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On May 31, Argentine authorities arrested 24 individuals in a nationwide crackdown on suspected investment fraud and seized over $50 million in cryptocurrency assets.

[Argentine Authorities Arrest 24 and Seize Over $50 Million in Crypto Assets]On May 31, Argentine authorities arrested 24 individuals in a nationwide crackdown on suspected investment fraud and seized over $50 million in cryptocurrency assets.

Argentine Authorities Arrest 24 and Seize Over $50 Million in Crypto Assets

On May 31, according to Iran's Tasnim News Agency, discussions between Iran and the United States regarding a potential memorandum of understanding draft are still ongoing. Both sides are taking turns to propose amendments, and no agreement has been finalized yet.

[Iran and US Continue Discussions on Potential Memorandum of Understanding Draft]On May 31, according to Iran's Tasnim News Agency, discussions between Iran and the United States regarding a potential memorandum of understanding draft are still ongoing. Both sides are taking turns to propose amendments, and no agreement has been finalized yet.

Iran and US Continue Discussions on Potential Memorandum of Understanding Draft

On May 31, crypto analyst Marcus Corvinus stated that Bitcoin has recently rebounded from the key on-chain support level near $71,400. This level corresponds to the average holding cost for investors who have held their positions for 3 to 6 months and is currently the most important short-term support area for BTC. Corvinus believes that since this group is still in profit, there is strong motivation to maintain this price range. If the rebound continues, the next target for BTC could be $78,200, which corresponds to the average holding cost for investors who have held their positions for 6 to 12 months. Data from Glassnode shows that since 2017, when Bitcoin breaks above the cost line for 3 to 6 months investors, the average increase over the next 90 days is 21.9%, and the average increase over 180 days is 36.6%. Based on the current price of approximately $74,000, the corresponding target prices are about $90,200 and $101,100. However, from a technical perspective, BTC is still in a bearish flag pattern on the daily chart. If it breaks below the current support trend line, the price may further retreat to the range of $50,000 to $60,000.

[Analysis: $71,400 is a Key Support Level for Bitcoin, Potential Bounce to $78,200]On May 31, crypto analyst Marcus Corvinus stated that Bitcoin has recently rebounded from the key on-chain support level near $71,400. This level corresponds to the average holding cost for investors who have held their positions for 3 to 6 months and is currently the most important short-term support area for BTC. Corvinus believes that since this group is still in profit, there is strong motivation to maintain this price range. If the rebound continues, the next target for BTC could be $78,200, which corresponds to the average holding cost for investors who have held their positions for 6 to 12 months. Data from Glassnode shows that since 2017, when Bitcoin breaks above the cost line for 3 to 6 months investors, the average increase over the next 90 days is 21.9%, and the average increase over 180 days is 36.6%. Based on the current price of approximately $74,000, the corresponding target prices are about $90,200 and $101,100. However, from a technical perspective, BTC is still in a bearish flag pattern on the daily chart. If it breaks below the current support trend line, the price may further retreat to the range of $50,000 to $60,000.

Analysis: $71,400 is a Key Support Level for Bitcoin, Potential Bounce to $78,200

On May 31, Strategy founder Michael Saylor released information related to the Bitcoin Tracker once again. Following previous patterns, Strategy typically discloses information about increasing Bitcoin holdings on the day after such announcements.

[Michael Saylor Releases Bitcoin Tracker Information Again, Suggesting Possible BTC Accumulation]On May 31, Strategy founder Michael Saylor released information related to the Bitcoin Tracker once again. Following previous patterns, Strategy typically discloses information about increasing Bitcoin holdings on the day after such announcements.

Michael Saylor Releases Bitcoin Tracker Information Again, Suggesting Possible BTC Accumulation

On May 31, JPMorgan CEO Jamie Dimon issued a warning regarding the U.S. crypto market structure bill known as the 'CLARITY Act'. He stated that if stablecoin issuers are allowed to provide returns to users similar to bank deposit interest, this model could ultimately 'blow up'. Dimon noted that the bill permits crypto companies to offer returns akin to deposit interest through stablecoin accounts without adequate regulatory protections, which the banking sector would not accept. He remarked, 'I am not worried about stablecoins themselves, but if this happens, I will not participate, and it will eventually blow up.' The 'CLARITY Act' aims to clarify the regulatory framework for the U.S. crypto industry and delineate the responsibilities of regulatory agencies. Previously, Patrick Witt, executive director of the U.S. Digital Asset Advisory Committee, indicated that the Trump administration planned to push for the bill's passage before July 4. However, data from Polymarket shows that the probability of the 'CLARITY Act' being passed by 2026 has fallen from nearly 70% to just above 50%.

[JPMorgan CEO Warns: Stablecoins Offering Interest Like Deposits May Eventually 'Blow Up']On May 31, JPMorgan CEO Jamie Dimon issued a warning regarding the U.S. crypto market structure bill known as the 'CLARITY Act'. He stated that if stablecoin issuers are allowed to provide returns to users similar to bank deposit interest, this model could ultimately 'blow up'. Dimon noted that the bill permits crypto companies to offer returns akin to deposit interest through stablecoin accounts without adequate regulatory protections, which the banking sector would not accept. He remarked, 'I am not worried about stablecoins themselves, but if this happens, I will not participate, and it will eventually blow up.' The 'CLARITY Act' aims to clarify the regulatory framework for the U.S. crypto industry and delineate the responsibilities of regulatory agencies. Previously, Patrick Witt, executive director of the U.S. Digital Asset Advisory Committee, indicated that the Trump administration planned to push for the bill's passage before July 4. However, data from Polymarket shows that the probability of the 'CLARITY Act' being passed by 2026 has fallen from nearly 70% to just above 50%.

JPMorgan CEO Warns: Stablecoins Offering Interest Like Deposits May Eventually 'Blow Up'

On May 31, MiniMax Group Inc. announced that its board of directors has resolved to explore a preliminary proposal for the issuance of shares in RMB, which may involve entering into agreements with professional advisors and consulting with relevant securities or other regulatory authorities. The company has engaged professional advisors to provide consultation on meeting the requirements for listing on the Sci-Tech Innovation Board and has signed a mentoring agreement. The issuance of shares in RMB will depend on market conditions and necessary regulatory approvals.

[MiniMax: Evaluation for Listing on the Sci-Tech Innovation Board]On May 31, MiniMax Group Inc. announced that its board of directors has resolved to explore a preliminary proposal for the issuance of shares in RMB, which may involve entering into agreements with professional advisors and consulting with relevant securities or other regulatory authorities. The company has engaged professional advisors to provide consultation on meeting the requirements for listing on the Sci-Tech Innovation Board and has signed a mentoring agreement. The issuance of shares in RMB will depend on market conditions and necessary regulatory approvals.

MiniMax: Evaluation for Listing on the Sci-Tech Innovation Board

On May 31, MiniMax Group Inc. announced that its board of directors has resolved to explore a preliminary proposal for the issuance of shares in RMB. This may involve entering into agreements with professional advisors and consulting with relevant securities or other regulatory agencies. The company has engaged professional advisors to provide consultation on meeting the listing requirements for the STAR Market and has signed a mentoring agreement. The issuance of shares in RMB will depend on market conditions and necessary regulatory approvals.

[MiniMax Plans to Go Public on the STAR Market]On May 31, MiniMax Group Inc. announced that its board of directors has resolved to explore a preliminary proposal for the issuance of shares in RMB. This may involve entering into agreements with professional advisors and consulting with relevant securities or other regulatory agencies. The company has engaged professional advisors to provide consultation on meeting the listing requirements for the STAR Market and has signed a mentoring agreement. The issuance of shares in RMB will depend on market conditions and necessary regulatory approvals.

MiniMax Plans to Go Public on the STAR Market

On May 31, Israeli Prime Minister Netanyahu stated: I previously instructed the Israeli military to expand operations in Lebanon. The current directive is to deepen and expand our control over areas controlled by Hezbollah.

[Israel: Strengthening Control Over Hezbollah Territories]On May 31, Israeli Prime Minister Netanyahu stated: I previously instructed the Israeli military to expand operations in Lebanon. The current directive is to deepen and expand our control over areas controlled by Hezbollah.

Israel: Strengthening Control Over Hezbollah Territories

1. Powell: Congress needs to create legal framework for digital assets and regulate stablecoins;
2. Powell: Fed ready to speed up pace of rate hikes if necessary;
3. Silvergate talking with FDIC about how to save crypto-focused bank: Bloomberg;
4. Judges express skepticism of SEC arguments in Grayscale Bitcoin ETF hearing;
5. Binance.US can move ahead with plan to acquire Voyager Digital's assets, judge rules.

Detail

【Huobi Breaking News】1. Powell: Congress needs to create legal framework for digital assets and regulate stablecoins;
2. Powell: Fed ready to speed up pace of rate hikes if necessary;
3. Silvergate talking with FDIC about how to save crypto-focused bank: Bloomberg;
4. Judges express skepticism of SEC arguments in Grayscale Bitcoin ETF hearing;
5. Binance.US can move ahead with plan to acquire Voyager Digital's assets, judge rules.

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