Bitget Research Weekly News: U.S. Debt Ceiling Crisis Resolved, New Crypto Regulations in Hong Kong Implemented
Focus on on-chain data, weekly news roundup.Author: Bitget Research
In the past week (5/29-6/2), the market has seen many new popular coins and topics.
1. Market Focus Market Trends
The most focused topics in the market this week (05.29-06.02) are:
The total market capitalization of BRC-20 tokens is close to $500 million, and Coinbase will launch a futures exchange regulated by the CFTC.
New crypto regulations in Hong Kong have been implemented, and the market correction lacks upward momentum.
The lifecycle of meme coins continues to shorten, with BTC struggling to rise and falling below the key support level of $27,500.
New meme coins are mixed, frequently failing, and the Bitget Research Daily has launched a BRC-20 monitoring module.
The U.S. debt ceiling crisis has been resolved, leading to a phase of rebound for crypto assets.
2. Popular Projects
The hottest projects this week (05.29-06.02) include:
ORDI (BRC-20 token): As the first token of BRC-20, ORDI is a primary support project for innovation or institutional layout in the current BRC-20 track, with various data indicators consistently ranking first. The trading volume in the past 24 hours is nearly $200 million, with 4,059 transfers. Since ORDI has been listed on exchanges like OKX and Bitget, the actual on-chain trading volume in 24 hours is $117,000, ranking third.
OXBT (BRC-20 token): Issued by KOL @BitGod, this BRC-20 token was launched through multiple communities, KOL whitelist + public free minting. After its launch, the number of holding addresses quickly topped the BRC-20 tokens, reaching 20,735. The project has been centrally operated by the project party since its launch, and it announced yesterday that detailed token economics will be disclosed this week. The current market capitalization is $41.36 million, with a 24-hour on-chain trading volume of $1.23 million.
ZBIT (BRC-20 token): The token of BTC MACHINE, which is building its ecosystem around BTC, including multiple NFT projects, has a certain loyal fan base. Currently, the number of holding addresses for the token has reached 8,819, ranking among the market leaders. The number of transfers in the past 24 hours is 5,931, with an on-chain trading volume of $40,000 and a market capitalization of $2.22 million.
LOVE (token): A meme coin with a unique whitelist mechanism and innovative hype mechanism, driven by KOL @M 4573 RCH. The whitelist is locked by sending 0 ETH to his address. For non-airdrop users, at least one LOVE token is required to trade, so airdrop users must send LOVE tokens to non-airdrop users to enable trading. Due to the excessive number of airdropped tokens being targeted by users looking to profit, it has continuously consumed market liquidity. Additionally, the LP staking rewards are too high, leading to a continuous spiral decline in token prices after its launch. The current market capitalization is $10 million, with liquidity of $2.57 million and a 24-hour trading volume of $2.81 million.
RFD (token): A meme coin issued by Blurr, a whale in the top ten of Debank, featuring anti-runaway meme attributes. Although the project token has recently experienced a significant correction, its Twitter operation remains relatively consistent. The current 24-hour trading volume of the token is $12.61 million, with a total market capitalization of $21.74 million.
VV - A Film by Zora (NFT): A Film NFT created by renowned NFT KOL Jack Butcher, priced at 0.0089 ETH on Zora. Currently, over 13,000 users have participated in the mint. Another NFT project of his, Free Mint, surged in the secondary market, creating a good wealth effect. The community has high expectations for the project's future performance, and the hype is decent.
Nakamigos (NFT): PFPs NFT in the style of CryptoPunks, a high-heat NFT followed by over 30 KOLs. Currently, there are 5,983 holders, with a floor price of 0.6 ETH. In the past 7 days, there have been over 6,000 transactions, with the floor price doubling and trading volume increasing fourfold.
Circle (Dapp): Circle has sold all U.S. Treasury securities in its USDC reserve portfolio. The Circle Reserve Fund website shows that as of May 30, all $24 billion in assets managed by the fund are held in overnight repurchase agreements. According to Circle's monthly certification report, this is a significant change since the end of April when the fund held over $30 billion in U.S. Treasuries, with the last $4 billion U.S. Treasury security maturing on Tuesday.
Tabi Artifact chest NFT mint contract (Dapp): The project is positioned as an NFT trading platform built on BSC. It announced the completion of $10 million in financing on May 11, with investors including Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, and Youbi Capital. On May 29, it launched a community rewards program, where users can complete tasks to earn rewards like SBT, leading to increased recent activity.
LayerZero (Dapp): A cross-chain protocol that allows Dapps deployed on different chains to communicate without any intermediary chain or consensus mechanism. Recently, it has engaged in deep cooperation with Canto, allowing projects in the Canto ecosystem to complete asset transfers to the EVM ecosystem, which is a significant benefit for the Canto ecosystem.
3. Hot Searches
The hottest topics this week (05.29-06.02) include:
Hongkong (Event): The Hong Kong Securities and Futures Commission (SFC) issued a circular regarding the transitional arrangements for a new licensing system specifically for virtual asset trading platforms, aimed at those providing virtual asset services in Hong Kong before June 1, 2023. The Hong Kong Virtual Asset Rating Agency (HKVAC) has been officially established and will launch a virtual asset index and exchange ratings. The implementation of crypto policies in Hong Kong is long-term positive news for the crypto market, but be aware of potential speculation risks in related sectors in the short term.
OP (Token): The Optimism team stated in a Twitter post on May 15 that the network will upgrade to Bedrock on June 6, with downtime expected for 2 to 4 hours. Bedrock reduces transaction fees by using optimized batch compression and Ethereum as a data availability layer; it also shortens the delay in including L1 transactions in Rollup by handling L1 reorganization more elegantly. Before the upgrade, over 386 million OP tokens are scheduled to be unlocked on May 31, more than double the total circulating supply, which is expected to put pressure on the token price.
Shiba (Token): The token price has been quite volatile, with high community discussion; Certik recently announced that Shiba's security rating has returned to AAA level, which is a significant positive for Shiba. The Layer 2 network Shibarium continues to update product dynamics, and there may be speculation opportunities at any time, so it can be continuously monitored.
The Bitget Research Institute focuses on "focusing on on-chain data and uncovering valuable assets," providing institutional-level insights for crypto enthusiasts by continuously monitoring on-chain data and regional hot searches to uncover cutting-edge value investments. To date, it has provided Bitget global users with early valuable assets in several popular sectors such as the 【Arbitrum ecosystem】, 【AI ecosystem】, and 【SHIB ecosystem】, creating a better wealth effect for Bitget global users through data-driven in-depth research.
