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On May 31, Michael van de Poppe, founder of MN Trading Capital, stated that Bitcoin is currently at a critical position. If it cannot maintain support above $70,000, the price may drop below $65,000. Van de Poppe pointed out that the $71,000 area is the most important support level at present; as long as this area holds, a deeper correction can be avoided. He believes that the current market structure is different from the downturn in February of this year, so he does not expect Bitcoin to hit new lows. Meanwhile, Van de Poppe indicated that if the current support holds, Bitcoin is likely to break through $76,600, which could lead to a strong rally in the altcoin market. Additionally, the spot Bitcoin ETF has seen a net outflow of funds for 10 consecutive trading days, with a total net outflow exceeding $2.97 billion since May 15. However, Santiment's analysis suggests that the ongoing ETF fund outflows may indicate that the market is approaching a temporary bottom.

[Analyst: Bitcoin May Drop Below $65,000 if It Fails to Hold $70,000 Support]On May 31, Michael van de Poppe, founder of MN Trading Capital, stated that Bitcoin is currently at a critical position. If it cannot maintain support above $70,000, the price may drop below $65,000. Van de Poppe pointed out that the $71,000 area is the most important support level at present; as long as this area holds, a deeper correction can be avoided. He believes that the current market structure is different from the downturn in February of this year, so he does not expect Bitcoin to hit new lows. Meanwhile, Van de Poppe indicated that if the current support holds, Bitcoin is likely to break through $76,600, which could lead to a strong rally in the altcoin market. Additionally, the spot Bitcoin ETF has seen a net outflow of funds for 10 consecutive trading days, with a total net outflow exceeding $2.97 billion since May 15. However, Santiment's analysis suggests that the ongoing ETF fund outflows may indicate that the market is approaching a temporary bottom.

Analyst: Bitcoin May Drop Below $65,000 if It Fails to Hold $70,000 Support

On May 31, during the opening speech of the first session of the third year of the 12th Parliament, Iranian Parliament Speaker Ghalibaf stated that diplomats have no trust in the enemy's words and promises. The only criterion for Iran is the objective tangible results that must be achieved, and based on this, Iran will fulfill its corresponding commitments. Iran will never approve any agreement until the legitimate rights of the Iranian people are fully guaranteed. (CCTV News)

[Iranian Parliament Speaker: No Agreement Will Be Approved Until Iranian People's Rights Are Guaranteed]On May 31, during the opening speech of the first session of the third year of the 12th Parliament, Iranian Parliament Speaker Ghalibaf stated that diplomats have no trust in the enemy's words and promises. The only criterion for Iran is the objective tangible results that must be achieved, and based on this, Iran will fulfill its corresponding commitments. Iran will never approve any agreement until the legitimate rights of the Iranian people are fully guaranteed. (CCTV News)

Iranian Parliament Speaker: No Agreement Will Be Approved Until Iranian People's Rights Are Guaranteed

On May 31, during the opening speech of the first session of the third year of the 12th Parliament, Iranian Parliament Speaker Ghalibaf stated that the diplomats have no trust whatsoever in the enemy's words and promises. The only criterion for Iran is the objective tangible results that must be achieved, and based on this, Iran will fulfill its corresponding commitments. Iran will never approve any agreement until the legitimate rights of the Iranian people are fully guaranteed. (CCTV News)

[Iranian Parliament Speaker: No Agreement Will Be Approved Until Iranian People's Rights Are Guaranteed]On May 31, during the opening speech of the first session of the third year of the 12th Parliament, Iranian Parliament Speaker Ghalibaf stated that the diplomats have no trust whatsoever in the enemy's words and promises. The only criterion for Iran is the objective tangible results that must be achieved, and based on this, Iran will fulfill its corresponding commitments. Iran will never approve any agreement until the legitimate rights of the Iranian people are fully guaranteed. (CCTV News)

On May 31, the Vietnamese Ministry of Finance proposed allowing small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral for bank loans to expand financing channels for businesses. According to the draft revised Law on Support for Small and Medium Enterprises, which is currently open for public consultation, businesses will be able to use digital assets, virtual assets, intangible assets, intellectual property, and assets that may be formed in the future as loan collateral. The Ministry of Finance stated that SMEs and individual business households account for over 98% of the total number of enterprises in Vietnam, yet their loan balance only represents about 20% of the total bank credit in the country. Notably, Vietnam is accelerating the regulation of the cryptocurrency industry. In March of this year, Vietnam opened the application process for local cryptocurrency exchange licenses and plans to launch the first regulated cryptocurrency market as early as the third quarter of 2026.

[Vietnam Proposes Allowing SMEs to Use Digital Assets as Loan Collateral]On May 31, the Vietnamese Ministry of Finance proposed allowing small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral for bank loans to expand financing channels for businesses. According to the draft revised Law on Support for Small and Medium Enterprises, which is currently open for public consultation, businesses will be able to use digital assets, virtual assets, intangible assets, intellectual property, and assets that may be formed in the future as loan collateral. The Ministry of Finance stated that SMEs and individual business households account for over 98% of the total number of enterprises in Vietnam, yet their loan balance only represents about 20% of the total bank credit in the country. Notably, Vietnam is accelerating the regulation of the cryptocurrency industry. In March of this year, Vietnam opened the application process for local cryptocurrency exchange licenses and plans to launch the first regulated cryptocurrency market as early as the third quarter of 2026.

Vietnam Proposes Allowing SMEs to Use Digital Assets as Loan Collateral

HTX data monitoring shows that TRX has broken through 0.35 USDT, currently reported at 0.3504 USDT, with a 24H increase of 2.25%.

【TRX breaks through 0.35 USDT】HTX data monitoring shows that TRX has broken through 0.35 USDT, currently reported at 0.3504 USDT, with a 24H increase of 2.25%.

TRX breaks through 0.35 USDT

On May 31, news emerged that Kyle Samani, former co-founder of Multicoin and chairman of Forward Industries (FORD), has become Hyperliquid's top "critic." His main argument is that "Hyperliquid lacks genuine technological innovation and relies solely on temporary regulatory arbitrage to gain traction; no legitimate U.S. company will collaborate with them." Today, Kyle issued a betting challenge to the community, predicting that Hyperliquid will be unable to launch a U.S. compliant front end in the short term. In response, a community member expressed willingness to invest $1 million, forecasting that Hyperliquid could launch a U.S. compliant front end within three years. Kyle replied that within three years, Hyperliquid might establish Hyperliquid US through the acquisition of DCO and DCM, adopting a compliance strategy similar to Polymarket while also advancing technology to pass decentralized testing. Therefore, Kyle declined the three-year betting deadline. Note: DCM (Designated Contract Market) refers to a regulated exchange similar to traditional futures exchanges. DCO (Derivatives Clearing Organization) refers to a central clearing party (CCP).

[Kyle Samani Challenges Hyperliquid's Compliance Timeline]On May 31, news emerged that Kyle Samani, former co-founder of Multicoin and chairman of Forward Industries (FORD), has become Hyperliquid's top "critic." His main argument is that "Hyperliquid lacks genuine technological innovation and relies solely on temporary regulatory arbitrage to gain traction; no legitimate U.S. company will collaborate with them." Today, Kyle issued a betting challenge to the community, predicting that Hyperliquid will be unable to launch a U.S. compliant front end in the short term. In response, a community member expressed willingness to invest $1 million, forecasting that Hyperliquid could launch a U.S. compliant front end within three years. Kyle replied that within three years, Hyperliquid might establish Hyperliquid US through the acquisition of DCO and DCM, adopting a compliance strategy similar to Polymarket while also advancing technology to pass decentralized testing. Therefore, Kyle declined the three-year betting deadline. Note: DCM (Designated Contract Market) refers to a regulated exchange similar to traditional futures exchanges. DCO (Derivatives Clearing Organization) refers to a central clearing party (CCP).

Kyle Samani Challenges Hyperliquid's Compliance Timeline

On May 31, Michael van de Poppe, founder of MN Trading Capital, stated that Bitcoin is currently at a critical position. If it cannot maintain support above $70,000, the price could fall below $65,000. Van de Poppe pointed out that the $71,000 area is the most important support level at present; as long as this area holds, a deeper correction may be avoided. He believes that the current market structure is different from the downturn in February of this year, so he does not expect Bitcoin to reach new lows. Meanwhile, Van de Poppe mentioned that if the current support holds, Bitcoin is likely to break through $76,600, which could lead to a strong rally in the altcoin market. Additionally, the spot Bitcoin ETF has seen net outflows for 10 consecutive trading days, with a total net outflow exceeding $2.97 billion since May 15. However, analysis from Santiment suggests that the ongoing ETF outflows may indicate that the market is approaching a temporary bottom.

[Analyst: Bitcoin May Drop Below $65,000 if It Fails to Hold $70,000 Support]On May 31, Michael van de Poppe, founder of MN Trading Capital, stated that Bitcoin is currently at a critical position. If it cannot maintain support above $70,000, the price could fall below $65,000. Van de Poppe pointed out that the $71,000 area is the most important support level at present; as long as this area holds, a deeper correction may be avoided. He believes that the current market structure is different from the downturn in February of this year, so he does not expect Bitcoin to reach new lows. Meanwhile, Van de Poppe mentioned that if the current support holds, Bitcoin is likely to break through $76,600, which could lead to a strong rally in the altcoin market. Additionally, the spot Bitcoin ETF has seen net outflows for 10 consecutive trading days, with a total net outflow exceeding $2.97 billion since May 15. However, analysis from Santiment suggests that the ongoing ETF outflows may indicate that the market is approaching a temporary bottom.

On May 31, the Ministry of Finance of Vietnam proposed allowing small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral for bank loans to expand financing channels for businesses. According to the draft 'Law on Supporting Small and Medium Enterprises (Amendment)' currently open for public consultation, businesses will be able to use digital assets, virtual assets, intangible assets, intellectual property, and assets that may be formed in the future as loan collateral. The Ministry of Finance noted that SMEs and individual businesses account for over 98% of the total number of enterprises in Vietnam, yet their loan balance only represents about 20% of the total bank credit in the country. It is noteworthy that Vietnam is accelerating the regulation of the cryptocurrency industry. In March of this year, Vietnam opened the application channel for local cryptocurrency trading platform licenses and plans to launch the first regulated cryptocurrency market as early as the third quarter of 2026.

[Vietnam Proposes Allowing SMEs to Use Digital Assets as Loan Collateral]On May 31, the Ministry of Finance of Vietnam proposed allowing small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral for bank loans to expand financing channels for businesses. According to the draft 'Law on Supporting Small and Medium Enterprises (Amendment)' currently open for public consultation, businesses will be able to use digital assets, virtual assets, intangible assets, intellectual property, and assets that may be formed in the future as loan collateral. The Ministry of Finance noted that SMEs and individual businesses account for over 98% of the total number of enterprises in Vietnam, yet their loan balance only represents about 20% of the total bank credit in the country. It is noteworthy that Vietnam is accelerating the regulation of the cryptocurrency industry. In March of this year, Vietnam opened the application channel for local cryptocurrency trading platform licenses and plans to launch the first regulated cryptocurrency market as early as the third quarter of 2026.

On May 31, Kyle Samani, former co-founder of Multicoin and chairman of Forward Industries (FORD), has recently become Hyperliquid's most prominent critic. His key viewpoint is: 'Hyperliquid lacks genuine technological innovation and relies solely on temporary regulatory arbitrage to gain prominence; no legitimate US company will collaborate with them.' Today, Kyle has once again challenged the community to a bet, predicting that Hyperliquid will not be able to launch a US-compliant front end in the short term. In response, a community member expressed willingness to invest $1 million, forecasting that Hyperliquid could launch a US-compliant front end within three years. Kyle responded that within three years, Hyperliquid might establish Hyperliquid US through the acquisition of DCO and DCM, adopting a compliance strategy similar to Polymarket, while also advancing technology to pass decentralized testing. Therefore, Kyle declined the three-year betting deadline. Note from BlockBeats: DCM (Designated Contract Market) refers to a regulated exchange similar to traditional futures exchanges. DCO (Derivatives Clearing Organization) is equivalent to a Central Clearing Party (CCP).

[Kyle Samani Initiates Bet Challenge, Predicts Hyperliquid Will Not Launch US-Compliant Front End Soon]On May 31, Kyle Samani, former co-founder of Multicoin and chairman of Forward Industries (FORD), has recently become Hyperliquid's most prominent critic. His key viewpoint is: 'Hyperliquid lacks genuine technological innovation and relies solely on temporary regulatory arbitrage to gain prominence; no legitimate US company will collaborate with them.' Today, Kyle has once again challenged the community to a bet, predicting that Hyperliquid will not be able to launch a US-compliant front end in the short term. In response, a community member expressed willingness to invest $1 million, forecasting that Hyperliquid could launch a US-compliant front end within three years. Kyle responded that within three years, Hyperliquid might establish Hyperliquid US through the acquisition of DCO and DCM, adopting a compliance strategy similar to Polymarket, while also advancing technology to pass decentralized testing. Therefore, Kyle declined the three-year betting deadline. Note from BlockBeats: DCM (Designated Contract Market) refers to a regulated exchange similar to traditional futures exchanges. DCO (Derivatives Clearing Organization) is equivalent to a Central Clearing Party (CCP).

Kyle Samani Initiates Bet Challenge, Predicts Hyperliquid Will Not Launch US-Compliant Front End Soon

On 1 June, the Securities and Futures Commission of Hong Kong (SFC) issued a circular on the transitional arrangements for the new licensing regime for virtual asset trading platforms. The transitional arrangements aim to provide a reasonably sufficient period of time for virtual asset trading platforms that are providing virtual asset services in Hong Kong before 1 June 2023 and are ready to comply with the SFC's guidelines to apply for a licence and to review and revise their systems and controls to comply with the applicable legal and regulatory requirements. Virtual asset trading platforms that do not intend to apply for a licence should proceed to wind down their operations in an orderly manner. 
Virtual asset trading platforms that are providing virtual asset services and have a meaningful and substantial business in Hong Kong before 1 June 2023 may continue to provide virtual asset services in Hong Kong during the period from 1 June 2023 to 31 May 2024 (i.e. for the first 12 months from 1 June 2023) under the non-compliance arrangement without breaching the licensing requirements under the AMLO. The requirement To be eligible to participate in the transitional arrangements, a virtual asset trading platform must have provided virtual asset services in Hong Kong before 1 June 2023.

Detail

【Hong Kong SFC issues transitional arrangements for the licensing regime for virtual asset trading platforms】On 1 June, the Securities and Futures Commission of Hong Kong (SFC) issued a circular on the transitional arrangements for the new licensing regime for virtual asset trading platforms. The transitional arrangements aim to provide a reasonably sufficient period of time for virtual asset trading platforms that are providing virtual asset services in Hong Kong before 1 June 2023 and are ready to comply with the SFC's guidelines to apply for a licence and to review and revise their systems and controls to comply with the applicable legal and regulatory requirements. Virtual asset trading platforms that do not intend to apply for a licence should proceed to wind down their operations in an orderly manner. 
Virtual asset trading platforms that are providing virtual asset services and have a meaningful and substantial business in Hong Kong before 1 June 2023 may continue to provide virtual asset services in Hong Kong during the period from 1 June 2023 to 31 May 2024 (i.e. for the first 12 months from 1 June 2023) under the non-compliance arrangement without breaching the licensing requirements under the AMLO. The requirement To be eligible to participate in the transitional arrangements, a virtual asset trading platform must have provided virtual asset services in Hong Kong before 1 June 2023.

Hong Kong SFC issues transitional arrangements for the licensing regime for virtual asset trading platforms

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