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The first market|alt coins falls, and the encryption market is volatile; Ripple CEO says "the U.S. government is hunting Tether"; The return of famous traders pushes PEPE to new highs; Global markets were largely flat
Crypto World Daily Digest: Ripple CEO Says "The U.S. Government Is Hunting Tether"; Famous traders return, pushing PEPE to new highs
Let's start with Bitcoin ETF trading activity, according to Farside Investor data, Fidelity Bitcoin Spot ETF (FBTC) saw $38,6 k 00 inflows and Bitwise Bitcoin Spot ETF (BITB) inflows of $20,300 k among major Bitcoin Spot ETF on May 13.
Wells Fargo, the third-largest bank in the United States, disclosed its exposure to Bitcoin ETF in a filing with the U.S. SEC on Friday, May 10. Wells Fargo holds the ProShares Bitcoin Strategy ETF, Grayscale Bitcoin Trust, and Bitcoin Depot with a total value of about $143,000 in shares.
Since then, JPMorgan Chase, the largest bank in the United States, has also announced its holdings. Surprisingly, JPMorgan Chase CEO Jamie Dimon held about $1.2 million in ETF shares, despite longing public denunciations of Crypto Assets. This has attracted a lot of attention and discussion in the encryption community.
Ripple CEO Brad Garlinghouse said that the U.S. government is clearly "hunting" stablecoin issuance merchant Tether, which could have an unpredictable impact on the Crypto Assets market. On the May 10 episode of World Class, he argued that the Crypto Assets market is 100% likely to have another Black Swan Event similar to the collapse of FTX and its subsequent fraud revelations.
"I think Tether is a very important part of the ecosystem," Garlinghouse said. He added that he could not predict what specific impact the potential U.S. regulatory action on Tether would have on the encryption ecosystem. Incidentally, these remarks were made at a time when Ripple was planning to launch its own stablecoin in 2024.
Tether Holdings is a parent company with longest subsidiaries around the world responsible for the issuance and management of stablecoins. Tether (USDT) is the world's largest stablecoin by market capitalization. The regulators' "special attention" to Tether has been well documented.
In October 2023, U.S. Senator Cynthia Lummis and Rep. French Hill urged the Justice Department in a letter to carefully assess the extent to which coin and Tether provide material support and resources to support terrorism. Tether responded to the letter by stating that it had been assisting law enforcement at the time of questioning and was fully committed to continuing to work with authorities around the world.
In November 2022, Bloomberg reported that New York U.S. Attorney Damian Williams took over the Justice Department's earlier investigation into Tether's alleged concealment of Crypto Assets-related funds from banks used to transfer cash.
In addition, Tether has been criticized for the lack of transparency in its reserves backing USDT and has published quarterly third-party audit reports in recent years. In October 2021, regulators said Tether had misrepresented its reserve holdings to customers, for which Tether paid a $4.1 k fine to the Commodity Futures Trading Commission.
Pepe coin (PEPE) hit an all-time high after renowned GameStop stock trader Keith Gill returned to social media platform X under the name "Roaring Kitty." PEPE surged 34% in the last 24 hours, and its market capitalization jumped to $4.31 billion, making it the 23rd largest Crypto Assets by market capitalization.
Keith Gill's social media accounts have been dormant since June 2021. He was central to the meme frenzy of 2021, when the stock prices of companies like GameStop and AMC Entertainment soared by more than 1,000% in a short period of time.
On May 12, the "Roaring Kitty" account posted a photo of a man holding a controller and sitting intently in a chair, suggesting a heightened focus on PEPE. This dynamic has sparked a lot of interest and enthusiasm in the market for PEPE.
On May 13, PEPE rebounded strongly, with price rebounding from its rising trend line since mid-April, breaking through key resistance levels and further boosting its market performance. This move shows the strong rising potential of PEPE in the market.
Market analysis: alt coins generally falls, and the overall market is still in a volatile range
Market Trend:
BTC Rebound to around $63,000, but the alts is generally fall, and the overall market is still in a volatile market. On the macroeconomic front, U.S. stocks were volatile. GME, the former US stock retail investor movement leader, big pump several times.
Market Hot Spots:
Crypto Assets the market is currently in a volatile correction phase, investors should remain cautious, especially when dealing with high-Fluctuation assets. Investors are advised to pay close attention to market movements, especially the performance of Meme coins. At the same time, users should strengthen risk management, adjust investment strategies in a timely manner, and make corresponding decisions according to market changes.
Macro: Global markets are flat as investors await key data releases
On Wall Street, the S&P 500 closed slightly lower on 13 May, ending a three-week streak of pump. Market participants take a breather before awaiting the release of key inflation data and earnings reports this week. The S&P 500 fall 0.04%, the Dow Jones Industrial Average fall 0.15%, and the Nasdaq Composite pump 0.27%.
According to a survey by the Federal Reserve Bank of New York, Americans expect inflation to rise to 3.3% in the coming year from 3% in March, while they expect inflation to be 2.8% three years from now. Last week, the Nasdaq Composite and S&P 500 pumped for a third straight week, benefiting from strong earnings reports and signs of a cooling labor market, which sparked expectations that the Fed would cut interest rates once or twice this year.
However, investors appeared cautious on Monday as they awaited the upcoming consumer price index (CPI) data for April on Wednesday. At the same time, they will also be watching the producer price index, retail sales data, weekly jobless claims claims, and earnings reports from large retailers.
Of the S&P 500's 11 major industry zone, only two zone pump on Monday. Apple (AAPL. O) was the largest contributor to index points on the day, with its share price pump up 1.8% on reports of an agreement with OpenAI protocol use of ChatGPT technology on the iPhone. In addition, OpenAI said it will release a new AI model capable of lifelike voice conversations and interact across text and images.
Asian equities hovered near a 15-month high on Tuesday on 14 May, with the USD firming ahead of the highly anticipated US inflation data, while Japanese bonds were squeezed by the Central Bank's small withdrawal of bond-buying programs.
In early trading, Hong Kong stocks climbed slightly and touched their highest level since early 2023, pumping strongly for the fourth consecutive week. Hong Kong's Hang Seng Index pumped 30% from its January low and soared nearly 20% in a month. Recent news and data, including a third consecutive month of pump in consumer prices, better-than-expected import data, record-low credit rise, and the issuance of trillions of yuan in special government bonds, were all seen as positive demand signals and rise support measures.
In the coin market, nervousness and inflation expectations surveys prevented the dollar from falling. USDJPY hit its highest level since earlier this month, when traders believed Japanese authorities were intervening to buy the yen.
The main focus this week is on the US real CPI data released on Wednesday to see if some of the unexpected pumps in the first quarter were temporary or a continuing trend. Core CPI is expected to slow to 3.6% y/y in April from 3.8% y/y in March.
In commodities, oil and gold were also largely stable, with Brent crude futures trading at $83.40 per barrel and spot gold trading at $2,339 per ounce.
by Sherry S. & Icing.
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