In this video, we’ll explore the key economic events and market trends, shaping the financial landscape. Get ready for insights into financial markets to help you navigate the week ahead. Let’s dive in!

In this episode of Market Insights, Gary Thomson unpacks the strategic implications of the most critical events driving global markets.

👉 Key topics covered in this episode:

✔️ US Inflation Rate
The US inflation report on 12 May could become a key short-term catalyst for the dollar, especially as markets remain cautious amid geopolitical uncertainty and steady Fed policy expectations. While headline inflation has accelerated due to rising energy prices, traders will closely watch whether inflationary pressures continue to build. Will persistent inflation support the US dollar, or will markets continue to expect no Fed rate changes this year?

✔️ UK GDP Data
The British pound is showing relative strength ahead of the UK GDP release on 14 May, with recent GBP moves largely driven by US dollar dynamics and improving UK economic data. As traders assess quarterly and annual growth figures, the release could trigger heightened volatility in GBP pairs. Will strong GDP data support a sustained recovery in the pound, or will broader market uncertainty limit further gains?

✔️ US-China Meeting
Attention will also turn to the reported meeting between Donald Trump and Xi Jinping on 14-15 May in China. While the event itself may not trigger major volatility, any comments or signals on trade, geopolitics, or global cooperation could influence overall market sentiment and risk appetite. Will the meeting help ease geopolitical concerns, or add further uncertainty to global markets?

To summarise, the market outlook remains driven by a combination of macroeconomic data and geopolitical developments, with no clear dominant trend yet established.

In this environment, traders closely monitor incoming data, being flexible and getting ready for short-term volatility.

Gain insights to strengthen your trading knowledge.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stablecoins have moved from crypto niche to an institutional priority, but the next phase of adoption will depend on infrastructure, privacy and real-world usability, executives from MoonPay, Ripple and Paxos said at Consensus Miami 2026.

Richard Harrison, MoonPay’s vice president of banking and payment partnerships, said traditional finance firms are entering stablecoins faster because regulation has made the market easier to navigate.

“What GENIUS brought us was clarity,” Harrison said. “It was like a permission slip for companies to enter into stablecoins.”

Harrison said stablecoins are also a natural evolution of payments, where speed and convenience have long been limited by legacy rails. Cross-border transfers can still take days and remittances can carry steep fees, he said, while stablecoins allow near-instant, one-to-one value transfer.

Still, Harrison said stablecoins represent only a small share of global remittances today and may reach roughly 10% within five years. Business-to-business payments are already a clear use case, he said, but consumer adoption remains harder.

Jack McDonald, Ripple’s senior vice president of stablecoins, said institutional customers require regulated products, strong counterparties and trusted custody arrangements before moving meaningful volume on chain.

“For institutions to really unlock the full demand … you have to be regulated at the highest level,” McDonald said.

He said Ripple is focused less on stablecoin market capitalization than on utility, including payments, corporate treasury movement and collateral use in capital markets. McDonald said Ripple’s stablecoin complements XRP rather than competing with it, because transactions on the XRP Ledger still use XRP as the native token.

Brent Perrault, senior staff software engineer at Paxos, said newer regulated stablecoins can compete by emphasizing trust, distribution and user incentives. He cited PayPal USD’s growth and large institutions such as Charles Schwab using Paxos infrastructure as signs of demand from sophisticated financial firms.

But Perrault said privacy remains unresolved. Public blockchains expose transaction amounts and flows, and partial privacy is insufficient if users eventually move between private and public environments.

Harrison compared stablecoins to electric cars: the core product works, but adoption depends on supporting infrastructure.

“How do you use stablecoin to pay your rent?” he said. “How do you use it to buy a cup of coffee?”

Bitcoin’s (BTC) briefly slipped from $79,000 to just $0.019 today on UK online banking platform Revolut. Mercifully, the dip lasted just a few seconds before it returned to its original price. 

Using Google Chrome, Revolut displays the low between 7:45/50 GMT+1 as $73,000. However, the platform’s mobile app mobile displays the BTC drop as low as $0.019. 

Revolut told Protos that the inaccurate pricing was caused by “a service disruption at a third-party provider.” It said the issue has since been solved and that it’s still “in the process of evaluating the details of the disruption.”

There was a flurry of confusion from onlookers on X this morning as they wondered whether or not a flash crash had taken place. 

Many received a push notification from Revolut on their lock screens claiming that BTC had reached a 52-week low, and that the price was now $0.02. This would be closer to an all-time low. 

Read more: Hot air at AWS causes Coinbase outage

All Revolut told users at the time through its support account is that it’s “currently experiencing technical issues affecting some crypto functionalities.”

However, it’s still unclear if this third-party disruption, leading to BTC’s brief cratering, was the result of a visual glitch or liquidity issues. Neither CoinGecko nor Coinbase are displaying such BTC crashes.

Visual glitches and flash crashes aren’t uncommon

Similar visual glitches aren’t uncommon in the crypto world. Binance, for example, displayed a glitch in people’s wallets last year that dropped everybody’s balance to $0.

This was caused by “network congestion,” which followed a $400 billion crash in the global crypto market just days beforehand. 

In 2021, crypto exchange PDAX briefly listed BTC for $6,000, almost 90% cheaper than it was at the time. Users rushed to buy at the low price, and PDAX began suspending accounts. 

The exchange then began to exchange legal threats with buyers. The listing in the end was a visual glitch. 

The CLARITY market structure bill in the United States could be marked up by the Senate Banking Committee as early as next week, according to Kara Calvert, the vice president of US policy at Coinbase. Speaking at the Consensus 2026 crypto industry conference in Miami, Calvert indicated that momentum is building toward a committee vote, but stressed that passage will require broad bipartisan support and a solid 60 votes in the Senate.

“My prediction is that we have a markup next week,” Calvert said at Consensus 2026. “That means you need Democrats. You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds. I think the big question is, how do these votes shape up over the next few days?”

“That means you need Democrats. You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds. I think the big question is, how do these votes shape up over the next few days?”

In context, a HarrisX poll released on Thursday underscored broad appetite for clear federal crypto rules. The survey found that 70% of voters believe the US should already have enacted clear cryptocurrency legislation, and 62% regard the US as pivotal in setting global rules for digital finance.

However, the path forward remains uncertain. The CLARITY bill previously stalled in January after Coinbase withdrew its support, citing concerns including insufficient protections for open-source software developers, a prohibition on stablecoin yield, and certain DeFi regulatory gaps. As Cointelegraph reported, these issues contributed to hesitation among industry participants about advancing the legislation without further refinements.

Related coverage notes that a broader political dynamic may influence timing. A separate report cited a US senator suggesting a vote on crypto market structure could occur by August, signaling ongoing legislative attention to the sector even as specific provisions remain contested.

A key takeaway highlighted by Calvert is that the tax framework surrounding crypto remains a central hurdle to institutional adoption. The prevailing view is that coherent tax policy is often more critical to mainstream participation than the exact contours of market structure legislation. Institutional actors seeking to acquire and hold digital assets face complex tax reporting burdens that add cost and compliance risk.

Tax reporting requirements under current regulations require crypto exchanges to document numerous transactions for IRS purposes, including small-value trades. Calvert described the process as an inefficient burden that undermines the attractiveness of crypto as an asset class for institutions. In this context, several lawmakers have advanced tax reform proposals aimed at simplifying treatment for digital assets, with the Digital Asset PARITY Act among the notable efforts under consideration.

Looking ahead, Calvert estimated that tax reform discussions could gain momentum in 2026, with potential action in both chambers in the coming months. She noted that while market structure legislation remains on the congressional radar, a robust tax policy framework could have a more decisive impact on institutional participation in crypto markets.

Key takeaways

• The CLARITY Market Structure Act could receive a markup in the Senate Banking Committee as early as next week, signaling renewed congressional attention.
• passage hinges on bipartisan support and securing 60 votes in the Senate, a threshold that requires cross-party collaboration.
• Public sentiment strongly favors clear federal crypto rules, with a majority of voters supporting expedited regulatory clarity and leadership in global digital finance norms.
• Past resistance centered on protections for open-source developers, DeFi regulation gaps, and restrictions on stablecoin yields; these concerns may shape ongoing negotiations.
• Tax policy remains a primary barrier to institutional adoption, with proposed reforms toward simplifying crypto taxation and reporting highlighted as critical to broader participation.

Legislative timing and bipartisan dynamics

The forthcoming markup reflects a broader strategy to finalize a coherent federal framework for crypto markets. Calvert’s view underscores the practical challenge: a bipartisan coalition is essential to pass controversial market safeguards that touch on exchanges, developers, and liquidity providers. The Senate’s willingness to engage on a comprehensive package, rather than piecemeal provisions, will likely influence not only the CLARITY bill’s fate but also the pace of related tax and regulatory proposals.

As observers weigh the political calculus, it is clear that the administration and lawmakers are intent on avoiding a regulatory gap that could jeopardize perceived global competitiveness. The balance between investor protection, innovation, and regulatory clarity remains at the center of the debate, with industry stakeholders monitoring committee schedules and drafting discussions closely.

Tax policy and institutional adoption barriers

Beyond market structure specifics, a coherent tax regime is viewed as a pivotal enabler or constraint for institutions. The current framework, which some describe as misaligned with the complexities of digital assets, imposes extensive reporting obligations that increase administrative costs and compliance risk for banks, custodians, and asset managers. Calvert pointed to the volume of 1099-DA-style reporting as an example of how tax rules can hamper efficient participation in crypto markets.

In parallel with package discussions, lawmakers have introduced tax-focused proposals aimed at providing parity and reducing unnecessary friction for legitimate crypto activities. The Digital Asset PARITY Act—among the measures cited by industry participants—illustrates congressional efforts to simplify tax treatment while preserving compliance controls. The ongoing debate over how best to align tax policy with evolving market realities is expected to shape both legislative posture and enforcement priorities in the near term.

From an enforcement perspective, the interplay between tax policy, regulatory oversight, and market structure is material for exchanges, banks, and institutions seeking reliable, lawful access to digital asset markets. Regulatory filings and policy papers indicate a move toward greater clarity on reporting standards, transfer of value, and custody requirements—areas that directly impact licensing, risk management, and internal governance for market participants.

On the regulatory horizon, the CLARITY debate unfolds within a broader ecosystem that includes discussions on stablecoins, DeFi governance, and the scope of permissible activities for non-custodial protocols. As policymakers weigh these elements, the potential for harmonization with international standards—while preserving US innovation and market integrity—remains a central objective.

Regulatory context and market implications

The ongoing debate around the CLARITY Act sits at the intersection of policy design and practical compliance needs. For exchanges and institutions, a clear federal framework can reduce legal uncertainty, facilitate licensing, and streamline cross-border operations. Conversely, if final legislation imposes stringent restrictions on stablecoin yields or imposes expansive DeFi regulations, firms may face higher compliance costs and strategic reconsiderations about product design and market participation.

Industry observers also note that regulatory alignment with federal rules would complement international efforts, including Europe’s MiCA framework, by providing a common baseline for compliance expectations and reporting standards. While MiCA addresses certain aspects of digital asset markets within the EU, the US approach continues to emphasize a combination of specific rules for tokens, platforms, and custodial services, with enforcement priorities determined by agencies such as the SEC, CFTC, and DOJ.

In this context, the poll results indicating broad demand for federal clarity acquire particular significance: if policymakers deliver a comprehensive, bipartisan package, institutions may accelerate due diligence, risk assessments, and governance updates to align with forthcoming requirements. Conversely, protracted negotiations or partial measures could maintain a level of regulatory uncertainty that complicates capital allocation and program design for large firms and financial intermediaries.

According to Cointelegraph, the regulatory debate remains active, with stakeholders watching for signs of how the next weeks’ markup and related tax discussions might translate into concrete policy outcomes. The evolving framework will influence licensing trajectories, reporting obligations, and the risk controls that underpin institutional participation in digital assets.

Closing perspective

The next steps in the CLARITY bill process will be closely watched by market participants, policymakers, and regulators alike. A markup in the near term would signal renewed congressional attention and set the stage for negotiations on a broader policy architecture that could shape institutional access to crypto markets for years to come. While much remains unresolved, the emphasis on bipartisan support and tax policy coherence will likely determine the trajectory of US crypto regulation in the near term.

Key Takeaways

• Daiwa Securities shifted Qualcomm’s rating from Neutral to Outperform, establishing a $225 price objective
• Shares of QCOM climbed 6% during Friday’s session after rising 5.6% pre-market from Thursday’s $202.50 close
• The chipmaker’s stock has surged more than 60% over the last month
• Second-quarter earnings showed EPS of $2.65, topping the $2.56 forecast, though revenue declined 3.5% annually
• Management authorized a $20 billion buyback program; average analyst target stands at $176.54 with a Hold consensus

Shares of Qualcomm experienced a significant 6% surge during Friday’s trading session following an upgrade from Daiwa Securities, which moved the semiconductor company from Neutral to Outperform. The firm established a $225 price objective, suggesting approximately 11% potential appreciation from present trading levels.

QUALCOMM Incorporated, QCOM

After settling at $202.50 on Thursday, the stock showed strength in pre-market activity with a 5.6% advance. The past month has been particularly rewarding for shareholders, with QCOM delivering gains exceeding 60%.

Louis Miscioscia, the Daiwa analyst behind the upgrade, highlighted Qualcomm’s promising revenue expansion trajectory and what he characterized as reasonable current valuation levels.

His research note posed whether the company might become the next chip sector player to experience a price-to-earnings multiple expansion, drawing parallels to Arm Holdings’ recent valuation reassessment.

Miscioscia identified an approaching investor presentation as an important near-term catalyst, where executive leadership is anticipated to detail strategic initiatives in data center processors, physical computing solutions, and edge artificial intelligence applications.

Second Quarter Results: Performance Analysis

The company delivered second-quarter earnings of $2.65 per share, surpassing Wall Street’s $2.56 projection by nine cents. Total revenue reached $10.60 billion, meeting analyst forecasts.

Year-over-year comparisons showed a 3.5% revenue contraction from the prior year period, when the company posted $2.85 per share. Forward guidance for the third quarter called for earnings between $2.10 and $2.30 per share, missing analyst expectations.

Despite the conservative near-term outlook, Miscioscia emphasized that investors should prioritize Qualcomm’s long-range growth opportunities over quarterly fluctuations.

The board of directors greenlit a substantial $20 billion stock repurchase authorization in March, representing approximately 14.5% of shares outstanding.

Analyst Community Remains Split

The broader investment community hasn’t fully embraced the bullish thesis. Wall Street’s aggregate rating on QCOM sits at Hold, with a consensus price objective of $176.54 — substantially beneath current trading levels.

Bank of America maintains an Underperform stance with a $145 target. Morgan Stanley holds an Underweight view at $146. Susquehanna assigns a Neutral rating at $160.

Conversely, TD Cowen elevated its price objective to $200 with a Buy recommendation on April 30th. The analyst community breaks down to nine Buy ratings, sixteen Hold recommendations, and three Sell opinions.

Technical indicators also present a complex picture, with overbought conditions emerging as a potential headwind following the explosive 30-day rally.

Compounding cautious sentiment, Chief Executive Officer Cristiano Amon divested 10,000 shares on May 4th at an average execution price of $180.00, generating proceeds of $1.8 million. The transaction occurred under a predetermined Rule 10b5-1 trading arrangement.

Executive Vice President Heather Ace similarly sold 3,200 shares at $177.82 on the identical date. Corporate insiders have collectively disposed of 19,177 shares worth approximately $3.18 million during the trailing 90-day period.

Qualcomm carries a market capitalization of $213.70 billion, trades at a price-to-earnings multiple of 22.04, and exhibits a beta coefficient of 1.49. The 50-day moving average registers at $138.77, considerably below the present share price.

The stock’s 52-week trading band extends from $121.99 to $223.66, indicating current prices hover near the upper boundary of the annual range.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2142.44, up 0.1% (+2.73) since 4 p.m. ET on Thursday.

Seventeen of 20 assets are trading higher.

Leaders: NEAR (+6.3%) and ICP (+5.8%).

Laggards: BNB (-0.4%) and CRO (-0.1%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.