Key Takeaways
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Macro Environment: The U.S. Treasury Secretary stated that Q1 GDP data will be revised, easing fears of an economic downturn. Strong earnings from tech giants supported gains in U.S. stocks. The U.S. April ISM Manufacturing PMI recorded its largest contraction in five months, narrowing stock gains.
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Crypto Market: Bitcoin bounces back after hitting $93,000 support, breaks above $97,000 mark. Bitcoin dominance touched recent highs, rising for the fourth consecutive day, as torrents narrowed their gains.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,604.13 | +0.63% |
| NASDAQ | 17,710.74 | +1.52% |
| BTC | 96,485.40 | +2.45% |
| ETH | 1,838.22 | +2.48% |
Crypto Fear & Greed Index: 67 (53 a day ago), level: Greed
Macro Economy
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U.S. April ISM Manufacturing PMI: 48.7, above expectations; U.S. April S&P Global Manufacturing PMI final value: 50.2, below previous and expected values.
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Trump: If the major bill fails, taxes will increase by 68%.
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Bank of Japan continues to keep interest rates unchanged.
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U.S. Treasury Secretary Besant: We expect GDP data to be revised.
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U.S. Q1 annualized GDP growth rate (preliminary): -0.3%, expected 0.3%, previous 2.40%.
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Traders fully price in four 25-basis-point Fed rate cuts by the end of 2025.
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U.S. March core PCE price index year-over-year: 2.6%, the lowest since June 2024, meeting expectations.
Industry Highlights
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U.S. SEC terminates investigation into PayPal’s stablecoin PYUSD, no enforcement action taken.
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Morgan Stanley plans to offer crypto trading to E*TRADE clients.
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Strategy plans to raise $21 billion to purchase BTC.
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Tether’s latest proof shows the company holds over $7.6 billion in Bitcoin.
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Solana and other institutions propose to the SEC to on-chain U.S. equities to advance financial innovation.
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Canary Capital files S-1 registration with the SEC for SEI spot ETF.
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21Shares submits S-1 registration form to the SEC for SUI ETF.
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Tether plans to launch new stablecoin products in the U.S. as early as this year.
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Bloomberg ETF analyst: SEC expected to announce final approvals for five crypto ETFs in October or later.
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Baanx partners with Visa to launch USDC stablecoin payment card.
Project Highlights
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Hot Tokens: HAEDAL, AIXBT, S
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WLD: Worldcoin announces WLD token access and all related services will launch in the U.S. starting May 1.
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SUI: 21Shares submits S-1 registration form to the SEC for SUI ETF.
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ENA: Ethena partners with TON Foundation to bring USDe and sUSDe to the Telegram ecosystem.
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ACH: Alchemy Pay releases Alchemy Chain roadmap, focusing on stablecoin payment infrastructure.
Weekly Outlook
- May 2: U.S. April seasonally adjusted non-farm payrolls, April unemployment rate; Berkshire Hathaway Annual Shareholders Meeting.
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