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The article introduces the launch of the Runes protocol and its advantages compared to BRC-20, the current resurgence of rune popularity, and an analysis of the DOG project. The Runes protocol improves the usage of the Bitcoin network through an efficient UTXO model, which helps to drop congestion. As the leader in the rune space, DOG has good market performance and dissemination, but its chip structure is relatively scattered, and future development still needs to accumulate.

The GENIUS Act passed by the U.S. Senate establishes a federal regulatory framework for dollar-backed stablecoins, requiring that stablecoins be fully asset-backed, implementing tiered regulation and banning Algorithmic Stablecoins, ensuring that the legalization of stablecoins will promote the compliant development of the market and user adoption.

This week the crypto market fluctuated, influenced by favourable information from US economic data, with some altcoin projects rising. Bitcoin's price fell, while Ethereum performed relatively strongly, focusing on the Ethereum ecosystem and ETF expectations. The overall market is in an adjustment period, and investors need to remain cautious.

Crypto market macro research report: Global liquidity easing and technological innovation drive Bitcoin to new highs. I. Macroeconomic Background: Global Policy Easing and Market Sentiment Shift In May 2025, a certain country's central bank implemented a "double reduction" policy, lowering the reserve requirement ratio by 0.5 percentage points and reducing the policy interest rate by 0.1 percentage points to 1.4%. This policy not only has a profound impact on traditional financial markets but also brings potential opportunities for the crypto market and the Web3 ecosystem. At the same time, the economic and trade relations of major global economies are warming up, further driving the market's risk appetite. 1.1 The global economic recovery stimulates market sentiment The improvement of trade relations among major economies has become the focus of the global market. In recent years, due to trade frictions and tariff policies, the global economy has faced uncertainty, and investors' risk appetite has decreased. With monetary policy shifting towards easing, market expectations for the improvement of trade relations have increased, and the prices of risk assets.

The FTX bankruptcy liquidation has officially started, and the creditor claim portal is now open. Creditors need to sign up, fill in information, and complete identification before May 15, 2024. Note that duplicate claims may affect the recognition of claims, and it is advisable to consult professional legal advice.