Key Takeaways
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Macroeconomic Environment: Concerns over ballooning U.S. debt intensified as bond auctions faltered, with the 20-year bond yield surpassing 5%—marking the worst auction result in history. Surging long-term yields triggered a U.S. stock market sell-off, with the three major indices recording their largest one-day drop in a month.
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Crypto Market: The GENIUS Stablecoin Act has passed a vote; Texas is set to become the third U.S. state to establish a Bitcoin strategic reserve. Optimism surrounding U.S. regulation drove Bitcoin past $110,000 to a new all-time high, making it the fifth-largest asset globally. ETH/BTC fell 1.52% from the previous day, Bitcoin dominance has risen for 8 consecutive days, altcoins are underperforming, and risk appetite among investors is tightening, with funds continuing to concentrate in Bitcoin.
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Today’s Outlook: Trump released a poster for the TRUMP Dinner, scheduled to attend on May 22. The U.S. will release the May Markit Composite PMI (Preliminary)
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,844.62 | -1.61% |
| NASDAQ | 18,872.64 | -1.41% |
| BTC | 109,649.50 | +2.62% |
| ETH | 2,550.56 | +1.06% |
Crypto Fear & Greed Index: 72 (70 24 hours ago), level: Greed
Macro Economy
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Trump: Very close to finalizing a new tax reform bill
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The U.S. auctioned $16 billion in 20-year bonds at yields over 5%
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U.S. 10-year Treasury yield climbed to 4.613%, highest since February 13
Industry Highlights
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The GENIUS Act has passed a vote to move into the amendment stage
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Texas may become the third U.S. state to build a strategic Bitcoin reserve
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Hong Kong Legislative Council officially passed the Stablecoin Bill: issuers must apply for a license from the Monetary Authority
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HK lawmaker Duncan Chiu: In addition to HKD and USD, RMB may be included as a legal stablecoin
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Bitcoin hits a new all-time high, market cap surpasses Amazon, becomes 5th largest asset globally
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Trump posts celebrating Bitcoin ATH
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Today marks the 14th anniversary of Bitcoin Pizza Day; the 10,000 BTC used for pizza now worth nearly $1.1 billion
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Circle announces Circle Payments Network mainnet launch, supporting real-time USDC cross-border settlement
Project Highlights
Weekly Outlook
- May 23: New York Fed President Williams to deliver keynote at Monetary Policy Implementation Conference
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