My wife was born in the United Kingdom and we’ve spent a lot of time visiting so I pay close attention to the country’s evolving stance on crypto. Now, with the UK’s draft Statutory Instrument on crypto regulation officially released,…

Interview | UK crypto rules signal major shift: but will they deliver?

An unprecedented surge in the Philadelphia Federal Reserve’s May Manufacturing 
Business Outlook Survey has jolted global risk markets and given crypto asset 
traders their clearest macro catalyst of the year. The Future New Orders 
diffusion index leapt by forty-plus points, a move that Julien Bittel, head of 
macro research at Global Macro Investor (GMI), called “literally” historic. 
Crypto Bulls Can Rejoice Bittel’s commentary on X framed the print with 
statistical precision: “Philly Fed data for May dropped yesterday – and the 
Future New Orders index just made history. Literally. … Expectations for new 
orders posted the largest monthly spike ever recorded – going all the way back 
to the index’s inception in May 1968. A staggering +4.3 standard deviation 
move. He underlined the shock with a comparison few macro watchers will 
forget: For perspective: that’s an even bigger move up than the downside 
collapse during the depths of the 2008 Global Financial Crisis (-4.1σ). Let 
that sink in…” Bittel then set the surge in a broader narrative that has 
animated his research since late last year. “Q1 growth was weak. The reason is 
straightforward – financial conditions tightened sharply in Q4. The dollar 
ripped, bond yields surged… a classic tightening phase,” he wrote. Related 
Reading: Analysis: Crypto Heats Up As $35 Billion Enters Market In Under A 
Month The proximate trigger, in his telling, was “businesses panic‑loading 
inventories ahead of Trump tariffs, and markets front‑running the inflation 
narrative.” Those dynamics, he argued, are a replay of Donald Trump’s first 
term: “We’ve highlighted repeatedly: this had all the hallmarks of Q4 2016 
during Trump’s first term. Just like early 2017, that tightening spilled over 
into slower growth momentum in Q1.” Where 2017 began with doubt and ended in a 
synchronous global boom, Bittel believes 2025 is rhyming. “Those Q1 headwinds 
have flipped into Q2 tailwinds,” he insisted. “Everything flows downstream 
from changes in financial conditions… Purchasing managers’ expectations are 
shifting – and shifts in thinking eventually translate into action. Sentiment 
shifts first. Action follows. It always does. Bullish.” The crypto market 
responded muted. Bitcoin reclaimed the $104,000 level in early‑European trade, 
but lost it later on. Ether steadied near $2,600, and high‑beta layer‑one 
tokens such as Solana and Avalanche moved in tandem. Related Reading: Ethereum 
Gains Momentum Amid Flat Funding Rates – Is This A Healthy Uptrend? Giancarlo 
Cudrig, head of markets at Immutable, said the scale of the shock is less 
important than how under‑positioned investors are for an upside growth 
surprise. “An upside economic shock like this – +4.3σ on new orders – is rare. 
But the bigger story is market positioning. Asset prices are not prepared. The 
melt‑up is the asymmetric risk. Now it’s being repriced.” Independent analyst 
Market Heretic struck a similar note on X: “When this dropped, markets didn’t 
even blink. Because the shift’s already in motion. This wasn’t news, it was 
confirmation. That’s the real tell, when markets shrug off a four‑sigma upside 
shock. It means the turn is already upon us – and it’s just getting started.” 
For crypto investors, the implications are immediate. A softer dollar and 
retreating real‑yield expectations reduce the opportunity cost of holding 
non‑yielding assets, while the early phase of a reflationary turn historically 
favours high‑beta exposures. Bittel’s own playbook is unambiguous: “Sentiment 
shifts first. Action follows.” As long as that chain reaction continues, the 
crypto bulls appear to have both math and momentum on their side. At press 
time, the total crypto market cap stood at $3.28 trillion. Featured image 
created with DALL.E, chart from TradingView.com

Crypto Bulls Just Got Their Macro Wake-Up Call: Here’s Why

The S&amp;P 500 rose 0.7% Friday, closing out a strong week as investors looked 
past weak consumer sentiment data and persistent inflation concerns. The index 
posted a 5% gain for the week, its best since November 2023, as tech stocks…

Dow jumps 330 points as S&P 500 logs strong weekly gain

The Filecoin Foundation and Lockheed Martin Space have successfully 
transmitted data in space using a version of the InterPlanetary File System 
(IPFS) on a satellite orbiting Earth, Marta Belcher, president of the Filecoin 
Foundation, told Cointelegraph.
Filecoin and Lockheed Martin adapted the system for use in space and 
successfully tested it, Belcher said during the Consensus 2025 conference in 
Toronto.
The IPFS enhances privacy and security compared to traditional web protocols, 
such as HTTP, by identifying data based on its content rather than its 
location. This has additional benefits for data transmission in space, Belcher 
said.
&#8220;The architecture is well-suited to space because it reduces delays, 
compensates for data corruption caused by radiation, and enables cryptographic 
verification to ensure data has not been tampered with,&#8221; she said.
The foundation is a nonprofit governing the decentralized cloud storage 
protocol Filecoin (FIL), which uses the IPFS web protocol to store data. 
Lockheed Martin is one of the world&#8217;s largest aerospace companies.
_Source:__Filecoin Foundation_
## Decentralized storage benefits
&#8220;There&#8217;s a multi-second delay from the Moon and a multi-minute delay from 
Mars,&#8221; Belcher said.
&#8220;With IPFS, you look for a content ID and retrieve the data from wherever is 
closest &#8212; your own device, a nearby satellite, or a lunar station.&#8221;
Additionally, the IPFS uses a distributed architecture to store multiple 
copies of data across a global network, reducing reliance on centralized data 
centers.
These multiple copies of data improve reliability in environments where 
hardware is prone to degradation, helping to ensure the integrity of sensitive 
materials such as satellite images, according to Belcher.
Interest in decentralized archival storage is growing among media companies, 
and the Foundation is also exploring potential military applications of this 
technology, Belcher said.
&#8220;It could be really powerful for media in general to have that deep archive 
and also the ability to have your records everywhere all over the world when 
needed,&#8221; she said.
The FIL token is a utility token that can be used within the Filecoin 
ecosystem. It has a total market capitalization of approximately $1.8 billion 
as of May 16, according to Cointelegraph data.
_**Magazine: **__**X Hall of Flame: Bitcoin will &#8216;start ripping&#8217; as Trump&#8217;s 
polls improve &#8212; Felix Hartmann**_ _** **_

Filecoin, Lockheed Martin send data in space using decentralized data protocol

Coinbase will provide cryptocurrency trading, custody, and staking services to 
Webull Pay through its Crypto-as-a-Service (CaaS) platform starting in June 
2025, the two companies announced Friday. Coinbase to Provide Backend Crypto 
Services for Webull Pay Under the agreement, Webull Pay gains access to 
Coinbase’s institutional-grade infrastructure, including custody solutions, 
advanced trading systems, and support for […]

Webull Pay Taps Coinbase for Crypto Trading, Custody Infrastructure

At least one partner at Sequoia Capital was reportedly impacted by the recent 
data breach among Coinbase users, suggesting that data from others at the 
venture capital firm may also have been compromised.
According to a May 16 Bloomberg report, Sequoia Capital Managing Partner 
Roelof Botha&#8217;s personal information available through his Coinbase account was 
stolen after a group of cybercriminals bribed the exchange&#8217;s support agents 
for access to user data. Though Botha had not publicly disclosed his net 
worth, estimates suggested he had hundreds of millions of dollars in assets.
Coinbase disclosed the data breach in a May 15 blog post, saying that some of 
its users had been targeted with social engineering attacks after the 
criminals had access to their personal account information. The company said 
the group attempted to extort $20 million in exchange for not disclosing the 
breach, which Coinbase rebuffed.
Though the extent of the breach was still unknown, another Bloomberg report 
suggested that the same type of attacks targeted users at Kraken and Binance. 
Cointelegraph reached out to representatives from both exchanges but had not 
received any response at the time of publication.
This is a developing story, and further information will be added as it 
becomes available.