1. Tesla's stock price plummets, triggering a fierce confrontation between Musk and Trump.
Tesla's stock price plummeted nearly 10% yesterday, triggering a fierce confrontation between CEO Elon Musk and President Donald Trump. The two blamed each other's policies and statements on social media for the decline in stock prices.
Elon Musk criticized Trump's tariff policy as damaging to the supply chain and questioned whether Trump was "replaced by a stand-in." Trump rebutted Musk, saying he was "crazy" and that Musk was "ungrateful."
Analysts believe that this public dispute reflects the differences between the two on major issues such as trade and climate change, and also highlights the significant impact of Tesla's performance on Musk's personal wealth. The sharp drop in stock prices has caused Musk's holdings to lose more than $19.5 billion in value.
Some analysts warn that if the disputes continue to escalate, Trump may take further actions, such as imposing additional tariffs, which would further harm Tesla's business in the U.S. On the other hand, Musk, being the core of Tesla, any damage to his reputation could affect the company's development prospects.
2. The Ethereum Foundation releases new financial policies to address capital outflows.
The Ethereum Foundation recently released a new financial policy to address the ongoing outflow of funds since the launch of the Ethereum ETF. The new policy aims to optimize asset management and maintain a balance between profit and responsibility.
Core measures include controlling annual operating expenses to within 15% of total finances, ensuring a 2.5-year operational buffer period, and setting fiat reserve targets. The foundation will also regularly assess the financial situation to determine whether it needs to sell Ether.
Analysis points out that this move highlights the significant challenges faced by the Ethereum ecosystem. Since the launch of the ETF, over $1.2 billion has flowed out, and there are serious divisions regarding the future development of Ethereum.
Some people believe that Ethereum has already become the largest decentralized business entity in the traditional market, and Vitalik Buterin needs to provide a clear direction for different participants. However, there are also views that Ethereum is facing unprecedented doubts, and there is still significant uncertainty in its future development path.
In any case, the introduction of the new policy reflects the Ethereum Foundation's attempt to stabilize the ecosystem and reshape confidence through financial means. The direction of this "new narrative battle" will determine whether Ethereum can maintain its leading position.
3. The Hong Kong "Stablecoin Regulation" will officially take effect on August 1.
The Hong Kong Special Administrative Region Government announced today in the Gazette that the "Stablecoin Ordinance" will officially come into effect on August 1, 2025. This is the world's first legal framework specifically regulating stablecoins, aimed at standardizing the issuance and management of stablecoins in Hong Kong.
According to the new law, the issuance of stablecoins requires approval from the Hong Kong Monetary Authority and must meet a 100% backing of physical assets or reserve funds. Stablecoin issuers must also comply with anti-money laundering and counter-terrorist financing obligations.
Analysts believe that this regulation will create a favorable environment for the Hong Kong stablecoin market, attracting more issuers and users. It will also help Hong Kong consolidate its position as an international financial center and set a benchmark for global stablecoin regulation.
However, there are also views questioning whether the regulations are too strict, which may stifle innovation. Some cryptocurrency companies may choose to leave Hong Kong and head to regions with more relaxed regulatory environments.
Overall, the "Stablecoin Regulation" marks Hong Kong's official entry into the era of digital currency. It is worth ongoing attention how to balance innovation and regulation in the future and lead the global trend of stablecoin development.
4. North Korean hacker groups use new trojans to attack cryptocurrency practitioners.
The latest intelligence from the security team shows that the North Korean hacker group Lazarus is using a new trojan virus called "OtterCookie" to launch targeted attacks against cryptocurrency and financial professionals.
Attack methods include forging interviews for high-paying positions, using deepfake videos to impersonate recruiters, and disguising malware as programming test questions, among others. Trojans can steal sensitive information such as browser login credentials, keychain passwords, and cryptocurrency wallet private keys.
Analysis indicates that this reflects North Korean hacker groups are upgrading their attack capabilities, viewing the cryptocurrency industry as a primary target. Due to the high liquidity and difficulty in tracking crypto assets, they become an ideal target for their attacks.
Industry insiders are calling for greater security awareness, staying away from suspicious links and files, and strengthening endpoint protection and key management. At the same time, it is also necessary for crypto companies to increase their security investment and formulate emergency plans to prevent hacker inreach.
In addition, there are views that the activities of North Korean hacker groups highlight the importance of blockchain transparency and anti-money laundering compliance. Only by strengthening regulation can we cut off the flow of criminal funds and maintain the healthy development of the crypto ecosystem.
5. The crypto gaming sector is in trouble, with a lack of innovation that urgently needs a breakthrough.
Recently, the crypto gaming sector is facing an unprecedented dilemma. Popular tracks such as full-chain games, NFT games, and We social games have all come to a standstill, lacking innovation and causing participants to lose confidence.
Some investors bluntly stated that 98% of AI+We game applications have been disproven. There are also voices within the industry reflecting on themselves, suggesting the need to adjust the token unlocking mechanism and shorten the investment lock-up period to stimulate more innovative vitality.
Analysts point out that the main reason why the crypto gaming sector has fallen into difficulties is the lack of genuine user acquisition and revenue models. After most projects go live, the number of active users plummets, and founders and investors seize the opportunity to cash out and exit.
This short-sighted model of "gathering exchanges" is harming retail investors and draining liquidity from the industry. If we cannot truly create value for users, relying solely on hype is unsustainable.
However, there are also optimistic voices that believe the current low period is nurturing new opportunities. As long as the team has faith in both the game and cryptocurrency, it is still possible to achieve breakthroughs in the future through innovative products and models.
Overall, the crypto gaming sector is at a crucial turning point, requiring the entire industry to reflect together and reshape the logic for long-term sustainable development.
2. Industry News
1. Trump and Musk publicly clashed, triggering a massive sell-off in the cryptocurrency market.
U.S. President Trump and Tesla CEO Elon Musk had a heated debate on social media, with serious disagreements over tariff policy and the fiscal spending bill. This incident has exacerbated market uncertainty, leading to over $980 million in liquidations in the cryptocurrency market within 24 hours, with long positions liquidating up to $876 million.
Bitcoin is down 4% over the past 24 hours, and Dogecoin is down 10%. Analysts pointed out that the contradiction between Trump and Musk, intensified macroeconomic concerns and the highly leveraged structure of the market jointly triggered this "storm". Vincent Liu, investment director at Kronos Research, said the trend model maintains a bullish stance despite the recent softer price action. The model will only turn bearish if Bitcoin falls below $96,719.
Traders are divided on the future direction. Some analysts believe that if the Fed cuts interest rates earlier than the market expects, it could push bitcoin back up to $112,000. However, in the current environment, Bitcoin's continued rally is unsustainable, especially as the Fed is not ready to cut interest rates and inflation expectations remain high. Investor sentiment has become cautious, and the market needs more definitive signals.
2. Federal Reserve officials warn that inflation is the primary threat at present.
Fed Governor Coogler and Kansas Fed President Schmid both said on Thursday that current inflationary pressures are a more pressing risk than a slowdown in the labor market, hinting at support for keeping monetary policy at the current state for longer. In particular, the two officials warned that tariffs could push prices higher in the coming months, and that the effects could be felt gradually over time.
Analysts believe that policymakers may be wary of easing policy too soon because they may be concerned that tariff policy will rekindle inflationary pressures. The market expects the Fed to keep the current interest rate range of 4.25%-4.50% unchanged at its June policy meeting. However, any surprises in the May non-farm payrolls data due on Friday could trigger a major adjustment in interest rate expectations, which in turn could affect risk assets.
Changes in inflation expectations will have a direct impact on the cryptocurrency market. If inflation persistently rises, the Fed may be forced to continue raising interest rates, which will increase the opportunity cost for investors, thus putting pressure on risky assets such as cryptocurrencies. Conversely, if inflation slows, the Fed may turn to cutting interest rates, which could push money back into the crypto market. Therefore, investors need to pay close attention to inflation data and Fed policy signals.
According to data from the on-chain analysis platform Lookonchain, well-known institutional investors such as BlackRock have significantly increased their holdings in Ethereum ETFs over the past week, accumulating over 214,000 Ether, worth approximately $560 million. Ethereum ETFs have seen an inflow of $285 million, indicating rising investor interest and supporting an upward momentum.
Analysts expect that if Ethereum can break through the $2,850 mark, it could trigger a surge towards $4,500, similar to Bitcoin's price pattern in 2020. On-chain activity indicates strong accumulation and volatility, with Ethereum having 2-3 times the potential for upward movement.
However, there are also analysts who are cautious about Ethereum's short-term movements. They noted that despite the recent strong demand, this is likely due to the acceleration of order execution in anticipation of Trump's tariffs, which now appears to be becoming the norm. The Fed may be reluctant to loosen monetary policy prematurely if tariff policy rekindles inflationary pressures, which will limit the upside for cryptocurrencies.
Overall, the inflow of institutional funds has undoubtedly brought positive news for Ethereum, but its future performance will still depend on the inflation situation, Federal Reserve policies, and the evolution of the macroeconomic environment. Investors need to closely monitor changes in these factors and adjust their investment strategies in a timely manner.
3. Project Highlights
1. Mira Network: Simplifying crypto research reports, this is how our AI does it.
Mira Network is an AI-driven platform focused on cryptocurrency research reports. The project aims to simplify the generation process of cryptocurrency research reports using artificial intelligence technology, making it more efficient and user-friendly.
Mira Network has recently launched an AI-based cryptocurrency research report generation tool. This tool can automatically generate high-quality research reports covering multiple aspects such as project background, latest developments, market impact, and industry feedback. Users only need to provide a small amount of key information, and the AI system can generate a complete report based on predefined templates.
This innovative solution is expected to significantly improve the production efficiency of cryptocurrency research reports and reduce the workload of industry professionals. At the same time, the content of AI-generated reports is objective and neutral, avoiding the subjective biases that may exist in manually written reports, which helps investors obtain more comprehensive and accurate information.
Industry insiders have responded enthusiastically to the AI report generation tool from Mira Network. Analysts have stated that this tool will greatly simplify their workflows, allowing them to focus more on in-depth analysis and investment strategy formulation. Investors also welcome this innovation, believing it will enhance information transparency and aid in making informed investment decisions.
2. Sahara AI: From Concept to Leading, How Sahara Builds an AI Blockchain That Benefits Everyone
Sahara AI is a decentralized network aimed at restructuring the production and distribution order of artificial intelligence. The project is committed to creating a fair, open, and sustainable AI ecosystem that allows everyone to benefit from it.
Sahara AI has recently released its core product - a blockchain-based distributed AI computing platform. This platform allows anyone to contribute computing power and data, and earn rewards through Sahara's native token. At the same time, developers can deploy and run AI models on the platform, leveraging globally distributed computing resources.
This innovative model is expected to address the issues of data and computational power monopolies in traditional AI systems. By adopting a decentralized approach, Sahara AI allows each participant to benefit from the AI ecosystem, encouraging more people to contribute resources and promoting the rapid development of AI technology.
The distributed architecture of Sahara AI also helps to enhance the privacy and security of AI systems. User data and models run on decentralized nodes, reducing the risk of centralized data theft. At the same time, the immutability of blockchain ensures the verifiability and transparency of the computational process.
Industry insiders have praised Sahara AI's innovative model. Analysts believe that this decentralized approach to AI production and distribution aligns with contemporary concepts and is expected to promote the widespread application of AI technology. Investors are also optimistic about the project's development prospects, considering it has the potential to become an important force in the AI field.
3. Verifiable AI: cheqd Hackathon Review, Promoting Trusted AI Ecosystem Construction
Recently, the "Verifiable AI Hackathon" organized by cheqd successfully concluded. This event focused on building a trustworthy AI ecosystem through secure and verifiable ethical systems, attracting 278 developers who submitted a total of 21 projects.
Focusing on topics such as autonomous economy, AI verification, and secure data applications, participants explored with the help of cheqd's decentralized identifier (DID) and verifiable credential (VC) technologies. Core outcomes include innovative approaches to content authentication and the use of validated datasets to prevent disinformation.
This hackathon highlights the urgent need for AI solutions to be built in a transparent, secure, and auditable manner. As AI technology is widely applied across various fields, ensuring the trustworthiness of AI systems is crucial for maintaining social fairness and justice.
cheqd, as a project focused on digital identity and trusted data, has contributed strong technical support for promoting the construction of a trusted AI ecosystem. Its decentralized identity and credential infrastructure provides verifiable "proof of identity" for AI systems, helping to increase transparency and prevent the risk of AI misuse.
Industry insiders have praised the results achieved in this hackathon. Analysts believe that trustworthy AI is the only way forward for future development, and cheqd has contributed valuable technological exploration towards this goal. Investors are also optimistic about cheqd's prospects in the fields of digital identity and trustworthy data, which are expected to empower more industries.
4. Economic Dynamics
1. Senior officials of the Federal Reserve warn that inflationary pressures persist, implying a continued hawkish stance.
Current inflationary pressures are a more urgent risk than a slowdown in the labor market, a view that suggests the Federal Reserve supports maintaining monetary policy in its current state for a longer period. Federal Reserve Governor Kugler and Kansas Fed President Schmidt both stated on Thursday that they believe high inflation is the primary threat.
Two officials specifically warned that tariffs could drive prices up in the coming months, with effects likely to gradually emerge over time. The market expects the Federal Reserve to maintain the current interest rate range of 4.25%-4.50% at the June policy meeting.
Federal Reserve officials have consistently emphasized that there is uncertainty in the policy path amid the dual risks of high inflation and economic slowdown. Kugler stated that if the upside risks of inflation persist, she will continue to support keeping interest rates unchanged. Schmidt also believes that although the impact of tariffs on growth and employment is still unclear, greater caution should be exercised regarding their effect on inflation.
Goldman Sachs chief economist Jan Hatzius stated that the hawkish remarks from Federal Reserve officials reflect their concerns about the inflation situation. If inflation continues to exceed expectations, the Federal Reserve may have to raise interest rates further, which would increase the risk of a hard landing for the economy.
2. The US employment data for May is mixed, intensifying market divisions over the interest rate cut timetable.
The U.S. non-farm payrolls data for May was mixed, with job growth slowing but still stronger than expected, and wages rising more than expected. The data exacerbated the market's divergence over the Fed's rate cut schedule.
According to data from the Department of Labor, non-farm payrolls increased by 192,000 in May, lower than the 328,000 in April, but higher than the expected 180,000. The unemployment rate unexpectedly rose to 3.7%, and the annual wage growth was 3.6%, which is above expectations.
Overall, the job market remains relatively tight, which may exacerbate the Federal Reserve's concerns about inflation. However, a slowdown in job growth may also be seen as a signal of economic deceleration, thereby supporting the Federal Reserve's decision to begin cutting interest rates later this year.
Goldman Sachs stated that despite employment data being stronger than expected, it still anticipates that the Federal Reserve will begin its rate cut cycle in September. However, UBS believes that the resilience of the labor market may force the Federal Reserve to delay the timing of rate cuts.
Investors currently expect the Federal Reserve to keep interest rates unchanged in July and begin cutting rates in September. However, the uncertainty of employment data may intensify market divergence on the timeline for rate cuts, further increasing volatility.
3. Trump's tariff policy triggers clouds of trade war, casting a shadow over the global economic outlook.
U.S. President Trump insists on imposing tariffs on major trading partners, triggering clouds of a global trade war and intensifying concerns about the global economic outlook.
The latest round of tariff measures by the Trump administration will impose a 25% tariff on approximately $300 billion worth of Chinese goods imported into the United States. Previously, the U.S. also imposed steel and aluminum tariffs on traditional allies such as Canada, Mexico, and the European Union.
The International Monetary Fund has warned that global trade tensions could drag global economic growth by 0.5 percentage points in 2020. The World Bank also lowered its global growth forecast for 2019 to 2.6%, the lowest level on record.
Trade war clouds have heightened fears of a global recession. Investors have shifted their money to safe-haven assets, and the U.S. Treasury yield curve has been seen as the flattest since 2007, seen as a harbinger of a recession.
Goldman Sachs stated that the global trade tensions are the biggest risk facing the global economy currently. Morgan Stanley warned that if the trade war escalates further, it could lead to a "bear path" with global economic growth slowing to 2.5%.
4. The European Central Bank releases dovish signals, and global central banks shift to a loose stance.
Under the pressure of a global economic slowdown, the ECB sent a dovish signal that it would take the required actions to address the risk of an economic slowdown. The world's major central banks are shifting to an accommodative stance.
ECB President Mario Draghi said that if the outlook continues to deteriorate, the central bank will take appropriate action, hinting at the possible resumption of the quantitative easing bond purchase program. Previously, the ECB had lowered its forecast for Eurozone economic growth in 2019 to 1.1%.
At the same time, the Federal Reserve has also sent dovish signals. Chairman Powell reiterated that the Federal Reserve will "act appropriately" to maintain economic expansion. The market widely expects the Federal Reserve to cut interest rates this year.
The pressure of a global economic slowdown is increasing, and central banks of major economies are shifting to a dovish stance aimed at injecting momentum into the economy. However, loose monetary policies may also trigger new risks, such as asset bubbles.
Goldman Sachs stated that the shift of global central banks towards a more accommodative stance is a necessary measure to cope with economic slowdown, but it may also exacerbate volatility in financial markets. Citigroup warned that if trade tensions persist, central bank easing policies may not fully offset their negative impacts.
5. Regulation & Policy
1. The U.S. Securities and Exchange Commission will hold a roundtable meeting next week on the regulatory framework for decentralized finance.
The U.S. Securities and Exchange Commission (SEC) will convene a roundtable on the (DeFi) of decentralized finance on June 9 to explore the regulatory framework for this fast-growing cryptocurrency space. As a regulator, the SEC strikes a balance between safeguarding the interests of investors and promoting innovation.
This roundtable will feature industry experts, academics, and regulators to discuss DeFi operating models, risks, and regulatory challenges. DeFi is a financial system based on blockchain technology, which enables disintermediation of financial services through smart contracts. Its decentralized nature presents regulatory challenges, and the SEC needs to develop an appropriate regulatory framework to protect investors' interests.
The DeFi market has surpassed $60 billion, attracting a large number of investors and innovative projects. But there are also risks associated with fraud, manipulation and money laundering. Regulators need to strike a balance between promoting innovation and maintaining order in the market.
Industry insiders welcomed this roundtable meeting and hope that the SEC can provide clear regulatory guidance. Faryar Shirzad, Chief Policy Officer of the cryptocurrency exchange Coinbase, stated that a reasonable regulatory framework would help the long-term development of the DeFi industry. However, some experts are concerned that excessive regulation could stifle innovation.
Overall, this roundtable meeting will provide important references for the formulation of the DeFi regulatory framework, guiding the industry towards a more standardized and transparent direction.
2. The Hong Kong SAR government announced that the "Stablecoin Ordinance" will take effect on August 1.
The Hong Kong Special Administrative Region government announced on June 6 in the Gazette that the "Stablecoin Ordinance" will officially come into effect on August 1, 2025. This is the first time Hong Kong has established a regulatory framework for stablecoin activities, aimed at promoting the sustainable development of Hong Kong's digital asset ecosystem.
The "Stablecoin Regulations" stipulate that any institution engaging in the issuance of asset-backed tokens or related activities must obtain a license issued by the Hong Kong Monetary Authority. Applicants must meet conditions including appropriate capital requirements, risk management, and anti-money laundering measures. Licensed institutions are also required to comply with prudent regulatory requirements to ensure that the issuance and operation of stablecoins meet international standards.
The head of the Hong Kong Monetary Authority, Christopher Hui, said that the entry into force of the ordinance will provide appropriate regulation of stablecoin activities and is a milestone in promoting the sustainable development of Hong Kong's digital asset ecosystem. Industry insiders generally believe that a clear regulatory framework will enhance investor confidence and help Hong Kong develop into a digital asset hub in Asia.
However, some experts worry that overly strict regulations may hinder innovation. The chairman of the Hong Kong Fintech Association, Deng Lianji, stated that the regulations should balance regulation and innovation to create a favorable environment for industry development. He suggested that regulatory agencies maintain close communication with the industry to jointly promote the development of Hong Kong's digital asset ecosystem.
Overall, the implementation of the "Stablecoin Regulation" marks a new stage in the regulation of digital assets in Hong Kong. The industry looks forward to the regulatory framework providing clear guidance for stablecoin activities and promoting orderly development in the sector.
3. The U.S. Department of Justice seeks to seize the proceeds of money laundering by North Korean hacker groups through cryptocurrency.
The U.S. Department of Justice recently moved to seek the seizure of $7.74 million worth of cryptocurrency, which was allegedly illegally obtained by the North Korean hacking group "Lazarus" through cyberattacks and scams, and laundered through cryptocurrency.
According to the civil forfeiture complaint submitted by the Department of Justice to the court, these cryptocurrencies include various amounts of stablecoins, Bitcoin, Ethereum tokens, and NFTs, stored in multiple self-custody wallets and exchange accounts. The Department of Justice alleges that these funds were initially frozen in 2023 as part of the prosecution of a North Korean IT worker, Sim Hyon Sop.
Sim Hyon Sop is accused of assisting the North Korean hacker group "Lazarus" in money laundering. This organization engages in illegal activities through cyber attacks and fraud, obtaining cryptocurrency and then transferring funds via mixing services in an attempt to conceal the source of the criminal proceeds.
This case has once again brought attention to the money laundering risks associated with cryptocurrencies. The U.S. government has been intensifying its efforts to combat such illegal activities, calling for strengthened anti-money laundering regulations. However, some experts believe that excessive regulation may hinder the innovative development of the cryptocurrency industry.
Michael Glenn, CEO of cryptocurrency analytics firm Chainalysis, said governments and industry need to work together to combat illegal activity while protecting legitimate innovation. He suggested strengthening anti-money laundering compliance measures, increasing transaction transparency, and increasing supervision of coin mixing services.
Overall, this case highlights the risk of cryptocurrency money laundering and the need for the government to strengthen regulation, but also to balance innovative development. All parties in the industry should work together to create a compliant and transparent cryptocurrency ecosystem.
4. SEC Commissioner Calls for Simplifying Cryptocurrency Regulation
The U.S. Securities and Exchange Commission ( SEC ) Commissioner Hester Peirce ( recently called for a flexible regulatory approach to digital assets, emphasizing the need to provide clear information and support for investors to promote innovation and protect investor rights.
During a speech, Pierce stated that the SEC should simplify cryptocurrency regulation, provide investors with more custody options, and clarify regulatory guidelines. She believes that overly strict regulation could hinder innovation, while overly lenient regulation could harm investor rights.
She emphasized the importance of transparency and information disclosure. Pierce stated that investors should be able to access sufficient information to make informed investment decisions. At the same time, she also called on the SEC to support the adoption and innovation of digital assets while protecting investors.
Peirce's view is widely supported by industry insiders. Faryar Shirzad, chief policy officer at cryptocurrency exchange Coinbase, said that a clear and reasonable regulatory framework will help the long-term development of the cryptocurrency industry.
However, some experts have questioned Pierce's view. Former SEC commissioner Robert Jackson said that cryptocurrency regulation needs to be stricter to guard against risks such as speculation and manipulation. He believes that too lax regulation could hurt investors.
Overall, Pierce's appeal reflects the efforts of regulators to seek a balance between promoting innovation and protecting investors. The industry looks forward to the SEC providing clear regulatory guidance to create a favorable environment for the healthy development of the cryptocurrency industry.
) 5. Trump Media Company applies to launch Bitcoin ETF on the NYSE
Trump Media & Technology Group ###Trump Media & Technology Group( recently submitted an application to the U.S. Securities and Exchange Commission to launch a Bitcoin ETF product on the New York Stock Exchange. This move is seen as an important step for the Trump family to enter the cryptocurrency space.
According to the application documents, the bitcoin ETF, called the "Truth Social Bitcoin ETF", will directly hold physical bitcoin and issue shares to investors, aiming to reflect the price performance of bitcoin. Yorkville America Digital will act as the fund sponsor and will be responsible for regulatory compliance and operational management.
The Trump family has previously ventured into cryptocurrency-related businesses on the social media platform Truth Social. Analysts believe that launching a Bitcoin ETF product could help the Trump family further expand its influence in the cryptocurrency field and may become an important channel for accumulating wealth in the future.
However, the application documents also mentioned relevant regulatory risks, including the uncertainty of cryptocurrency regulatory policies. Some experts have questioned the Trump family's cryptocurrency layout, believing that there may be suspicions of using influence for personal gain.
Overall, the Trump family's launch of a Bitcoin ETF has attracted widespread attention in the industry. Some believe this will help mainstream cryptocurrency, while others express concerns about its motives and influence. In any case, this move will further promote the clarification of cryptocurrency regulatory policies.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
6.6 AI Daily TSL stock price big dump triggers fierce debate between Musk and Trump, global financial markets turmoil intensifies.
1. Headline
1. Tesla's stock price plummets, triggering a fierce confrontation between Musk and Trump.
Tesla's stock price plummeted nearly 10% yesterday, triggering a fierce confrontation between CEO Elon Musk and President Donald Trump. The two blamed each other's policies and statements on social media for the decline in stock prices.
Elon Musk criticized Trump's tariff policy as damaging to the supply chain and questioned whether Trump was "replaced by a stand-in." Trump rebutted Musk, saying he was "crazy" and that Musk was "ungrateful."
Analysts believe that this public dispute reflects the differences between the two on major issues such as trade and climate change, and also highlights the significant impact of Tesla's performance on Musk's personal wealth. The sharp drop in stock prices has caused Musk's holdings to lose more than $19.5 billion in value.
Some analysts warn that if the disputes continue to escalate, Trump may take further actions, such as imposing additional tariffs, which would further harm Tesla's business in the U.S. On the other hand, Musk, being the core of Tesla, any damage to his reputation could affect the company's development prospects.
2. The Ethereum Foundation releases new financial policies to address capital outflows.
The Ethereum Foundation recently released a new financial policy to address the ongoing outflow of funds since the launch of the Ethereum ETF. The new policy aims to optimize asset management and maintain a balance between profit and responsibility.
Core measures include controlling annual operating expenses to within 15% of total finances, ensuring a 2.5-year operational buffer period, and setting fiat reserve targets. The foundation will also regularly assess the financial situation to determine whether it needs to sell Ether.
Analysis points out that this move highlights the significant challenges faced by the Ethereum ecosystem. Since the launch of the ETF, over $1.2 billion has flowed out, and there are serious divisions regarding the future development of Ethereum.
Some people believe that Ethereum has already become the largest decentralized business entity in the traditional market, and Vitalik Buterin needs to provide a clear direction for different participants. However, there are also views that Ethereum is facing unprecedented doubts, and there is still significant uncertainty in its future development path.
In any case, the introduction of the new policy reflects the Ethereum Foundation's attempt to stabilize the ecosystem and reshape confidence through financial means. The direction of this "new narrative battle" will determine whether Ethereum can maintain its leading position.
3. The Hong Kong "Stablecoin Regulation" will officially take effect on August 1.
The Hong Kong Special Administrative Region Government announced today in the Gazette that the "Stablecoin Ordinance" will officially come into effect on August 1, 2025. This is the world's first legal framework specifically regulating stablecoins, aimed at standardizing the issuance and management of stablecoins in Hong Kong.
According to the new law, the issuance of stablecoins requires approval from the Hong Kong Monetary Authority and must meet a 100% backing of physical assets or reserve funds. Stablecoin issuers must also comply with anti-money laundering and counter-terrorist financing obligations.
Analysts believe that this regulation will create a favorable environment for the Hong Kong stablecoin market, attracting more issuers and users. It will also help Hong Kong consolidate its position as an international financial center and set a benchmark for global stablecoin regulation.
However, there are also views questioning whether the regulations are too strict, which may stifle innovation. Some cryptocurrency companies may choose to leave Hong Kong and head to regions with more relaxed regulatory environments.
Overall, the "Stablecoin Regulation" marks Hong Kong's official entry into the era of digital currency. It is worth ongoing attention how to balance innovation and regulation in the future and lead the global trend of stablecoin development.
4. North Korean hacker groups use new trojans to attack cryptocurrency practitioners.
The latest intelligence from the security team shows that the North Korean hacker group Lazarus is using a new trojan virus called "OtterCookie" to launch targeted attacks against cryptocurrency and financial professionals.
Attack methods include forging interviews for high-paying positions, using deepfake videos to impersonate recruiters, and disguising malware as programming test questions, among others. Trojans can steal sensitive information such as browser login credentials, keychain passwords, and cryptocurrency wallet private keys.
Analysis indicates that this reflects North Korean hacker groups are upgrading their attack capabilities, viewing the cryptocurrency industry as a primary target. Due to the high liquidity and difficulty in tracking crypto assets, they become an ideal target for their attacks.
Industry insiders are calling for greater security awareness, staying away from suspicious links and files, and strengthening endpoint protection and key management. At the same time, it is also necessary for crypto companies to increase their security investment and formulate emergency plans to prevent hacker inreach.
In addition, there are views that the activities of North Korean hacker groups highlight the importance of blockchain transparency and anti-money laundering compliance. Only by strengthening regulation can we cut off the flow of criminal funds and maintain the healthy development of the crypto ecosystem.
5. The crypto gaming sector is in trouble, with a lack of innovation that urgently needs a breakthrough.
Recently, the crypto gaming sector is facing an unprecedented dilemma. Popular tracks such as full-chain games, NFT games, and We social games have all come to a standstill, lacking innovation and causing participants to lose confidence.
Some investors bluntly stated that 98% of AI+We game applications have been disproven. There are also voices within the industry reflecting on themselves, suggesting the need to adjust the token unlocking mechanism and shorten the investment lock-up period to stimulate more innovative vitality.
Analysts point out that the main reason why the crypto gaming sector has fallen into difficulties is the lack of genuine user acquisition and revenue models. After most projects go live, the number of active users plummets, and founders and investors seize the opportunity to cash out and exit.
This short-sighted model of "gathering exchanges" is harming retail investors and draining liquidity from the industry. If we cannot truly create value for users, relying solely on hype is unsustainable.
However, there are also optimistic voices that believe the current low period is nurturing new opportunities. As long as the team has faith in both the game and cryptocurrency, it is still possible to achieve breakthroughs in the future through innovative products and models.
Overall, the crypto gaming sector is at a crucial turning point, requiring the entire industry to reflect together and reshape the logic for long-term sustainable development.
2. Industry News
1. Trump and Musk publicly clashed, triggering a massive sell-off in the cryptocurrency market.
U.S. President Trump and Tesla CEO Elon Musk had a heated debate on social media, with serious disagreements over tariff policy and the fiscal spending bill. This incident has exacerbated market uncertainty, leading to over $980 million in liquidations in the cryptocurrency market within 24 hours, with long positions liquidating up to $876 million.
Bitcoin is down 4% over the past 24 hours, and Dogecoin is down 10%. Analysts pointed out that the contradiction between Trump and Musk, intensified macroeconomic concerns and the highly leveraged structure of the market jointly triggered this "storm". Vincent Liu, investment director at Kronos Research, said the trend model maintains a bullish stance despite the recent softer price action. The model will only turn bearish if Bitcoin falls below $96,719.
Traders are divided on the future direction. Some analysts believe that if the Fed cuts interest rates earlier than the market expects, it could push bitcoin back up to $112,000. However, in the current environment, Bitcoin's continued rally is unsustainable, especially as the Fed is not ready to cut interest rates and inflation expectations remain high. Investor sentiment has become cautious, and the market needs more definitive signals.
2. Federal Reserve officials warn that inflation is the primary threat at present.
Fed Governor Coogler and Kansas Fed President Schmid both said on Thursday that current inflationary pressures are a more pressing risk than a slowdown in the labor market, hinting at support for keeping monetary policy at the current state for longer. In particular, the two officials warned that tariffs could push prices higher in the coming months, and that the effects could be felt gradually over time.
Analysts believe that policymakers may be wary of easing policy too soon because they may be concerned that tariff policy will rekindle inflationary pressures. The market expects the Fed to keep the current interest rate range of 4.25%-4.50% unchanged at its June policy meeting. However, any surprises in the May non-farm payrolls data due on Friday could trigger a major adjustment in interest rate expectations, which in turn could affect risk assets.
Changes in inflation expectations will have a direct impact on the cryptocurrency market. If inflation persistently rises, the Fed may be forced to continue raising interest rates, which will increase the opportunity cost for investors, thus putting pressure on risky assets such as cryptocurrencies. Conversely, if inflation slows, the Fed may turn to cutting interest rates, which could push money back into the crypto market. Therefore, investors need to pay close attention to inflation data and Fed policy signals.
3. Ethereum ETF holdings surge, investor interest rises
According to data from the on-chain analysis platform Lookonchain, well-known institutional investors such as BlackRock have significantly increased their holdings in Ethereum ETFs over the past week, accumulating over 214,000 Ether, worth approximately $560 million. Ethereum ETFs have seen an inflow of $285 million, indicating rising investor interest and supporting an upward momentum.
Analysts expect that if Ethereum can break through the $2,850 mark, it could trigger a surge towards $4,500, similar to Bitcoin's price pattern in 2020. On-chain activity indicates strong accumulation and volatility, with Ethereum having 2-3 times the potential for upward movement.
However, there are also analysts who are cautious about Ethereum's short-term movements. They noted that despite the recent strong demand, this is likely due to the acceleration of order execution in anticipation of Trump's tariffs, which now appears to be becoming the norm. The Fed may be reluctant to loosen monetary policy prematurely if tariff policy rekindles inflationary pressures, which will limit the upside for cryptocurrencies.
Overall, the inflow of institutional funds has undoubtedly brought positive news for Ethereum, but its future performance will still depend on the inflation situation, Federal Reserve policies, and the evolution of the macroeconomic environment. Investors need to closely monitor changes in these factors and adjust their investment strategies in a timely manner.
3. Project Highlights
1. Mira Network: Simplifying crypto research reports, this is how our AI does it.
Mira Network is an AI-driven platform focused on cryptocurrency research reports. The project aims to simplify the generation process of cryptocurrency research reports using artificial intelligence technology, making it more efficient and user-friendly.
Mira Network has recently launched an AI-based cryptocurrency research report generation tool. This tool can automatically generate high-quality research reports covering multiple aspects such as project background, latest developments, market impact, and industry feedback. Users only need to provide a small amount of key information, and the AI system can generate a complete report based on predefined templates.
This innovative solution is expected to significantly improve the production efficiency of cryptocurrency research reports and reduce the workload of industry professionals. At the same time, the content of AI-generated reports is objective and neutral, avoiding the subjective biases that may exist in manually written reports, which helps investors obtain more comprehensive and accurate information.
Industry insiders have responded enthusiastically to the AI report generation tool from Mira Network. Analysts have stated that this tool will greatly simplify their workflows, allowing them to focus more on in-depth analysis and investment strategy formulation. Investors also welcome this innovation, believing it will enhance information transparency and aid in making informed investment decisions.
2. Sahara AI: From Concept to Leading, How Sahara Builds an AI Blockchain That Benefits Everyone
Sahara AI is a decentralized network aimed at restructuring the production and distribution order of artificial intelligence. The project is committed to creating a fair, open, and sustainable AI ecosystem that allows everyone to benefit from it.
Sahara AI has recently released its core product - a blockchain-based distributed AI computing platform. This platform allows anyone to contribute computing power and data, and earn rewards through Sahara's native token. At the same time, developers can deploy and run AI models on the platform, leveraging globally distributed computing resources.
This innovative model is expected to address the issues of data and computational power monopolies in traditional AI systems. By adopting a decentralized approach, Sahara AI allows each participant to benefit from the AI ecosystem, encouraging more people to contribute resources and promoting the rapid development of AI technology.
The distributed architecture of Sahara AI also helps to enhance the privacy and security of AI systems. User data and models run on decentralized nodes, reducing the risk of centralized data theft. At the same time, the immutability of blockchain ensures the verifiability and transparency of the computational process.
Industry insiders have praised Sahara AI's innovative model. Analysts believe that this decentralized approach to AI production and distribution aligns with contemporary concepts and is expected to promote the widespread application of AI technology. Investors are also optimistic about the project's development prospects, considering it has the potential to become an important force in the AI field.
3. Verifiable AI: cheqd Hackathon Review, Promoting Trusted AI Ecosystem Construction
Recently, the "Verifiable AI Hackathon" organized by cheqd successfully concluded. This event focused on building a trustworthy AI ecosystem through secure and verifiable ethical systems, attracting 278 developers who submitted a total of 21 projects.
Focusing on topics such as autonomous economy, AI verification, and secure data applications, participants explored with the help of cheqd's decentralized identifier (DID) and verifiable credential (VC) technologies. Core outcomes include innovative approaches to content authentication and the use of validated datasets to prevent disinformation.
This hackathon highlights the urgent need for AI solutions to be built in a transparent, secure, and auditable manner. As AI technology is widely applied across various fields, ensuring the trustworthiness of AI systems is crucial for maintaining social fairness and justice.
cheqd, as a project focused on digital identity and trusted data, has contributed strong technical support for promoting the construction of a trusted AI ecosystem. Its decentralized identity and credential infrastructure provides verifiable "proof of identity" for AI systems, helping to increase transparency and prevent the risk of AI misuse.
Industry insiders have praised the results achieved in this hackathon. Analysts believe that trustworthy AI is the only way forward for future development, and cheqd has contributed valuable technological exploration towards this goal. Investors are also optimistic about cheqd's prospects in the fields of digital identity and trustworthy data, which are expected to empower more industries.
4. Economic Dynamics
1. Senior officials of the Federal Reserve warn that inflationary pressures persist, implying a continued hawkish stance.
Current inflationary pressures are a more urgent risk than a slowdown in the labor market, a view that suggests the Federal Reserve supports maintaining monetary policy in its current state for a longer period. Federal Reserve Governor Kugler and Kansas Fed President Schmidt both stated on Thursday that they believe high inflation is the primary threat.
Two officials specifically warned that tariffs could drive prices up in the coming months, with effects likely to gradually emerge over time. The market expects the Federal Reserve to maintain the current interest rate range of 4.25%-4.50% at the June policy meeting.
Federal Reserve officials have consistently emphasized that there is uncertainty in the policy path amid the dual risks of high inflation and economic slowdown. Kugler stated that if the upside risks of inflation persist, she will continue to support keeping interest rates unchanged. Schmidt also believes that although the impact of tariffs on growth and employment is still unclear, greater caution should be exercised regarding their effect on inflation.
Goldman Sachs chief economist Jan Hatzius stated that the hawkish remarks from Federal Reserve officials reflect their concerns about the inflation situation. If inflation continues to exceed expectations, the Federal Reserve may have to raise interest rates further, which would increase the risk of a hard landing for the economy.
2. The US employment data for May is mixed, intensifying market divisions over the interest rate cut timetable.
The U.S. non-farm payrolls data for May was mixed, with job growth slowing but still stronger than expected, and wages rising more than expected. The data exacerbated the market's divergence over the Fed's rate cut schedule.
According to data from the Department of Labor, non-farm payrolls increased by 192,000 in May, lower than the 328,000 in April, but higher than the expected 180,000. The unemployment rate unexpectedly rose to 3.7%, and the annual wage growth was 3.6%, which is above expectations.
Overall, the job market remains relatively tight, which may exacerbate the Federal Reserve's concerns about inflation. However, a slowdown in job growth may also be seen as a signal of economic deceleration, thereby supporting the Federal Reserve's decision to begin cutting interest rates later this year.
Goldman Sachs stated that despite employment data being stronger than expected, it still anticipates that the Federal Reserve will begin its rate cut cycle in September. However, UBS believes that the resilience of the labor market may force the Federal Reserve to delay the timing of rate cuts.
Investors currently expect the Federal Reserve to keep interest rates unchanged in July and begin cutting rates in September. However, the uncertainty of employment data may intensify market divergence on the timeline for rate cuts, further increasing volatility.
3. Trump's tariff policy triggers clouds of trade war, casting a shadow over the global economic outlook.
U.S. President Trump insists on imposing tariffs on major trading partners, triggering clouds of a global trade war and intensifying concerns about the global economic outlook.
The latest round of tariff measures by the Trump administration will impose a 25% tariff on approximately $300 billion worth of Chinese goods imported into the United States. Previously, the U.S. also imposed steel and aluminum tariffs on traditional allies such as Canada, Mexico, and the European Union.
The International Monetary Fund has warned that global trade tensions could drag global economic growth by 0.5 percentage points in 2020. The World Bank also lowered its global growth forecast for 2019 to 2.6%, the lowest level on record.
Trade war clouds have heightened fears of a global recession. Investors have shifted their money to safe-haven assets, and the U.S. Treasury yield curve has been seen as the flattest since 2007, seen as a harbinger of a recession.
Goldman Sachs stated that the global trade tensions are the biggest risk facing the global economy currently. Morgan Stanley warned that if the trade war escalates further, it could lead to a "bear path" with global economic growth slowing to 2.5%.
4. The European Central Bank releases dovish signals, and global central banks shift to a loose stance.
Under the pressure of a global economic slowdown, the ECB sent a dovish signal that it would take the required actions to address the risk of an economic slowdown. The world's major central banks are shifting to an accommodative stance.
ECB President Mario Draghi said that if the outlook continues to deteriorate, the central bank will take appropriate action, hinting at the possible resumption of the quantitative easing bond purchase program. Previously, the ECB had lowered its forecast for Eurozone economic growth in 2019 to 1.1%.
At the same time, the Federal Reserve has also sent dovish signals. Chairman Powell reiterated that the Federal Reserve will "act appropriately" to maintain economic expansion. The market widely expects the Federal Reserve to cut interest rates this year.
The pressure of a global economic slowdown is increasing, and central banks of major economies are shifting to a dovish stance aimed at injecting momentum into the economy. However, loose monetary policies may also trigger new risks, such as asset bubbles.
Goldman Sachs stated that the shift of global central banks towards a more accommodative stance is a necessary measure to cope with economic slowdown, but it may also exacerbate volatility in financial markets. Citigroup warned that if trade tensions persist, central bank easing policies may not fully offset their negative impacts.
5. Regulation & Policy
1. The U.S. Securities and Exchange Commission will hold a roundtable meeting next week on the regulatory framework for decentralized finance.
The U.S. Securities and Exchange Commission (SEC) will convene a roundtable on the (DeFi) of decentralized finance on June 9 to explore the regulatory framework for this fast-growing cryptocurrency space. As a regulator, the SEC strikes a balance between safeguarding the interests of investors and promoting innovation.
This roundtable will feature industry experts, academics, and regulators to discuss DeFi operating models, risks, and regulatory challenges. DeFi is a financial system based on blockchain technology, which enables disintermediation of financial services through smart contracts. Its decentralized nature presents regulatory challenges, and the SEC needs to develop an appropriate regulatory framework to protect investors' interests.
The DeFi market has surpassed $60 billion, attracting a large number of investors and innovative projects. But there are also risks associated with fraud, manipulation and money laundering. Regulators need to strike a balance between promoting innovation and maintaining order in the market.
Industry insiders welcomed this roundtable meeting and hope that the SEC can provide clear regulatory guidance. Faryar Shirzad, Chief Policy Officer of the cryptocurrency exchange Coinbase, stated that a reasonable regulatory framework would help the long-term development of the DeFi industry. However, some experts are concerned that excessive regulation could stifle innovation.
Overall, this roundtable meeting will provide important references for the formulation of the DeFi regulatory framework, guiding the industry towards a more standardized and transparent direction.
2. The Hong Kong SAR government announced that the "Stablecoin Ordinance" will take effect on August 1.
The Hong Kong Special Administrative Region government announced on June 6 in the Gazette that the "Stablecoin Ordinance" will officially come into effect on August 1, 2025. This is the first time Hong Kong has established a regulatory framework for stablecoin activities, aimed at promoting the sustainable development of Hong Kong's digital asset ecosystem.
The "Stablecoin Regulations" stipulate that any institution engaging in the issuance of asset-backed tokens or related activities must obtain a license issued by the Hong Kong Monetary Authority. Applicants must meet conditions including appropriate capital requirements, risk management, and anti-money laundering measures. Licensed institutions are also required to comply with prudent regulatory requirements to ensure that the issuance and operation of stablecoins meet international standards.
The head of the Hong Kong Monetary Authority, Christopher Hui, said that the entry into force of the ordinance will provide appropriate regulation of stablecoin activities and is a milestone in promoting the sustainable development of Hong Kong's digital asset ecosystem. Industry insiders generally believe that a clear regulatory framework will enhance investor confidence and help Hong Kong develop into a digital asset hub in Asia.
However, some experts worry that overly strict regulations may hinder innovation. The chairman of the Hong Kong Fintech Association, Deng Lianji, stated that the regulations should balance regulation and innovation to create a favorable environment for industry development. He suggested that regulatory agencies maintain close communication with the industry to jointly promote the development of Hong Kong's digital asset ecosystem.
Overall, the implementation of the "Stablecoin Regulation" marks a new stage in the regulation of digital assets in Hong Kong. The industry looks forward to the regulatory framework providing clear guidance for stablecoin activities and promoting orderly development in the sector.
3. The U.S. Department of Justice seeks to seize the proceeds of money laundering by North Korean hacker groups through cryptocurrency.
The U.S. Department of Justice recently moved to seek the seizure of $7.74 million worth of cryptocurrency, which was allegedly illegally obtained by the North Korean hacking group "Lazarus" through cyberattacks and scams, and laundered through cryptocurrency.
According to the civil forfeiture complaint submitted by the Department of Justice to the court, these cryptocurrencies include various amounts of stablecoins, Bitcoin, Ethereum tokens, and NFTs, stored in multiple self-custody wallets and exchange accounts. The Department of Justice alleges that these funds were initially frozen in 2023 as part of the prosecution of a North Korean IT worker, Sim Hyon Sop.
Sim Hyon Sop is accused of assisting the North Korean hacker group "Lazarus" in money laundering. This organization engages in illegal activities through cyber attacks and fraud, obtaining cryptocurrency and then transferring funds via mixing services in an attempt to conceal the source of the criminal proceeds.
This case has once again brought attention to the money laundering risks associated with cryptocurrencies. The U.S. government has been intensifying its efforts to combat such illegal activities, calling for strengthened anti-money laundering regulations. However, some experts believe that excessive regulation may hinder the innovative development of the cryptocurrency industry.
Michael Glenn, CEO of cryptocurrency analytics firm Chainalysis, said governments and industry need to work together to combat illegal activity while protecting legitimate innovation. He suggested strengthening anti-money laundering compliance measures, increasing transaction transparency, and increasing supervision of coin mixing services.
Overall, this case highlights the risk of cryptocurrency money laundering and the need for the government to strengthen regulation, but also to balance innovative development. All parties in the industry should work together to create a compliant and transparent cryptocurrency ecosystem.
4. SEC Commissioner Calls for Simplifying Cryptocurrency Regulation
The U.S. Securities and Exchange Commission ( SEC ) Commissioner Hester Peirce ( recently called for a flexible regulatory approach to digital assets, emphasizing the need to provide clear information and support for investors to promote innovation and protect investor rights.
During a speech, Pierce stated that the SEC should simplify cryptocurrency regulation, provide investors with more custody options, and clarify regulatory guidelines. She believes that overly strict regulation could hinder innovation, while overly lenient regulation could harm investor rights.
She emphasized the importance of transparency and information disclosure. Pierce stated that investors should be able to access sufficient information to make informed investment decisions. At the same time, she also called on the SEC to support the adoption and innovation of digital assets while protecting investors.
Peirce's view is widely supported by industry insiders. Faryar Shirzad, chief policy officer at cryptocurrency exchange Coinbase, said that a clear and reasonable regulatory framework will help the long-term development of the cryptocurrency industry.
However, some experts have questioned Pierce's view. Former SEC commissioner Robert Jackson said that cryptocurrency regulation needs to be stricter to guard against risks such as speculation and manipulation. He believes that too lax regulation could hurt investors.
Overall, Pierce's appeal reflects the efforts of regulators to seek a balance between promoting innovation and protecting investors. The industry looks forward to the SEC providing clear regulatory guidance to create a favorable environment for the healthy development of the cryptocurrency industry.
) 5. Trump Media Company applies to launch Bitcoin ETF on the NYSE
Trump Media & Technology Group ###Trump Media & Technology Group( recently submitted an application to the U.S. Securities and Exchange Commission to launch a Bitcoin ETF product on the New York Stock Exchange. This move is seen as an important step for the Trump family to enter the cryptocurrency space.
According to the application documents, the bitcoin ETF, called the "Truth Social Bitcoin ETF", will directly hold physical bitcoin and issue shares to investors, aiming to reflect the price performance of bitcoin. Yorkville America Digital will act as the fund sponsor and will be responsible for regulatory compliance and operational management.
The Trump family has previously ventured into cryptocurrency-related businesses on the social media platform Truth Social. Analysts believe that launching a Bitcoin ETF product could help the Trump family further expand its influence in the cryptocurrency field and may become an important channel for accumulating wealth in the future.
However, the application documents also mentioned relevant regulatory risks, including the uncertainty of cryptocurrency regulatory policies. Some experts have questioned the Trump family's cryptocurrency layout, believing that there may be suspicions of using influence for personal gain.
Overall, the Trump family's launch of a Bitcoin ETF has attracted widespread attention in the industry. Some believe this will help mainstream cryptocurrency, while others express concerns about its motives and influence. In any case, this move will further promote the clarification of cryptocurrency regulatory policies.