DOW has seen some of its best performances this year, on U.S.-China trade de- escalation

Dow Jones surges 1000 points After Trump announced new U.S. trade deal with China

The list of the top holders of US President Donald Trump&#8217;s memecoin has been 
finalized ahead of background checks to apply for a dinner and &#8220;VIP tour&#8221; with 
the president on May 22.
In a May 12 X post, the TRUMP memecoin project said it would stop considering 
additional purchases for a dinner with the president, adding that the top 
tokenholders had been notified to apply for background checks if they wanted 
to attend.
According to data provided on the project&#8217;s leaderboard, the top 220 wallets 
held more than 13.7 million tokens as of May 12, worth roughly $174 million at 
the time of publication.
_Top 10 TRUMP memecoin holders as of May 12. Source: TRUMP memecoin project_
It&#8217;s unclear who, if any, of the wallet holders will choose to apply for and 
attend the dinner with Trump, or the &#8220;exclusive reception&#8221; expected to be in 
the White House for the top 25 holders, on May 22. A May 7 Bloomberg report 
suggested that the majority of tokenholders were based outside of the United 
States, leading to potential security concerns and conflicts of interest.
Many US lawmakers and figures in the crypto industry criticized the president 
for launching the memecoin just days before taking office on Jan. 20. In the 
wake of his dinner announcement on April 23, the calls for congressional 
oversight and allegations of corruption have intensified, with one senator 
calling for Trump&#8217;s impeachment and other representatives refusing to consider 
crypto-related legislation until their concerns were addressed.
_**Related:**__**FT report suggests advance knowledge of Melania Trump 
memecoin launch**_
Companies also apparently seeking influence over Trump&#8217;s policies have 
invested in the memecoin. In April, Freight Technologies said it would invest 
$20 million in the token, suggesting that it could affect the president&#8217;s 
trade war between the US and Mexico, where the firm conducts some of its 
business. As of May 12, the company had not announced whether it qualified to 
send a representative to the dinner.
## Not Trump&#8217;s first appeal to crypto users
During his 2024 campaign, Trump hosted a dinner with supporters who purchased 
his &#8220;mugshot&#8221; non-fungible tokens, which featured a picture of the then- 
presidential candidate at his surrender to authorities on charges he attempted 
to overturn the 2020 election.
Many of the &#8220;mugshot&#8221; attendees publicly shared their identities on social 
media ahead of and during the event, but at the time of publication, no one 
appeared to be claiming they would apply for the memecoin dinner. Wallets with 
the usernames &#8220;Sun&#8221; and &#8220;elon&#8221; have led to speculation that Tron founder 
Justin Sun and Tesla CEO Elon Musk &#8212; both Trump supporters who have financial 
interests tied to Trump&#8217;s presidency &#8212; could be among the attendees.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_

Top TRUMP whales hold $174M in tokens ahead of dinner with US president

Coinbase Global (COIN) will join the Standard and Poor&#8217;s 500 (S&amp;P500) index 
fund on May 19, financial information services platform S&amp;P Global said in a 
recent statement. 
The crypto exchange will replace Discover Financial Services (DFS), which was 
recently acquired by Capital One Financial Corp (COF), S&amp;P Global said on May 
12._S &amp;P Global&#8217;s confirmation of Coinbase Global being inserted into the S&amp;P 
500. __S &amp;P Global_ 
The S&amp;P 500 is a stock market index that tracks the performance of 500 of the 
largest, publicly traded companies in the US, representing a broad measure of 
the overall US stock market.
Coinbase&#8217;s inclusion in the S&amp;P 500 should increase demand for its stock 
because index funds and exchange-traded funds that track the S&amp;P 500 must buy 
COIN shares to mirror the index.
COIN shares immediately rose 8.8% to $225.4 in after-hours trading following 
the announcement, Google Finance data shows.
_**Related:**__**$45 million stolen from Coinbase users in the last week &#8212; 
ZachXBT**_ 
The crypto exchange joins Tesla and Block Inc. as the other large corporate 
Bitcoin holders currently in the index fund, which tracks an aggregate market 
cap of more than $49.8 trillion as of March 31.
_Source:__Michael Saylor_
 _**Magazine:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them 
in stablecoin fight**_
 _This is a developing story, and further information will be added as it 
becomes available._

Coinbase stock surges as it’s set to join the S&P 500

Gemini has announced that it has obtained an Investment Firm License from the 
Malta Financial Services Authority (MFSA), allowing the company to offer 
regulated derivatives across the European Union (EU) and European Economic 
Area (EEA) under the MiFID II framework. This development marks a significant 
step in Gemini&#8217;s 2025 European expansion, enabling the platform to […]

Gemini Secures License in Malta to Offer Regulated Derivatives Across Europe

**Key Takeaways:**
 * Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near $106,000.
 * A lower-than-expected US Consumer Price Index (CPI) print could boost Bitcoin, but a higher CPI may increase bearish pressure, leading to a price drop below $100,000. 
Bitcoin (BTC) price reached an intraday high of $105,800 on May 12 but posted 
a 3% dip to $101,400 during the New York trading session. On the lower-time 
frame (LTF) chart, BTC oscillated between an ascending channel pattern before 
exhibiting a bearish breakout below the bottom range of the pattern.
_Bitcoin 1-hour chart. Source: Cointelegraph/TradingView_
With respect to BTC&#8217;s stalling bullish momentum, data analytics platform 
Alphractal noted that BTC re-testing nearing $106,000 resistance levels 
increased the likelihood of profit-taking risks. As illustrated in the chart, 
Bitcoin currently approaches the &#8220;Alpha Price&#8221; zone, where long-term holders 
or whales could take profits, according to Joao Wedson, CEO of Alphractal.
_Bitcoin Alpha Price Levels. Source: X.com_
From a liquidation standpoint, the risk of a &#8220;long&#8221; squeeze is also elevated, 
with over $3.4 billion in leveraged long positions at risk of liquidation if 
prices drop to $100,000. This range could act as a magnet for price, leading 
to a retest near the psychological level.
_Bitcoin exchange liquidation map. Source: CoinGlass_
 _**Related: Bitcoin all-time high cues come as US-China deal sends DXY to 
1-month high**_
## CPI data looms as Bitcoin traders de-risk
The current BTC correction might reflect traders de-risking ahead of the US 
Consumer Price Index (CPI) release on May 13. Previously, March&#8217;s CPI, 
released April 10, was 2.4%, down from February&#8217;s 2.8%, despite a forecast of 
2.5%. April&#8217;s CPI is forecasted to remain at 2.4%, due to steady energy prices 
amid balanced oil production and moderating wage growth, easing pressure on 
price increases.
_US Consumer Price Index data. Source: Investing.com_
A lower-than-expected CPI (potentially third in a row) could be bullish for 
Bitcoin, potentially signaling Federal Reserve rate cuts in 2025, boosting 
risk assets like equities and cryptocurrencies. Conversely, a higher-than- 
expected CPI could be bearish, raising inflation fears and strengthening the 
dollar, pressuring BTC.
If bearish pressure persists on BTC charts even after the CPI print, an 
immediate key area of interest remains between $100,500 and $99,700, a fair 
value gap (FVG) on the four-hour chart.
Another FVG remains between $98,680 and $97,363, which would represent an 8% 
correction from the recent highs.
_Bitcoin 4-hour chart. Source: Cointelegraph/TradingView_
 _**Related: Bitcoin, altcoins poised to rally on US-China tariff agreement**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Bitcoin profit taking at $106K the first stop before new all-time BTC price highs

Ethereum is gaining serious momentum after a powerful 45% surge last week, 
reclaiming key price levels and fueling speculation about the start of a 
broader altseason. The second-largest cryptocurrency by market cap is now 
pushing into critical resistance zones that could define the next leg of this 
rally. After months of underperformance and bearish sentiment, ETH’s sudden 
strength is shifting investor focus back toward the altcoin market, with 
analysts pointing to Ethereum’s breakout as a potential spark for widespread 
recovery across the sector. Related Reading: HYPE Bulls Regain Control After 
Sharp Recovery – Approaching Yearly Highs? Top analyst Daan shared a technical 
analysis highlighting the significance of Ethereum’s recent move. According to 
Daan, the massive weekly candle—one of the largest in years—was driven by a 
combination of technical breakout and short squeezes, as a large number of 
bearish positions were caught off guard. This surge not only invalidated 
recent bearish structures but also marked a structural shift in momentum. With 
Ethereum now pressing into new territory and investor confidence rising, the 
market appears poised for renewed strength. If ETH continues to hold above 
current levels, it could pave the way for altcoins to follow in what may 
become the strongest altseason since 2021. Ethereum Reclaims Strength As It 
Tests Key Resistance Ethereum is finally showing signs of strength after 
months of sustained bearish pressure. Since late December 2024, ETH had been 
in a steady downtrend, losing more than 66% of its value as investors rotated 
into other assets amid macroeconomic uncertainty and dwindling altcoin demand. 
However, a major shift in sentiment emerged in early April, as Ethereum began 
climbing rapidly, gaining over 85% in just a few weeks. This rally has brought 
ETH back into critical resistance levels that could determine whether a 
sustained uptrend is now underway. Daan highlighted the significance of this 
move, stating that Ethereum is now at a “big level.” He noted that last week’s 
price action produced the largest weekly candle in years—an explosive move 
fueled by a massive short squeeze. Months of built-up bearish positions were 
flushed out as the rally caught many by surprise, sending prices sharply 
higher. Daan cautions that while the move is impressive, the next phase is 
about managing volatility: “Play this level by level,” he advises, “and watch 
for next week to develop to see where these alts are going to get picked up 
after the squeezes are done.” This moment is crucial not only for Ethereum but 
also for the broader altcoin market. ETH’s recovery is often a leading 
indicator of renewed risk appetite and capital rotation into smaller assets. 
With bulls now in control and price pressing into a key supply zone, how 
Ethereum behaves over the coming days could determine whether altseason truly 
begins—or whether this rally was just a reaction to overly bearish 
positioning. Either way, ETH’s strength has put the market back on alert. 
Related Reading: Solana Rallies Into Pivotal Zone – $180 Level Could Define 
Next Move Technical View: Price Surges Above Weekly Moving Averages Ethereum 
is showing clear signs of recovery on the weekly timeframe, breaking 
decisively above the 200-week exponential moving average (EMA) and simple 
moving average (SMA) for the first time since its downtrend began earlier this 
year. After reaching a weekly low below $1,400 just a few weeks ago, ETH has 
rallied aggressively, closing this week near $2,555—a 45% surge that marks its 
most explosive candle in over a year. The chart shows ETH pushing past the 
200-week EMA at ~$2,259 and reclaiming the 200-week SMA at ~$2,451. Analysts 
often use these two long-term trend indicators to distinguish between bear and 
bull market phases. Ethereum’s ability to close above both signals a potential 
shift in sentiment and structure, especially after months of lower highs and 
declining volume. Volume on this breakout is also notable. The past two weeks 
have seen a significant uptick in participation, suggesting this move isn’t 
just a short squeeze, but potentially the start of a broader recovery trend. 
ETH still faces resistance in the $2,700–$2,800 zone, but reclaiming this 
range could open the door for a sustained rally into Q3. The next few candles 
will be key in confirming this bullish reversal. Featured image from Dall-E, 
chart from TradingView