Bitget Research Weekly News: U.S. Debt Ceiling Crisis Lifted, Hong Kong’s New Encryption Regulations Implemented

1. Market Focus Market Trends

1. Market Focus Market Trends

This week (05.29-06.02) the focus topic that the market pays most attention to is:

• Coinbase to launch CFTC-regulated futures exchange as total BRC-20 token market cap nears $500M

• Hong Kong's new encryption regulations are implemented, and the market correction lacks upward momentum

• The life cycle of Meme coins continues to shorten, and BTC is weak and falls below the key support level of $27,500

• The new meme coins are mixed and overturned frequently, and the Bitget Research Institute Daily has launched the BRC-20 monitoring module

• 2. Popular Projects

2. Popular Projects

The hottest projects this week (05.29-06.02) are:

ORDI（BRC-20 token） ：ORDI, as the first token of BRC-20, is currently the primary support project for BRC 20 track innovation or institutional layout. All data indicators basically rank first. The transaction volume in the past 24 hours is nearly 200 million US dollars, and the 24-hour transfer The number of times is 4059. Since ORDI has been listed on OKX, Bitget and other exchanges, the actual 24-hour transaction volume on the chain is 117,000 US dollars, ranking third;

OXBT（BRC-20 token) ：The BRC 20 token issued by KOL @BitGod is issued through multi-community, kol white list + public free casting. After the launch, the currency holding address quickly topped the list of BRC 20 tokens, reaching 20,735; the project has been operated by the project since its launch Centralized operation, announced yesterday that it will release detailed token economics this week, the current market value of tokens is 41.36 million US dollars, and the 24-hour chain transaction volume is 1.23 million US dollars;

ZBIT（BRC-20 token）：The token of BTC MACHINE, which is building its own ecology around BTC, including multiple NFT projects, has certain loyal fans. Currently, the number of token holding addresses reaches 8,819, ranking in the forefront of the market. The number of transfers in the past 24 hours is 5,931, and transactions on the chain The volume is 40,000 US dollars, and the market value is 2.22 million US dollars;

LOVE（token）：The whitelist mechanism is unique, the hype mechanism is innovative, and the extremely popular meme coin is promoted by KOL @M 4573 RCH. The whitelist is locked by assigning 0 ETH to his address. For non-airdrop users, there must be at least one LOVE token Tokens can be traded, so the airdrop user must send LOVE tokens to non-airdrop users to be able to trade. Due to the high number of airdrops being targeted by users who are plucking wool, the market liquidity continues to be consumed, and the LP staking reward is too large, resulting in a continuous spiral decline in the price of the token after it goes online. The current market value of the token is 10 million US dollars, and the liquidity is 2.57 million USD, 24-hour trading volume 2.81 million USD;

RFD（token）：The meme coin issued by Blurr, the top ten giant whale in Debank, has the meme attribute of anti-running. Although the project token has experienced a large correction recently, the Twitter operation still maintains a good continuity. At present, the 24-hour trading volume of tokens is 12.61 million US dollars, and the total market value is 21.74 million US dollars;

VV - A Film by Zora（NFT）：The Film NFT produced by the famous NFT KOL Jack Butcher is priced at 0.0089 ETH on Zora, and there are currently more than 13,000 users participating in Mint. Its other NFT project, Free Mint, has skyrocketed in the secondary market, and has a good wealth effect. The community has high expectations for the performance of the project in the later stage, and the popularity is good.

Nakamigos（NFT）：CryptoPunks-style PFPs NFT, a highly popular NFT followed by more than 30 KOLs, currently has 5,983 holders, a floor price of 0.6 ETH, 6k+ transactions occurred in the past 7 days, the floor price doubled, and the transaction volume increased by 4 times;

Circle（Dapp）：Circle has sold all U.S. Treasury notes in its USDC reserve portfolio. The Circle Reserve Fund's $24 billion in assets under management were all held in overnight repurchase agreements as of May 30, according to its website. That's a significant change since the end of April, when the fund held more than $30 billion in U.S. Treasuries, according to Circle's monthly certification report, with the last of its holdings, worth $4 billion, due on Tuesday. ;

Tabi Artifact chest NFT mint contract (Dapp): The project positioning is an NFT trading platform built on BSC. On May 11, it announced the completion of 10 million US dollars in financing. Investment institutions include Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures and Youbi Capital, etc., launched the community reward program on May 29. Users can get SBT and other rewards for completing tasks, and their activity has increased recently;

LayerZero（Dapp)：3. Hot Search Topics Hot Searches

3. Hot Search Topics Hot Searches

The hottest topics this week (05.29-06.02) are:

Hongkong（Event）：The Hong Kong Securities and Futures Commission (SFC) issued a circular on the transitional arrangements for the new licensing regime for virtual asset trading platforms, the transitional arrangements are aimed at providing virtual asset services in Hong Kong before June 1, 2023 . HKVAC, a virtual asset rating agency in Hong Kong, was formally established and will launch virtual asset indexes and exchange ratings. The implementation of Hong Kong’s encryption policy is long-term good news for the encryption market. Be aware that there may be risks of hype in related sectors in the short term.

OP（Token）：The Optimism team said in a May 15 Twitter post that the network will upgrade to Bedrock on June 6, with a 2-4 hour downtime. Bedrock reduces transaction fees by using optimized batch compression and Ethereum as a data availability layer; reduces latency for L1 transactions to be included in Rollup by handling L1 reorganization more gracefully. With more than 386 million OP tokens scheduled to be unlocked on May 31st before the upgrade, more than double the total circulating supply, token prices are expected to come under pressure.

Shiba（Token）：[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their particular situation. Invest accordingly at your own risk.

Bitget Research Institute focuses on "focusing on the data on the chain and mining value assets". By constantly monitoring data on the chain and regional hot searches and other dimensions, it mines cutting-edge value investments and provides institutional-level insights for crypto enthusiasts. So far, it has provided Bitget global users with [Arbitrum Ecology], [AI Ecology], [SHIB Ecology] and other early value assets of many popular sectors, and created better wealth for Bitget global users through in-depth research driven by data effect.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their particular situation. Invest accordingly at your own risk.