BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

On May 6, Huobi HTX announced the launch of its DOGS/USDT perpetual contract, which supports 1-20x leverage for both long and short positions. ### Notes on American English adaptation: 1. **Date format**: Uses "May 6" (no ordinal "th" after the number, standard in U.S. news) 2. **Conciseness**: Merges the "official announcement" context into the main clause (avoids redundant "according to...") 3. **Terminology**: "1-20x leverage" is the common shorthand in U.S. crypto/finance reporting (instead of "1-20 times leverage") 4. **Flow**: Places the key action ("launched") upfront, with supporting details (leverage) in a clear relative clause for readability.

**May 6 Update** Spot gold tumbled to $4,500 on May 4 before rebounding sharply, per data from HyperInsight monitoring (t.me/HyperInsight). This morning, the metal jumped another 2.3%. On Hyperliquid, GOLD is currently trading at $4,651—marking its third retest of this level in the past 7 days. During the rally, Abraxas Capital (a noted bearish firm on Hyperliquid) turned a profit into a loss on its 5x-leveraged GOLD short position. The position has an average entry price of $4,650 and totals $22 million, making it the top on-chain holder of GOLD shorts. Address: 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36

**LayerZero CEO Responds to Kelp DAO’s rsETH Accusations** LayerZero CEO Bryan Pellegrino took to social media on May 6 to push back against Kelp DAO’s accusations over the rsETH security incident, citing on-chain data and technical details to refute the claims. Pellegrino said Kelp’s assertions are inaccurate, pointing to immutable on-chain records showing Kelp DAO voluntarily switched rsETH’s cross-chain configuration from the default “multi DVN” setting to a manually configured “1/1 single DVN” mode on April 1, 2024. He emphasized LayerZero’s official documentation prominently warns against using the 1/1 setup in production environments, and noted the LayerZero team had previously advised Kelp to adopt the more secure “2/3 multisig scheme” — a recommendation Kelp did not follow. Pellegrino also revealed nearly 100% of cross-chain transactions tied to the 1/1 configuration originated from rsETH itself during its operation. LayerZero is awaiting a final review report fr

May 6 – Global markets continue to absorb three key themes: economic slowdown, energy risks, and prolonged high interest rates. The Reserve Bank of Australia (RBA) has raised rates for the third straight meeting, reflecting ongoing concern over sticky inflation. Even as global demand cools slightly, energy and supply chain uncertainties keep policymakers leaning hawkish. Latest U.S. data signals a gradual slowdown: service sector growth is decelerating, and the March trade deficit hit $603 billion. Market expectations for the Federal Reserve (Fed) still tilt toward delayed rate cuts—not resuming hikes—meaning the market’s core worry isn’t an immediate downturn, but high rates sticking around longer. Geopolitically, the U.S. says its offensive military operations against Iran have ended, and former President Trump has suspended the “Freedom Plan” to de-escalate tensions in the Strait of Hormuz. But Iran still claims both sides are at war, and the UAE keeps issuing missile threat a

On May 6th, a crypto whale moved 4.997 million USDC to HyperLiquid to avoid liquidating its ZEC short position. Currently, the whale holds an 18,286 ZEC short (10x leverage) with an unrealized loss of over $2.36 million and a new liquidation price of $855.34. It also holds a 61.69 BTC short (21x leverage).

On May 6, Vitalik Buterin took to social media to note that "a prediction market’s quality hinges on its oracle," adding he’s excited to see prediction markets finally shifting toward decentralized, non-financial oracles. The next step, he said, is achieving privacy in voter provenance. Buterin’s tweet referenced a controversial case on the prediction market platform Trueo tied to the question "Will Polymarket launch pUSD by 2026?" In that dispute market, the jury voted for a "result reset," arguing it was too early to resolve the market. Buterin used this case to voice his concerns about the direction of oracle improvements.