Key Takeaways
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Macro Environment: With no major data releases or new tariff developments on Wednesday, the market is waiting for Powell’s economic speech on Thursday. The momentum of risk asset gains has weakened—U.S. stocks were mixed, tech stocks led gains, and the S&P 500 barely closed higher.
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Crypto Market: Similarly lacking news catalysts, the crypto market saw Bitcoin remain in a high-level consolidation, with volatility narrowing further. Bitcoin's dominance increased by 0.65% compared to the previous day, while most altcoins saw a pullback in line with the broader market. Previously active sectors like meme coins and the Ethereum ecosystem also entered a correction phase.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,892.57 | +0.10% |
| NASDAQ | 19,146.81 | +0.72% |
| BTC | 103,505.60 | -0.59% |
| ETH | 2,609.50 | -2.62% |
Crypto Market Fear & Greed Index: 70 (was 73 24 hours ago), level: Greed
Macro Economy
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Fed's Goolsbee: The Fed is waiting to assess the impact of tariffs; data remains noisy.
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Fed Vice Chair: Current policy rate is in a good place; tariffs may lead to inflation.
Industry Highlights
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Forbes: A bipartisan group of U.S. senators is close to reaching consensus on the text of the stablecoin bill known as the GENIUS Act.
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Trump: “I am a big fan of cryptocurrency.”
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U.S. Democrats: Demand the Treasury disclose Trump’s crypto transaction data, citing bribery risks.
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Wintermute: To establish a U.S. headquarters in New York.
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Tiger Brokers (Hong Kong): Launched crypto deposit and withdrawal services, supporting major assets like BTC and ETH.
Project Highlights
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Trending Tokens: RATO, GRASS, LAUNCHCOIN
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ONDO: JPMorgan completed its first public tokenized Treasury trade using the ONDO public ledger.
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GMX: Has repurchased 1 million GMX tokens.
Weekly Outlook
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May 16: U.S. one-year inflation expectation (preliminary) for May. U.S. May University of Michigan Consumer Sentiment Index (preliminary). Immutable (IMX) unlocks 24.5 million tokens (~$14M).
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