Daily News: Trump and Musk Feuds in Public, Circle IPO Frenzy Ignites, Binance Alpha Points Rules Updates, and More

U.S. Initial Jobless Claims Rise to 247,000, Exceeding Expectations

U.S. initial jobless claims for the week ending May 31 reached 247,000, surpassing the expected 235,000. The previous figure was revised from 240,000 to 239,000.

Trump and Musk Clash in Public Over EV Subsidy Cuts in New Spending Bill

President Donald Trump and Elon Musk engaged in a heated clash on social media, sparked by Trump’s new “Big Beautiful Bill,” which proposes cuts to subsidies for electric vehicles.

“I would have won Pennsylvania regardless of Elon… I’m very disappointed with Elon,” Trump told reporters in the Oval Office ahead of his bilateral meeting with German Chancellor Friedrich Merz. “He knew this bill better than anyone and he only developed a problem when he found out I would cut the EV mandate… Elon and I had a great relationship. I don’t know if we will anymore... He hasn’t said bad about me personally, but I’m sure that’ll be next. But I’m very disappointed… I’ve helped Elon a lot.”

Musk quickly fired back on X: “Without me, Trump would have lost the election,” and followed up by claiming that Trump hadn't released all records related to sex offender Jeffrey Epstein because — according to Musk — Trump himself is implicated in those files.

Musk later launched a poll on X, calling to "create a new political party in America that actually represents the 80% in the middle." As of press time, 81% of the 3.6 million respondents had voted YES.

Circle Shares Explode 220% at Open, Pricing Blown Past $31 IPO Level

The leader of stablecoin issuer Circle Internet Group (NYSE: CRCL) completed its initial public offering with shares surging from an opening price of $69 to an intraday high of $103. The stock ultimately closed at $87.71, giving the company a market valuation of approximately $16.69 billion.

Previously, Circle raised $1.1 billion by issuing 32 million shares for $31 per share.

Binance Updates Alpha Points Rules: Only Binance-listed Spot Tokens or Alpha Tokens Count Toward Volume Points

Binance Wallet has updated its Alpha Points rules. Starting June 6 at 08:00 UTC, only purchases of Alpha using Binance Alpha tokens or tokens listed on Binance's spot market will be eligible for Alpha trading volume points. Trades using any other tokens will not be counted, though selling Alpha tokens will not affect point accumulation.

CUDIS Airdrop Now Open for Claims

AI-powered wearable DePIN project CUDIS has officially opened claims for its CUDIS token airdrop.

Previously, CUDIS released its tokenomics: the total supply of CUDIS tokens is 1 billion, with the Token Generation Event (TGE) circulating 24.75% of the total. Twenty-five percent of the tokens are allocated to the community to incentivize participation across multiple seasons, with 5% allocated for the first season. The Season 1 airdrop opened for claiming at 20:00 Beijing time on June 5, with 50 million CUDIS distributed to over 60,000 active community users.

YZi Labs Invests in OneKey, Expands into Crypto Self-Custody Security

YZi Labs has announced an investment in open-source hardware wallet project OneKey, aiming to strengthen global crypto asset security and promote self-custody solutions.

Gate CBO: Users to Receive Compensation After LA/USDT Contract Volatility

Gate.io’s Chief Business Officer Kevin Lee stated the abnormal price fluctuations in the LA/USDT contract on the evening of June 4. The incident was triggered by anomalies in contract index data, causing a ripple effect on the platform’s mark price. Gate promptly delisted the affected trading pairs and provided full compensation to all users impacted by forced liquidation, totaling over 30 million USDT. The platform stated the issue was not due to manual intervention, and denied any occurrence of targeted liquidation or data tampering.

Greeks.live: Largest Crypto Options Block Trade in History Signals Q3 BTC Optimism

According to macro analyst Adam at Greeks.live, the crypto market has seen the largest options block trade to date, with a total notional value of $1.19 billion, involving 11,350 BTC and $7.5 million in premiums.

The trade consists of two parts: buying 3,800 bull spreads for September, betting on medium- to long-term volatility and price increases, and selling at-the-money call options for June to form a calendar spread strategy. Analysts believe this indicates expectations of limited BTC gains in June but a potential 50% rally in Q3.

Despite recent market stagnation and a lack of capital inflow, long-term bullish signals continue to emerge, aligning with mainstream market sentiment.

Public Companies Hold $85 Billion in Bitcoin, More Than Double YoY

According to CoinDesk, 116 public companies are holding 809,100 BTC, worth around $85 billion. This marks a significant increase from 312,200 BTC held a year ago. The surge in corporate BTC holdings is attributed to rising prices and structural tailwinds.

Beijing Police Launch First Mechanism to Dispose of Seized Crypto via Hong Kong Exchange

According to the official WeChat account of the Beijing Public Security Legal Division, the Beijing Municipal Public Security Bureau has partnered with the Beijing Equity Exchange (BEE) to establish a mechanism for handling seized virtual assets, signing a cooperation framework agreement that classifies such assets as physical items for state seizure.

Given the rise in crypto-related crimes and challenges in converting virtual assets into fiat within mainland China, the mechanism explores offshore liquidation pathways. The process involves the Public Security Bureau entrusting seized crypto to BEE, which then collaborates with licensed service providers to inspect, receive, and transfer the assets. These are then sold via a compliant exchange in Hong Kong, with proceeds converted through official foreign exchange channels and deposited into dedicated public security accounts before being turned over to the state treasury.

This model has already been successfully applied in a case handled by the Shunyi Branch of the Beijing Public Security Bureau.

Although global enthusiasm for crypto and stablecoins has grown steadily in recent years, China has never relaxed its grip on crypto issuance and trading since 2017, and went further in 2021 by fully banning all crypto-related financial and payment services. This move marks the first time the authorities have publicly and explicitly clarified the official procedure for disposing of crypto assets.