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Bernstein: The structural strengthening of the cryptocurrency market suggests that Bitcoin is likely to enter a longer-term bull market

According to The Block, analysts at research firm Bernstein stated in their latest report that the fundamentals of the crypto market are continuously improving. The recent low of $60,000 for Bitcoin has formed a clear bottom, and the current price is approaching $80,000. Driven by institutional demand, a longer structural bull market is expected.Bernstein analyst Gautam Chhugani pointed out the following core driving factors:Institutional channels continue to expand: Morgan Stanley's Bitcoin ETF and Charles Schwab's spot Bitcoin/Ethereum trading platform have been launched one after another, with about 60% of Bitcoin supply not having moved for over a year, indicating a stable holder structure;Strategy continues to increase holdings: its STRC perpetual preferred stock product attracts income-focused investors, with current holdings reaching 818,334 Bitcoins;Demand for stablecoins reaches an all-time high: stablecoin supply has surpassed $30 billion, decoupling from the price cycle of the crypto market, showing that real payment and settlement demand continues to grow;Tokenization of real assets accelerates expansion: the scale of tokenized assets such as private credit and government bonds has reached $345 billion, a year-on-year increase of 110%.Bernstein also noted that quantum computing poses a long-term potential risk, but the blockchain ecosystem is expected to have ample time to complete the post-quantum security transition.

The advancement of the cryptocurrency market structure bill is hindered, and May 25 may be the "deadline" for progress

The crypto market structure bill has seen almost no public progress in the past month. While it is quite difficult to predict the outcome of the bill, the window for passing it is narrowing. Many actions surrounding the market structure issue—such as statements from staff at the Securities and Exchange Commission (SEC)—are not permanent guidance. The SEC has time to issue rules that require public notice and comment periods, but this will take time.The market structure legislation aims to codify the goals of the crypto industry and regulatory rules into law, making it more difficult for future governments to overturn these rules. In other words, without the Clarity Act, we could very well still be having the same discussions years from now.Since at least last December, May 25, Memorial Day, has been viewed as the "deadline" for legislative progress. After entering summer, lawmakers will leave Washington to campaign, leaving little time for the crypto bill (or most other legislation). Before Congress recesses, the House still needs to consider a bill that provides funding for the Department of Homeland Security, while the Senate must decide whether Kevin Warsh will become the next Federal Reserve Chair.The crypto industry is eager for the bill to pass. Over 100 organizations signed an open letter last week urging the Senate Banking Committee to hold a hearing on the bill, which would be the first step in the overall passage process. However, it is currently unclear how far the committee is from moving forward. The issue of stablecoin yields continues to dominate discussions, and other unresolved issues remain unaddressed at least in public.Even if these issues are resolved, the House will still need to vote on the bill again. House Financial Services Committee Chairman French Hill stated earlier this month that many unresolved issues surrounding stablecoin and DeFi sales practices have been addressed in the House version of the bill, and the Senate should be able to find consensus.

Trump blames the shooting incident on the unfinished White House banquet hall

Trump stated in a post: "What happened last night (referring to the White House Correspondents' Dinner shooting incident) is exactly why our great military, Secret Service, law enforcement, and past presidents over the last 150 years have demanded the construction of a large, secure banquet hall within the White House. If it weren't for the military's top-secret banquet hall currently being built at the White House, this incident would not have occurred. The sooner it is built, the better!It is not only beautiful but also equipped with all the highest-level security facilities. Furthermore, it does not have upstairs rooms that allow unauthorized personnel to enter freely, and it is located within the gates of the safest building in the world—the White House. The absurd lawsuit regarding the banquet hall raised by a woman walking her dog must be withdrawn immediately; she is not qualified to file such a lawsuit. Nothing should interfere with the construction of the banquet hall, which is well within budget and progressing far ahead of schedule!"It is reported that the shooting incident at the White House Correspondents' Dinner occurred at the Washington Hilton. In July 2025, the Trump administration launched a renovation plan for the East Wing of the White House, intending to demolish the existing building and construct a large banquet hall of approximately 8,300 square meters, capable of accommodating about 1,000 people, along with supporting facilities such as an underground hospital and air raid shelter, with a budget of $300-400 million entirely funded by private donations (from tech giants, etc.) to address the severe space shortage of the current state dining room.After the project quickly demolished the East Wing, it faced lawsuits from organizations such as the National Trust for Historic Preservation for bypassing congressional authorization, national historic preservation review, and public opinion solicitation procedures. Federal Judge Richard Leon has repeatedly ruled that the president does not have the authority to unilaterally undertake large-scale renovations of historically significant White House buildings, ordering a suspension of above-ground construction, currently in a legal tug-of-war state of "underground safety facilities may continue, above-ground banquet hall construction suspended."
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