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According to Jinshi reports, after the release of significantly better-than-expected non-farm payroll data on Friday, market expectations for the Federal Reserve's interest rate hikes this year surged, causing spot gold to plummet sharply, nearly erasing all gains for the year, marking a fourth consecutive week of declines. Silver's overall trend mirrored that of gold but with slightly stronger volatility, closing down 9.85% for the week. The U.S. dollar index, buoyed by the unexpected non-farm data, rose significantly to just above the 100 mark. Following the non-farm data on Friday, U.S. tech stocks suffered heavy losses. The Dow Jones Industrial Average closed down 1.35%, the S&P 500 index fell 2.65%, marking the largest single-day drop since October 2025; the Nasdaq dropped 4.18%, the largest single-day decline since April 2025.Goldman Sachs believes that the current market sentiment is clearly more greedy than fearful. Deutsche Bank pointed out that the market is highly sensitive to any negative news involving Iran. Here are the key points the market will focus on in the new week (all times are in Beijing time):Monday 23:00, U.S. May New York Fed 1-year inflation expectations;Tuesday 14:00, Germany April seasonally adjusted industrial production month-on-month, April seasonally adjusted trade balance;Tuesday 18:00, U.S. May NFIB Small Business Confidence Index;Tuesday 20:15, U.S. ADP employment change for the week ending May 23;Wednesday 20:30, U.S. May unadjusted CPI, May seasonally adjusted CPI/core CPI month-on-month;Wednesday 21:45, Bank of Canada announces interest rate decision;Thursday 20:15, European Central Bank announces interest rate decision;Thursday 20:30, U.S. initial jobless claims for the week ending June 6, May PPI year-on-year/month-on-month;Friday 14:00, Germany May CPI month-on-month final value;Friday 14:45, France May CPI month-on-month final value;Friday 22:00, U.S. June 1-year inflation expectations preliminary value, June University of Michigan Consumer Confidence Index preliminary value.In the coming week, the market will face a series of important events, but the most anticipated remains the potential initial public offering (IPO) of SpaceX. According to current plans, this transaction may launch on Friday, and if it proceeds, it is expected to have a significant impact on overall market sentiment, although the specific direction is still difficult to determine.In addition to SpaceX, the Apple Worldwide Developers Conference, earnings reports, and TSMC's May sales data may also become important factors influencing market volatility. Next week, U.S. stocks will enter a relatively calm phase of earnings season; although the overall number of reports is not large, heavyweight tech companies Oracle and Adobe will take the stage one after another, becoming the focus of market attention.

According to The Wall Street Journal, several large banks in the United States plan to launch a tokenized deposit network next year, aimed at addressing the threat posed by stablecoins and cryptocurrency companies that have accelerated their penetration into traditional banking with the support of the Trump administration.The network will connect traditional payment rails with digital asset infrastructure, operated by the real-time payment network company Clearing House, which is jointly owned by several major banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo.

According to Jinshi, SpaceX is pressuring banks to achieve the historically lowest IPO fee rate.SpaceX is negotiating with the banks underwriting its initial public offering (IPO), seeking to pay an underwriting fee of less than 0.75%. Although SpaceX is negotiating to lower the underwriting fee, the banks are still likely to earn about $500 million from this IPO.

It has been reported that banks in the Hong Kong region are tightening account openings. According to informed sources, in accordance with the requirements of the Hong Kong Monetary Authority, some banks in the Hong Kong region will start tightening the opening of investment accounts from May 26, including the need to sign paper declarations, but there is currently no impact on savings accounts.

Insiders revealed that the cryptocurrency trading and brokerage firm FalconX has secretly submitted an S-1 registration draft to the U.S. SEC and has hired investment firms such as Cantor Fitzgerald to provide advisory services for its IPO. However, due to market volatility, FalconX expects to advance its listing no earlier than later this year. Founded in 2018, FalconX primarily provides digital asset trading, liquidity, clearing, and credit services to hedge funds, asset management firms, and market makers. The company completed a $150 million Series D funding round in 2022, with a valuation of $8 billion at that time.Reports indicate that as market sentiment cools, trading volumes decline, and the performance of some cryptocurrency IPOs post-listing has been weak, several cryptocurrency companies, including Kraken's parent company Payward, Consensys, Ledger, and Grayscale, have postponed their listing plans. Meanwhile, Blockchain.com also secretly submitted its IPO application to the U.S. last week.

According to Cryptopolitan, cybersecurity analysts have discovered a new type of fileless remote access trojan (RAT) named RemotePE. It is believed that the cybercrime organization Lazarus Group, associated with North Korea, is using this trojan to attack banks and cryptocurrency companies. The trojan operates entirely in memory, making it difficult for traditional antivirus and forensic tools to detect. Attackers impersonate trading company employees via Telegram, using forged Calendly and Picktime links for social engineering attacks. The malware is loaded in a three-stage chain through DPAPILoader, RemotePELoader, and RemotePE, with the entire process avoiding contact with the file system, utilizing process hollowing, anti-analysis checks, and encrypted C2 communication to evade detection.This malware was first discovered in September 2025. In the first four months of 2026, the Lazarus organization has stolen approximately $577 million in cryptocurrency assets, accounting for 76% of the total global cryptocurrency theft. Since 2017, the organization has accumulated a total theft amount of $6 billion.

The Monetary Authority of Singapore is collaborating with private banks to adopt a "risk-based" approach to shorten the account opening time. The head of the Monetary Authority of Singapore stated that the authority aims to reduce the account opening time to within one month, while the current median account opening time for complex cases is about six weeks or longer.He stated that this move is intended to ensure that banks maintain high standards while avoiding unnecessary and excessive scrutiny of the sources of clients' wealth.

According to the Financial Times, the Amsterdam company Qivalis has secured support from 37 European banks, including BNP Paribas, ING, and UniCredit, for its yet-to-be-launched euro stablecoin, making it the single euro stablecoin project with the most supporters in Europe.New supporters include ABN AMRO, Intesa Sanpaolo, and Rabobank. Qivalis has applied for a license from the Dutch central bank, aiming to receive approval in the second half of this year and plans to complete operational preparations upon receiving the license.

According to the Financial Times, Amsterdam-based Qivalis has secured support from 37 European banks for its yet-to-be-launched stablecoin, including BNP Paribas, ING Group, and UniCredit. The newly added 25 banks include ING Bank, Banco di San Paolo, and Rabobank.As executives and policymakers increasingly worry about the implications of the dollar's dominance in the crypto market, the support garnered by this single euro stablecoin project makes it the most supported stablecoin project in Europe. Qivalis has applied for a license from the Dutch central bank, hoping to obtain it in the second half of this year and aims to be operational when the license is issued.

According to a report by Shangguan News, on May 17, 2026, an elderly man in his 70s, Mr. Gong, from Shuxin Town, Chongming, Shanghai, was deceived by a scammer posing as an "investment mentor" on a short video platform. He was lured into investing in Bitcoin with the bait of "low investment, high returns" and attempted to withdraw 100,000 yuan in cash for transfer at different bank branches twice.After noticing the unusual behavior, the bank teller activated the anti-fraud warning mechanism and coordinated with the police to intervene and dissuade him. The police explained to the elderly man, using real cases, that virtual currency trading and speculation are explicitly prohibited in the country, and that so-called "Bitcoin investments" are all scams. They helped him delete the fraudulent software and block the scammer on WeChat on the spot. After two rounds of patient persuasion from the police and the bank, the elderly man ultimately recognized the scam and gave up the transfer.

According to CoinPost, the "Next Generation AI and On-Chain Finance Concept Project Group" of the Liberal Democratic Party of Japan has released a proposal that suggests combining AI with blockchain to automate decision-making, financing, and asset management, operating around the clock, and lists finance as the "18th growth investment area."Specific measures in the proposal include: promoting the tokenization of current accounts at the Bank of Japan (including wholesale CBDC), completing the argument organization within the year; the three major banks jointly issuing stablecoins, aiming to launch practical operations before March next year; and promoting the on-chain tokenization of real assets (RWA) such as accounts receivable and real estate.On the international cooperation front, the proposal suggests establishing an "AI and On-Chain Finance Asia Policy Dialogue Framework" and advancing cross-border settlements using yen-denominated stablecoins, building a "Global SC Corridor Concept."

Minnesota Governor Tim Walz has officially signed HF 3709, a bill that allows banks and credit unions in the state to offer cryptocurrency custody services. The bill will take effect on August 1, 2026. According to the bill's requirements, financial institutions must develop written policies covering risk management, internal controls, and security measures, and submit written notice to the state commissioner of commerce at least 60 days before providing custody services. The bill specifically emphasizes that customer assets must be strictly segregated from the institution's own assets.One of the main authors of the bill, Representative Bernie Perryman, stated that this move aims to allow local financial institutions to "grow alongside their customers," preventing residents from being forced to rely on unregulated out-of-state or offshore providers. The Minnesota Credit Union Network stated that this legislation provides residents with a "safer way to manage crypto assets" and strengthens protections against risks such as fraud and hacking through regulation. With this, Minnesota becomes another state, following New York, Wyoming, and Virginia, that allows banks to offer crypto custody services.Meanwhile, earlier this month, the state also enacted another bill (SF 3868) that bans cryptocurrency ATMs. Starting August 1, the state cannot install new cryptocurrency ATMs, and existing machines must be removed by December 31. As a result, Bitcoin ATM operator Bitcoin Depot has filed for Chapter 11 bankruptcy protection and initiated business liquidation this Monday.

According to the latest bill signed by the government of Minnesota, local banks and credit unions can now legally provide custody services for cryptocurrencies such as Bitcoin.The bill aims to provide a clear regulatory framework for financial institutions in the state to participate in digital asset businesses and to expand the coverage of traditional finance to cryptocurrency services.

According to Cryptopolitan, U.S. Senator Lummis stated in an interview with CNBC that large banks are trying to block the advancement of clear cryptocurrency regulatory legislation because they cannot compete with the crypto industry.She emphasized that the popularity of Bitcoin is unstoppable, "this will become the financial system of the future."

According to CoinDesk, billionaire hedge fund manager Ray Dalio stated that Bitcoin's lack of privacy protection, with transactions being monitorable and potentially controllable, is a primary reason why central banks are reluctant to hold Bitcoin. Dalio mentioned that about 1% of his portfolio is allocated to Bitcoin, but he believes that the transparent ledger characteristic of Bitcoin makes it difficult to serve as a reserve asset.Dalio also pointed out that Bitcoin has a 90-day correlation coefficient of 0.89 with the Nasdaq index, and about 79% of its price fluctuations can be explained by the performance of tech stocks, which undermines its function as an independent store of value. Furthermore, the market size of Bitcoin is still relatively small compared to gold and is more susceptible to influence; Dalio believes that gold still plays a more central role in the global system.

According to Reuters, the Bitcoin Initiative, which aimed to push the Swiss National Bank to include Bitcoin in its reserves, is expected to be terminated due to its failure to obtain the 100,000 signatures required to trigger a referendum.As the 18-month collection period nears its end, the initiative has only gathered about half of the signatures. The Swiss National Bank reiterated that the price volatility of cryptocurrencies and insufficient market liquidity do not meet its foreign exchange reserve requirements. Yves Bennaim, founder of the Bitcoin Initiative, stated that although the initiative will become invalid, related discussions have made some progress.

According to CoinDesk, Anchorage Digital CEO Nathan McCauley stated at the Consensus conference that since the passage of the GENIUS Act, about 20 financial institutions and large tech companies are lining up to issue their own stablecoins through Anchorage.He mentioned that Anchorage has won authorization for all major stablecoin issuances in the market, with clients including banks looking to achieve specific goals and stablecoin issuers with distribution channels. McCauley believes that agency business is reshaping the industry landscape, and stablecoins and digital assets are reconstructing money itself, a trend that is still severely underestimated by the market.