Glassnode: TON Contract Balance Hits Highest Level Since February 18, Signaling Potential Price Correction

May 31st. On May 30th local time, during a rally held in Pennsylvania, USA, President Trump announced that he would raise the tariff on imported steel from 25% to 50%. Subsequently, Trump posted on social media indicating that this decision would come into effect starting from June 4th. The White House issued a statement on social media on the same day, stating, "In order to further protect the U.S. steel industry from foreign and unfair competition, starting from next week, the U.S. tariff on imported steel will be increased from 25% to 50%." (CCTV News)

On May 31st, according to HTX market data, with Bitcoin falling below $104,000, altcoins generally experienced a decline. Specifically, TST is currently trading at $0.03827 with a 24-hour percentage change of -34.51%; DF is currently trading at $0.3477 with a 24-hour percentage change of -27.6%; CATI is currently trading at $0.0983 with a 24-hour percentage change of -27.51%; SOLV is currently trading at $0.03119 with a 24-hour percentage change of -27.36%; TRB is currently trading at $47 with a 24-hour percentage change of -22.66%; and HUMA is currently trading at $0.03782 with a 24-hour percentage change of -22.12%.

On May 31st, as reported by Benzinga, Lunar Digital Assets announced the launch of the Litecoin ecosystem's zero-knowledge Layer-2 network LitVM, introducing smart contracts to Litecoin, which was born in 2011. The network is constructed on BitcoinOS and Polygon CDK and is supported by the Litecoin Foundation. LitVM is an EVM-compatible zero-knowledge rollup (ZK Rollup), aiming to bring in smart contract functionality, cross-chain liquidity, and Real World Asset (RWA) support. Lunar Digital Assets stated that LitVM will assist Litecoin in expanding into the DeFi and Web3 ecosystem, providing on-chain use cases such as stablecoin payments, programmable assets (Runes, Lordinals), and more.

On May 31st, FTX announced today that it has initiated the distribution of the second round of more than $5 billion in allocations to "Convenience" and "Non-Convenience" creditors who have fulfilled the upfront requirements. It is expected that customers will receive the funds within 1 to 3 business days starting from today.

On May 31st, as reported by The Block, REX Shares and Osprey Funds have submitted an application to the U.S. Securities and Exchange Commission (SEC) to initiate Ethereum and Solana staking ETFs. The newly proposed ETH and SOL funds will have "at least 80% of net assets allocated to their respective benchmark assets", which are ETH and SOL. Additionally, each fund will also set aside "at least 50% of holdings" for these cryptocurrencies. These funds will operate in the form of a "regular C corporation" to handle U.S. federal income taxes, rather than functioning as a "regulated investment company" like spot Bitcoin and Ethereum ETFs.

On May 31st - As reported by Bloomberg, the New York City Comptroller Brad Lander turned down Mayor Eric Adams' proposal to issue a municipal bond in support of Bitcoin. Brad Lander, who is jointly in charge of bond issuance along with the Mayor's Office of Management and Budget, declared that during his tenure, New York City will not issue Bitcoin-backed bonds. "The volatility of cryptocurrency is not adequate to finance our city's infrastructure, affordable housing, or schools." "Putting forward that New York City open its capital plan to cryptocurrency could subject our city to new risks and erode the trust of bond buyers in our city." Brad Lander is a Democrat and is the successor to Mayor Eric Adams, who won the November mayoral election. Eric Adams is currently running as an independent candidate.