Mainstream adoption of Dogecoin could increase its real utility for everyday spending, according to Timothy Stebbing, director of the Dogecoin Foundation. Crypto projects need to deliver value to the next generation, aged around 15 or older, who will experience mainstream crypto.
Ethereum Weekly Price Forecast: Onchain data paints bearish picture
Following Ethereum’s (ETH) decline to the $2,000 psychological level over the past few days, loss realization has increased.
Investors have booked losses of roughly $667 million over the past three days, the largest since early May.
The move signals investors are selling into the market weakness and expanding downside risks.
Notably, selling accelerated after buyers failed to push prices above the realized price/average onchain cost basis of retail investors. Over the past three months, that level has served as a significant overhead resistance, reinforcing a break-even distribution pattern among retail cohorts that often sell as prices approach it.
Simultaneously, network activity is falling again, with active addresses approaching levels last seen in early May. Notably, the metric has dived by 50% since February, reflecting rapidly weakening onchain engagement in the top Layer 1 blockchain.
Regionally, a majority of selling activity is driven by US investors, who have been a major factor in shaping market sentiment. This is evident in the Coinbase Premium Index, a measure of US investors’ sentiment, which has continued to decline since late April.
Additionally, US spot ETH exchange-traded funds (ETFs) extended their negative streak to 14 consecutive days of net outflows, highlighting heightened institutional risk-off sentiment in the region.
The only notable institutional accumulator so far has been BitMine, which expanded its stash of the top altcoin to 5.39 million ETH.
Meanwhile, on the derivatives side, open interest has continued to expand, clocking a record high above 16 million in the week, even as funding rates remain positive. However, prices have been falling during the same period, indicating shorts are likely opening new positions while long traders are buying the dip or holding onto underwater positions.
Ethereum Price Forecast: ETH recovers $2,000, but momentum remains weak
On the daily chart, ETH holds a bearish near-term bias as price remains below the 20-, 50-, and 100-day Exponential Moving Averages (EMAs), clustered from roughly $2,122 to $2,281, reinforcing a cap on rebounds.
Momentum conditions are weak but stabilizing, with the 14-day Relative Strength Index (RSI) hovering just above oversold territory near 34 and the Stochastic Oscillator (Stoch) slowly recovering from deeply oversold readings.
On the downside, immediate support is seen at the horizontal level around $2,018. A clear break there would expose the next demand zone near $1,909, ahead of deeper supports at $1,741, $1,524 and $1,404.
On the topside, initial resistance aligns at $2,107, followed by the 20-day EMA at $2,122 and the 50-day EMA near $2,186. A sustained move above these levels would be needed to ease the current bearish pressure and open the way toward $2,211, the 100-day EMA at $2,280 and higher horizontal barriers at $2,388, $2,746 and $3,411.
(The technical analysis of this story was written with the help of an AI tool.)
JPMorgan CEO Jamie Dimon slams CLARITY Act, signals bank pushback on crypto regulation
JPMorgan CEO Jamie Dimon has sharply criticized the proposed Digital Asset Market Clarity Act (CLARITY), warning that major US banks will oppose the legislation in its current form.
JPMorgan CEO challenges CLARITY bill over compliance and risk gaps
Speaking on Fox Business’ Mornings with Maria on Friday, Dimon argued that the bill creates an uneven regulatory environment by allowing crypto firms to offer bank-like products without equivalent safeguards. He specifically pointed to stablecoin-related yield products, stating that the framework would enable firms to pay interest without adhering to the protections required of traditional banks.
“It allows cryptocurrency firms to effectively pay interest on deposits, stablecoins or something like that, without the protection that they should have,” Dimon said.
The JPMorgan CEO also criticized the bill’s approach to compliance, arguing it falls short on Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) requirements. He warned that gaps in oversight could expose both consumers and the broader financial system to heightened risks.
As a result, Dimon took a jab at Coinbase CEO Brian Armstrong, claiming that no one is “going to bow down to this guy.” He added that the Coinbase founder is lobbying with hundreds of millions of dollars to get the CLARITY Act approved. The remark follows earlier clashes between the two, including a reported heated exchange at the World Economic Forum in Davos earlier in the year.
Dimon’s stance is consistent with his long-held skepticism toward cryptocurrencies. While JPMorgan has invested in blockchain infrastructure, its CEO has repeatedly questioned the value of crypto assets, citing concerns around volatility and illicit finance.
He noted that while he recognizes the potential of blockchain and the role of stablecoins in areas like cross-border payments, he remains concerned about how the CLARITY Act treats fiat-backed tokens.
The CLARITY Act seeks to establish a comprehensive regulatory framework for digital assets by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill is designed to provide legal clarity for exchanges, brokers, stablecoin issuers and decentralized finance (DeFi) platforms.
However, Dimon’s comments reflect broader opposition from traditional financial institutions. Banking groups, including the American Bankers Association, have raised concerns that certain provisions could incentivize deposit migration from regulated banks to crypto platforms. They added that the CLARITY Act could also weaken existing financial safeguards meant to protect the users and investors.
The legislation is headed to the Senate floor for final deliberations and a full vote. Industry observers strongly anticipate the bill’s passage, but recent events and opposition surrounding its progress have hindered broader support.
CFTC approves first fully regulated Bitcoin perpetual futures contract in the US
The US Commodity Futures Trading Commission (CFTC) has approved the listing of a fully regulated Bitcoin (BTC) perpetual futures contract, according to a Friday X post by Chairman Mike Selig. The approval centers on the BTCPERP contract from Kalshi, a perpetual futures product with no fixed expiration date.
CFTC greenlights onshore Bitcoin perpetual futures market
CFTC Chairman Michael Selig described the development as “a major step forward,” positioning it within broader efforts to establish the United States as a global hub for digital asset innovation.
US participants have largely been excluded or forced to access these instruments through less regulated venues, leading to fragmented liquidity and reduced competitiveness for domestic firms.
“This marks Kalshi’s evolution from prediction market leader to next-gen derivatives exchange,” Kalshi CEO Tarek Mansour said in a statement.
The newly approved products will operate under strict compliance requirements, including leverage controls, reporting obligations and investor protection standards.
“Today’s action to onshore crypto asset perpetuals reflects the CFTC’s commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity,” Chairman Selig wrote.
Kalshi aims to launch crypto perpetuals for more than a dozen cryptocurrencies, pending regulatory review.
The approval builds on recent regulatory coordination between the CFTC and the Securities and Exchange Commission (SEC). In March, both agencies issued joint guidance clarifying the classification of digital assets and outlining a more coordinated oversight framework.
Coinbase receives approval to expand user access to global crypto derivatives
In a related development, the CFTC also issued guidance permitting Coinbase Financial Markets to provide clients with access to global perpetual futures and options through affiliated entities, broadening compliant avenues for participation in crypto derivatives.
Under the framework, US customers can access offshore crypto derivatives markets via a single CFTC-regulated futures commission merchant (FCM), reducing reliance on informal or unregulated channels.
“Until now, US users have been locked out of ~80% of global crypto markets (perpetual futures and options). But not anymore! Coinbase is the first and only regulated platform able to connect US users to global crypto options and perpetual futures,” Coinbase CEO Brian Armstrong wrote on X.
Customers will also be entitled to major venues such as Deribit, which accounts for a significant share of global Bitcoin options open interest.
The approval is expected to pave the way for additional listings by other CFTC-registered exchanges, potentially strengthening the US position in the crypto derivatives market.
Forecasting the upcoming week: The US Dollar fell as ceasefire hopes supported risk sentiment
The US Dollar Index (DXY) fell toward the 98.90 region on Friday as improving market sentiment linked to developments in the Middle East reduces demand for safe-haven assets. Although the latest United States (US) Core Personal Consumption Expenditures (PCE) Price Index on Thursday held steady at 3.3% YoY in April, reinforcing expectations that the Federal Reserve (Fed) may keep interest rates elevated for longer, investors focused on reports that the US and Iran reached a memorandum of understanding to extend the ceasefire by 60 days, reopen the Strait of Hormuz, and begin nuclear negotiations.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.14% | -0.18% | 0.02% | 0.05% | -0.35% | -0.94% | -0.47% | |
| EUR | 0.14% | -0.04% | 0.17% | 0.19% | -0.22% | -0.78% | -0.34% | |
| GBP | 0.18% | 0.04% | 0.19% | 0.23% | -0.17% | -0.73% | -0.29% | |
| JPY | -0.02% | -0.17% | -0.19% | 0.05% | -0.36% | -0.96% | -0.49% | |
| CAD | -0.05% | -0.19% | -0.23% | -0.05% | -0.41% | -0.98% | -0.53% | |
| AUD | 0.35% | 0.22% | 0.17% | 0.36% | 0.41% | -0.57% | -0.12% | |
| NZD | 0.94% | 0.78% | 0.73% | 0.96% | 0.98% | 0.57% | 0.46% | |
| CHF | 0.47% | 0.34% | 0.29% | 0.49% | 0.53% | 0.12% | -0.46% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
EUR/USD advances toward the 1.1670 area as broad US Dollar (USD) weakness supports the shared currency.
GBP/USD climbs toward the 1.3470 region, benefiting from softer demand for the Greenback. Sterling remains supported despite lingering concerns surrounding the United Kingdom’s (UK) fiscal outlook and slowing economic growth.
USD/JPY trades near the 159.30 zone as the weaker US offsets support from elevated US yields. The Japanese Yen remains pressured after Tokyo Core CPI slowed to 1.4% YoY in May, while Bank of Japan (BoJ) Governor Kazuo Ueda warned that energy shocks could become more persistent if they begin influencing wages and inflation expectations.
AUD/USD rises toward the 0.7190 region as improving sentiment surrounding US-Iran negotiations boosts demand for risk-sensitive currencies.
West Texas Intermediate (WTI) Oil trades near $88.00 per barrel as hopes for a ceasefire extension and the potential reopening of the Strait of Hormuz ease concerns over supply disruptions.
Gold surges near the $4,550 region as investors balance improving risk appetite against persistent geopolitical uncertainty and elevated global inflation pressures.
Anticipating economic perspectives: Voices on the horizon
Friday, May 29:
- BoE’s Mann
Sunday, May 31:
- UK BoE’s Greene
- Fed’s Waller
- Fed’s Powell
Tuesday, June 2:
- ECB’s Vujčić
- BoE Governor Bailey
- ECB’s Sleijpen
- BoE’s Greene
Wednesday, June 3:
- BoJ Governor Ueda
- ECB’s Elderson
- Fed’s Barr
- ECB’s Cipollone
- BoE Monetary Policy Report Hearings
- Fed Beige Book
Thursday, June 4:
- ECB President Lagarde
- BoE Governor Bailey
Friday, June 5:
- BoE’s Dhingra
- BoE Governor Bailey
Central banks’ meetings and upcoming data releases to shape
Friday, May 29:
- China Manufacturing PMI
- China Non-Manufacturing PMI
Sunday, May 31:
- AU TD-MI Inflation Gauge
- China Caixin Manufacturing PMI
Monday, June 1:
- Eurozone Retail Sales
- CH Retail Sales
- CH GDP
- Germany Manufacturing PMI
- France Manufacturing PMI
- Eurozone Manufacturing PMI
- Eurozone Unemployment Rate
- CA Manufacturing PMI
- US Manufacturing PMI
- AU Building Permits
Tuesday, June 2:
- Eurozone CPI
- US JOLTS Job Openings
- NZ Building Permits
- AU AiG Industry Index
- AU PMI
- AU Q1 GDP
- China Caixin Services PMI
Wednesday, June 3:
- Spain Services PMI
- Germany PMI
- Eurozone PMI
- Eurozone PPI
- US ADP Employment Change 4-week average
- US PMI
- US Factory Orders
- AU Trade Balance
Thursday, June 4:
- CH CPI
- Eurozone Retail Sales
- US Challenger Job Cuts
- US Initial Jobless Claims
- US Nonfarm Productivity
- US Unit Labor Costs
- JP Labor Cash Earnings
Friday, June 5:
- Eurozone GDP
- Eurozone Employment Change
- CA Employment Report
- CA Average Hourly Wages
- CA Unemployment Rate
- US Nonfarm Payrolls
- US Unemployment Rate
- US Average Hourly Earnings
- US Labor Force Participation Rate
- CA Ivey PMI
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
United States CFTC S&P 500 NC Net Positions fell from previous $-140.6K to $-165.8K
Mainstream adoption of Dogecoin could increase its real utility for everyday spending, according to Timothy Stebbing, director of the Dogecoin Foundation. Crypto projects need to deliver value to the next generation, aged around 15 or older, who will experience mainstream crypto.
Eurozone CFTC EUR NC Net Positions down to €29.4K from previous €33.5K
Mainstream adoption of Dogecoin could increase its real utility for everyday spending, according to Timothy Stebbing, director of the Dogecoin Foundation. Crypto projects need to deliver value to the next generation, aged around 15 or older, who will experience mainstream crypto.
Australia CFTC AUD NC Net Positions: $60.2K vs previous $85.6K
Mainstream adoption of Dogecoin could increase its real utility for everyday spending, according to Timothy Stebbing, director of the Dogecoin Foundation. Crypto projects need to deliver value to the next generation, aged around 15 or older, who will experience mainstream crypto.
Japan CFTC JPY NC Net Positions down to ¥-114.7K from previous ¥-93.9K
Mainstream adoption of Dogecoin could increase its real utility for everyday spending, according to Timothy Stebbing, director of the Dogecoin Foundation. Crypto projects need to deliver value to the next generation, aged around 15 or older, who will experience mainstream crypto.
United States CFTC Oil NC Net Positions down to 161K from previous 172.6K
Mainstream adoption of Dogecoin could increase its real utility for everyday spending, according to Timothy Stebbing, director of the Dogecoin Foundation. Crypto projects need to deliver value to the next generation, aged around 15 or older, who will experience mainstream crypto.