The cryptocurrency market is currently showing multiple driving factors, with a clear upward trend overall, but regulatory risks must be monitored. Bitcoin (BTC) is receiving favorable news in the policy arena, as former Norwegian Secretary of State Soberg will take office as the Secretary-General of the Bitcoin Policy Research Institute in August, which will enhance institutional recognition of BTC and promote the global compliance process 📈. Ethereum (ETH) is experiencing strong momentum in technical upgrades, with the 157th Core Developers Meeting confirming that the Fusaka testnet will go live on May 26, and the Pectra upgrade has been completed, driving ETH prices up in the short term, but the willingness to allocate remains limited, requiring observation of market depth 📊. The Solana (SOL) ecosystem is booming, with total application revenue reaching $1.2 billion in Q1, and Pump.Fun contributing $257 million. MetaMask will launch native SOL support in May, further enhancing its liquidity and adoption rate 🔥. The NFT market is warming up, with trading volume increasing by 17.16% to $130.7 million in the past week, indicating a recovery in demand for digital assets 🌟. However, the U.S. credit rating has been downgraded to Aa1 by Moody's, which may prompt investors to seek refuge in cryptocurrencies. Still, prosecutors in the Tornado Cash and Samourai cases have been accused of hiding evidence, and a Ukrainian court has frozen over 500 million hryvnias of Binance assets, increasing compliance uncertainty ⚠️. The open interest in Bitcoin contracts has reached $66.09 billion, reflecting high market activity but also hiding volatility risks. Investors should focus on technical drivers and policy dynamics, and moderately allocate diversified assets to cope with potential fluctuations 💼. Overall, the cryptocurrency market is moving towards maturity, but a balance between opportunities and challenges is necessary. 🚀