Latest Crypto News & Market Updates

Magnificent 7 wipes $273 billion in a day as big tech sell-off continues

The U.S. stock markets hot streak that started in late March signalled it had overheated, with the May 14 S&P 500 benchmark index closing at 7,501 as the subsequent sessions led to a total 1.97% correction by the evening of May 19.　　S&P 500 index one-month chart. Source: Google　　The most recent regular session demonstrated that the brutal correction is far from over, given that the ‘Magnificent 7’ companies erased a total of $273 billion between the morning and closing bells.　　Google (NASDAQ: GOOGL) led the losses both in relative and absolute terms with its 2.09% fall, translating to a nearly $100 billion valuation drop. Apple (NASDAQ: AAPL), on the other hand, was the only stock within the group to end the day in the green, having climbed 0.38% and added slightly more than $16 billion to the blue-chips market capitalization.　　Simultaneously, Broadcom (NASDAQ: AVGO) – the world‘s seventh-largest company and one not included in the ’Magnificent 7 – suffered an even larger relative drop than GOOGL as it wiped $45.61 billion with a 2.29% fall.　　Top 10 companies in the world by market cap after the May 19 closing bell. Source: CompaniesMarketCapWhy the ‘Magnificent 7’ just wiped $273 billion in a day　　By press time

05-21Industry

CBDC Quietly Advances as Trump Reviews Fintech Banking, Europe Pushes Euro Stablecoin to 37 Banks

Despite the White Houses public opposition to a U.S. central bank digital currency, work on government-backed settlement rails is reportedly progressing behind closed doors. Speaking at the Digital Money Summit in London, former CFTC Chairman Timothy Massad said a CBDC is effectively inevitable, driven by international experiments that risk leaving the United States behind in tokenized finance. Massad pointed to Project Agora, a Bank for International Settlements initiative involving seven central banks including the Federal Reserve, as evidence that quiet groundwork continues. While a March Senate vote backed a ban on a retail digital dollar, wholesale CBDC research persists inside policy circles.　　Frankfurt-based AllUnity, the stablecoin venture backed by DWS, Flow Traders and Galaxy Digital, plans to launch a Swedish krona-pegged token called SEKAU in June pending final approvals. Fully reserved and issued under the EU‘s MiCA framework, SEKAU joins the firm’s existing euro and Swiss franc blockchain tokens. AllUnity also unveiled Agentic Payments, an infrastructure layer enabling autonomous AI agents to transact and settle directly into bank accounts using Coinbase‘s x402 standard. CEO Alexander Höptner framed the launch as essential digital plumbing for Sweden’s cashless transition, while CTO Peter Grosskopf described the system as a gateway for European businesses pursuing

05-21Industry

Chainlink Records New ATH in Daily Network Activity

Chainlink has recorded a new all-time high in daily network activity as adoption of its Cross-Chain Interoperability Protocol (CCIP) keep pushing the network to new frontiers.　　According to recent on-chain data, CCIP reached a record 80,428 daily active addresses during the week of May 6. The spike came as projects including Kelp DAO completed migrations and integrated deeper into the Chainlink ecosystem. The latest numbers surpassed the previous network activity record by a wide margin, signaling that the growth was driven by real usage.　　CCIPs main purpose　　CCIP allows blockchain networks and protocols to transfer data and assets between chains more efficiently. As more projects migrate or integrate into the system, Chainlink becomes increasingly positioned as a core interoperability layer for the broader crypto market.　　JPMorgan: Bitcoin Races Ahead of Ethereum　　Hyperliquid (HYPE) Back in Bull Mode With 13% Rally, Ethereum (ETH) Risks Losing $2,000 Prematurely, XRPs Only Chance For $2 Comeback: Crypto Market Review　　LINK/USDT Chart by TradingView　　Unlike many on-chain spikes caused purely by trading hype, this increase appears connected to actual ecosystem activity and migration demand.　　Chainlinks market performance　　At the same time, LINKs price action is beginning to reflect improving sentiment.　　The chart shows LINK stabilizing after months of weakness and gradually reclaiming short-term moving averages.

05-21Industry

Solana Loses Half Its Bid Just as $83 Trapdoor Threatens Free-Fall

Solana (SOL) price sits at $84.80 with buying pressure halving and bearish crossovers stacking up as the asset tests a critical floor with no demand walls below.　　The combined signals point to a setup where any break of the recent swing low could accelerate quickly, since the on-chain cost basis data shows the next major demand cluster sitting well above current price rather than below it.　　Solana Slides 15% as Bearish Crossovers and Rising Sell Volume Stack Up　　Solana has slid roughly 15% since hitting its May 11 peak, dragging the asset back into a range it had been trying to break out of for weeks. The decline has been confirmed by two technical signals that have flipped bearish in succession.　　The first signal is an EMA crossover that already triggered. The 20-period Exponential Moving Average (EMA), a trend indicator that weighs recent prices more heavily than older candles, crossed beneath the 50-period EMA on May 19. A second crossover is forming as the 20-period approaches the 100-period from above, which would mark a stack of two consecutive bearish crosses.　　The SOL price action also carries weight in the volume reading. 12-hour selling volume has gradually increased since May 16, even as Solanas price continued

05-21Industry

Trump signs executive order pushing Fed to review non-bank access to payment rails

President Donald Trump on Tuesday issued an executive order directing the Federal Reserve and other federal regulators to evaluate expanding payment system access for fintech and digital asset firms as part of a wider administration effort to reduce regulatory barriers to financial services.　　The order, titled “Integrating financial technology innovation into regulatory frameworks,” instructs federal agencies to review rules, guidance, and licensing processes that may impede fintech innovation or partnerships with regulated financial institutions.　　Agencies including the SEC, FDIC, OCC, CFPB, CFTC, and NCUA have 90 days to identify reforms and 180 days to begin encouraging innovation through regulatory changes.　　The administration said the current system imposes fragmented and burdensome oversight that advantages incumbent financial firms.　　The directive applies to a wide range of fintech activities, including payment platforms, lending technology, digital banking, blockchain services, brokerage operations, investment management, and digital asset businesses.　　Trump also asked the Fed to conduct a review of legal and regulatory frameworks governing access to Fed payment accounts and services for uninsured depository institutions and non-bank financial firms, including those engaged in digital asset activity.　　The Fed has 120 days to submit recommendations to the White House addressing legal authority, barriers to access, risk considerations, and consistency among regional Reserve Banks.　　If

05-21Industry

Polymarket, Nasdaq team up on private-company prediction markets

Polymarket has struck a deal with Nasdaqs private-markets arm to launch prediction markets tied to private-company valuations, IPO timing and secondary trading, opening a new way for retail and institutions to bet on and benchmark unicorns before they list.Polymarket launches first prediction markets tied to private-company events with Nasdaq dataUsers can trade on valuation milestones, IPO timing and secondary-market activityMove deepens trend of prediction markets moving from crypto niche into mainstream finance　　According to Reuters, New York-based Polymarket has partnered with Nasdaq Private Market to debut the “first prediction markets tied to private company performance and milestones.” The new markets allow traders to buy and sell outcome shares based on whether a private firm hits specific valuation thresholds, when it goes public, or how its secondary-market pricing evolves over time. Polymarket says the collaboration is designed to give individuals exposure to “some of the most sought-after private companies for the first time,” while giving institutional investors a new real-time signal on how private valuations are moving.　　How the Polymarket–Nasdaq tie-up works　　In a press release, Polymarket said that under an “exclusive agreement,” Nasdaq Private Market (NPM) will serve as the “resolution data provider” for these new markets, supplying verified data on private-company primary

05-21Industry

Kraken Opens Regulated Margin Trading: But Hidden Exchange Settings May Shape the Outcome

Kraken opened its doors to spot margin trading for US retail clients in May 2026. This move took place shortly after Kraken acquired Bitnomial for $550 million, the first fully CFTC-licensed derivatives company in the US. With spot margin trading now open, US retail traders now have access to 10x leverage on Kraken without having to acquire Eligible Contract Participant status.　　The real outcome of trading, however, wont be shaped by a single setting. Offshore traders have found that engaging in a similar form of trading creates a unique scenario: two positions at the same leverage could lead to very different outcomes. And it is all because of one setting.　　Now that Krakens launch will give US retail traders the way to interact with the leveraged market for the first time, it is likely that this setting will be ignored.　　The Hidden Setting That Limits How Traders Handle Losses　　While Krakens new launch would give US retail traders access to the same margin mechanics that offshore traders have been enjoying over the years, it will also open them to one reality: when liquidity cascades, cross margin behaves differently from isolated margin.　　Offshore traders found this shift first. They found that when the market grows volatile,

05-21Industry

Polymarket wallets made $2.4M on Iran bets – Was insider trading involved?

Suspicion surrounding geopolitical prediction markets increasingly intensified after nine connected Polymarket wallets reportedly generated over $2.4 million from Iran war betting activity.　　Investigators already linked the cluster to more than 80 highly accurate positions with reported win rates near 98%.　　Source: X　　Those accounts allegedly predicted the exact timing of U.S. strikes, leadership developments, and eventual ceasefire announcements before broader public confirmation emerged.　　Bubblemaps Co-Founder and CEO Nicolas Vaiman later stated that statistical probability alone could not reasonably explain the trading precision behind those positions.　　That progression increasingly exposed insider-information risks across anonymous geopolitical betting markets.　　Political betting rapidly reshapes prediction markets　　As insider-trading concerns increasingly spread across prediction markets, speculative capital also continued accelerating into geopolitical and regulatory event trading.　　TRM Labs data already showed monthly prediction market volume expanding from roughly $1.2 billion during early 2025 toward nearly $20 billion by early 2026.　　Source: TRM Labs　　That momentum strengthened further once traders increasingly treated military developments, political shifts, and crypto legislation like tradable financial assets.　　Polymarket users also currently assign nearly 64% odds for the CLARITY Act becoming law during 2026, beneath roughly $952,000 in cumulative contract volume.　　Source: Polymarket　　Legislative sentiment, meanwhile, continued to fluctuate sharply around Senate proceedings and committee developments, reinforcing broader positioning volatility. However, growing liquidity and

05-21Industry

Injective rebounds 8% – But can INJ bulls hold $5 this time?

Injective rebounds on increased speculation　　However, the overall ratio remains extremely low, at around 0.6, suggesting that, apart from OKX and Binance, traders elsewhere are shorting the market.　　The market still faces intense bearish pressure　　Although speculative activity returned to the market, sellers have remained extremely active across the spot and futures markets.　　Source: CoinGlass　　On the Futures side, outflows have dominated the market for seven consecutive days. On the 19th of May, Futures Outflow rose to $124.9 million while inflows dropped to $121.4 million.　　As a result, Futures Netflow dropped to -$3.4 million, a clear sign of aggressive selling activity. On the Spot side, sellers rushed to cash out after INJ rebounded.　　CoinGlass data showed that Spot Netflow rose to $903k, further confirming intense profit-taking activity. With sellers dominating both sides, this suggests a lack of long-term conviction among market participants.　　Source: CoinGlass　　Often, such stretched selling pressure has preceded a weakened market structure, leading to lower prices.　　What momentum indicators suggest　　Injective momentum remains strong despite increased profit-taking. The altcoins ADX of the Directional Movement Index (DMI) rose to 57, while the positive index sits at 45.　　ADX above 50 indicates a very strong trend, and with the positive Index above the negative Index, it suggests a strong upside.　　Additionally, the

05-21Industry

Qivalis Adds 25 Banks Across 15 Nations as Bank of England Maps Stablecoin Rules

The Qivalis consortium expanded its membership to 37 institutions on Wednesday, adding 25 new banks across 15 European countries as it advances toward a regulated euro stablecoin launch in the second half of 2026. The Amsterdam-based group now counts ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo among its members, broadening the projects footprint into core European banking. Chairman Howard Davies said the consortium is “ensuring that European principles around data protection, financial stability and regulatory rigour are embedded into the next generation of digital money.” The expansion lands as US dollar-pegged tokens still command roughly 98% of global stablecoin market share.　　Spain emerged as the most represented jurisdiction in the latest membership wave, with ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank all joining. The country has separately shown the strongest retail uptake of Circle‘s EURC, making it a natural focal point for euro-denominated blockchain payments. Italy added two new members, while France, Sweden, Greece, the Netherlands, Finland and Ireland each contributed two more institutions. The diversified roll-call strengthens the consortium’s ambition to deliver a unified MiCA-regulated rail despite recent comments from ECB President Christine Lagarde arguing that private stablecoins are not the right vehicle for advancing the euros global standing.　　Prop trading

05-21Industry

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