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Minnesota has enacted a groundbreaking law allowing state-chartered banks and credit unions to offer cryptocurrency custody services, aiming to counteract deposit flight to out-of-state crypto platforms. According to CoinDesk, the legislation, effective August 1, 2026, is designed to keep local financial institutions competitive as Wall Street firms expand into digital asset infrastructure. The law, co-authored by Rep. Bernadette 'Bernie' Perryman, also includes a statewide ban on crypto ATMs and kiosks. Local banks must meet strict federal compliance standards without federal deposit insurance protection.

Bitcoin and Ether are heading into the weekend locked in their tightest trading range in weeks, with BTC confined between $76,100 and $78,000 for four consecutive days as speculative flows rotate through pockets of the altcoin market in search of momentum. AI tokens led Friday's action weekly surge, and derivatives markets signal a calm but cautious posture with volatility continuing to compress.AI tokens take the lead: NEAR up 28.5%, FET up 11.4%With Bitcoin offering little directional excitement, speculative capital rotated aggressively into AI-adjacent tokens on Friday. NEAR Protocol surged 28.5% in 24 hours while FET gained 11.4% — the clearest expression yet of the AI token rotation narrative that has been building as Nvidia, Google, and Apple push toward fresh equity highs and the broader AI growth story continues to attract capital across both traditional and crypto markets.The NEAR derivatives setup validated the move rather than flagging overheating. Open interest in NEAR futures surged to a record high of 282.53 million tokens alongside the price rally. The OI-adjusted 24-hour cumulative volume delta turned positive — indicating aggressive buying at market prices rather than passive limit order accumulation. Funding rates remained mildly positive, suggesting healthy leverage conditions without the kind of crowding that typically precedes sharp reversals. TRX and LINK displayed a similar bullish derivatives profile, with OI growth, positive CVD, and positive funding rates across all three.Privacy coin reversal: sector rotation in full effectThe flip side of Friday's AI token surge was a sharp reversal in privacy coins. DASH, ZEC, and XMR experienced significant selling pressure, eroding much of the gains accumulated during their strong early-week rally. ZEC had surged more than 70% earlier in the week as privacy narratives gained traction amid AI surveillance concerns — Friday's reversal confirms that the privacy coin move was a shorter-cycle trade rather than a sustained rotation, with capital now cycling through AI tokens as the next sector narrative.Macro backdrop: oil drops, equities rallyThe broader risk environment improved heading into the weekend. Brent crude fell to $102 per barrel on Friday — down significantly from the $112 levels seen earlier in the week — as speculation around a potential US-Iran peace deal gained traction. Equity markets responded positively: the Dow Jones Industrial Average closed at a record high, while the Nasdaq 100 and S&P 500 gained 3% and 1.7% respectively from Tuesday's lows. The return of risk-on sentiment in equities provided a supportive backdrop for altcoin speculation even as Bitcoin itself remained directionless.Derivatives: calm conditions, volatility selling dominatesThe derivatives picture heading into the weekend is one of deliberate calm rather than complacency. Market-wide futures volume rose modestly by 1% to $160 billion over 24 hours while notional open interest held steady near $128 billion. Liquidations declined sharply by 26% to $200 million — a significant improvement from the $677 million single-day liquidation events seen earlier in the week, reflecting reduced forced selling as the market settles into its range.Both Bitcoin and Ether's annualized 30-day implied volatility indices continued to slide on Friday, driven by relentless volatility selling through options — primarily call overwriting strategies that suppress implied volatility as traders harvest premium in a range-bound environment. Bitcoin OI held steady in the 720,000 to 750,000 BTC band, and Ether OI showed similarly little movement.On Deribit, put options at strikes ranging from $71,000 to $77,000 dominated the 24-hour volume rankings for Bitcoin, with similar put concentration visible in Ether options. The clustering of put activity below current prices reflects a market maintaining downside hedges rather than adding bullish exposure — cautious positioning consistent with the broader sentiment picture where the Binance Fear and Greed Index sits at 40 and Polymarket still assigns a 65% probability that Bitcoin falls to $75,000 this month.Token talk: DeFi outperforms, memecoins slipAmong the broader index performance, the CoinDesk DeFi Select Index gained 1.1% on Friday — outperforming the Smart Contract Platform Select Capped Index which rose just 0.3%, and the Memecoin Select Index which tumbled 1%. XRP, SOL, and ETH all lost ground alongside the privacy coin sector, while HYPE and ATOM showed relative strength with ATOM posting a 5% gain since midnight UTC.The setup heading into the weekendBitcoin enters the weekend in no-man's land — above the critical $76,000 support level that analysts have flagged as the line between uncomfortable correction and deeper breakdown, but unable to generate the momentum needed to challenge the 200-day moving average at $83,000. The altcoin rotation visible in NEAR, FET, and HYPE suggests speculative appetite has not evaporated, but it is flowing into specific narratives rather than lifting the broad market. Until Bitcoin breaks decisively in either direction, the weekend is likely to see more of the same — tight range in the majors and sector-specific moves in altcoins driven by whatever narrative captures attention next.

The total crypto market cap reached $2.57 trillion on May 22, marking a 0.19% increase and adding $4.93 billion, according to BeInCrypto. This positions the market close to the $2.60 trillion decision zone, driven by NVIDIA's strong earnings and SpaceX's IPO filing revealing an 18,712 BTC treasury holding worth $1.29 billion. Bitcoin (BTC) trades at $77,699, up 0.20%, with a potential bullish crossover looming. NEAR Protocol (NEAR) surged 21% to $2.10, leading top-100 gainers, following the launch of its AI privacy feature.

NEAR has experienced a significant increase of 34% in the past 24 hours, reaching a price of $2.32. According to NS3.AI, this rise positions NEAR as a leading AI-based token following recent upgrades to the NEAR Protocol and a positive revenue forecast from Nvidia. The trading volume for NEAR also saw a substantial increase, climbing 190% to $1.15 billion over the same period.

The probability of a Federal Reserve rate hike has surged to 52%, according to ChainCatcher. The yield on 30-year U.S. Treasury bonds has exceeded 5%, indicating that the market has already priced in expectations of a rate increase without waiting for an official statement from the Federal Reserve. Analysts suggest that this development could impact the performance of gold and U.S. stocks, urging investors to monitor market trends closely.

The final estimate for the U.S. five to ten-year inflation expectations in May was revised to 3.9%, according to Jin10. This figure exceeded the anticipated 3.40% and the previous value of 3.40%.

The number of initial jobless claims in the United States for the week ending May 16 was reported at 209,000, according to Jin10. This figure was slightly below the expected 210,000. The previous week's data was revised from 211,000 to 212,000.

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce recently addressed the topic of tokenized NMS stocks on social media. According to Foresight News, Peirce expressed gratitude for the interest in on-chain trading of tokenized NMS stocks but disagreed with exaggerated descriptions. She emphasized that the exemption is expected to be limited, applying only to digital representations of actual underlying equity securities that investors can purchase in the secondary market, rather than synthetic assets.

Bitcoin's demand has decreased significantly, reaching -3,138 BTC on May 21, marking its lowest level since mid-January. According to NS3.AI, both Glassnode and CryptoQuant have reported a decline in spot demand, spot market activity, and U.S.-listed spot BTC ETF holdings. This downturn comes as Bitcoin trades near its true market mean, hovering around key support levels.

This week, U.S. mortgage rates have risen to their highest level since August of last year, posing another challenge for homebuyers during what is typically the busiest time of the year for real estate sales. According to Odaily, Freddie Mac reported on Thursday that the average rate for a 30-year fixed mortgage increased to 6.51% this week, up from 6.36% the previous week.
In addition, rising costs of home insurance and property taxes in many areas are also deterring buyers. The increase in mortgage rates this year has reversed the downward trend seen since the second half of 2025. Despite this, current mortgage rates remain lower than they were a year ago, and some buyers are taking advantage of the quieter market to make purchases. According to the Mortgage Bankers Association, mortgage applications for home purchases decreased last week compared to the previous week but showed an 8% increase year-over-year.

According to NS3.AI, data from Santiment, as reported by Ali Martinez, indicates that Dogecoin whales have purchased 525 million DOGE over the past four days. The cryptocurrency is currently forming higher lows, trading below its 200-day moving average of $0.117.

SpaceX has announced that Chun Wang, co-founder of F2Pool, will serve as the commander for the Starship's inaugural interstellar manned mission. According to Odaily, this mission is planned to last two years, involving deep space travel beyond the Earth-Moon system, passing Mars, and returning to Earth.Prior to this, Chun Wang will join Dennis Tito and Akiko Tito on Starship's first commercial lunar flyby mission. This mission is expected to last a week, with the spacecraft passing approximately 200 kilometers from the lunar surface.SpaceX stated that since May 2020, the Dragon spacecraft has completed 20 missions, sending 78 astronauts from 20 countries into space. In the future, Starship aims to expand commercial manned spaceflight to the Moon and Mars.

Nvidia's stock recently reached a new all-time high above $236, pushing its market capitalization toward $5.7 trillion, according to BeInCrypto. This surge reflects renewed investor confidence ahead of earnings, driven by accelerating global AI demand, particularly from China. Major Chinese tech firms like Alibaba, Tencent, ByteDance, and JD.com are reportedly preparing to purchase Nvidia's H200 processors, pending regulatory approvals. Despite US export restrictions, Nvidia benefits from strong global AI infrastructure spending. Year-to-date, Nvidia's stock is up over 25%, significantly outperforming major indices.

Digital asset investment products experienced significant outflows exceeding $1 billion last week. According to NS3.AI, Bitcoin and Ether products were primarily responsible for the majority of these redemptions, as reported by CoinShares data.

SEC Chair Paul Atkins announced that sponsors have agreed to postpone several event contract ETFs related to prediction markets. This decision affects approximately two dozen proposals submitted since February. According to NS3.AI, Atkins emphasized that the SEC will seek public feedback instead of considering the delay as a rejection. Additionally, the CFTC and the NHL have signed a memorandum of understanding to facilitate confidential data sharing and integrity monitoring of hockey event contracts. These actions introduce parallel oversight as regulators scrutinize brokerage-wrapped prediction products and sports-linked contracts.

Bank of America strategist Michael Hartnett has issued a warning regarding the potential impact of upcoming mega-IPOs by SpaceX and OpenAI on tech-stock concentration in benchmark indices. According to NS3.AI, Hartnett expressed concerns that the concentration of tech stocks could surpass levels observed during previous market bubble periods. This development could have significant implications for market dynamics and investor strategies.

Kevin Warsh is set to assume the role of head of the US Federal Reserve today, Friday, May 22, 2026. According to NS3.AI, Warsh has been a vocal supporter of cryptocurrency, having referred to Bitcoin as "the new gold for anyone under 40" in January 2021. Federal Reserve regulations mandate that Governors must divest from individual stocks or crypto-related assets prior to taking office.

Trump Media Technology Group reportedly acquired 11,542 BTC through stock and convertible bond sales in July and August of last year. According to BlockBeats On-chain Detection, the purchase was made at an average price of $118,529 per BTC. Earlier this year, the company sold 2,000 BTC at an average price of $87,380. Today, an additional 2,650 BTC, valued at $205 million, were transferred to a centralized exchange (CEX).Currently, Trump Media has incurred a loss of $455 million on its Bitcoin investment. The company still holds 6,889 BTC, valued at $533 million.

JPMorgan reports that tokenized money market funds represent only about 5% of the stablecoin market, primarily due to regulatory challenges. According to CoinDesk, these funds face a 'structural regulatory disadvantage' as they are classified as securities, which imposes restrictions on their circulation within the crypto ecosystem. Despite their yield-generating potential, tokenized funds are unlikely to exceed 10%-15% of the stablecoin market without regulatory changes. Stablecoins remain dominant in crypto trading and payments due to their seamless integration across exchanges and DeFi.

Crypto executives, policy researchers, and national security experts recently testified before a House subcommittee to discuss the modernization of the Bank Secrecy Act (BSA) in relation to AI and digital assets. According to NS3.AI, Ari Redbord from TRM Labs highlighted that North Korea stole over $2 billion in digital assets in 2025 and an additional $600 million in early 2026. This hearing occurred two days after U.S. President Donald Trump signed an executive order to expand BSA customer due diligence rules concerning undocumented immigrants.

U.S. Treasury Secretary Bessent expressed confidence that Federal Reserve Chair Kevin Warsh will make the appropriate decision regarding interest rate cuts. According to NS3.AI, Bessent's remarks come amid ongoing discussions about potential adjustments to monetary policy. The decision on interest rates is closely watched by investors and economists, as it could have significant implications for the financial markets and the broader economy. Bessent's statement underscores the importance of the Federal Reserve's role in navigating economic challenges and maintaining stability.

Julio Moreno has stated that Bitcoin ETFs represent only a minor segment of the overall demand growth for Bitcoin. According to NS3.AI, Moreno further noted that the current demand for ETFs is on the decline.

Stripe has introduced a stablecoin-focused blockchain and a protocol for machine-to-machine payments, marking a significant move in the evolving agentic economy. According to CoinDesk, this development is part of a broader trend where major companies like Visa, Mastercard, and Google are releasing competing agent payment standards. These initiatives aim to control the infrastructure on which autonomous agents will manage money for millions of households. The shift is driven by stablecoins, tokenization, and decentralized finance, promising a transformative impact on retail investors.

The U.S. Ninth Circuit Court of Appeals has denied the requests from Kalshi and Polymarket to pause enforcement lawsuits in Nevada and Washington state. According to Foresight News, the court ruled that the platforms did not demonstrate that proceeding in state court would cause irreparable harm, nor did they establish that the federal court has jurisdiction over federal issues in these cases. As a result, the lawsuits will continue in state courts.

U.S. President Donald Trump stated that the robust performance of the stock market reflects a positive reception of Federal Reserve chair nominee Kevin Warsh. According to NS3.AI, Trump's comments suggest confidence in Warsh's potential leadership at the Federal Reserve, as indicated by market trends.

SEC Commissioner Hester Peirce has provided clarity on her views regarding synthetic instruments in the cryptocurrency markets. According to NS3.AI, Peirce directed attention to a statement from SEC staff concerning tokenization. This statement distinguishes between issuer-sponsored tokenized stocks, tokenized stocks managed by SEC-registered entities, and synthetic instruments.

Goldman Sachs has upgraded its rating for Alphabet's Class A Google stock to a firm buy, increasing the price target from $400 to $450. According to NS3.AI, this adjustment follows Alphabet's recent financial performance, where the company reported $109.9 billion in revenue after its Q1 earnings call on April 29, 2026. GOOGL opened Friday's trading session at $387.

U.S. Federal Reserve Chair Kevin Warsh has expressed optimism about the country's economic outlook, stating that inflation can be effectively reduced while the economy is expected to experience robust growth. According to Jin10, Warsh emphasized the potential for economic expansion, suggesting that measures to control inflation will not hinder growth prospects. His comments reflect a positive sentiment towards the U.S. economic trajectory, highlighting the balance between managing inflation and fostering economic development.

An Iranian Foreign Ministry spokesperson emphasized that ongoing diplomatic engagements, whether through multiple visits or discussions over weeks or months, do not always result in a definitive outcome. According to NS3.AI, this statement underscores the complexities and uncertainties inherent in international negotiations.

U.S. President Donald Trump has announced that Kevin Warsh will impose restrictions on the Federal Reserve's forward guidance practices. According to Foresight News, this development was reported by Jinshi.

Kevin Warsh has been sworn in as the Chair of the Federal Reserve. According to Foresight News, Warsh expressed gratitude to U.S. President Donald Trump during his speech, acknowledging the significance of the current moment.

NEAR Protocol (NEAR) experienced a significant surge of 19.4%, making it a top performer in the CoinDesk 20 index, which remained flat overall. Internet Computer (ICP) also showed notable performance, rising 4.3% from Thursday, according to CoinDesk. These movements highlight NEAR's strong market activity despite the broader index's lack of movement.

On May 22, Jin10 reported that the ongoing conflict in Iran has led to a significant decline in U.S. consumer confidence for May, reaching a historic low. According to data from the University of Michigan, the final consumer sentiment index for May fell to 44.8. Consumers expect the annualized rate of price increases over the next five to ten years to be 3.9%, up from 3.5% in April, marking a seven-month high. They also anticipate a 4.8% rise in prices over the next year.
Gasoline prices have remained near their highest levels since 2022, exacerbating concerns among Americans about rising living costs and the failure to reach a resolution to end the conflict. Inflation poses risks to household budgets, particularly affecting low-income consumers, and threatens future consumption prospects. Joanne Hsu, the survey's director, noted, "The issue of living costs remains the primary concern for most people, with 57% of respondents actively highlighting that high prices are eroding their personal financial situations, up from 50% last month." She added, "The key concern is that consumers seem worried that inflation will spread beyond fuel prices to other areas and that this upward trend may persist for a long time."

Qualcomm's stock experienced a 15% increase over the past week, driven by a rally in quantum computing stocks. According to NS3.AI, this surge followed a nearly $2 billion investment by the Trump administration in the quantum computing sector. Qualcomm benefited from this initiative, receiving $100 million from the investment. Additionally, the company expanded its contract with Stellantis for its Snapdragon system-on-chip products.

U.S. President Donald Trump stated that the Federal Reserve will make its own decisions independently. According to Odaily, Kevin Warsh, the designated Chair of the Federal Reserve, will ensure the integrity of the institution.

JPMorgan analysts have highlighted that security issues with DeFi bridges are impeding institutional adoption. According to NS3.AI, there have been eight significant DeFi bridge attacks in 2026, resulting in losses totaling $328.6 million. Misha Putiatin noted that the complexity of modern DeFi systems makes it difficult for average users to assess risks. He also mentioned that the reduced yields in DeFi make it challenging for institutions to justify the risks associated with potential hacks.

SpaceX is preparing for a $75 billion initial public offering (IPO) in June, as revealed in its recent S-1 filing. According to NS3.AI, the filing also disclosed that SpaceX holds 18,712 BTC. Nasdaq's fast-entry rules could enable SpaceX to join the Nasdaq 100 within 15 trading days post-IPO. Analyst Nic Puckrin noted that passive fund acquisitions of SpaceX shares might necessitate the sale of existing mega-cap tech stocks.

U.S. President Donald Trump has stated that economic growth does not necessarily lead to inflation. According to Jin10, Trump emphasized that the current economic expansion should not be automatically associated with rising inflationary pressures. He argued that the economy can grow without triggering significant inflation, suggesting that other factors may be at play in maintaining stable prices despite growth. Trump's comments come amid ongoing discussions about the relationship between economic growth and inflation, as policymakers and economists continue to analyze the dynamics of the U.S. economy.

Ethereum's price fluctuations are poised to impact liquidation levels significantly. According to ChainCatcher, data from Coinglass indicates that if Ethereum surpasses $2,233, major centralized exchanges could see short positions liquidated with a total intensity of $808 million (8.08亿美元). Conversely, if Ethereum falls below $2,026, long positions could face liquidation with a cumulative intensity of $755 million (7.55亿美元).