火币成长学院

On May 22, 2025, the price of Bitcoin officially broke through the $110,000 mark, setting a new historical high. Under the combined effects of policy, macroeconomics, capital flow, and investor structure, a structural bull market wave is unfolding. The core driver behind this round of increase is the substantial progress of the U.S. "GENIUS Stablecoin Act" and the accumulation of multiple favorable factors. This article will analyze breakthroughs in policy, shifts in the macro environment, on-chain and ETF capital structures, and trading behavior.

Oracles, as a key bridge connecting on-chain contracts with off-chain real-world data in the blockchain ecosystem, are becoming increasingly important, evolving from a single data relay tool to the "intelligence hub" of the on-chain world. It is recommended to focus on three main directions: modular oracles, AI-integrated oracles, and RWA identity-bound oracles. Oracles are transitioning from supporting roles to "value anchors" of on-chain order, ushering in structural investment opportunities.

In May 2025, the People's Bank of China announced a reduction in the reserve requirement ratio and policy interest rates, and promoted high-level economic and trade talks between China and the United States, bringing optimism to the global economy. As a result, the price of Bitcoin approached $100,000, and the demand for crypto assets surged significantly. The Web3 ecosystem welcomed new development opportunities under the dual impetus of policy support and technological innovation.

With the gradual integration of AI and Crypto technologies, the global digital economy is undergoing a profound transformation. The combination of AI and Crypto not only brings new development opportunities to traditional industries but also provides new business models for the crypto market and digital asset sector. In this trend, the MCP (Model Context Protocol) protocol, as a key protocol for the deep integration of AI and blockchain, relies on its decentralization.

Since the first half of 2025, the cryptocurrency market has entered the "post-bull market" phase, exhibiting characteristics of high-level fluctuations and structural differentiation. Although Bitcoin successfully reached a new high driven by the halving cycle, it soon entered a correction phase. Additionally, the Federal Reserve's monetary policy did not shift to easing as expected, and the intensifying trade tensions between the U.S. and China have once again cast a shadow of macroeconomic uncertainty over the cryptocurrency market.

Since the beginning of 2025, geopolitical conflicts have intensified, inflationary pressures remain, and major economies are experiencing sluggish growth, leading to a renewed demand for safe-haven assets. Gold, as a traditional "safe asset," has once again become the focus, with prices hitting new highs, surpassing the $3,000 per ounce mark, becoming a haven for global capital.

U.S. President Donald Trump recently signed an executive order to officially implement the "reciprocal tariff" policy, imposing a minimum baseline tariff of 10% on all trading partners, with additional higher tariffs on over 60 countries/regions. This policy has triggered significant fluctuations in global markets, causing turmoil in Wall Street stock markets and pushing gold prices to historic highs. Meanwhile, the cryptocurrency market was also affected, with Bitcoin prices experiencing significant volatility.

Stablecoins, as an important component of the cryptocurrency market, are reshaping the global payment industry. With advantages such as price stability, decentralized characteristics, low-cost cross-border payment capabilities, and automated execution of smart contracts, they are gradually becoming a bridge between the traditional financial system and the blockchain world. This report will provide an in-depth analysis of the current development status of stablecoins, their technical architecture, compliance challenges, impact on payment systems, and future trends.

The Federal Reserve decided to maintain the target range for the federal funds rate at 4.25%-4.50% in its latest policy meeting. This decision aligns with market expectations, but its policy wording, economic forecasts, and guidance on future interest rate paths have had a profound impact on the market. This meeting not only revealed the Federal Reserve's latest assessment of the current economic environment but also influenced market expectations regarding future liquidity conditions, directly affecting global assets, including cryptocurrencies.

The Prague upgrade is another important technological iteration of Ethereum, following the Cancun upgrade in March 2024. It continues to optimize network performance, reduce transaction costs, and enhance the programmability of smart contracts. Compared to previous upgrades, the Prague upgrade not only involves adjustments to the underlying protocol but also includes a series of far-reaching EIPs (Ethereum Improvement Proposals).