Price Action

Bitcoin dropped from 107,400 to 105,500 but holds support at the 20-day MA (106,200), with high funding rates reflecting bullish sentiment. A break above 111,800 could open the path to 115,000, while a drop below 104,200 risks a deeper pullback.

Ethereum slipped from 2,656 to 2,596, holding above the 20-day MA (2,560) amid mixed signals. A breakout above 2,772 could target 3,000, but a fall below 2,373 may lead to a decline toward 1,719.

Notable movers today include LPT (+123.2%), ZEN (+6.4%), CETUS (-14.3%), RAY (-14.1%), BERA (-13.3%) and ENA (-13.1%).

Friday

• Wall Street investors got a bit of relief after data showed that U.S. consumer sentiment and inflation expectations weren’t as bad as anticipated, easing fears of escalating tensions between the U.S. and China.
• Earlier losses in stocks, triggered by President Trump’s accusation that China had “totally violated” a tariff agreement, were mostly recovered. Despite a minor 0.1% dip on Friday, the S&P 500 remained on track for its best May since 1990. Treasury yields ticked higher but were still headed for their first monthly decline of the year. The dollar rose slightly but remained on pace for a five-month losing streak — its longest since 2020.
• Consumer sentiment improved significantly in late May, bouncing back from near-record lows, while long-term inflation fears eased after the U.S. rolled back tariffs on China — helping calm markets.
• Meanwhile, Canada’s economy grew at a 2.2% annualized rate in early 2025, outperforming forecasts. The growth was fueled by strong export activity, driven in part by tariffs, which helped offset weaker domestic sectors. Economic output in April rose 0.1%, with gains led by mining, energy, and finance.

Thursday

• Stocks rallied, driven by strong earnings from Nvidia, which reassured investors about the tech sector’s growth prospects despite concerns over China. The positive momentum continued after mixed U.S. economic data and a court ruling that blocked parts of former President Trump’s import tariffs.
• Futures rose broadly, with S&P 500 contracts gaining around 1%. Nvidia shares jumped 5% after CEO Jensen Huang projected continued “exponential growth” in the AI space, easing concerns about a slowdown in China. U.S. Treasury yields fell and the dollar slipped 0.2%.
• The trade court’s decision added new uncertainty to markets already whipsawed by Trump’s fluctuating tariff policies since April. The administration plans to appeal, leaving the final decision potentially to the Supreme Court.
• On the economic front, U.S. GDP contracted early in the year, weighed down by weaker-than-expected consumer spending and a bigger drag from trade. Consumer spending rose just 1.2%, the slowest pace in nearly two years, and net exports shaved off almost 5 points from GDP. Meanwhile, jobless claims jumped to 240,000 — higher than forecasts — signaling a softening labor market.

Wednesday

• Wall Street remained relatively quiet as investors awaited Nvidia’s earnings — the final report from the “Magnificent Seven” tech giants. 
• Options trading suggests the stock could move about 6% in either direction after results, a smaller swing than its typical moves over the past two years.
• Meanwhile, long-term U.S. Treasury yields climbed following a disappointing 40-year bond auction in Japan, raising worries about ballooning government deficits due to increased spending. Traders are also focused on the upcoming $70 billion U.S. 5-year note auction and the release of the Fed’s meeting minutes.
• In the UK, the Financial Conduct Authority is inviting public input on proposed regulations for stablecoins and crypto asset custody.

Tuesday

• U.S. stocks rose Tuesday morning as easing trade tensions between the U.S. and the European Union and falling global bond yields boosted market sentiment. The drop in yields followed signs that Japan may adjust its debt issuance in response to a recent bond market selloff.
• President Trump said he had a “very nice call” with European Commission President Ursula von der Leyen and agreed to delay tariff discussions. Von der Leyen added that Europe is ready to move quickly toward a deal but will need more time, targeting July 9 for progress.
• Investors returning from the Memorial Day break are now focused on key economic data this week, including Tuesday’s consumer confidence report, Wednesday’s Fed meeting minutes, and Thursday’s jobless claims and pending home sales data.
• Markets are also awaiting Nvidia’s Q1 earnings, due Wednesday after the close. The chipmaker, the last of the major “Magnificent Seven” tech firms to report this quarter, saw its shares rise 2.1%.
• Consumer confidence rebounded strongly in May, recovering from near five-year lows, as optimism around the economy and jobs improved amid the easing of tariff tensions.
• In corporate news, Trump Media & Technology Group said it secured $2.5 billion in private funding from around 50 institutional investors. Meanwhile, crypto firm Circle filed for an IPO on the New York Stock Exchange.

Monday

• European stocks rose and US equity futures climbed after President Donald Trump postponed proposed euro area tariffs, continuing his pattern of issuing trade threats before softening his stance. The Stoxx Europe 600 recovered losses from Friday, when Trump floated a 50% tariff on EU goods. He later delayed the implementation date to July 9 from June 1, boosting S&P 500 and Nasdaq 100 futures by over 1%.
• Trump’s unpredictability on trade policy has once again taken center stage in markets, replacing last week’s concerns over his tax cut plans and the growing US deficit. His latest reversal came after a call with European Commission President Ursula von der Leyen.
• Trump also threatened a 25% tariff on smartphones if companies like Apple and Samsung don’t relocate production to the US.
• Meanwhile, the dollar hovered near a two-year low amid soft demand for US assets. Bloomberg’s dollar index is on track for its weakest close since July 2023, with major currencies like the euro, pound, yen, and Swiss franc all gaining ground.
• Investors are now looking ahead to the Fed’s key inflation gauge—core PCE, due Friday—which is expected to show a modest 0.1% increase for April.