safety, and improving the traceability of food.

Blockchain technology has brought significant improvements to enterprise operations. It provides a real-time updated shared data view for all participants through distributed ledger technology, effectively increasing transparency and reducing information asymmetry issues. In addition, the automated execution of smart contracts reduces intermediaries and administrative costs, thereby lowering operational expenses for businesses. The immutability of blockchain ensures strong data security, guaranteeing the safety of enterprise data. Furthermore, blockchain simplifies transaction processes, accelerates fund circulation, and enhances business efficiency. Most importantly, the transparency and immutability of blockchain contribute to building trust among parties, which is particularly crucial for cross-organizational and cross-border collaborations.

With the continuous maturity of blockchain technology, it is gradually becoming a key driving force for enterprise digital transformation. By adopting blockchain technology, enterprises not only optimize supply chain management but also improve operational efficiency and data security. These advantages make blockchain technology play an increasingly important role in enterprise operations, and its influence is expected to further expand as more enterprises begin to explore this technology.

The adoption of blockchain technology will become more widespread, and its role in enterprise operations will become increasingly prominent. Enterprises will continue to explore new application scenarios, use blockchain technology to solve existing problems, and create new business models. With the maturity of the technology and the formation of industry standards, the adoption of blockchain technology will become more standardized, and its position in the global economy will become more stable.

Global Perspective on Mining Policy

The policy on cryptocurrency mining varies significantly among different countries worldwide. China used to be the center of Bitcoin mining, but in 2021, it announced a ban on cryptocurrency mining, leading to a significant change in the global mining landscape. The United States has become a new hotspot for mining, especially in regions like Texas, where mining activities receive some degree of support due to abundant renewable energy. Russia has also become an important country for mining due to its abundant energy resources. However, these countries also face policy uncertainties, which may pose risks to long-term planning and investment in mining operations.

Environmental factors are key drivers of changes in mining policies. China's restrictions on mining energy consumption reflect global concerns for sustainable development and environmental protection. Mining activities, especially Bitcoin mining, have been criticized for their high energy consumption. It is estimated that the annual energy consumption of the Bitcoin network is equivalent to the total energy consumption of some medium-sized countries. This energy consumption not only exacerbates global warming issues but also conflicts with the green energy transition goals promoted by governments worldwide.

Changes in mining policies directly affect the supply and demand relationship and price of cryptocurrencies. For example, the mining ban in China has led to a short-term decrease in Bitcoin mining difficulty, but as mining operations redistribute globally, the mining difficulty gradually recovers. In addition, policy uncertainty also increases market volatility, and investors need to closely monitor policy trends to assess their impact on investments.

Market Dynamics and Corporate Response

The policy changes have had a significant impact on the Crypto Assets market, especially the prices of major coins such as Bitcoin. For example, after China announced a ban on crypto mining, the market expected that the supply of Bitcoin would be limited, leading to price Fluctuation in the short term. In addition, concerns about the stability and policy risks of new mining hubs due to the shift of mining activities to other countries have also affected investor sentiment, further exacerbating price Fluctuations. Policy uncertainty increases speculation in the market, making Crypto Assets prices more susceptible to market sentiment.

In the face of market and policy changes, companies must adjust their strategies flexibly. For example, Tesla's decision to temporarily suspend accepting Bitcoin as payment for car purchases in 2021 reflects the company's concerns about the volatility of the cryptocurrency market and the environmental impact of mining. This decision not only demonstrates the company's sensitivity to market dynamics but also shows its cautious attitude in the face of policy uncertainties.

However, companies need to demonstrate adaptability and foresight in responding to market and policy changes. On one hand, companies need to closely monitor policy trends, assess their potential impact on business, and develop corresponding risk management strategies. On the other hand, companies should also actively explore new business models that integrate blockchain technology, such as innovating products and services through tokenization and smart contracts. Additionally, companies should consider how to reduce their environmental impact by adopting renewable energy and other means to align with the global trend of sustainable development.

At the same time, there is a complex interaction between market dynamics and enterprise responses. Companies must find a balance point in market fluctuations and policy changes, ensuring both business continuity and profitability, as well as maintaining corporate social responsibility and brand image. With the maturity of the cryptocurrency market and the gradual clarification of the policy environment, it is expected that companies will explore more actively innovative paths combining with blockchain technology, while also strengthening environmental impact management to achieve long-term sustainable development.

Future Outlook and Investment Recommendations

The application prospects of blockchain technology in enterprises are vast. With the maturity of the technology and the deepening understanding of blockchain by enterprises, it is expected that more industries will begin to explore its potential in improving efficiency, reducing costs, enhancing security, and promoting transparency. Especially in the fields of supply chain management, financial services, healthcare, etc., the application of blockchain technology will become more extensive and profound. At the same time, the direction of mining policies may focus more on environmental sustainability, promoting the development of the mining industry towards the use of renewable energy and improving energy efficiency.

In the face of policy changes and market fluctuations, investors need to adopt a wise strategy. Firstly, investors should closely monitor global policy changes and assess their potential impact on the cryptocurrency market. Secondly, investors should diversify their investments to reduce the risks associated with single market or policy changes. In addition, investors should consider long-term investments rather than short-term speculation, focusing on blockchain projects with strong technical foundations and clear business application scenarios. At the same time, investors should also pay attention to how companies integrate blockchain technology into their operations and how these integrations impact the long-term value of the companies.

Risk management is crucial when investing in blockchain-related assets. Investors should set clear investment goals and risk tolerance and make investment decisions based on these criteria. In addition, investors should regularly review and adjust their investment portfolios to cope with market and policy changes. Maintaining flexibility and adaptability is key when facing uncertainties.

Meanwhile, investors should formulate investment strategies based on market dynamics and policy environment. This means that investors need to have a deep understanding of market trends and be able to anticipate the impact of policy changes. In this way, investors can better grasp investment opportunities, avoid risks, and seek growth opportunities in the blockchain technology and cryptocurrency markets.

Conclusion

With the continuous development and maturity of blockchain technology, the adoption of this technology by enterprises has become a key factor in driving digital transformation. Blockchain not only improves the transparency and efficiency of supply chain management, but also brings significant competitive advantages to enterprises through reducing transaction costs, enhancing data security, and improving business process efficiency.

At the same time, the changes in mining policies have had a significant impact on the stability of the cryptocurrency market. The ban on mining activities and the ambiguity in the formulation and facilities of regulatory policies have not only affected the mining costs and difficulties of major cryptocurrencies such as Bitcoin, but also caused fluctuations in market supply and demand and prices. In addition, the energy consumption and environmental impact of mining activities have also prompted policymakers to pay more attention to environmental protection and sustainable development while promoting economic development.

Therefore, as enterprises adopt blockchain technology, they also need to pay attention to the changes in mining policies and their potential impact on market stability. Investors and business decision-makers should closely monitor policy trends, assess their potential impact on business and investments, and formulate corresponding risk management strategies. With the further popularization of blockchain technology and the gradual clarification of mining policies, it is expected that enterprises will actively explore innovative paths combining with blockchain technology and strengthen the management of environmental impacts to achieve long-term sustainable development.

As the digital money market continues to evolve, we have witnessed a significant recent rebound in Bitcoin prices, a change that has attracted a lot of attention from investors around the world. As of May 17, Bitcoin not only achieved a bottoming Rebound, but also achieved an 8.4% pump in just two days, hitting a nearly three-week high of $66,750 at one point.

Despite the boost in market sentiment, traders remained cautious and did not rush to forecast the pump. At the same time, venture capital activity in the Crypto Assets space is also active, industry cooperation and innovation are emerging, and legal regulation of Crypto Assets has also become the focus of market participants.

In this context, the cautious attitude of market participants contrasts sharply with the innovative development of the industry, which together shape the future direction of the digital money market. Next, this article will bring you a summary of the latest news trends in the crypto world on May 17.

| Market Moves

The Bitcoin market has seen a significant recovery after a recent period of Fluctuation. In particular, in just two days on May 15-16, Bitcoin price achieved a strong rebound of 8.4%, reaching a nearly three-week high of $66,750. This pump not only brought a positive sentiment boost to the market, but also rekindled investors' optimistic expectations.

However, market traders were not fooled by this short-term pump and showed a high degree of professionalism and prudence. Faced with the recovery in Bitcoin prices, traders did not rush to add longer positions, but adopted a more cautious strategy. This attitude stems from their deep insight into the current macroeconomic environment and their awareness of the inherent Fluctuation of Crypto Assets markets. In the context of a complex and longest global economy, the Crypto Assets market is also facing uncertainties, including factors such as monetary policy, geopolitical risks, and liquidity in financial markets, which may have an impact on the price of Bitcoin.

Traders are paying close attention to market dynamics, including technical analysis indicators, market volume, and macroeconomic data, in hopes of capturing more accurate market signals. By taking these factors into account, they seek to make more rational and calculated investment decisions. In addition, traders are also paying attention to long-term trends in the Crypto Assets market, including the development of Blockchain technology, changes in regulatory policies, and the expansion of industry applications, which may have an impact on the long-term value of Bitcoin.

| Encryption Campaign

In the new boom of the Crypto Assets market, venture capital activity has shown significant activity. Aquarius, a well-known venture capital firm in the Crypto Assets space, announced a major fundraising event with the successful launch of a $600 million longest strategy liquidity fund. The fund was established to support Blockchain projects and ecosystems, and in particular to play a key role in enhancing on-chain Liquidity.

At the same time, Bitcoin ETFs attracted 937 professional investment firms in the first quarter of 2023, which is far more than the 95 investment firms of gold ETFs in the same period, indicating a significant increase in institutional investor interest in Bitcoin ETFs. Professional investments in Bitcoin ETFs amounted to more than $11 billion, accounting for 18.7% of total assets under management. In addition, large financial institutions such as JPMorgan Chase, UBS, and Wells Fargo also participated, further highlighting the market attractiveness of Bitcoin ETFs.

ETFs are likely to continue to be favored by investors as U.S. inflation data stabilizes. The competition between Grayscale's GBTC and BlackRock's IBIT, as well as the participation of companies such as Fidelity, bodes well for further developments in the Bitcoin ETF market.

These developments suggest that despite the Fluctuation and uncertainty in the market, the Crypto Assets market is still attracting the attention of large amounts of capital and professional investors, and points to more long rise and expansion opportunities in the sector in the future.

| Industry News

Within the digital money industry, a series of collaborations and innovative projects are driving the market forward. The American Depositary Trust and Clearing Corporation (DTCC)'s partnership with Chainlink is particularly noteworthy, as they have successfully implemented a pilot program for financial fund tokenization with longest leading banks. Protocol to Chainlink's Cross-Chain Interoperability Protocol (CCIP), this initiative aims to standardize and make available fund net asset value (NAV) data across Blockchain, marking a significant step forward in the way financial data is disseminated and utilized.

Meanwhile, Bitwise's chief investment officer, Matt Hougan, expressed optimistic expectations about Bitcoin ETF Holdings. According to the newly released 13F document, Spot Bitcoin ETF has attracted the Holdings of more than 900 professional investment firms, which far exceeds the previous estimate of 700 companies, Assets Under Management close to $5 billion, showing the high recognition and participation of the professional investment community for Bitcoin ETF.

In addition, Tether's partnership with mobile payment app Oobit is also an important industry development. Through this cooperation, the transaction process of USDT and Tether Gold (XAUt) on the open network (TON) has been simplified, providing users with a more convenient trading experience. Users can now send USDT directly via Telegram, a move that greatly improves the convenience and usability of Digital Money in everyday transactions.

These collaborations and innovative initiatives not only strengthen the infrastructure of digital money, but also lay a solid foundation for the further development and maturity of the industry. With the increasing long collaboration between industry players, it is expected that more long innovative products and services will emerge in the future to meet the needs of the market and users.

| Legal Focus

At the legal and regulatory level, the Crypto Assets industry has seen some noteworthy developments recently. The first is NotWifGary (NWG), an emerging Decentralization memecoin that was announced on May 17 and has made clear its opposition to the American SEC (SEC). The birth of the NWG reflects the encryption community's concerns about over-regulation and its desire to protect DeFi innovations.

In addition, the U.S. Senate voted 60-38 to pass a resolution, HJRes.109, which seeks to repeal the SEC's Employee Accounting Bulletin No. 121. This announcement requires financial institutions to record customers' digital assets on their balance sheets and reserve corresponding capital for this purpose. This regulation has been widely criticized as over-regulated and could hinder fintech innovation and development. The Senate's decision is seen as a support for the Crypto Assets industry, showing that the legislature is listening to the industry and is willing to adjust regulatory measures that could dampen innovation.

These legal highlights highlight not only the tensions between the Crypto Assets space and regulators, but also the complexities of finding a balance between protecting investors and promoting innovation. As Crypto Assets grow in popularity and maturity, adaptation and updating of legal and regulatory frameworks will be key to ensuring the healthy and orderly development of this industry.

Conclusion:

In the longest landscape of the digital money market, investors' caution contrasts sharply with innovation in the industry. Bitcoin price Rebound has boosted sentiment, but traders' cautious attitude suggests that they still have reservations about the long-term direction of the market. At the same time, innovative collaborations within the industry, such as Aquarius' Liquidity Fund, the entry of 937 specialist investment firms into the Bitcoin ETF, and DTCC's tokenization pilot with Chainlink, are driving the industry forward.

At the same time, the digital money market is expected to continue to evolve under the dual influence of technological innovation and legal regulation. The legislature's decision to repeal SEC regulations could provide more long short for fintech innovation.

It is believed that with the strengthening of industry cooperation and the maturity of technology, the Digital Money market has the potential to achieve wider application and higher efficiency. While uncertainties remain, the market's adaptability and ability to innovate keeps people optimistic about its long-term prospects.

Bitcoin Nearly a month after the fourth Bitcoin Halving incident, the first signs of a decrease in Miner revenue are slowly emerging, and one of the obvious indicators is the decline in network hashrate.

The recent decline in this indicator may indicate the capitulation of miners, in which less efficient miners exit due to declining profitability.

Hash tape shows signs of capitulation

Earlier, the 30-day moving average of hashrate reached a peak of 630 hashes per second (EH/s), but has now dropped to 606 EH/s. Although this drop is relatively small and short-lived, it is noteworthy because the hashrate usually rises, indicating a shift in patterns.

CryptoQuant's findings reveal a sharp drop in hashrate, which often means that a "Miner Capitulation" situation is happening.

"Miner Capitulation" refers to less efficient Miner exiting the process. They shut down their mining rigs, resulting in less computing power for mining. They may also migrate to other regions or sell recently mined Bitcoin to cover operating expenses.

CryptoQuant's analysis highlights the hash band indicator, which assumes that these conditions often coincide with large price declines in BTC, providing an opportunity to profit from price falls.

BTC hash belt | Source: CryptoQuant

However, it is important to note that this does not happen immediately after the hash band initially emits a Capitulation signal, as the process of Miner Capitulation is smooth. Conversely, this happens gradually over the following days and weeks as less efficient miners gradually exit the market.

Miner profitability plummets

Bitcoin experienced a Block Reward Halving on April 20, resulting in a decrease in rewards per new Block from 6.25 BTC to 3.125 BTC, which in turn reduced the network's daily Mining production from 900 BTC to about 450 BTC. The change had a significant impact on major Miner, with Miner including Bitfarms, Cipher, CleanSpark, Core Scientific, Riot and Terawulf seeing their production drop by an average of 6% to 12% in April, as reported by The Miner Mag magazine.

According to HashRateIndex, the profitability of Miner, or "hash price," has also declined as production has decreased, and the revenue per terabyte hash has now fallen to $0.049 per day, a drop of more than 73% compared to $0.182/sec/day before the Halving event.

Such a scenario also puts pressure on the price of Bitcoin, as concerns about selling increase as Miners face increasing pressure.

Conclusion**:**

The Bitcoin Mining industry is facing a series of challenges after the recent Block Reward Halving. The decline in hashrate and the reduction in Miner profitability suggest that some of the less efficient Miner may be exiting the market, a phenomenon known as "Miner Capitulation". As the cost of mining rises and revenues decrease, Miners may have to seek more profitable areas or sell Bitcoin to stay afloat. In addition, the decline in the hash band indicator indicates that the Bitcoin price may be under further pressure, especially as Miners increase market supply in order to cover costs.

Although the market may experience fluctuations in the short term, in the long term, the correction in the mining industry may promote its greater efficiency and concentration. For Bitcoin investors, this is a critical time to keep an eye on market dynamics, mining costs, and macroeconomic indicators. As Miners gradually adapt to the new economic reality, the stability of the Bitcoin network and the survival strategy of Miners will have an important impact on the future direction of Crypto Assets.

Brief Overview:

• For a sustainable rebound, Bitcoin needs the US high-yield Intrerest Rate to fall below 6% or below.

• Network activity is decreasing, and large investors are currently inactive.

Bitcoin (BTC) is still more than $10,000 below its all-time high reached earlier this year. The king of Crypto Assets struggled to hit the $67,000 mark, but so far, it has failed.

Popular financial analyst Timothy Peterson noted that the high-yield Intrerest Rate in the U.S. is a key indicator for the market, stressing that in order for the Bitcoin to effectively maintain all-time highs, the Intrerest Rate must fall below 6% or 7%.

Economic Indicators & Bitcoin Price

At the time of publication, the U.S. high-yield Intrerest Rate was 7.54%, indicating tight controls on potential financial rise and investments, including Crypto Assets markets.

Historically, when high-yield intrerest rates fall, it is often associated with an upward pump in the price of Bitcoin, as lower yields make delegated investments such as Bitcoin more attractive.

This is because in a lower Intrerest Rate environment, investors seek higher returns, which Crypto Assets can sometimes provide.

Source: YCharts

In conclusion, the U.S. economy means a lot to Bitcoin investors. Strong demand for the 30-year Treasury recently auctioned off by the U.S. Treasury has led to a drop in yields.

Coupled with the latest unemployment data, investors are eagerly awaiting a rate cut this year, which could drop a high-yield Intrerest Rate with the potential to bring Bitcoin back to higher price levels.

Looking at Bitcoin's activity, we see some interesting changes. According to the latest data from Santiment, web activity is declining.

This includes a reduction in the number of large transactions, also known as whale movement.

Whales seem to be taking a step back and possibly waiting for more favorable market conditions before making a big move, making the market more volatile.

Source: Ali Charts/X

At the same time, Bitcoin ETFs are also showing some noteworthy trends.

In the past 24 hours alone, according to Coinglass, we have seen a net inflow of about 1,600 BTC, which is about $100.5 million at the price at the time of publication.

Source: Coinglass

Glassnode's new "Breakdown by Age" metric gives us a deeper understanding of investor behavior in the current market conditions.

In a bull market, it is usually the long-term investors who make the most profits, while the short-term holders face losses.

These short-term losses can mark a turning point in the market. As you can see below, when the market was bullish at the beginning of 2024, there was an rising trend.

Source: Coinglass

Bitcoin price pumped for a short time

Yesterday, just after the release of US inflation data for April, Bitcoin and Ethereum prices pumped for a short period of time, mainly due to a slight decline in inflation, which may have alleviated market concerns about persistently high inflation and increased Bitcoin's attractiveness as a hedging tool.

At the same time, market dynamics show that positive trends in the overall Crypto Assets market have a positive impact on Bitcoin prices. According to CoinMarketCap, Bitcoin price has pump significantly in a short period of time, which may have further attracted buyers, driving the price pump.

Given the recent market behavior, some analysts believe that if Bitcoin breaks through the daily line and supports the $67,000 support level, it may try again to push forward to the $73,000 mark or even higher.

Bitcoin Daily Chart | Source: TradingVeiw

At the same time, if the Bitcoin-day fall breaks above the support of $62,700, further downside fall could occur as traders could lock in profits, leading to increased selling pressure.

However, Crypto Assets market price Fluctuation is affected by longest complex factors, and investors should pay close attention to market dynamics and macroeconomic indicators.

Salva long has proven that Bitcoin can be mined not only by electricity, but also by using the geothermal energy of Mount Tekapa.

According to Reuters, the Salva long has successfully mined 473.5 Bitcoin over the past three years using the geothermal energy of Mount Tekapa. This mining activity added $29 million in Bitcoin value to the country, bringing its total Bitcoin holdings to 5,750, worth nearly $354 million.

According to the report, the 300 Bitcoin Mining processors currently in use in the Salva long are all powered by geothermal energy from Mount Tekapa. Of the 102 megawatts of electricity produced by state-owned power plants, 1.5 megawatts have been earmarked for Bitcoin Mining. This marks a major shift in the way Salva long Bitcoin Mining has traditionally relied on electricity and fossil fuels.

In addition, the Salva long Bitcoin Office announced the launch of a new platform that allows anyone to view and track the country's Bitcoin investment data through a personalized memory pool. At the time of publication, the number of Bitcoin held in the country was 5748.76 BTC.

El Salva long Victory for Bitcoin-Focused Policy

In 2021, El Salvador long set a global precedent by becoming the first country to adopt Bitcoin as legal coin alongside the US dollar. Since then, the Nayib Bukele government has implemented long Bitcoin-centered policies, including the establishment of geothermal power plants for Bitcoin Mining.

However, the decision sparked controversy, with the long government facing criticism from the global media and TradFi institutions, including the International Monetary coin Fund (IMF).

From 2022 to 2023, Bitcoin Bear Market intensified criticism of the Salva long government, with long questioning the decisions of President Nayib Bukele. Despite this, President Bukele stepped up his investment in Bitcoin, announcing that the country would buy one BTC per day and move all funds to secure cold storage. This decision demonstrates the strong confidence of the Salvadian long in the Bitcoin and its long-term commitment to the Crypto Assets future of the country.

Conclusion:

Salva long successfully mined 473.5 Bitcoin through the geothermal energy of Mount Tekapa, an innovative practice that not only reduced dependence on fossil fuels, but also brought about $29 million in Bitcoin value rise to the country. This strategy not only demonstrates the foresight of the Salvadian long in sustainable energy use, but also demonstrates its leadership in Crypto Assets policy, providing the world with an example of how natural resources can be transformed into financial assets.

In the face of international skepticism and market Fluctuation, the long government of El Salvador has demonstrated its confidence in the long-term value of Crypto Assets with its unwavering support and investment in the Bitcoin. By establishing a transparent Bitcoin investment tracking platform, financial transparency has been improved and public trust has been enhanced. This policy and practice in the long of El Salva may continue to influence the global perception of Crypto Assets and inspire other countries to explore strategies for sustainable development and financial innovation, which has important reference value for the formulation of global Crypto Assets policy.