XinGPT Research 520 Daily Several reasons to see Bitcoin reach a new high: Macro environment: The most intense moment of tariff disputes has passed, and Trump may further release positive news to ease domestic pressure Before the June FOMC meeting, there were no new macro negative factors, and due to destocking, the probability of CPI being affected by tariffs in May may not be as high as expected Policy wise: The GENIUS Act has currently passed a procedural vote in the Senate (66-32) and is expected to be completed on May 19, 2025. It is expected to undergo a full house vote on May 20, 2025 (today) or later. Research suggests that the bill may pass the Senate this week, but further confirmation is still needed. If the GENIUS Act is passed, it is expected to accelerate the global adoption of stablecoins, especially those supported by the US dollar (such as USDT, USDC), and also make the channel for stablecoins to deposit and buy coins more smooth, paving the way for the cryptocurrency industry to increase incremental funds Financial aspect: Micro strategy continued to purchase in May, and more listed companies added Bitcoin to their asset allocation, such as Metaplanet; Since mid April, there has been a continuous net inflow of Bitcoin ETFs BTC remains at a high level with low rates, indicating that this wave of rise is very healthy and was bought by real gold and silver outside the industry Technical aspect The US stock market fell, while Bitcoin and gold resisted; Gold falls, Bitcoin is more resilient to decline