Key Takeaways
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Macro Environment: Despite weak soft data in Friday’s consumer confidence index and inflation expectations, all three major U.S. indices closed higher, with the S&P 500 recording its second-largest weekly gain of the year. After the market closed, Moody’s downgraded the U.S. credit rating, triggering a “triple whammy” in small-cap stocks, bonds, and the dollar. U.S. Treasury Secretary Yellen stated she does not trust Moody’s ratings, easing some panic sentiment.
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Crypto Market: Bitcoin mostly maintained a low-volatility sideways trend over the weekend. On Sunday night, it briefly broke through recent highs before pulling back, with volatility surging and price swings exceeding $3,000. It then rebounded again, closing up 3.21%. ETH/BTC fell 2.25% week-over-week, down for five consecutive days. Bitcoin dominance surpassed 64%, while altcoins remained weak. Meme and AI Agent sectors rebounded collectively.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,958.37 | +0.70% |
| NASDAQ | 19,211.10 | +0.52% |
| BTC | 106,440.70 | +3.21% |
| ETH | 2,497.77 | +0.92% |
Crypto Fear & Greed Index: 71 (compared to 70 24 hours ago), level: Greed
Macro Economy
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Moody’s downgraded U.S. credit rating from AAA to AA1
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U.S. Treasury Secretary Yellen responds to Moody’s downgrade: “I don’t quite believe Moody’s”
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U.S. and EU break deadlock and resume tariff negotiations
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Yellen: If other countries don’t reach trade deals with the U.S., tariffs will return to “reciprocal” levels
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Fed’s Bostic: Expects one interest rate cut this year
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U.S. May 1-year inflation expectation preliminary: 7.3%, higher than previous and forecast; University of Michigan consumer sentiment index preliminary: 50.8, lower than both prior and forecast
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Trump: “Many good things” will happen in the next month
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Trump: New tariffs on many countries will be imposed in the next 2–3 weeks
Industry Highlights
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Senate Majority Leader has submitted a cloture motion on the GENIUS Act; final vote scheduled for May 19
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Ukraine is considering establishing a strategic Bitcoin reserve
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Ethereum Consensus Layer Core Dev Call #157 summary: Fusaka testnet expected to launch on May 26
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Publicly listed U.S. company Basel Medical Group launches $1 billion BTC acquisition strategy
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BlackRock’s IBIT currently holds over 630,000 BTC, accounting for 3% of total supply
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Hong Kong brand DayDayCook has purchased 100 BTC
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Argentine court freezes assets of key figures linked to the LIBRA meme coin, lifts banking secrecy protections of President Milei and his sister
Project Highlights
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Hot tokens: MOODENG, NEIRO, VIRTUAL
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Meme sector rebounded collectively after a week of decline. NEIRO, MOODENG, GOAT, PNUT among the top gainers
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AI Agent sector saw rebounds in VIRTUAL, GRIFFAIN, GOAT
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EOS: Trump family-backed crypto project WLFI spent $3 million to acquire EOS; EOS to be swapped 1:1 into token A
Weekly Outlook
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May 19: U.S. lawmakers to hold final vote on GENIUS Stablecoin Act; Coinbase to join S&P 500; CME to launch XRP futures; PYTH to unlock 58.62% ($338M); ZKJ to unlock 5.3% ($32.3M)
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May 20: Texas to hold second hearing on the strategic Bitcoin reserve bill; First New York Crypto Summit to be held
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May 21: Hong Kong’s Stablecoin Regulation Bill to resume second reading in Legislative Council; FOMC voter and St. Louis Fed President Musalem to speak on economic outlook and monetary policy
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May 22: Trump to attend fundraising dinner as shown in TRUMP event poster; U.S. to release preliminary May Markit Composite PMI
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May 23: New York Fed President Williams to deliver keynote speech at a monetary policy implementation seminar
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