Key Takeaways
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Macro Environment: On monetary policy, Federal Reserve officials hinted that interest rates may remain unchanged until at least September. Regarding Moody's downgrade of the U.S. credit rating, both Trump and the Federal Reserve expressed disagreement, and markets have gradually digested the impact. U.S. stocks opened lower but rebounded to close higher, all three major indexes turned positive intraday. U.S. Treasury yields spiked before retreating, while gold saw a rebound.
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Crypto Market: Bitcoin briefly broke previous highs during the Asian session, nearing its all-time high (just $3,000 shy), before experiencing sharp volatility and retreating to $102,000. During the European and U.S. sessions, it rebounded as markets digested Moody's rating news, narrowing the daily loss to 0.81%. Ethereum showed relative strength in its rebound, ending a five-day ETH/BTC losing streak, while Bitcoin’s market dominance rose for a sixth consecutive day—indicating weak altcoin rebound momentum.
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Today’s Preview: The Texas Strategic Bitcoin Reserve Bill will undergo a second hearing on May 20. The inaugural New York Crypto Summit will be held on May 20.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,963.59 | +0.09% |
| NASDAQ | 19,215.46 | +0.02% |
| BTC | 105,562.10 | -0.81% |
| ETH | 2,527.58 | +1.19% |
Crypto Fear & Greed Index: 71 (vs. 74 24 hours ago), classified as “Greed”
Macro Economy
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Trump’s tax cut bill gained momentum in the House of Representatives
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Fed Vice Chair: Moody’s downgrade will be treated as ordinary data in policy decisions
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White House Press Secretary Olivia Levitt: Trump disagrees with Moody’s assessment
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U.S. proposes a 5% tax on international remittances by non-U.S. citizens
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Fed's Williams: Inflation has been declining slowly and gradually; outlook will become clearer after June and July
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Trump: Russia and Ukraine will start ceasefire talks immediately; Russia is willing to restart large-scale trade cooperation with the U.S.
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Fed’s Bostic expects one rate cut this year
Industry Highlights
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Coinbase faces lawsuit for allegedly violating Illinois biometric privacy law
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European fintech firm Trade Republic granted full MiCA license by German regulator BaFin
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SEC Chair reflects on crypto regulation shift: from “ostrich policy” to proactive adaptation, plans to consolidate FinHub roles
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SEC Chair: Will draft new rule proposals for the crypto sector, no longer fears innovation in the space
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Strategy acquired 7,390 BTC at an average price of $103,498
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Tether’s U.S. Treasury holdings now surpass those of Germany
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U.S. SEC delayed decision on VanEck Spot Solana ETF application
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Metaplanet’s daily trading volume surpassed $425 million, becoming Japan’s 9th most traded stock
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JPMorgan CEO: Customers will be allowed to buy Bitcoin, but JPM will not offer custody services
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Circle announced via social media that USDC payments are now accepted on Sony's Singapore online store via Crypto.com
Project Highlights
Weekly Outlook
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May 20: Second hearing of Texas Strategic Bitcoin Reserve Bill; inaugural New York Crypto Summit
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May 21: Hong Kong's "Stablecoin Bill" to resume second reading in Legislative Council; 2025 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 TRUMP dinner event; U.S. to release May Markit Composite PMI preliminary data
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May 23: NY Fed President Williams to deliver keynote speech at monetary policy implementation seminar
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