Headlines
BTC breaks through $71,000
The market shows that BTC has broken through $71,000 and is now trading at $71,009.12, with a daily increase of 7.18%. The market is volatile, so please do a good job of risk control.
▌ Gala platform is suspected to be hacked, which may cause a loss of 200 million US dollars
According to market news, the Gala platform is suspected to have been hacked, which may result in losses of up to $200 million. It is reported that hackers are converting the 5 billion GALA tokens (about $200 million) stolen or minted into Ethereum. The situation is still under further investigation.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $71,453.72, with a daily change of +7.9 % ;
ETH's latest transaction price is $3666.03, with a daily increase or decrease of +19.5 % ;
BNB's latest trading price is $599.40, with a daily change of +4.4 % ;
SOL's latest trading price is $186.16, with a daily change of +9.4 % ;
DOGE's latest trading price is $0.1650, with a daily change of +10.7 % ;
XPR recently traded at $0.5369, with a daily change of +5.3 % .
policy
▌The U.S. House of Representatives will vote on the FIT21 bill before the end of this week
Republican lawmakers on the U.S. House Financial Services Committee have announced that the House will vote sometime this week on legislation clarifying the role of financial regulators with respect to digital assets.
In a post on May 20, U.S. House Republicans said the full House will vote on the Financial Innovation and Technology in the 21st Century (FIT21) Act “this week,” giving it a chance to become law. The legislation would clarify how the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regulate digital assets.
FIT21 has made little progress since lawmakers passed it in the House Financial Services Committee in July 2023. In May, committee Chairman Patrick McHenry said the House Rules Committee would likely approve the bill for a full vote in the House.
▌Bloomberg ETF analyst: 75% approval probability only for 19b-4, and S-1 approval is also required
Bloomberg ETF analyst James Seyffart wrote on the X platform, "A quick note, Eric Balchunas raised the odds of spot Ethereum ETF approval to 75%. But this is for the May 23 deadline for 19b-4 (VanEck's deadline). We also need S-1 approval. It may take weeks to months before we see S-1 approval and the actual Ethereum ETF goes live. That being said, if we are correct and we see these theoretical approvals later this week, it should mean that the question of S-1 approval is 'when' rather than 'if'."
It is reported that the 19b-4 document is a document submitted by the exchange. This type of document is usually related to changes in the rules of exchange operations, such as the introduction of new products, modification of trading mechanisms or other related exchange policies. Once submitted, the SEC will review the proposal and publicly solicit public opinions before deciding whether to approve it. The S-1 document is a registration statement that a company must submit before publicly issuing shares. This document discloses in detail key information such as the issuing company's financial status, operating conditions, market environment, preliminary pricing of stocks, and risk factors.
▌The US SEC requires accelerated updates to the 19B-4 filing for spot Ethereum ETFs
The U.S. Securities and Exchange Commission (SEC) has asked exchanges to speed up the update of 19B-4 documents for spot Ethereum ETFs, three sources said, indicating that they may approve these applications by Thursday. But this does not mean that Ethereum ETFs will be approved, and potential issuers still need to obtain S-1 application approval before these products can start trading. One person familiar with the matter said that it may take an uncertain time for the SEC to approve the S-1 document because there is no deadline.
▌The Brazilian Central Bank will formulate stablecoin and cryptocurrency rules this year
The Central Bank of Brazil has announced plans to regulate crypto assets, including stablecoins. This year, it will consider developing rules for stablecoins for payments and foreign exchange, but it described the work as "internal planning." The central bank will launch a second consultation around virtual asset service providers (VASPs), including the rules and authorizations they must follow. In addition, it plans to provide a supplementary framework that includes prudential supervision and VASP reporting. The regulatory proposal will be finalized in 2024, with the main goal of protecting investors from fraud and scams. The Central Bank of Brazil is also keen to ensure that VASPs comply with anti-money laundering (AML) and similar compliance procedures. Prior to this, the central bank had concluded its first consultation in January and explored various cryptocurrency-related topics. These included asset segregation, risk management, cybersecurity, and disclosures reflecting the comprehensive nature of the consultation.
Rui-Siang Lin arrested in New York for illegally selling narcotics with cryptocurrency
Rui-Siang Lin, 23, was arrested at New York's JFK Airport on Saturday on charges of facilitating the sale of $100 million in illegal narcotics, including fentanyl, using cryptocurrency through online marketplaces.
Blockchain Applications
▌ Sei Foundation proposes upgrade to bring EVM compatibility
The Sei Foundation announced on Monday that it has launched a governance proposal to upgrade the Sei Layer 1 blockchain to version 2. The proposed upgrade, which will be implemented by Sei Labs, will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM) designed to enhance the network's functionality. If the governance proposal is approved, the network upgrade will take place in a week.
▌ Stellar Foundation CEO: The cryptocurrency industry is refocusing on the use of its technology stack
Denelle Dixon, CEO of the Stellar Development Foundation, said the cryptocurrency industry is refocusing on the use of its technology stack. Dixon highlighted the potential of blockchain technology to transform financial services in low- and middle-income countries, particularly in Africa and South America. She also spoke about the need for policymakers to create a supportive environment for the industry and the importance of asset issuance and payments in creating fair access to the global financial system.
Cryptocurrency
▌Former Florida Congressman Joins Coinbase Advisory Board
Kendrick Meek, who once served as a representative in the U.S. House of Representatives from Florida, has joined the board of directors of cryptocurrency exchange Coinbase to address digital asset regulation issues. In addition, Stephanie Murphy, Tim Ryan, and Pat Toomey, all former U.S. congressmen, are members of the committee that advises Coinbase on regulatory matters.
▌In the past 24 hours, the total network contract liquidation was 272 million US dollars, mainly short orders
According to coinglass data, the cryptocurrency market had a total of $272 million in liquidation in the past 24 hours, with a total of 70,556 people being liquidated, including $70.2039 million in long orders and $202 million in short orders. The total amount of BTC liquidation was about $80.5577 million, and the total amount of ETH liquidation was $90.1775 million.
▌ USDT market value exceeds 111.5 billion US dollars, setting a new record high
According to the latest data from Coingecko, the market value of Tether (USDT) has exceeded US$111.5 billion, reaching US$111,573,134,308 at the time of writing, setting a new historical high. The trading volume in the past 24 hours reached US$57,831,572,468.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged in June is 96.4%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in June is 96.4%, and the probability of a 25 basis point rate cut is 3.6%. The probability of the Fed keeping interest rates unchanged by August is 76.4%, the probability of a cumulative 25 basis point rate cut is 22.8%, and the probability of a cumulative 50 basis point rate cut is 0.8%.
▌Federal Reserve Mester: Expectations of three rate cuts this year are no longer appropriate
Cleveland Fed President Loretta Mester said on Monday that she believes the Fed's monetary policy is restrictive and that inflation will fall back toward the Fed's 2% target, but not quickly. Mester previously believed that the Fed might cut interest rates three times this year, but "given the evolution of the economy that I've seen so far, I don't think that's appropriate anymore," she said. "Given that inflation progress has stagnated in the first quarter, inflation risks have risen, and frankly, the actual situation has been a little stronger than I expected."
▌The three major U.S. stock indexes closed with mixed gains and losses
The three major U.S. stock indexes closed with mixed gains and losses, with the Dow Jones Industrial Average down 0.49%, the Nasdaq up 0.65%, and the S&P 500 up 0.09%. Most of the popular technology stocks rose, with Nvidia rising more than 2%.
▌Fed Mester: Rate hikes possible under appropriate circumstances
Fed's Mester said that monetary policy is restrictive; the economy in the first quarter was stronger than I expected; restrictive policies have eased the labor market; inflation risks are still tilted to the upside; the latest CPI data is welcome, but still too high; inflation is still believed to fall; interest rates may be raised in appropriate circumstances, but not in the baseline scenario; there is reason to believe that the neutral interest rate is higher than in the past; and the expectation of three rate cuts in 2024 is not considered to be still appropriate.
Golden Encyclopedia
What is a reentrancy attack in smart contracts?
In a smart contract, a reentrancy attack occurs when a contract externally calls another contract or function before completing its own state change. This allows the called contract to reenter the calling contract and potentially execute parts of its operations again, which can lead to unforeseen and frequent malicious behavior. For example, contract A calls contract B to send funds and then modifies its own state. Contract B's code may contain a callback function that allows it to reenter contract A and potentially re-execute the transfer function before contract A completes its state change. This would allow an attacker to obtain funds from the contract multiple times before completing the initial transaction.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
