Massachusetts Senator Elizabeth Warren accused Office of the Comptroller of the Currency’s (OCC’s) Jonathan Gould of violating banking laws by approving national trust charters for cryptocurrency companies.

In a Monday letter to Gould, Warren said the OCC head had “approved at least nine national trust charters for crypto companies that intend to engage in activities that appear to go far beyond the narrow set of activities permitted by law,” an apparent violation of the National Bank Act.

Source: US Senate Banking Committee

She called on Gould to provide the full applications of crypto companies the OCC had approved or conditionally approved since December 2025, including Coinbase, Crypto.com’s parent company, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings and Paxos, as well as communications between the office and US President Donald Trump, members of his family and White House officials.

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” said Warren. “Your decision to facilitate this regulatory arbitrage not only conflicts with federal law, it also poses serious risks to consumers, the safety and soundness of the banking system, and the separation of banking and commerce.” 

Related: Warren urges Fed, Treasury not to ‘bail out’ crypto amid Trump-linked firm concerns

Warren, ranking member of the US Senate Banking Committee, has repeatedly criticized lawmakers and regulators for supporting policies with potential conflicts of interest related to Trump’s ties to the crypto industry. She pushed for provisions in the crypto market structure bill, the CLARITY Act, in a committee markup last week and called on Gould to delay consideration of the Trump family-backed crypto business World Liberty Financial, which filed for a charter in January.

Cointelegraph requested comment from the OCC but did not receive an immediate response.

Kraken parent’s application under review

On May 8, Payward, the parent company of cryptocurrency exchange Kraken, filed an application with the OCC for a national trust charter. The company said, if approved, the charter would allow it to “provide fiduciary custody and other services primarily for digital assets” under the Payward National Trust Company.

A national trust bank charter mainly allows holders to provide fiduciary and custodial services without engaging in deposit-taking or commercial lending, which means they are not subject to the same regulatory requirements as traditional banks.

Magazine: Crypto scammers face death, Aussie CGT makes Asian hubs attractive: Asia Express

TLDR

• Polymarket has launched prediction markets tied to private company milestones for retail traders.
• The platform partnered with Nasdaq Private Market to provide verified data for contract outcomes.
• Traders can speculate on events like IPO timing and valuation targets without owning company shares.
• The contracts resolve based on real data and follow a yes or no outcome structure.
• Nearly 1600 unicorn companies globally hold a combined value exceeding $5 trillion.

Polymarket has launched new prediction contracts tied to private companies and their milestones. The platform partnered with Nasdaq Private Market to supply verified data for contract outcomes. The move introduces retail access to a $5 trillion private market previously limited to institutional investors.

Polymarket Expands Access to Private Company Events

Polymarket introduced contracts that track private company milestones like valuations and IPO timelines. The platform uses blockchain infrastructure to enable real-time trading on these outcomes.

The company confirmed that users can trade without owning actual shares in private firms. Instead, traders take positions on defined events that resolve as “yes” or “no.”

Nasdaq Private Market will supply the official data used for settlement decisions. The firm tracks private transactions and valuation benchmarks across secondary markets.

A Polymarket spokesperson stated, “We aim to broaden access to private market signals through transparent contracts.” The platform confirmed that all outcomes depend on verified external data sources.

The companies reported that nearly 1,600 unicorn startups now exist worldwide. These firms hold a combined valuation exceeding $5 trillion across global markets.

Retail Traders Gain Exposure Without Equity Ownership

Retail participants have historically lacked access to private company growth before public listings. Venture capital firms and accredited investors have dominated early-stage investment opportunities.

Polymarket’s structure allows users to engage with these developments through prediction markets. Traders can speculate on whether companies reach valuation targets or file IPOs.

The platform clarified that contracts do not represent ownership or equity stakes. Instead, they function as binary instruments based on measurable corporate events.

Nasdaq Private Market operates an infrastructure that supports secondary share trading. It collects transaction data that helps determine pricing trends in private markets.

A Nasdaq Private Market representative stated, “Our data ensures consistent and transparent contract resolution.” The firm emphasised accuracy in tracking private market activity.

New Data Model Drives Market Resolution

The partnership relies on structured datasets that define clear outcomes for each contract. Polymarket integrates this data directly into its blockchain-based system.

Each contract resolves based on predefined conditions linked to real-world company developments. This approach reduces ambiguity in outcome determination.

Private markets often lack continuous pricing visibility compared to public exchanges. As a result, valuation data typically emerges during funding rounds or secondary sales.

Polymarket stated that prediction contracts can reflect real-time sentiment from traders. These signals may indicate how participants view company performance or timelines.

The companies confirmed that the system will continue expanding to include more private firms. They plan to introduce additional contracts tied to evolving market data.

XRP (XRP) has fallen 12% over the last five days, and the confirmation of a bearish pattern now points to the risk of more losses ahead.

Key takeaways:

• XRP/USD’s bear pennant pattern on the three-day chart points to a possible 52.5% drop toward $0.65.
• Persistent institutional demand through exchange-traded products supports the case for a recovery in XRP price. 

XRP’s descending triangle breakdown is underway

Since early February, the XRP/USD pair has been consolidating inside a bear pennant on the three-day chart.

In technical analysis, bear pennants are typically viewed as bearish continuation patterns. The pattern was confirmed when the price produced broke below the pennant’s lower trend line at $1.40, as shown in the chart below.

Related: JPMorgan lifts Bitcoin ETF exposure in Q1, led by BlackRock’s IBIT

The downside target is derived by taking the height of the initial drop (the pennant’s post) and placing it lower from the point where the price breaks below the pattern’s lower trend line.

XRP/USD three-day chart. Source: Cointelegraph/TradingView,

XRP’s measured downside target comes in near $0.65, about 52.5% below current levels.

XRP’s Stoch RSI on the weekly chart “has confirmed a deathcross, marking the third time this signal has flashed since the July‑2025 ATH,” technical analyst ChartNerd said in a recent post on X.

The previous two crosses produced deeper corrections of about 50%, and the one in January came after a “relief rally into a weekly 20/50 EMA death cross,” the analyst said, adding:

“A failure at the weekly 20 (just retested) or the weekly 50 ($1.80) will likely open the next leg down later in the year.”

XRP/USD weekly chart. Source: X/ChartNerd

The daily RSI has dropped to 42 from 63 over the last seven days, suggesting increasing bearish momentum. 

As Cointelegraph reported, buyers are expected to aggressively defend the $1.27 as a close below it may sink the XRP/USDT pair to $1.11 and later to the psychological level at $1. 

XRP price shuns ETF demand

The five-day price correction comes even as institutional sentiment remains relatively positive, as reflected in steady inflows into US-based XRP spot ETFs.

According to data from SoSoValue, XRP ETFs added $750,000 on Monday. This marked nine consecutive days of net inflows, totaling $95.5 million. This streak has pushed cumulative inflows to nearly $1.4 billion and assets under management (AUM) to $1.14 billion.

Spot XRP ETF flows chart. Source: SoSoValue

Global XRP investment products also registered weekly inflows of approximately $67.6 million during the week ending May 15, outperforming Bitcoin (BTC) and Ether (ETH), which saw $981.5 million and $250 million in outflows, respectively.

Global crypto ETP flows table. Source: CoinShares

This indicates institutional appetite for XRP products is “heating up, signalling growing confidence in regulated crypto exposure,” TronWeekly said in a post on Tuesday.

As Cointelegraph reported, stronger technical validation, passage of the CLARITY Act in the US and recovering network activity could also contribute to XRP’s recovery. 

Bitcoin traded around month-to-date lows on Tuesday as a surge in U.S. Treasury yields pressured risk assets and spilled into safe-haven plays. The market backdrop remained dominated by elevated oil prices, war-risk sentiment, and a sense that central-bank dynamics may stay tight longer than anticipated.

Key points:

• Bitcoin moved with other risk assets as U.S. bond yields jumped, amplifying pressure on equities and crypto markets.
• Macro headwinds, including higher oil prices and the ongoing energy-inflation backdrop, pressured sentiment and pushed precious metals lower.
• Bitcoin hovered near a critical technical level, with analysts warning that a break lower could prolong a period of consolidation.
• Geopolitical headlines and policy developments added to the volatility, underscoring the fragility of the current risk-off environment.

US 30-year yields spike to multi-decade highs

Market data indicated BTC/USD was trading just under $77,000 as Wall Street opened, maintaining the prior session’s floor but facing renewed pressure from higher long-dated yields. The 30-year U.S. Treasury yield rose to its highest level since July 2007, a move that reverberated through stocks, gold, and other traditional safe havens.

This shift fueled a broad risk-off mood as investors recalibrated the cost of capital against inflationary pressures and potential escalations in energy-related spending. Gold also weakened, with the XAU/USD pair dipping below $4,500 to mark its weakest level since late March, illustrating how the macro unwind was affecting non-equity assets as well.

Ole S. Hansen, head of commodity strategy at Saxo Bank, framed the move as a response to increased demand for “greater compensation for holding longer-dated debt amid war-driven energy inflation and mounting concerns over widening budget deficits.” He noted the price dynamics showed a market reacting to a confluence of oil momentum, inflation expectations, and central-bank rate outlooks.

In another signal of the day’s risk-off tone, traders and observers pointed to the broader bond-market reaction as a primary driver of the market’s pullback in risk assets, including Bitcoin.

Bitcoin at a crucial support zone, but upside remains uncertain

Within the crypto space, anxiety over the macro setup grew as traders weighed the persistence of high yields against the possibility of renewed liquidity support. Strategy-focused commentator Michaël van de Poppe highlighted a dual drag on Bitcoin from elevated bond yields and firm oil prices, arguing that these factors are not supportive of risk-on assets in the near term.

“Bitcoin is at a crucial level of support and it seems to be that it’s going to be holding.”

He noted that a sustained move below key levels could imply a longer accumulation phase before renewed upside, underscoring the risk-off environment more than a definitive breakout signal. A later post summarized the risk: “Anything lower of $75,000-76,000 might signal that the accumulation needs to take longer.”

Analysts stressed that Bitcoin’s near-term trajectory would likely hinge on how quickly the macro pressures abate—particularly whether yields cool and if oil subsides—before investors gain enough confidence to re-enter risk assets with conviction.

Geopolitics and macro headlines compound market sensitivity

Beyond the bond market, headlines surrounding the U.S. stance on Iran and broader Middle East tensions fed into a tense mood acrossAsset classes. Reported moves and comments from political leaders and influencers contributed to the sense that the risk environment remains prone to sudden shifts, with macro catalysts capable of jolting both traditional markets and crypto markets in tandem.

In a related line of commentary, market observers pointed to the possibility that even brief developments in the conflict landscape or diplomatic engagements could modulate oil prices and inflation expectations, further shaping the path of Bitcoin and other risk assets in the short term.

What to watch next

Market participants will be watching the trajectory of U.S. yields, oil prices, and central-bank signals for any signs of a reversal in the risk-off mood. If long-dated yields resume their ascent or oil remains elevated, Bitcoin could test additional support levels again, delaying any meaningful upside momentum. Conversely, a broad-based risk-on rebound and cooling inflation expectations could help BTC regain traction, particularly if liquidity conditions improve and investors re-enter the market with a renewed appetite for crypto risk assets.

Additionally, traders will be mindful of geopolitical developments and policy remarks that could amplify volatility. Given the current cross-currents, readers should prepare for continued price dispersion across crypto and traditional markets as new data and headlines emerge.

Crypto markets are obsessed with price action. Traders stare at green candles, influencers celebrate all-time highs, and timelines explode whenever a token pumps 20% in a day. But price alone rarely tells the full story of an ecosystem’s health.

The real signal — the one institutional players, sophisticated traders, and protocol builders watch closely — is liquidity migration.

Capital movement reveals where conviction is forming before price fully reflects it. In many cases, by the time retail traders notice a chart breakout, liquidity has already repositioned weeks earlier.

In crypto, attention can move markets temporarily. Liquidity determines which ecosystems survive long-term.

Price Is a Surface-Level Metric

Price is emotional.

It reacts quickly to:

• hype cycles
• influencer narratives
• speculative leverage
• short squeezes
• meme momentum
• temporary news catalysts

A token can double in price while its ecosystem weakens underneath. Users may be leaving, developers may be inactive, and liquidity providers may already be rotating capital elsewhere.

This is why price often creates illusions.

A rising chart can hide:

• Declining real usage
• Shrinking stablecoin reserves
• Capital exiting bridges
• Weakening on-chain activity
• Collapsing liquidity depth

Liquidity migration exposes these weaknesses long before price catches up.

TVL Rotation: The Early Warning System

Total Value Locked (TVL) is not perfect, but its movement across ecosystems reveals changing market confidence.

When liquidity rotates from one chain to another, it usually reflects deeper structural changes:

• better incentives
• lower fees
• stronger applications
• safer infrastructure
• superior user experience
• more active developers

Smart capital rarely sits idle.

If billions begin flowing from one ecosystem into another, the market is signaling a shift in perceived opportunity.

For example:

• During DeFi summer, liquidity rotated heavily into Ethereum because it became the center of decentralized finance innovation.
• Later cycles saw migrations toward ecosystems like Solana, Avalanche, and Base as users chased cheaper execution and faster throughput.
• More recently, liquidity increasingly follows ecosystems with strong stablecoin infrastructure, deep perpetual markets, and efficient cross-chain interoperability.

TVL rotation often precedes narrative dominance.

By the time crypto Twitter starts calling something “the next big ecosystem,” liquidity may already be deeply positioned there.

Bridge Flows Reveal Capital Intent

Bridges are the highways of crypto capital.

Tracking bridge inflows and outflows helps identify where money is moving before the price fully responds.

This matters because migrating liquidity is intentional. Moving capital across chains involves:

• gas costs
• bridging risk
• execution complexity
• opportunity cost

Large bridge flows usually indicate strong conviction.

If stablecoins and major assets consistently bridge into an ecosystem, it suggests:

• Users want exposure there
• Traders expect an opportunity there
• Protocols are attracting attention there
• Applications are generating real activity

Meanwhile, persistent outflows can signal weakening confidence even if token prices remain temporarily strong.

This creates an important distinction:

Speculation moves the price.

Conviction moves liquidity.

And conviction tends to matter more over longer time horizons.

Stablecoin Migration Is One of the Strongest Signals

Stablecoins are the reserve currency of crypto.

Watching where stablecoins move is often more useful than watching volatile assets themselves.

When stablecoin balances rise on a chain, it usually means:

• Traders are preparing to deploy capital
• Liquidity providers are positioning early
• New applications are attracting users
• Market makers see opportunity

Stablecoin migration is especially important because stablecoins represent deployable buying power.

A token pump driven by leverage can reverse quickly.

But sustained stablecoin inflows often indicate deeper ecosystem growth.

This is why analysts increasingly track:

• USDC distribution
• USDT supply shifts
• native stablecoin growth
• cross-chain stablecoin velocity

The ecosystem attracting stable liquidity today may dominate narrative attention months later.

Ecosystem Gravity Is Real

Liquidity creates gravity.

The more capital an ecosystem attracts, the stronger its network effects become.

Deep liquidity leads to:

• tighter spreads
• better trading conditions
• more builders
• more integrations
• stronger developer incentives
• greater user retention

This creates a compounding cycle.

More liquidity attracts more applications.
More applications attract more users.
More users attract more liquidity.

Eventually, ecosystems become difficult to displace because liquidity itself becomes infrastructure.

This is why some chains maintain dominance even during periods of weak token performance.

Capital depth matters more than short-term volatility.

The Hidden Psychology Behind Liquidity Migration

Most retail traders react to visible movement.

Professional capital often reacts to invisible positioning.

By the time headlines announce:

“Ecosystem X is booming”

Smart liquidity may already have accumulated exposure quietly through:

• stablecoin positioning
• LP deployment
• bridge accumulation
• governance participation
• cross-chain treasury allocation

Liquidity migration is slower than price spikes, but far more meaningful.

Price reflects emotion.
Liquidity reflects strategy.

That distinction changes how serious market participants analyze crypto cycles.

Why This Matters in the Next Crypto Cycle

The next phase of crypto competition may not be determined by:

• The loudest marketing
• The most viral memes
• The biggest short-term pumps

It may be determined by which ecosystems can continuously attract and retain liquidity.

The winners will likely be networks that optimize:

• capital efficiency
• interoperability
• stablecoin infrastructure
• execution quality
• developer experience
• sustainable yield generation

Because ultimately, crypto is not just competing for attention.

It is competing for capital permanence.

Final Insight

Price can mislead.

Liquidity rarely does.

Charts show what people are reacting to today.
Liquidity flows show where sophisticated capital believes the future is heading.

That is why liquidity migration matters more than price.

Price follows attention temporarily.

Liquidity flows reveal long-term conviction.

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The Bank of England is stepping up its focus on digital money, with Deputy Governor Sarah Breeden highlighting tokenization as a potential way to reduce costs, speed settlement and increase competition.

Speaking at London’s City Week on Tuesday, Breeden said tokenization — the representation of assets and money on digital ledgers — could improve the efficiency and functionality of payments and financial markets, provided that trust and interoperability are preserved.

Breeden stressed that central bank money will remain the foundation, or “anchor,” of the monetary system, even as private-sector innovations such as tokenized deposits and regulated stablecoins gain traction.

She said the central bank is working with industry, government and regulators to build a framework that supports innovation without undermining financial stability.

“Alongside traditional bank deposits, people should be able to pay with tokenized bank deposits, regulated stablecoins and, potentially, a retail central bank digital currency (CBDC),” she said, according to a transcript of the speech. “More competition, from a wider range of technologies and business models, should lower costs and improve functionality for users.”

The BoE’s CBDC Academic Advisory Group said in January that “retail CBDC is not strictly required to preserve uniformity, but may play a valuable supporting role, particularly as transactional use of cash declines.”

Related: Crypto awareness tops 80% among young people in UK: Coinbase survey

BoE moves to modernize settlement infrastructure 

The UK is taking additional steps to prepare its financial system for tokenized assets. On Monday, the BoE proposed extending the operating hours of its core settlement infrastructure to near 24/7 availability.

In the proposal, the central bank said longer operating hours would help support cross-border payments and securities settlement as tokenization and other digital asset technologies continue to evolve.

An excerpt of the BoE’s proposal to extend settlement hours. Source: Bank of England

The proposal follows Breeden’s comments earlier this month that the Bank was reconsidering its approach to pound-sterling-denominated stablecoins, including whether to ease limits on how much consumers can hold. The review is intended to reduce friction for early adopters as policymakers seek to strengthen the UK’s position as a competitive hub for digital assets.

The Bank of England has softened is stance on stablecoins in recent months as officials engage more closely with industry groups and revisit earlier proposals that would have imposed stricter reserve and backing requirements.

Related: Stablecoin industry opposes Bank of England’s unhosted wallet ban

Key Highlights

• WMT shares reached a record $134.71, marking a 37% surge over the last 12 months
• Market volatility suggests potential 5% price movement following Thursday’s quarterly results
• First-quarter sales projected at $174.94 billion, reflecting ~6% annual growth; earnings per share forecast at 66 cents
• Digital commerce revenue anticipated to have expanded approximately 22% during the period
• Wall Street consensus price target hovers above $140, with nearly all analysts maintaining bullish stances

Shares of Walmart reached an unprecedented peak of $134.71 during Monday’s trading session, as market participants gear up for the retail giant’s first-quarter financial disclosure scheduled for Thursday’s pre-market hours.

Walmart Inc., WMT

The retail behemoth’s equity has climbed approximately 20% year-to-date, positioning it among the top-performing major retail stocks in 2024.

Current derivatives market activity indicates traders are bracing for potential share price fluctuations of up to 5% by week’s end. A bullish scenario would propel WMT beyond $139—surpassing its previous February benchmark. Conversely, a bearish outcome could see shares retreat below the $127 threshold.

This upcoming financial report marks the inaugural earnings presentation under CEO John Furner’s leadership, following his appointment in February. The earnings call will provide Furner with a platform to articulate his strategic vision for the corporation.

Analyst consensus anticipates first-quarter revenue reaching $174.94 billion, representing nearly 6% year-over-year expansion, per Visible Alpha data. Adjusted earnings per share are forecasted at 66 cents, five cents higher than the comparable period last year.

Same-store sales are estimated to have increased 3.8%, while online sales are expected to have surged around 22%.

Wall Street’s Perspective

Analyst outlook remains overwhelmingly positive toward Walmart’s prospects. Among the 11 analysts monitored by Visible Alpha, 10 recommend buying shares while one maintains a neutral stance. The consensus price objective stands marginally above $140.

UBS continues to recommend buying with a $147 price target, while TD Cowen elevated its outlook to $150, maintaining its purchase recommendation. KeyBanc reaffirmed its Overweight designation, highlighting the company’s competitive positioning gains.

Oppenheimer anticipates strong quarterly performance but predicts Walmart will maintain its current full-year projections, considering potential sustained pressure from elevated energy prices.

Morgan Stanley suggests Walmart stands to gain as budget-conscious consumers gravitate toward value-oriented options amid economic pressures.

The Consumer Price Factor

Escalating costs have inadvertently benefited Walmart. As American households increasingly prioritize value, customer traffic and purchase volumes have demonstrated resilience at Walmart compared to premium-positioned competitors.

This reporting period arrives amid persistent inflation and elevated energy expenses, partially attributed to ongoing Iran war tensions. Financial disclosures from Walmart and peer retailers this week could illuminate consumer spending patterns under current economic conditions.

Walmart has consistently increased its dividend payout for 31 straight years. The equity currently commands a P/E multiple of 49.11, which InvestingPro identifies as elevated compared to its intrinsic value assessment.

The retailer’s current market capitalization stands at $1.07 trillion.