Daily Market Report (May 19, 2025, 9:30 PM)
ChainDD's May 19 market report shows the comprehensive index and CoinMarketCap quotes:
BTC is priced at $103,933.76, up approximately 0.82% in the last 24 hours;
ETH is priced at $2,512.45, down approximately 3.03% in the last 24 hours;
BNB is priced at $645.39, down approximately 0.71% in the last 24 hours;
DOGE is priced at $0.2240, up approximately 3.94% in the last 24 hours;
SOL is priced at $171.71, up approximately 2.82% in the last 24 hours.
Crypto Market Dynamics
The Texas Bitcoin Reserve bill is scheduled for a second review on May 20.
The Texas Legislature is advancing a bill named SB21, which aims to establish the 'Texas Strategic Bitcoin Reserve.' This bill has been submitted to the state house and is expected to undergo a second review on May 20. If ultimately passed, Texas will become the third state in the U.S. to approve the establishment of a Bitcoin reserve, following New Hampshire and Arizona. The bill authorizes the state comptroller to set up a special fund outside the Treasury for purchasing digital assets with a market value exceeding $500 billion, currently only including Bitcoin. Funding sources may include legislative appropriations, airdrops, forks, investment income, and public or private donations. Reserve assets will be stored in cold wallets and monitored by a consulting committee.
Hong Kong police dismantled a money laundering group through virtual asset exchange shops, involving amounts as high as HKD 118 million.
Hong Kong police launched Operation Night Strike to dismantle an active money laundering cross-border crime group operating between mainland China and Hong Kong. The involved money laundering group recruited mainland individuals to open bank accounts in Hong Kong to benefit from scam cases, and then arranged for them to withdraw cash from the bank to exchange for cryptocurrency at virtual asset exchange shops to launder money. During the operation, 12 men and women were arrested, involving criminal proceeds of HKD 118 million.
Chief Inspector Luo Yuanshan from the Hong Kong Commercial Crime Bureau's Fraud Investigation Unit stated that between July 2024 and May 2025, the crime group recruited mainland individuals to act as puppet account holders, primarily for receiving criminal proceeds from various types of scams. During this period, over 500 bank accounts were used to launder HKD 118 million. Among them, HKD 10 million has been confirmed to belong to part of the criminal proceeds from 58 reported scam cases, where victims suffered losses of approximately HKD 43.2 million.
Analysis: The Movement Labs and Mantra incidents have sparked significant attention to market-making mechanisms in the crypto market.
The Movement Labs and Mantra incidents have raised widespread concern in the crypto market regarding market-making mechanisms, with some executives from Movement Labs accused of colluding with their market makers to sell $38 million worth of MOVE tokens on the open market. Meanwhile, the OM token of Mantra plummeted over 90% within hours at the end of April without any significant negative news, raising questions about token unlock arrangements and the transparency of OTC trading.
Analysts believe these incidents expose the hidden contracts, undisclosed agreements, and over-the-counter trading in the crypto market, which distort the token supply and price discovery mechanisms. Multiple market-making institutions are reassessing their token risk underwriting processes and are demanding higher transparency from project parties. Industry insiders point out that informal trading in the OTC market is disrupting token supply dynamics, increasing the difficulty for market makers to maintain liquidity.
(Bitcoin Standard) The author will fund developers to address spam data on the BTC chain.
(Bitcoin Standard) Author and economist Saifedean Ammous expressed willingness to fund full-time developers, aiming to increase the cost of spam inscriptions on the Bitcoin network to curb their proliferation. He compared this issue to spam emails, arguing that technical means should be employed to make the generation of spam data more expensive, thereby reducing its impact on the network.
Saifedean Ammous emphasized that combating spam data is not a form of censorship but a legitimate means for node operators to maintain network health. He also suggested 'abandoning' the work of developers who specifically create spam data tools, or even hiring external developers to suppress these systems. This debate reflects the ongoing divisions within the Bitcoin community regarding the use of the network, with calls for technical countermeasures increasing as on-chain spam data grows.
