1. Market Observation
Keywords: US Stocks, ETH, BTC
The public dispute between Trump and Musk has caused market turbulence, stemming from fundamental differences in economic policies, particularly regarding the "Beautiful Big" bill and tariff policies. Musk, representing the "tech right wing," and the MAGA camp have significant contradictions in economic priorities. While Musk's tone has softened recently, the market has been severely impacted: Tesla's stock price plummeted 14.26% to $284.7, with a single-day market value evaporation of $153 billion. Forbes estimates that this controversy has reduced Musk's personal wealth by $27 billion to $388 billion. Simultaneously, Trump Media & Technology Group's stock dropped 8%, with its MEME coin market value evaporating around $1 billion.
Thursday's unexpectedly high initial jobless claims pushed US bond yields to a near-month low, shifting the first rate cut expectation from October to September. Although the Fed is likely to maintain rates this month, the upcoming non-farm employment report could completely change the rate trajectory. Under the dual pressure of high inflation and economic slowdown, policy shifts require more data support. The interest rate swap market shows a 90% probability of a September rate cut, with a 50 basis point reduction fully priced in. Meanwhile, political changes in South Korea might bring new opportunities to the crypto market. After the Democratic Party candidate Lee Jae-myung's decisive victory, he pledged to position virtual assets as key to national financial reform, promoting token securities legislation, legalizing virtual asset spot ETFs, and potentially guiding the $884 billion national pension fund to allocate crypto assets. However, HashKey Group's chief analyst Jeffrey Ding expressed concerns about the Korean market, noting the trust crisis from the Terra/Luna collapse and strict compliance requirements will test the government's ability to balance regulation and market vitality.
Bitcoin dropped near $100,000 this morning, approaching the 50-day moving average support of $100,295. Bitfinex analysts suggest that if Friday's US employment report shows slowing labor market growth, Bitcoin could rise to $120,000-$125,000; conversely, strong data might push prices down to around $95,000. QCP Capital notes that September's $130,000 strike call options trading indicates some investors' optimism for Q3. Silicon Valley investor Tim Draper remains confident in Bitcoin reaching $250,000 this year, believing Trump's trade agreements, upcoming regulatory frameworks, and Web3 application development will drive Bitcoin's price. He points out that major banks, including JPMorgan Chase, are integrating Bitcoin into their product systems, potentially allowing crypto-linked assets as loan collateral.
Meanwhile, Ethereum dropped below $2,400 this morning. Crypto trader Eugene stated he has gone long on ETH at current prices, with a stop loss set below this morning's low of $2,380. Trend Research remains bullish on Ethereum, having purchased 61,000 ETH call options on Deribit with strike prices of $3,200 and $3,400, paying over $2 million in premiums.
In the crypto market, the Trump-Musk dispute has spawned MEME coins like $PVE, $KILLBILL, and $MUSK, with major MEME coins DOGE and TRUMP both dropping 10%. Hyperliquid whale James Wynn became a victim of this dispute, being forcibly liquidated of 379 Bitcoin at 1 AM. He subsequently cleared his remaining positions, ultimately losing $2.9 million on his Bitcoin long trade. Notably, Wynn was previously profitable by $87 million two weeks ago but has now accumulated losses of $20.5 million, with only $700,000 remaining in his account. Additionally, stablecoin issuer Circle successfully went public in the US, with its IPO stock price surging nearly 170%, reaching $103.75 intraday, far exceeding its $31 issue price. This success will encourage more crypto companies to pursue listings, including BitGo, Kraken, Gemini, and Blockchain.com.
(Translation continues in the same manner for the rest of the document)Top 500 Market Cap Gainers Today: Ravencoin（RVN） rose 36.77%, Central African Republic Meme（CAR） rose 19.06%, Fartcoin（FARTCOIN） rose 18.08%, Lagrange（LA） rose 11.56%, Ultima（ULTIMA） rose 9.36%.
5. Hot News
Abraxas Capital Profits Over $55 Million from Shorting Multiple Cryptocurrencies
Yuga Labs Proposes Dissolving ApeCoin DAO, Suggests New Entity ApeCo to Take Over Ecosystem
US Stocks Close: Three Major Indices Decline, Tesla Drops 14.26%
Circle Rises 167.35% on First Day of Listing, Closing at $82.88
Listed Companies' Bitcoin Holdings Value Approaches $85 Billion, Growing Over Twofold in a Year
Origin Protocol: 100% of Protocol Revenue to be Directly Distributed to OGN Stakers
US Initial Jobless Claims for Week Ending May 31st at 247,000, Higher Than Expected
Skate Announces Token Economics: Initial Total Supply of 1 Billion, Initial Airdrop Proportion 10%
Russian Central Bank Plans to Allow Enterprises to Purchase Foreign Stablecoins
Deribit: $3.8 Billion BTC and ETH Options Expiring, Call Options Dominate
Binance Adds BIFI, FIS, KMD and MDT to "Monitoring Label" List
This article is supported by HashKey, HashKey is the largest licensed virtual asset exchange in Hong Kong and the most trusted crypto asset fiat gateway in Asia. Committed to defining new benchmarks for virtual asset exchanges in compliance, fund security, and platform protection.
