Key Takeaways
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Macro Environment: In a major policy address, Jerome Powell indicated that the Federal Reserve is adapting its strategy to evolving economic conditions and suggested a reassessment of the average inflation targeting framework. The surprise decline in U.S. PPI, coupled with Powell’s remarks, slightly boosted expectations for a rate cut in July. U.S. equities opened lower, with mixed performance across the major indices.
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Crypto Market: Bitcoin continues to range between $101,000–$104,000 and rebounded mid-U.S. session alongside the equity market, highlighting a resurgence in correlation. Continued accumulation of Bitcoin by public companies and sovereign wealth funds is providing market support. Meanwhile, the ETH/BTC ratio has declined for two consecutive days, with Bitcoin dominance rising above 63%, and altcoins generally under pressure during Bitcoin’s sideways movement.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,916.92 | +0.41% |
| NASDAQ | 19,112.32 | +0.18% |
| BTC | 103,764.40 | +0.25% |
| ETH | 2,548.40 | -2.34% |
Crypto Fear & Greed Index: 71 (previous 24h: 70) – Level: Greed
Macro Economy
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U.S. April PPI came in lower than expected; April retail sales rose 0.1% MoM.
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Powell hinted at a "major overhaul" of the Fed's monetary policy framework; zero lower bound remains a concern, and average inflation targeting may need reevaluation.
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UN Report: Global economic outlook deteriorating amid high uncertainty.
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EU Officials: U.S.-EU trade talks are accelerating.
Industry Highlights
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GENIUS Act Draft: Proposes banning non-financial tech companies from issuing stablecoins and reinforcing the separation between banking and commerce. Scheduled for a vote on May 19.
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Ukraine is preparing to launch a strategic Bitcoin reserve under its new crypto legislation.
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U.S. SEC is investigating whether Coinbase misreported user numbers.
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FTX repayments will begin on May 30, with over $5 billion to be distributed.
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Abu Dhabi’s Sovereign Wealth Fund invested $408 million in BlackRock’s Bitcoin ETF.
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Addentax (NASDAQ: ATXG) plans to purchase 8,000 BTC and other crypto assets.
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DDC Enterprise initiates a Bitcoin reserve strategy aiming to hold 5,000 BTC over 36 months.
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Mastercard to launch a new stablecoin-linked payment card in collaboration with MoonPay.
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Wisconsin Investment Board sold its Bitcoin ETF holdings, now holding Coinbase shares.
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CoinMarketCap officially launched CMC Launch, with its first project being the decentralized perpetuals platform Aste.
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World Liberty Financial (WLFI) approved a proposal to distribute $1 USD to all eligible WLFI token holders.
Project Highlights
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Trending Tokens: NXPC, BOTIFY, XCN
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NXPC: A new adventure-themed blockchain game token launched on Binance, Upbit, and other major exchanges. It surged 85% from its opening price. Alpha airdrop participants saw strong returns, driving community interest.
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FTT: FTX's $5 billion repayment schedule has raised speculation and trading activity around the FTT token.
Weekly Outlook
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May 16: U.S. one-year inflation expectations (preliminary). University of Michigan Consumer Sentiment Index (preliminary). Immutable (IMX) to unlock 24.5 million tokens, worth approx. $14 million.
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