AUD/USD is pulling back from local highs, while USD/CAD continues to recover amid a stronger US dollar and ahead of the release of the Federal Reserve minutes. Following an extended rally, commodity-linked currencies have entered a corrective phase, although the current move still appears more like profit-taking and a test of key technical levels than a full trend reversal. Market participants remain cautious ahead of the publication of the FOMC minutes, which could reshape expectations regarding the future path of US interest rates.

Additional investor attention will focus on tomorrow’s batch of Australian economic data, including labour market figures and inflation expectations. These indicators may influence expectations surrounding the Reserve Bank of Australia’s next policy steps. At the same time, the US dollar continues to draw support from rising Treasury yields and a broader decline in risk appetite ahead of key Fed-related releases.

USD/CAD

USD/CAD continues to recover after forming a bullish hammer pattern. Previously highlighted levels have already been tested, and if the 1.3720–1.3730 range turns into support, the pair may continue advancing towards 1.3800–1.3840. At the same time, rejection from current levels accompanied by a bearish reversal pattern could trigger the start of a downward correction.

Key events for USD/CAD:

• today at 16:15 (GMT+3): speech by Federal Reserve Vice Chair for Supervision Michael S. Barr;
• today at 17:30 (GMT+3): US crude oil inventories;
• tomorrow at 15:30 (GMT+3): Philadelphia Fed Manufacturing Index (US).

AUD/USD

The failure of AUD/USD buyers to secure a move above 0.7200 resulted in the formation of a bearish tower pattern on the daily timeframe. Technical analysis of AUD/USD points to the potential development of a downward correction towards 0.7020–0.7050. However, if price returns above 0.7140, the bearish correction scenario could be invalidated.

Key events for AUD/USD:

• today at 21:00 (GMT+3): release of the FOMC minutes;
• tomorrow at 02:00 (GMT+3): Australia Services PMI;
• tomorrow at 04:30 (GMT+3): Australian full employment change.

Overall, commodity currencies are entering a corrective phase following a prolonged rally, while the US dollar is receiving support from expectations surrounding the FOMC minutes and rising US Treasury yields. Market reaction to the Fed’s rhetoric will become the key driver for further AUD/USD and USD/CAD price action: more hawkish signals from policymakers could reinforce the current dollar rally, while softer commentary may restore demand for commodity currencies and limit the scope of the correction.

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US President Donald Trump signed an executive order on Tuesday to review any barriers that might be stifling fintech innovation or preventing access to banking partnerships and payment rails.

The order directs the Federal Reserve Board to evaluate the legal, regulatory and policy framework governing fintech and crypto firms’ access to Federal Reserve payment systems and submit a report to Trump within 120 days.

The governors have also been asked to assess the Federal Reserve’s legal authority to grant direct access to fintech and crypto firms and to explore “options for expanding such access to the extent permitted by law, subject to appropriate risk management requirements.”

Federal Reserve payment systems provide access to core banking infrastructure, making it easier to move money efficiently and reducing dependence on intermediary banks. Fintech and crypto firms have faced significant friction in accessing banking services. 

In one of the more extreme cases, they faced debanking, losing access to banking rails as part of what has been dubbed “Operation Chokepoint 2.0.”

Source: Whitehouse.gov News

Review into bank partnership barriers 

As part of the order, over the next 90 days, the heads of each US federal financial regulator are asked to review regulations, orders, and no-action letters that may be preventing fintech firms from entering into partnerships with federally regulated institutions such as credit unions, broker-dealers, and investment advisers.

They are also required to review existing regulations, guidance, supervisory practices, and application processes and to flag any that could be updated “to facilitate innovation.”

“The United States is a global leader in financial innovation, driven in part by the rapid growth of financial technology and fintech firms,” Trump wrote in the executive order.  

“To foster this financial innovation, the federal government must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems.”

The Trump administration has walked back many of the policies that led to crypto debanking. A US think tank, the Cato Institute, found in January that most debanking cases in the US resulted from government pressure rather than individual banks’ policies.

Streamlined applications for bank, credit union charters

The heads of the federal financial regulators are also asked to review regulations, guidance documents, orders, and no-action letters that could be amended to streamline applications for eligible fintech firms seeking bank charters, credit union charters, deposit or share insurance, and other federal licenses.

Related: Crypto lobby backs formal removal of ‘reputation risk’ from bank examinations

A national bank trust charter authorizes a financial institution to engage in fiduciary activities such as trust services, custody and asset safekeeping.

In December, the Office of the Comptroller of the Currency conditionally approved five applications for crypto-related national trust banks, including First National Digital Currency Bank, Ripple, BitGo, Fidelity Digital Assets and Paxos.

Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed: Hodler’s Digest, May 10 – 16 

Key Highlights

• Cathie Wood’s Ark Invest acquired approximately 122,000 shares of BLSH between May 18-19, totaling around $2.5 million
• The share purchases were distributed among three funds: ARKK, ARKW, and ARKF
• BLSH shares had fallen to a monthly bottom of $35.56 following disappointing Q1 financial results
• The stock rallied approximately 4% after Ark’s buying became known, hovering near $37 before settling at $36.23 on Tuesday
• Wall Street maintains bullish sentiment with Rosenblatt Securities targeting $42.50; consensus estimates suggest approximately 42% potential gains

Cathie Wood’s investment firm Ark Invest made significant moves in Bullish stock this week. The company accumulated approximately 122,000 BLSH shares during a two-day period spanning May 18-19, representing an investment of about $2.5 million.

Bullish, BLSH

The strategic timing stands out. Shares of BLSH had just touched a four-week bottom at $35.56 following disappointing first-quarter earnings. Instead of retreating, Ark increased its exposure.

Bullish delivered Q1 adjusted earnings per share of $0.13, falling short of analyst expectations of $0.17. Top-line performance also underwhelmed, with revenue reaching $92.8 million against consensus estimates of $95.4 million. The earnings disappointment sparked initial selling pressure that proved temporary.

Shares recovered to close Tuesday’s session at $36.23, representing a 2% gain. When news of Ark’s May 18 transactions broke, the stock surged approximately 4%.

Distribution Across Multiple Funds

The investment was allocated throughout Ark’s flagship funds. The ARK Innovation ETF (ARKK) received the majority allocation—38,900 shares on May 18 plus the lion’s share of May 19’s purchases. ARKW and ARKF captured smaller positions, aligning with Bullish’s dual positioning in financial technology and emerging internet infrastructure.

Ark has maintained steady support for BLSH since the company went public. This recent accumulation indicates the firm views the first-quarter underperformance as temporary turbulence rather than fundamental weakness.

The share purchases followed closely after Bullish unveiled plans to acquire Equiniti for $4.2 billion. The transaction positions the company as a key player in digital asset tokenization—a sector Ark has championed across its investment thesis.

Street Sentiment Remains Constructive

The analyst community continues to express confidence in the stock. Rosenblatt Securities maintains a $42.50 price objective for BLSH. Consensus analyst projections point to roughly 42% appreciation potential from present trading levels.

While the gap between current price and targets is substantial, it underscores the growth trajectory analysts anticipate for Bullish’s cryptocurrency exchange and digital asset operations.

With Tuesday’s close at $36.23, BLSH trades below analyst targets while Ark holds substantial positions spanning three ETFs. The market’s positive response to the disclosed purchases indicates investors are monitoring institutional positioning closely.

Crypto asset manager Bitwise has called Hyperliquid “one of the most mispriced assets in crypto today,” despite its outperformance so far this year.

“Hyperliquid is one of the most important crypto projects to emerge in years,” Bitwise investment chief Matt Hougan said in a note on Tuesday. 

“Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And yet I still think investors are underestimating its impact and its value.”

Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange on Friday. 21Shares launched a similar HYPE fund earlier that week, which drew only $1.2 million in net inflows, low compared to other altcoin ETF debuts.

Hougan said HYPE’s mispricing is partly due to the market valuing Hyperliquid solely as a perpetual crypto futures exchange, when it should be priced as a “global super-app.”

Hyperliquid’s main focus is the popular sector of crypto perpetual futures trading, but the platform also has trading linked to stocks, prediction markets and other assets, with Hougan adding that the platform sees nearly half of its volume tied to non-crypto assets.

Source: Matt Hougan

Other crypto platforms have also looked to expand beyond just crypto, with many major US crypto exchanges, such as Coinbase, Kraken and Gemini, working to expand into prediction markets and tokenized equities trading to shore up their balance sheets.

Related: ICE, CME press US regulators to ‘rein in’ Hyperliquid energy trading: Report

SEC Chair Paul Atkins has also given his support to “super-apps” that can custody and trade multiple assets on one regulatory license. He has tasked the regulator with exploring how it can allow tokens tied to securities to trade on platforms it doesn’t regulate.

Hougan argued that Hyperliquid “has become the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ offering investors exposure to ‘a variety of asset classes.’”

He added, however, that the platform “still needs to mature” as it is not available in the US and would need to integrate itself into the country’s regulatory system.

BitMEX co-founder Arthur Hayes was also bullish on HYPE in a March blog post, saying the platform could continue to see its token rally if it continues to pull volume away from centralized exchanges and expand its product offerings.

Magazine: Your guide to surviving this mini-crypto winter 

The US Senate moved to curb presidential war powers, advancing a resolution that could force President Trump to obtain congressional authorization before expanding military actions against Iran. The procedural measure passed 50-47, with four Republicans voting in favor, according to Reuters. The move underscores a long-running debate over who has the authority to commit U.S. forces, a dispute written into the constitutional balance between the executive and legislative branches.

The bill seeks to require congressional sign-off for any further U.S. troop deployments in or attacks on Iran, effectively challenging the administration’s unilateral discretion in a conflict that has endured for several months. While it signals legislative intent to reassert Congress’s war powers, the measure still faces substantial obstacles before becoming law. It must clear the full Senate and a Republican-led House of Representatives, and President Trump could veto the bill, potentially triggering a veto override that would demand two-thirds support in both chambers.

Key takeaways

• The Senate advanced a war-powers resolution related to Iran with a 50-47 vote; four Republicans sided with the Democrats, highlighting intraparty divisions on foreign-action authority.
• Even if approved by the Senate, the bill faces a steep climb through the Republican-controlled House and could be vetoed by the White House, with a two-thirds override unlikely without broad cross-party support.
• Supporters argue Congress should have a formal check on military engagement, while opponents warn that requiring authorization could hamper strategic responses to perceived Iran threats.
• Analysts see potential short-term crypto and risk-asset implications tied to the debate, especially if tensions de-escalate and oil prices ease; in the near term, Bitcoin traded around the mid- to upper-$70,000s.

The legal and political crossroads

At the heart of the vote is a constitutional question: who should authorize war? The measure’s sponsors frame it as a correction to what they view as an overreach by the executive branch in setting military policy. Democratic Senator Tim Kaine of Virginia, the bill’s sponsor, has framed the issue as a test of Congress’s constitutional prerogatives. On X, Kaine argued that Congress has the power to stop an “unwise conflict,” calling for the Senate to tell the President to halt the war. His message echoes calls from many lawmakers who contend that ongoing military commitments abroad should not proceed without legislative consensus.

Republican voices have cautioned against rigidity in wartime decision-making. Senator Bill Cassidy publicly voiced concerns that the administration and military leadership have left Congress insufficiently informed about the scope and aims of the operations in question, describing a lack of transparency around what has been termed an ongoing campaign in Iran.

What happens next—and why it matters for markets

Even with momentum in favor of the bill at this stage, passage through the Senate represents only part of the journey. The much larger political hurdle is the Republican-led House, where party leadership could resist moving the measure forward. A presidential veto remains a real possibility, and an override would require a two-thirds majority in both chambers—a threshold that is hard to obtain in the current partisan climate.

Beyond the political calculus, financial markets are watching the tug-of-war over war powers because it can influence risk sentiment and macro conditions. The ongoing Iran scenario has already fed macro headwinds—rising inflation, energy price volatility, and investor caution—contributing to a broader crypto market stagnation in recent months. Bitcoin and other digital assets have traded in a narrow range as traders weigh the geopolitical backdrop against the prospect of policy shifts and economic resilience.

HashKey Group senior researcher Tim Sun weighed in on the political signal this week, noting that the procedural advance “directly indicates that Trump is facing mounting domestic political pressure regarding his continued use of military force.” He suggested the move could act as a mild positive catalyst for risk assets, rather than a decisive driver, adding that the market’s attention remains anchored to macroeconomic shifts rather than a single congressional vote. If geopolitical tensions ease and oil prices retreat, Sun said, the valuation risk across risk assets could ease and support a broader crypto rebound.

In a separate assessment, Andri Fauzan Adziima, research lead at the Bitrue Research Institute, described the war-powers development as a bullish catalyst for crypto, potentially sparking a 6% to 10% relief rally in Bitcoin in the near term. Adziima pointed to prior episodes where de-escalation headlines quickly translated into price spikes for Bitcoin, estimating that a calmer geopolitical backdrop could relieve risk-off pressure and drive flows back into digital assets.

As of the latest notes, Bitcoin hovered around the mid- to upper-$70,000s, a level that observers see as a barometer for risk appetite in scales ranging from altcoins to large-cap tokens. The market’s sensitivity to the Iran dynamic reflects a broader pattern: crypto assets often move in relief rallies when headlines suggest reduced geopolitical risk or credible openings for economic normalization. Yet with the House and the White House still to weigh in, the immediate market trajectory remains uncertain.

Context for the current debate also includes the broader energy landscape. The conflict has been tied to shifts in energy markets—oil and gas prices can respond sharply to supply disruptions and geopolitical risk, with the Strait of Hormuz historically a critical chokepoint. Any near-term de-escalation could help temper energy-driven inflation pressures and, by extension, reduce the risk premium on high‑beta assets such as Bitcoin and altcoins.

Reuters’ reporting on the Senate vote anchors the procedural development in a concrete political process, while cryptocurrency researchers frame the potential market response in terms of risk-on sentiment and macroeconomic alignment. The unfolding narrative thus sits at the intersection of constitutional governance, U.S. foreign policy, and a volatile digital-asset market that remains highly sensitive to global risk signals.

Looking ahead, watchers should monitor whether the resolution gains traction in the Senate’s full vote and whether the House sponsors align with or resist the move. A veto scenario could still prevail, but even a protracted negotiation over war powers would shape investor expectations and could influence both traditional markets and crypto pricing in the months ahead. The next few legislative steps—and any corresponding shifts in oil prices or inflation expectations—will help determine whether crypto markets find a clearer path toward renewed risk-taking or remain tethered to ongoing macro uncertainties.

For readers tracking the implications of policy on prices and risk appetite, the key question remains: will Congress reassert its authority to check military action, and how swiftly could any resulting policy changes influence liquidity, capital flows, and the appetite for higher-risk assets like Bitcoin in the current economic climate?

Keep an eye on the coming votes and any executive responses, as markets will likely calibrate to the most immediate signals about how the U.S. intends to balance deterrence, diplomatic engagement, and domestic political dynamics in the months ahead.

Tether and Gnosis have participated in a $4.4 million seed round for Sorted Wallet as the crypto firms continue expanding stablecoin payment infrastructure across emerging markets.

According to an announcement shared by Sorted Wallet, the round included $3.4 million in equity funding led by Tether and Gnosis, alongside participation from Movement, Angel Invest Group, and several angel investors, including the founders of RWA.io. Vox Solutions also contributed $1 million in strategic support as part of the funding package.