NVIDIA and the Regulatory Cleanup

Macro Economy and Crypto Markets

US stock markets recovered strongly during the short holiday week, with the tech-heavy Nasdaq index rising +2%. The rally was driven by AI giant NVIDIA's stellar earnings: revenue rose 69% year-over-year. Meanwhile, markets continued reacting to President Trump's tariff policy fluctuations – the weekend's surprise announcement of postponing 50% EU tariffs to July increased the attractiveness of risk investments.

Inflation development also supports investor optimism. US April PCE inflation fell to 2.1% and core inflation to 2.5% – the lowest since 2021. Additionally, so-called "supercore inflation" (services excluding housing) turned negative for the first time since the pandemic. China's stimulus policy also supports global risk markets: liquidity is being pumped into the system by billions, while China's CNH currency strengthens.

Bitcoin's price, however, stayed slightly below previous highs. This can be seen as a structural market pause at month-end, when liquidity typically weakens and portfolio rebalancing causes fluctuations. Bitcoin has recently moved increasingly tightly in relation to US interest rate fluctuations – particularly due to concerns about sovereign debt sustainability. Markets continue to price in a possible beginning of stimulus, which could push risk investments to new highs as June progresses.

SEC Withdrew from Binance Lawsuit

The US Securities and Exchange Commission (SEC) announced it was withdrawing from its lawsuit against crypto exchange Binance. The decision was seen as a significant policy shift that may indicate a softening regulatory climate toward crypto companies.

Bybit Received EU License

Crypto exchange Bybit received a MiCA-based license from Austria. This enables expansion to all EU Economic Area member states. The company also opened its new headquarters in Vienna.

GameStop Purchased Over $500 Million in Bitcoin

Gaming company GameStop announced it had purchased over 4,700 Bitcoins. According to the company, this is a strategic move from a risk management perspective, and Bitcoin's global transferability and limited supply made it an attractive option.

PSG Confirmed Its Bitcoin Holdings

French football club Paris Saint-Germain publicly announced it owns Bitcoin as part of its treasury. The club said it is targeting its digital strategy at its young fan base, for whom cryptocurrencies are a natural part of the future.

WorldID and Identity in the AI Age

World, the company behind Worldcoin, unveiled a new vision for developing digital identity. The company's iris-based World ID aims to offer a privacy-respecting way to verify human identity in an AI-saturated digital world.

Trump's Memecoin Dinner Under Investigation

A private event organized by Donald Trump for the largest $TRUMP token holders came under US Congressional investigation. Suspicions relate to possible foreign policy implications and campaign finance violations.

SEC Clarified Staking Regulation

The SEC published guidance stating that most staking activity in proof-of-stake networks is not subject to securities law, provided certain conditions are met. This could encourage both network operators and institutional investors to expand their operations.

Cantor Fitzgerald Launched Bitcoin-Gold Fund

The fund offers "combined protection" where investors get Bitcoin's upside potential and gold's value preservation. The target group is investors who fear Bitcoin's volatility but still want to participate in its potential.

New York Mayor Supports Crypto Companies

Mayor Eric Adams unveiled plans for issuing a Bitcoin bond and removing the BitLicense requirement, encouraging crypto companies to return to New York. The city hosted its first New York Crypto Summit, aimed at attracting industry jobs and investments.