BTC breaks through the $104000 mark

According to Crowdfunding Insider, Abu Dhabi licensed private equity platform AltNovel has partnered with Canadian digital asset management company 3iQ to launch the Middle East's first multi strategy digital asset fund, AltNovel Digital Access Portfolio. This fund is aimed at professional investors and aims to achieve an annualized return of over 20% through a combination hedging strategy, with a maximum drawdown controlled within 2.4%, aiming to provide allocation options with low correlation to traditional assets. This product will combine 3iQ's digital asset management experience with AltNovel's combination building capabilities, and operate within the regulatory framework of the Abu Dhabi Global Market (ADGM). Pascal St Jean, CEO of 3iQ, pointed out that the demand for institutional level risk management solutions in the Middle East market has significantly increased. Data shows that the United Arab Emirates has become the world's first sovereign country to implement a comprehensive regulatory framework for encrypted assets.

According to Cryptonews, there has been a heated debate among South Korean presidential candidates over the stablecoin policy. On May 8th, the candidate of the largest opposition party, the United Democratic Party, Lee Jae myung, advocated for the establishment of a Korean won stablecoin market as soon as possible, warning that otherwise there would be "national wealth outflow". The proposal was strongly opposed by the candidate of the Reform Party, Li Junxi, who cited the 2022 Terra crash case and pointed out that the algorithmic stablecoin KRT had catastrophic consequences due to the lack of actual asset endorsement. Kim Byung wook, a supporter of Lee Jae ming and a former member of Parliament, retorted that global regulators have clearly distinguished between algorithmic stable currency and compliant stable currency pledged 1:1 in cash/treasury bond, and the stable currency of Korean won can reduce the cost of cross-border remittance. Industry insiders have revealed that this is the first public technical debate in South Korean politics regarding cryptocurrency assets, and the election results may determine the direction of the country's cryptocurrency regulation. The general election will be held on June 3rd.

According to chinanews.com, the police in Xian'an, Xianning, Hubei Province, successfully cracked a case of unauthorized use of illegal channels for international networking. The criminal gang led by Tang Moumou has set up several network equipment in their private houses, accessed the Internet through illegal channels without authorization, and used overseas software to engage in illegal transactions of virtual currency and foreign exchange. The funds involved in the case amounted to more than 120000 yuan. At present, seven offenders have been subject to administrative punishment according to law. The case is being further explored and expanded.

According to Foresight News, the Beijing Evening News reported that the Ministry of National Security disclosed a case where a salesperson from a medical device company, Wang, joined an anti China organization and purchased $10000 in virtual currency in an attempt to obtain high returns after watching videos of the organization. The organization has released a large number of smear videos to induce users to invest in its tokens. The Ministry of National Security reminds citizens to be vigilant against such behavior and avoid damaging national security for small gains.

OKX-BTC/USDT is currently trading at $105150, with a 24-hour increase of 0.61%. Please be aware of market fluctuations.