Key Highlights

• Gold extended its rally for three consecutive sessions, holding above the $4,700 per ounce mark
• Diplomatic progress between Washington and Tehran is alleviating inflation concerns while pressuring crude prices downward
• The US dollar retreated to levels seen before the recent conflict, enhancing gold’s appeal
• Silver posted its largest single-session gain in weeks with a 6% surge on Wednesday
• Market participants are now eyeing Friday’s employment data for insights into Federal Reserve policy direction

The yellow metal has extended its upward trajectory for a third consecutive session as optimism surrounding potential diplomatic resolution between Washington and Tehran sent crude oil prices tumbling and reduced worries about persistent inflation.

Spot gold advanced 1% to reach $4,736.61 per ounce during Thursday trading. Meanwhile, US Gold Futures contracts for June delivery climbed 1.1% to settle at $4,746.86.

Wednesday witnessed gold’s most impressive single-session performance since the final days of March, with prices surging more than 3%. This substantial rally followed a sharp decline in crude oil prices triggered by encouraging reports of diplomatic advancement in US-Iran discussions.

According to reporting from Axios, the administration was nearing completion of a memorandum of understanding with Iranian officials to resolve the ongoing conflict. Tehran indicated it was evaluating the proposal, while President Donald Trump expressed confidence that Iranian leadership was interested in reaching an agreement.

Trump communicated via social media Wednesday that Washington would conclude its military operations and remove its blockade of the Strait of Hormuz, contingent upon Iranian compliance with specified conditions — though he acknowledged this might be “perhaps, a big assumption.”

Oil experienced a dramatic 7% decline on Wednesday before stabilizing Thursday as traders awaited additional details regarding the ongoing negotiations.

The Connection Between Energy Prices and Precious Metals

Decreasing energy costs diminish the probability of sustained inflation pressures. This development subsequently pressures US Treasury yields downward and undermines dollar strength, creating favorable conditions for gold prices.

Gold is denominated in dollars globally, meaning a softer greenback enhances affordability for international purchasers. Additionally, since gold generates no yield, declining interest rates improve its competitiveness relative to interest-bearing assets like government bonds.

“The potential easing in energy prices gives the Fed more room to cut rates, which is positive for gold,” analysts at ING said in a note.

The US Dollar Index declined 0.1% during Asian market hours Thursday, stabilizing near levels observed before the conflict erupted.

Prior to the recent rally, gold had declined 11% following the outbreak of US-Iran tensions in late February. The blockade of the Strait of Hormuz had propelled energy costs higher and intensified concerns that inflation would remain stubbornly elevated, forcing monetary policymakers to maintain restrictive interest rate policies for an extended period.

Federal Reserve Officials Maintain Vigilance on Price Pressures

Not all observers share the optimistic outlook. Chicago Federal Reserve President Austan Goolsbee and St. Louis Federal Reserve President Alberto Musalem both emphasized that inflation continues to exceed the central bank’s 2% objective.

Strategists at TD Securities cautioned that positive headlines surrounding peace negotiations are “extremely fragile to reversal” given that fundamental positions from both Washington and Tehran appear largely unchanged from previous negotiating rounds.

Silver advanced 1.9% to $78.79 per ounce Thursday, following Wednesday’s impressive 6.2% surge. Platinum registered modest gains, while copper traded relatively unchanged.

Market attention has now shifted to Friday’s US non-farm payrolls release. The employment figures could provide critical insights into whether the Federal Reserve will implement interest rate reductions during the remainder of the year.

Spot gold traded at $4,701.96 per ounce as of 1:59 p.m. Singapore time Thursday.

Bitcoin price rebounded back above $81,000 as investor risk-on sentiment improved after Iran signalled that it was reviewing a U.S. proposal to end the war between the two nations.

After falling over 2.3% from a 4-month high of $82,751 on Wednesday to an intraday low of $80,771, Bitcoin (BTC) price rebounded back above $81,500 at press time.

The bellwether reclaimed the $81K figure as oil prices continued to drop for the third straight day, as the U.S. and Iran made more progress toward a peace deal currently “under review” that aims to bring a permanent end to the war between the two nations and ease disruptions at the Strait of Hormuz.

Reports indicate that Iran is mulling over the peace deal presented by the U.S. through Pakistani intermediaries and is expected to provide a formal response within the coming days. The one-page memorandum of understanding includes a comprehensive framework for a ceasefire and the restoration of trade routes. However, it excludes sensitive discussions surrounding Iran’s nuclear program, which would reportedly take place at a later date.

Despite the growing optimism, U.S. President Donald Trump clarified that a deal has not yet been finalized, adding that the U.S. would continue with its attacks on Iran if it fails to comply with the proposed terms.

Crude oil prices, which have largely been affecting global market sentiment since the war began, fell for a third straight day on Thursday, boosting investor confidence in riskier assets. Notably, WTI crude futures fell toward $93 per barrel while Brent oil had fallen 1% to $100. 

Safe haven assets such as gold and silver have continued to show volatility as investors rotated capital away from traditional hedges and back into Bitcoin and other crypto assets. Gold price rose over 1.2% today, while silver gained nearly 4%.

The Coinbase premium fell to a negative reading, suggesting a slight cooling of demand from U.S. institutional buyers

Bitcoin price analysis 

On the daily chart, Bitcoin price has been trading within an ascending parallel channel pattern ever since late March. It has formed higher highs and higher lows consistently over the past several weeks.

The Supertrend has continued to remain green, a sign that the overall bullish momentum is still firmly in control. At the same time, the MACD lines have formed a positive crossover, which means that buying pressure is increasing in the short term.

Hence, the path of least resistance for Bitcoin lies above the current levels with bulls eyeing the $84,000 to $85,000 range as the next major target. On the contrary, $80,000 remains the psychological floor that must hold to prevent a deeper correction.

South Korean crypto exchange Upbit has added B3 to its Korean won market, giving local traders direct access to the Base-linked token. 

Trading was first scheduled for 13:45 KST on May 7, before Upbit moved the start time to 14:00 KST.

B3 is a layer-3 blockchain built on Base, the Ethereum layer-2 network developed with the OP Stack. The Upbit listing gives the token access to one of Asia’s most active retail crypto markets.

Exchange sets early trading limits

Upbit said deposits and withdrawals will only support B3 through the Base network. The exchange also asked users to confirm the contract address before sending funds. Deposits through unsupported networks may face a long refund process.

The exchange placed normal controls on early trading. Buy orders were restricted for about five minutes after launch. Upbit also limited low-price sell orders and restricted non-limit order types for about two hours.

Upbit warned, “If a certain level of liquidity is not secured after the commencement of deposit and withdrawal services, the start of trading support may be postponed.” The notice shows the exchange kept room to adjust trading if market depth was weak.

B3 joins recent Upbit listing wave

The listing comes after several Upbit market additions drove fresh attention to selected tokens. As crypto.news reported yesterday, Dogwifhat rose after Upbit added WIF trading pairs against KRW, BTC, and USDT on May 6. The report also noted that new listings can expose traders to fast price swings.

Earlier, crypto.news reported that Centrifuge jumped more than 180% after Upbit announced trading support. Another report said Internet Computer added about $100 million in market value after Upbit opened ICP trading against KRW, BTC, and USDT.

These cases show why new KRW pairs draw close market attention. They create direct local currency access and can bring sudden liquidity from South Korean retail traders.

OP Stack link adds market context

B3’s Base and OP Stack link also fits a wider infrastructure trend at Upbit. Crypto.news reported this week that Upbit partnered with Optimism to build GIWA Chain, an Ethereum layer-2 network using the OP Stack.

That report said GIWA Chain will let Upbit run its own infrastructure under Optimism’s self-managed enterprise setup. The exchange will operate its own sequencer, which controls transaction ordering and collects network fees.

The B3 listing is separate from GIWA Chain, but both relate to OP Stack-based blockchain activity. For traders, the listing places B3 inside South Korea’s won market while giving Base-linked layer-3 projects more visibility.

The Australian dollar continues to strengthen, pushing to fresh 2021–2022 highs, supported by a combination of the Reserve Bank of Australia’s tight monetary stance and a weaker US dollar. This week’s rate hike by the RBA has been a key driver, widening yield differentials and boosting demand for the Australian currency, which has reinforced the ongoing uptrend. Additional pressure on the US dollar came from weak labour data, including the ADP report, increasing expectations of a more accommodative Fed policy.

The current market structure suggests that both AUD/USD and AUD/CAD have broken out of recent consolidation ranges and are now advancing towards multi-year highs. Trading at these levels creates a decision zone where liquidity is being reallocated, with the market assessing whether prices can hold above extremes or fall back into prior ranges.

In the near term, the key event for markets will be the US Non-Farm Payrolls report, while other macro releases are likely to play a secondary role. The NFP reaction could significantly influence expectations for Fed policy and set the direction for the US dollar.

AUD/USD

AUD/USD is trading near yearly highs, maintaining bullish momentum after breaking out of its range. Dollar weakness combined with RBA policy support continues to favour further gains, with the current area acting as a key test for breakout confirmation.

From a technical perspective, continuation of the uptrend depends on the 0.7230 level holding as support. However, in the absence of fresh catalysts ahead of key data releases, a pullback towards 0.7130–0.7160 remains possible.

Key Events For AUD/USD:

• today at 15:30 (GMT+3): US initial jobless claims
• today at 17:00 (GMT+3): US construction spending
• today at 18:30 (GMT+3): Atlanta Fed GDPNow indicator

AUD/CAD

AUD/CAD reached a new yearly high yesterday at 0.9870 and still shows potential for a move towards 2021 extremes near 0.9990. If the upper boundary of the recent range turns into support, the bullish momentum could strengthen further.

At the same time, a slowdown at current levels could lead to a return back into the broken range, creating a false breakout scenario and opening the door for a corrective move.

Key Events For AUD/CAD:

• today at 13:00 (GMT+3): Canada leading economic indicators
• today at 23:30 (GMT+3): US Federal Reserve balance sheet
• tomorrow at 15:30 (GMT+3): Canada employment change

Overall, both currency pairs remain in a strong upward phase supported by fundamental drivers. The current resistance zone is a key decision area: a sustained breakout would open the way for further gains, while weak follow-through or stronger US data could trigger a return into prior ranges and a corrective pullback. Upcoming macroeconomic releases are likely to be the decisive catalyst for the next market move.

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In a case that has sharpened the ongoing debate over privacy tools in crypto, Keonne Rodriguez, a co‑founder of the Samourai Wallet project, has urged the community to help cover mounting legal costs after a federal court delivered prison sentences to him and his partner. Rodriguez received a five‑year term, while co‑founder William Lonergan Hill was sentenced to four years for their involvement in the cryptocurrency‑mixing service.

According to a filing from the U.S. attorney’s office, the pair were charged in April 2024 with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business. They initially pleaded not guilty; in July 2025, they agreed to plead guilty to one count of operating an illegal money transmitter. The sentencing occurred on November 19 (the announcement did not specify a year in the filing text).

Rodriguez has since disclosed that the legal battle has financially wrecked him, estimating roughly $2 million in legal fees and a $250,000 fine levied by the sentencing judge. In a post on X, he described being “financially wiped out” and pleaded for assistance to cover debts incurred while defending himself and his project.

“We are entirely out of options. We need to pay off these legal bills and other debts accrued attempting to defend myself. We desperately need your help. Now.”

Supporters of Samourai Wallet and broader crypto‑privacy advocates have followed the case closely, arguing that founders of open‑source privacy tools should not shoulder liability for the actions of third‑party users. The prosecutions against Rodriguez, Hill, and Tornado Cash co‑founder Roman Storm have intensified the public debate over how to balance privacy rights with regulatory compliance.

Costs racked up over a long legal battle

The charges stemmed from allegations that the defendants conspired to launder money and to operate an unlicensed money‑transmitting business through their services. The defendants initially denied the charges, but in mid‑2025 they agreed to plead guilty to at least one count related to operating an illegal money transmitter. The unfolding timeline underscores the substantial legal exposure facing founders of tools designed to enable privacy and on‑chain analytics elsewhere in the ecosystem.

Industry observers note that criminal defense work in such high‑stakes cases can be profoundly costly, with defense expenses typically running into the millions depending on case complexity and the number of experts involved. Rodriguez’s fundraising appeal highlights the real financial pressures that can accompany crypto‑privacy litigation—even for developers who see their work as a public good.

Pardon prospects and political optics

The case has drawn attention beyond the courtroom. Former U.S. President Donald Trump indicated during prior discussions that he would consider reviewing Rodriguez’s case for a pardon. A petition on Change.org gathered signatures in support of a pardon, though observers caution that the political calculus around crypto‑privacy cases remains uncertain. As of the latest update, the petition had collected thousands of signatories, but Trump’s likelihood of granting a pardon remains a matter of speculation given the broader regulatory and political dynamics surrounding privacy tools and crypto enforcement.

Rodriguez has acknowledged the limited prospects for a presidential intervention, comparing his situation with other notable cases in the sector. He said that while there was some optimism during high‑profile crypto events, the reality now is that he will serve a full federal sentence without external influence or financial leverage.

The broader implication of the case continues to reverberate through the crypto community. Privacy‑preserving and open‑source tools occupy a nuanced space in the regulatory landscape, where advocacy efforts stress that developers should not be treated as accomplices for user behavior solely by virtue of releasing powerful software. As policymakers calibrate enforcement norms, readers should watch for updates on appeals, potential pardons, and any shifts in how courts handle open‑source privacy projects in the future.

What comes next could hinge on developments in the pardon discussion, potential appeals, and ongoing regulatory discourse surrounding privacy tools and compliant operation in the cryptocurrency space. Investors, users, and builders should remain attentive to how this high‑profile case shapes privacy‑tech risk, compliance expectations, and the viability of open‑source privacy initiatives in a tightening regulatory environment.

The crypto rally took a pit stop on Thursday while equities kept zooming higher.

Bitcoin BTC$81,437.09 traded at $80,945 in Asian hours, down 0.7% over 24 hours but still up 6.9% on the week. Ether (ETH) slipped 2% to $2,326, and DOGE$0.1115 was the major laggard, dropping 4.4% to $0.1106 after last week’s run took its 30-day return into the double digits.

XRP and BNB held steadier, with XRP at $1.41 and BNB up 1.3% to $643. Solana zoomed 6.1% on the week to $88.06.

The pullback came as global stock markets ripped to fresh records on U.S.-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.

The MSCI All Country World Index advanced 0.3% and MSCI’s Asia gauge jumped 1.9% to a record, with Japan’s Nikkei 225 hitting an intraday high. South Korea passed Canada as the world’s seventh-largest equity market by value, with Softbank surging 18% and TSMC adding 3.3%. Wall Street gauges closed at all-time highs Wednesday with about 80% of S&P 500 companies beating earnings estimates, Bloomberg reported.

Brent crude held under $102 a barrel on speculation a US-Iran deal would help resume oil shipments through the Strait of Hormuz, while gold zoomed for a third straight day to $4,700 an ounce on Fed rate-cut bets and easing inflation expectations.

FxPro chief market analyst Alex Kuptsikevich said in a note that bitcoin’s next test sits at the 200-day moving average around $83,300. A moving average smooths out short-term volatility by averaging an asset’s price over a set period, and the 200-day version is among the most-watched long-term trend gauge among traders.

“A firm consolidation above this level would be a further sign of bullish dominance,” he wrote, adding that the first such sign came one month ago when bitcoin held above the 50-day moving average. He flagged that a short-term profit-taking phase is likely as bitcoin approaches $83,000, “allowing some of the gains to be taken.”

The structural backdrop continues to support the move. Tether’s market cap has grown by $5.9 billion over the past 60 days, per analyst Darkfost, reversing a $2 billion monthly outflow trend that ran through early 2026. Such issuances are considered to be a source of new capital entering the crypto market.

In other developments, Morgan Stanley signalled this week that US banks may eventually be able to hold bitcoin on their balance sheets despite current regulatory barriers, with the bank already running a bitcoin-based ETP and planning to launch spot crypto trading on its wealth platform later this year.

Western Union launched its own stablecoin, USDPT, on Solana to bypass traditional interbank settlement delays.

Elsewhere, BitMine added more than 100,000 ETH for the third straight week, taking its ether reserves to 5.18 million ETH worth roughly $13 billion, or 4.29% of total supply.

Swiss crypto bank AMINA has become the first FINMA-regulated lender to offer custody and trading support for Canton Coin.

According to AMINA, the new integration gives clients regulated access to the Canton Network, a blockchain built for capital markets activity such as tokenized assets, collateral management, repo transactions, and settlement. Digital Asset developed the network, while backers include the Depository Trust & Clearing Corporation, Visa, BitGo, Goldman Sachs, and Citadel.

Institutional investors using AMINA’s banking platform can now hold and trade Canton Coin without relying on crypto-native custodians or exchanges. The bank said the setup could support firms using Canton Network infrastructure for tokenization and financial settlement operations.

From Zug, Switzerland, AMINA has continued adding regulated crypto services across multiple jurisdictions over the past year. In November 2025, the bank received a Type 1 license uplift from Hong Kong’s Securities and Futures Commission, allowing its local subsidiary to provide crypto trading and custody services to institutional investors in the city. At the time, AMINA said Hong Kong had become one of Asia’s most active regulated crypto markets for professional investors and family offices.

Under the Hong Kong approval, AMINA expanded support for 13 digital assets, including Bitcoin, Ethereum, USD Coin, and Tether. Michael Benz, head of AMINA Hong Kong and APAC, said the regulatory clearance would help the bank meet institutional demand for regulated crypto access and tokenized financial products.

Canton pushes deeper into institutional markets

Canton Network has been building infrastructure tailored for traditional finance firms rather than retail crypto users.

Institutional activity around the network has increased in recent months. In April, BitGo expanded its Canton-related services to include trading and on-chain settlement after previously supporting custody functions alone.

S&P Dow Jones Indices also brought its US Treasury Index benchmark onto the Canton Network, allowing institutions to access benchmark fixed-income data through tokenized systems.

Competition in the institutional blockchain sector has intensified as regulated financial firms experiment with tokenized assets and settlement rails. R3’s Corda continues targeting banks and regulated markets through privacy-focused permissioned infrastructure, while Hyperledger Fabric has maintained adoption among financial institutions and enterprise firms running blockchain-based internal systems.

AMINA has also expanded its regulated digital asset footprint in Europe. Earlier in November 2025, Austria’s Financial Market Authority approved the bank’s Austrian subsidiary under the European Union’s MiCA framework, allowing it to offer crypto trading, custody, and portfolio management services across the European Economic Area.

Beyond geographic expansion, the bank has added institutional-focused products tied to Ripple’s RLUSD stablecoin, Polygon staking services, and USD Coin reward accounts as competition among regulated crypto banks continues to grow.