BTC falls below the $103000 mark

On May 19th, according to Cointelegraph, Dubai's cryptocurrency regulatory agency has required licensed digital asset companies to comply with its latest version of activity based rulebook by June 19th to enhance market integrity and risk regulation. On May 19th, the Dubai Virtual Asset Regulatory Authority (VARA) announced the release of version 2.0 of its rulebook. Dubai regulatory authorities have stated that they have strengthened supervision over margin trading and token distribution services, enhanced consistency in compliance requirements for all licensed businesses, and provided clearer definitions for collateralized wallet arrangements.

According to Cointelegraph, Bitcoin developer John Carvalho proposed Bitcoin Improvement Proposal 177 on April 23, aiming to eliminate satoshis as the base unit of Bitcoin and split 21 million Bitcoin into 210 trillion units. Previously, in 2017, developer Jimmy Song proposed creating "bits" to represent one millionth of Bitcoin, but Carvalho believed that this solution did not eliminate complexity. Jack Dorsey, CEO of Block Corporation, and others support the change, stating in his X post on May 18th that satoshis or sats are too confusing for beginners. However, Swan Bitcoin CEO Cory Klippsten and others oppose it, stating that people can understand the Satoshi in Bitcoin as they understand the cent in the US dollar. In addition, Bitcoin founder Satoshi Nakamoto has stated that the display of units can be changed. Since the Taproot upgrade in November 2021, no new improvement proposals have been implemented on the Bitcoin network.

According to CoinDesk, the Dubai Virtual Asset Regulatory Authority (VARA) has updated its manual of rules for digital asset trading. The new regulations have strengthened the leverage control and collateral requirements for margin trading, with the main revisions reflected in the "Broker Dealer and Exchange Rules Manual". This update aims to align the regulatory framework with international risk standards and fill previous regulatory gaps in areas such as brokers and wallet service providers. VARA stated that revisions based on actual license issuance experience and international best practices will help build a more mature regulatory system. VARA General Counsel Ruben Bombardi stated that these updates strengthen the foundation of a responsible and scalable ecosystem. The institution's previously relatively clear regulatory requirements have helped Dubai develop into a cryptocurrency hub.

BlockBeats news, on May 19, Arthur Hayes, the co-founder of BitMEX, said in a social media message that "the yield of the 10-year treasury bond bonds in the United States has soared, and regulators (possibly the Federal Reserve) have been" reminded ". If this spreads to the MOVE volatility index, it is expected that there will be immediate policy action. The money printer is about to start

Singapore based cryptocurrency investment firm QCP Capital has issued a statement stating that Bitcoin has demonstrated resilience against macroeconomic pressures. Despite Moody's downgrade of the US credit rating triggering safe haven sentiment in the stock market, BTC briefly broke through the $107000 mark on Sunday. The rise this time was mainly driven by the announcement by Japanese listed company Metaplanet to purchase $104 million worth of BTC and the continued increase in institutional holdings, but later fell back to the recent volatile range due to leveraged long positions closing. It is worth noting that the continuous net inflow of spot ETFs indicates stable institutional demand. During the same period, the cryptocurrency industry witnessed a landmark event: Coinbase will officially be included in the S&P 500 index tonight, which is seen as an important milestone in the mainstreaming of cryptocurrencies. This news closely follows its strategic acquisition of derivatives exchange Deribit, further strengthening the market's optimistic expectations. Data from the options market shows that despite the sideways fluctuations in spot prices, the premium of BTC call options remains in various term structures, reflecting the long-term bullish sentiment in the market.