Key Takeaways
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Macro Environment: The Federal Reserve once again kept interest rates unchanged, in line with market expectations. The FOMC statement warned of stagflation risks and reiterated increased "uncertainty," sending the three major U.S. stock indices to daily lows. Powell reassured markets, stating that the economy remains robust, and the Fed would not preemptively act due to tariffs, repeatedly emphasizing patience. Near the close of U.S. trading, Trump responded to the Fed's decision not to cut rates by proposing to revoke the AI chip restrictions implemented during Biden's administration, boosting U.S. stocks. All three major U.S. stock indices closed higher.
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Crypto Market: Fed and Trump-related news dominated market sentiment. Bitcoin continued to show strong correlation with U.S. stocks, briefly surpassing $98,000 in after-hours trading as U.S. stock futures rebounded. Ethereum activated the Pectra upgrade, but the market reaction was muted, failing to provide effective price support. The ETH/BTC ratio fell again to near five-year lows. Market divergence intensified, with Bitcoin's dominance continuing to consolidate and extend its upward trend, while the altcoin sector remained weak, with overall performance still sluggish.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,631.27 | +0.43% |
| NASDAQ | 17,738.16 | +0.27% |
| BTC | 97,022.20 | +0.20% |
| ETH | 1,811.19 | -0.30% |
Crypto Fear & Greed Index: 65 (67, 24 hours ago), level: Greed
Macro Economy
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The Federal Reserve kept benchmark interest rates unchanged, meeting market expectations.
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FOMC Statement: The Committee judges that risks to unemployment and inflation have increased. Inflation remains slightly elevated. Uncertainty about the U.S. economic outlook has further increased. Economic activity continues to expand at a solid pace.
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Powell: The Fed does not need to rush to adjust rates. Fed policy is moderately restrictive. Trump's calls for rate cuts have no impact on the Fed's work. Inflation has declined significantly. Short-term inflation expectations have risen slightly, while long-term expectations remain aligned with targets. Survey respondents cited tariffs as a major driver of inflation expectations. The impact of tariffs has been much larger than anticipated so far.
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The Trump administration plans to revoke the "AI Export Rules" enacted under Biden.
Industry Highlights
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South Korea's presidential frontrunner pledged to approve Bitcoin ETFs.
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U.S. OCC: Banks can buy/sell client-held crypto assets and outsource related services.
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The U.S. Treasury will host multiple crypto industry roundtables next week, covering ecosystem issues such as DeFi, banking, and cybersecurity.
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Futu Securities officially launched Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) deposit services.
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Robinhood plans to launch a blockchain-based platform supporting European users in trading U.S. stocks.
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U.S. Treasury Secretary: Digital asset demand for U.S. Treasuries could reach $2 trillion.
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U.S. Senate launched an investigation into Trump's crypto activities, focusing on potential conflicts of interest involving the TRUMP token and WLFI (World Liberty Financial) project.
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Japanese listed company Metaplanet acquired an additional 555 BTC.
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Bhutan partnered with Binance Pay to launch the world's first national-level tourism payment system.
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USDT will be integrated into Line's Mini Dapp platform and self-custody wallet.
Project Highlights
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Hot Tokens: KAITO, ALPAKA, EOS
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EOS: EOS tokens will be swapped to $A on May 14 at a 1:1 ratio.
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LISTA: WLFI formed a strategic partnership with Lista DAO.
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METIS: Metis' high-performance chain Hyperion testnet officially launched.
Weekly Outlook
- May 9: Speeches from multiple Fed officials.
Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
