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On May 26, discussions regarding the regulation of crypto assets in South Africa are entering a more pragmatic phase. The South African National Treasury and the South African Reserve Bank (SARB) signaled a shift towards establishing clearer rules for cross-border digital asset activities, rather than restricting asset holding itself. In a recent statement regarding the draft 'Capital Flow Management Regulations,' the Treasury and the central bank extended the public consultation period until June 30, 2026, and clarified that the proposed rules are not intended to criminalize the holding of crypto assets, nor will they be applied retroactively. Industry experts believe this move aims to provide greater certainty for an industry that has long existed in a regulatory gray area. Regulators also indicated that a draft manual outlining the proposed cross-border crypto asset framework will be released for public consultation. This manual is expected to define the components of cross-border crypto transactions and stipulate the obligations of authorized crypto asset service providers. Mark Diuga, CEO of Bitexen South Africa, commented that this updated statement is constructive as it shifts the discussion from the fear of holding crypto assets to practical matters such as defining legitimate cross-border activities, reporting obligations, and the roles of licensed service providers.

[South Africa's Crypto Regulation Moves to Practical Stage: Clearer Cross-Border Rules Proposed, No Criminalization of Asset Holding]On May 26, discussions regarding the regulation of crypto assets in South Africa are entering a more pragmatic phase. The South African National Treasury and the South African Reserve Bank (SARB) signaled a shift towards establishing clearer rules for cross-border digital asset activities, rather than restricting asset holding itself. In a recent statement regarding the draft 'Capital Flow Management Regulations,' the Treasury and the central bank extended the public consultation period until June 30, 2026, and clarified that the proposed rules are not intended to criminalize the holding of crypto assets, nor will they be applied retroactively. Industry experts believe this move aims to provide greater certainty for an industry that has long existed in a regulatory gray area. Regulators also indicated that a draft manual outlining the proposed cross-border crypto asset framework will be released for public consultation. This manual is expected to define the components of cross-border crypto transactions and stipulate the obligations of authorized crypto asset service providers. Mark Diuga, CEO of Bitexen South Africa, commented that this updated statement is constructive as it shifts the discussion from the fear of holding crypto assets to practical matters such as defining legitimate cross-border activities, reporting obligations, and the roles of licensed service providers.

South Africa's Crypto Regulation Moves to Practical Stage: Clearer Cross-Border Rules Proposed, No Criminalization of Asset Holding

On May 26, the privacy coin sector led the decline, giving back most of the recent gains in the cryptocurrency market. According to HTX data, ZEC fell by as much as 5.2% to $619, marking the largest drop among the top 20 cryptocurrencies by market cap, although it still rose by 8.2% over the past week. Zcash has been one of the strongest performing assets in the crypto market over the past few weeks. Following Multicoin Capital's disclosure of its holdings earlier this month and the increasing narrative surrounding privacy coins, ZEC has attracted institutional interest. Analysts believe that the 5% pullback after such a rally is more akin to profit-taking rather than new selling pressure, as structural buyers of privacy coins have been accumulating during the rise rather than distributing. Hyperliquid's HYPE token briefly surpassed Dogecoin in market cap during the Asian trading session before retreating. HYPE fell by 4% to $59, while Dogecoin (DOGE) dropped 0.8% to $0.1009. Driven by the launch of perpetual contracts for SpaceX on Hyperliquid last week, HYPE still rose by 23.6% over the past week. The macro backdrop has contributed to a cautious market tone. The U.S. Central Command confirmed strikes on missile launch sites in Iran and vessels attempting to lay mines in the Strait of Hormuz, describing them as defensive actions. Brent crude oil rose nearly 2% to $98 per barrel, rebounding from a 7% plunge on Monday (when London and New York markets were closed for holidays). The dollar strengthened against all G10 currencies, gold fell 0.6% to $4,545, and S&P 500 futures maintained a 0.6% gain after the U.S. market was closed on Monday.

[Privacy Coins Continue to Attract Capital, HYPE Market Cap Surpasses Dogecoin]On May 26, the privacy coin sector led the decline, giving back most of the recent gains in the cryptocurrency market. According to HTX data, ZEC fell by as much as 5.2% to $619, marking the largest drop among the top 20 cryptocurrencies by market cap, although it still rose by 8.2% over the past week. Zcash has been one of the strongest performing assets in the crypto market over the past few weeks. Following Multicoin Capital's disclosure of its holdings earlier this month and the increasing narrative surrounding privacy coins, ZEC has attracted institutional interest. Analysts believe that the 5% pullback after such a rally is more akin to profit-taking rather than new selling pressure, as structural buyers of privacy coins have been accumulating during the rise rather than distributing. Hyperliquid's HYPE token briefly surpassed Dogecoin in market cap during the Asian trading session before retreating. HYPE fell by 4% to $59, while Dogecoin (DOGE) dropped 0.8% to $0.1009. Driven by the launch of perpetual contracts for SpaceX on Hyperliquid last week, HYPE still rose by 23.6% over the past week. The macro backdrop has contributed to a cautious market tone. The U.S. Central Command confirmed strikes on missile launch sites in Iran and vessels attempting to lay mines in the Strait of Hormuz, describing them as defensive actions. Brent crude oil rose nearly 2% to $98 per barrel, rebounding from a 7% plunge on Monday (when London and New York markets were closed for holidays). The dollar strengthened against all G10 currencies, gold fell 0.6% to $4,545, and S&P 500 futures maintained a 0.6% gain after the U.S. market was closed on Monday.

Privacy Coins Continue to Attract Capital, HYPE Market Cap Surpasses Dogecoin

Bitcoin Fear and Greed Index is 34. Fear.
Current Price: $76921.04.

[Bitcoin Fear and Greed Index is 34]Bitcoin Fear and Greed Index is 34. Fear.
Current Price: $76921.04.

Bitcoin Fear and Greed Index is 34

On May 26, the Bank of Japan stated on Tuesday that, according to its newly established inflation indicator, Japan's core consumer inflation rate for April, excluding one-off factors, rose to 2.8%, surpassing the 2% target level and accelerating from 2.5% in March. This new indicator excludes institutional factors such as education and energy subsidies, showing a year-on-year increase significantly higher than the 1.4% increase reported by the Japanese government last week in its benchmark core consumer price index.

[New Trend Indicator from Bank of Japan Shows Inflation Exceeds Target]On May 26, the Bank of Japan stated on Tuesday that, according to its newly established inflation indicator, Japan's core consumer inflation rate for April, excluding one-off factors, rose to 2.8%, surpassing the 2% target level and accelerating from 2.5% in March. This new indicator excludes institutional factors such as education and energy subsidies, showing a year-on-year increase significantly higher than the 1.4% increase reported by the Japanese government last week in its benchmark core consumer price index.

New Trend Indicator from Bank of Japan Shows Inflation Exceeds Target

On May 26, on-chain analyst 'b-block' posted on social media that a phishing site impersonating Uniswap is stealing funds from multiple wallets, with the assets held by the scammers exceeding $400,000. Stacy Muur, founder of the Web3 marketing agency Green Dots, shared screenshots of fake sponsored results on search engines, criticizing Google for ignoring this issue for years, which has led to fake links ranking above real ones, resulting in continuous theft from users. According to Etherscan data, the two flagged addresses hold approximately 146 ETH, valued at about $306,000. DeFiLlama pointed out that fake ads on Google are a common source of phishing attacks. A report from the crypto nonprofit Security Alliance (SEAL) in April stated that phishing activities on Google searches 'significantly increased' in March, with attackers deploying highly deceptive fake ads by paying for or hijacking legitimate ad accounts, using seemingly authentic URLs to bypass Google's automated checks, and loading malicious payloads through hidden iframes. SEAL has blocked over 356 malicious ad links and noted that the volume of Google ads deployed by attackers has remained stable for over a year, with no slowdown in attack activities. Reports indicate that from March 13 to 30 alone, the total stolen funds reached $1.27 million. Additionally, earlier this month, there was a malicious ad campaign targeting Mac users that utilized Google ads and the AI chatbot Claude for shared chats. A report from Malwarebytes also highlighted that Facebook is similarly a hotspot for fake ads and scams.

[Google's Fake Crypto Ads Persist, Phishing Site Impersonating Uniswap Steals $400,000]On May 26, on-chain analyst 'b-block' posted on social media that a phishing site impersonating Uniswap is stealing funds from multiple wallets, with the assets held by the scammers exceeding $400,000. Stacy Muur, founder of the Web3 marketing agency Green Dots, shared screenshots of fake sponsored results on search engines, criticizing Google for ignoring this issue for years, which has led to fake links ranking above real ones, resulting in continuous theft from users. According to Etherscan data, the two flagged addresses hold approximately 146 ETH, valued at about $306,000. DeFiLlama pointed out that fake ads on Google are a common source of phishing attacks. A report from the crypto nonprofit Security Alliance (SEAL) in April stated that phishing activities on Google searches 'significantly increased' in March, with attackers deploying highly deceptive fake ads by paying for or hijacking legitimate ad accounts, using seemingly authentic URLs to bypass Google's automated checks, and loading malicious payloads through hidden iframes. SEAL has blocked over 356 malicious ad links and noted that the volume of Google ads deployed by attackers has remained stable for over a year, with no slowdown in attack activities. Reports indicate that from March 13 to 30 alone, the total stolen funds reached $1.27 million. Additionally, earlier this month, there was a malicious ad campaign targeting Mac users that utilized Google ads and the AI chatbot Claude for shared chats. A report from Malwarebytes also highlighted that Facebook is similarly a hotspot for fake ads and scams.

Google's Fake Crypto Ads Persist, Phishing Site Impersonating Uniswap Steals $400,000

On May 26, blockchain analysis platform Swissblock released a report indicating that Bitcoin is gradually slipping into a high-risk environment, primarily driven by continued selling from institutional funds, particularly the net outflow from U.S. spot Bitcoin ETFs. Historical data shows that whenever this index indicates structural selling pressure overwhelming the market, it often corresponds to systematic distribution behavior from institutional funds. On-chain data analysis firm Glassnode also noted that since May 7, U.S. spot Bitcoin ETFs have experienced net outflows almost every trading day, with institutional selling signals persisting for over two weeks. "This continuous outflow of funds is exerting pressure on the supply side of the market, while there has yet to be sufficient buying demand to offset it," further exacerbating the risk of supply-demand imbalance. In market terms, Bitcoin faced short-term pressure on Tuesday due to geopolitical disturbances. Reports indicated that the U.S. launched a new round of military strikes against Iran, despite recent progress towards a peace agreement between the two sides. Bitcoin's price fell by about 1%, briefly dipping from above $77,000 to around $76,500, but overall, it has maintained a range-bound pattern for nearly four months. CoinEx Chief Analyst Jeff Ko stated that while geopolitical events may trigger short-term volatility, the market's focus may still lean towards potential reconciliation progress between the U.S. and Iran, with the overall cryptocurrency market "remaining in a wait-and-see state." In summary, the current Bitcoin market faces dual pressures: on one hand, the continuous outflow from spot ETFs weakens key buying support; on the other hand, geopolitical uncertainties amplify short-term volatility risks. If institutional risk appetite does not improve marginally, the risk index may rise further, necessitating caution against the adjustment pressure brought about by technical selling and emotional resonance.

[Bitcoin Enters High-Risk Zone as Institutional Funds Continue to Withdraw, Highlighting Selling Pressure Concerns]On May 26, blockchain analysis platform Swissblock released a report indicating that Bitcoin is gradually slipping into a high-risk environment, primarily driven by continued selling from institutional funds, particularly the net outflow from U.S. spot Bitcoin ETFs. Historical data shows that whenever this index indicates structural selling pressure overwhelming the market, it often corresponds to systematic distribution behavior from institutional funds. On-chain data analysis firm Glassnode also noted that since May 7, U.S. spot Bitcoin ETFs have experienced net outflows almost every trading day, with institutional selling signals persisting for over two weeks. "This continuous outflow of funds is exerting pressure on the supply side of the market, while there has yet to be sufficient buying demand to offset it," further exacerbating the risk of supply-demand imbalance. In market terms, Bitcoin faced short-term pressure on Tuesday due to geopolitical disturbances. Reports indicated that the U.S. launched a new round of military strikes against Iran, despite recent progress towards a peace agreement between the two sides. Bitcoin's price fell by about 1%, briefly dipping from above $77,000 to around $76,500, but overall, it has maintained a range-bound pattern for nearly four months. CoinEx Chief Analyst Jeff Ko stated that while geopolitical events may trigger short-term volatility, the market's focus may still lean towards potential reconciliation progress between the U.S. and Iran, with the overall cryptocurrency market "remaining in a wait-and-see state." In summary, the current Bitcoin market faces dual pressures: on one hand, the continuous outflow from spot ETFs weakens key buying support; on the other hand, geopolitical uncertainties amplify short-term volatility risks. If institutional risk appetite does not improve marginally, the risk index may rise further, necessitating caution against the adjustment pressure brought about by technical selling and emotional resonance.

Bitcoin Enters High-Risk Zone as Institutional Funds Continue to Withdraw, Highlighting Selling Pressure Concerns

zest Hits New High of 0.180326 USDT, Up 3.91% in 24H

【zest soared to 0.182104 USDT, a new high with a 24-hour increase of 3.91%. It currently trades at 0.180326 USDT on HTX.】zest Hits New High of 0.180326 USDT, Up 3.91% in 24H

zest soared to 0.182104 USDT, a new high with a 24-hour increase of 3.91%. It currently trades at 0.180326 USDT on HTX.

On May 26, according to HTX market data, as Bitcoin fell below $77,000 this morning, Ethereum experienced further declines. The ETH/BTC exchange rate has been continuously decreasing since reaching a temporary high on August 24 of last year, setting a new low in this bear market, currently reported at 0.02713.

[ETH/BTC Exchange Rate Continues to Decline, Currently at 0.02713]On May 26, according to HTX market data, as Bitcoin fell below $77,000 this morning, Ethereum experienced further declines. The ETH/BTC exchange rate has been continuously decreasing since reaching a temporary high on August 24 of last year, setting a new low in this bear market, currently reported at 0.02713.

ETH/BTC Exchange Rate Continues to Decline, Currently at 0.02713

HTX data monitoring shows that ETH has broken through 2100 USDT, currently reported at 2100.11 USDT, with a 24H decline of 0.45%.

【ETH breaks through 2100 USDT】HTX data monitoring shows that ETH has broken through 2100 USDT, currently reported at 2100.11 USDT, with a 24H decline of 0.45%.

ETH breaks through 2100 USDT

#MARKET
The Bitcoin Fear and Greed Index is at 10 today, and the market sentiment is in extreme fear.
BTC is currently at $31,786.05 on Huobi Global, down 1.55% in 24H. 
The total market cap of the global cryptocurrency market is $1,472.42 billion, and the 24-hour volume is $216.45 billion.

#POLICY
1. Venezuela is considering 3% tax targeting expenses in foreign currency and crypto;
2. Tanzania shifts closer to own digital currency;
3. Bank of Japan Governor Kuroda Haruhiko said that private digital currency may bring problems to financial system;
4. The chairman of the Monetary Authority of Singapore (MAS) said that the issuance of retail CBDC needs to be restricted by monetary base;
5. The central bank governor said that Chilean Digital Peso would need to work offline;
6. Jamaica will launch CBDC this summer.

#CRYPTOCURRENCY
1. New Fed report repeats warning about stablecoin run risks as UST loses peg;
2. 330,000 ETH valued at nearly $825 million have been moved into crypto exchange wallets in the last two weeks;
3. LFG address is cleared after transferring 28,205 BTC;
4. LFG will issue $1.5 billion in loans to help stabilize its UST stablecoin;
5. Justin Sun purchased 500 BTC at an average price of $31031.35;
6. Michael Saylor said that if price of BTC falls below $3,562, company could post some other collateral.

#NFT
1. Azuki founder admits to running 3 NFT projects in a year;
2. 24-hour transaction volume of Azuki series NFT increased by more than 1,000%;
3. UK startup Copper begins offering custody for NFTs to meet institutional demand. 

#DEFI
1. Bancor V3 mainnet will be launched at 17:00 UTC on the 11th.

#FUNDING
1. South Korean crypto disclosure platform Xangle closes USD 17M Series B investment round;
2. Opn completes $120M Series C funding;
3. Freeverse.io raises $10.5M for NFT assets that can change over time;
4. Web3 startup Naetion secures $150m Investment From GEM Digital;
5. Citigroup, Wells Fargo join $105 million round for crypto infrastructure firm Talos;
6. African crypto startup Jambo raises $30 million to build a web3 WeChat for the continent;
7. Bitcoin self-custody company Casa raises $21M.

#WEB3
1. The web3 platform Flow launched a $725 million ecological fund.

Detail

【Huobi Daily】#MARKET
The Bitcoin Fear and Greed Index is at 10 today, and the market sentiment is in extreme fear.
BTC is currently at $31,786.05 on Huobi Global, down 1.55% in 24H. 
The total market cap of the global cryptocurrency market is $1,472.42 billion, and the 24-hour volume is $216.45 billion.

#POLICY
1. Venezuela is considering 3% tax targeting expenses in foreign currency and crypto;
2. Tanzania shifts closer to own digital currency;
3. Bank of Japan Governor Kuroda Haruhiko said that private digital currency may bring problems to financial system;
4. The chairman of the Monetary Authority of Singapore (MAS) said that the issuance of retail CBDC needs to be restricted by monetary base;
5. The central bank governor said that Chilean Digital Peso would need to work offline;
6. Jamaica will launch CBDC this summer.

#CRYPTOCURRENCY
1. New Fed report repeats warning about stablecoin run risks as UST loses peg;
2. 330,000 ETH valued at nearly $825 million have been moved into crypto exchange wallets in the last two weeks;
3. LFG address is cleared after transferring 28,205 BTC;
4. LFG will issue $1.5 billion in loans to help stabilize its UST stablecoin;
5. Justin Sun purchased 500 BTC at an average price of $31031.35;
6. Michael Saylor said that if price of BTC falls below $3,562, company could post some other collateral.

#NFT
1. Azuki founder admits to running 3 NFT projects in a year;
2. 24-hour transaction volume of Azuki series NFT increased by more than 1,000%;
3. UK startup Copper begins offering custody for NFTs to meet institutional demand. 

#DEFI
1. Bancor V3 mainnet will be launched at 17:00 UTC on the 11th.

#FUNDING
1. South Korean crypto disclosure platform Xangle closes USD 17M Series B investment round;
2. Opn completes $120M Series C funding;
3. Freeverse.io raises $10.5M for NFT assets that can change over time;
4. Web3 startup Naetion secures $150m Investment From GEM Digital;
5. Citigroup, Wells Fargo join $105 million round for crypto infrastructure firm Talos;
6. African crypto startup Jambo raises $30 million to build a web3 WeChat for the continent;
7. Bitcoin self-custody company Casa raises $21M.

#WEB3
1. The web3 platform Flow launched a $725 million ecological fund.

Huobi Daily

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Huobi Daily

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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