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Cryptocurrencies experienced a downturn as part of a broader selloff in riskier assets, including stocks. According to Bloomberg, this market movement is driven by investor concerns over inflation and elevated oil prices, which have contributed to increased market volatility.
The selloff reflects the apprehension among investors regarding the economic impact of rising inflation and oil prices. These factors have led to a cautious approach in the market, affecting various asset classes, including cryptocurrencies. As investors navigate these uncertainties, the market response has been notable, with cryptocurrencies being swept up in the broader trend.

Crude oil prices have surged past $100, while stocks, gold, and cryptocurrencies are experiencing declines. This market shift comes as traders rapidly adjust their expectations for future Federal Reserve rate hikes, according to CoinDesk. The movement in these asset classes reflects heightened market volatility and uncertainty surrounding monetary policy decisions.

GameSquare, a Nasdaq-listed company, has released its financial results for the first quarter of 2026. According to Foresight News, the company reported revenue of $14.5 million, marking a 95% increase compared to the previous year. The gross profit for the quarter was $5.57 million, with a gross margin of 38.4%. However, the company experienced a net loss of $17.6 million, which included a $14.59 million loss due to changes in the fair value of digital assets.
As of March 31, GameSquare held 15,502 ETH, with 5,435 ETH involved in on-chain yield strategies. Additionally, the company possessed approximately $1.6 million in altcoin assets, bringing the total value of digital assets and cash to around $35.9 million.
GameSquare has maintained its full-year guidance, projecting adjusted revenue between $85 million and $90 million, with adjusted EBITDA expected to exceed $5 million.

U.S. gold mining stocks experienced a broad decline. According to Jin10, Harmony Gold (HMY.N) saw a drop of 7.1%, while Sibanye-Stillwater (SBSW.N) and AngloGold Ashanti (AU.N) both fell by over 6.5%. Additionally, Kinross Gold (KGC.N) decreased by 5.2%. The SPDR Gold ETF also declined, falling by 2.4%.

The capacity utilization rate in the United States for April was reported at 76.1%, surpassing the expected 75.80%, according to Jin10. The previous value was recorded at 75.70%.

The United States reported a 0.7% increase in industrial production for April, surpassing expectations of a 0.30% rise. According to Jin10, this follows a previous decline of 0.50% in March.

Russia's central bank reported that its gold and foreign exchange reserves reached $771 billion for the week ending May 8. According to Jin10, this marks an increase from the previous value of $757.5 billion.

U.S. interest rate futures suggest that there is more than a 50% chance of a Federal Reserve rate hike by January next year. According to Jin10, this expectation reflects market sentiment regarding potential monetary policy adjustments by the Fed.

Fidelity International portfolio manager Mike Riddell had been skeptical about the easing of global price pressures even before the outbreak of the Iran war. According to Jin10, Riddell's contrarian bet on rising inflation has now yielded significant returns. A few months ago, he purchased inflation swap contracts in the U.S. and the UK, essentially hedging against the risk of inflation exceeding expectations. He believed that the bond market, along with most of his peers, had severely underestimated inflation risks even before the Iran war pushed oil prices above $100 per barrel. In an interview, Riddell stated, "The risk of Middle East conflict is absolutely not priced into rates, considering the multiple rate cuts expected by global investors." Although he has slightly reduced his position, Riddell continues to hold inflation swap contracts.

Global stock markets have been on a continuous upward trend in recent days, according to Tim Graf, Managing Director and Head of EMEA Macro Strategy at State Street. He noted that the markets are currently showing signs of fatigue. However, Graf added that the stock markets remain supported. According to Jin10, Graf mentioned that any potential factor leading to a market correction could be movements in the interest rate markets and the expectation that inflation may remain above many central banks' target levels for an extended period, potentially forcing them to tighten policies.

The New York Federal Reserve's manufacturing index for May recorded a significant increase, reaching 19.6. According to Jin10, this figure surpassed the expected 7.5 and the previous value of 11, indicating a stronger-than-anticipated performance in the manufacturing sector.

Canada's manufacturing shipments in March recorded a monthly growth rate of 3%, according to Jin10. This figure fell short of the anticipated 3.50% and was lower than the previous month's rate of 3.60%.

Digital bank Revolut has announced that its trading division, Revolut Trading Ltd, has received an extension of permissions from the UK's Financial Conduct Authority (FCA) to offer more comprehensive investment and wealth management services in the UK market. According to Odaily, the newly approved Variation of Permissions (VoP) allows Revolut to manage investment portfolios and participate in certain transactions as a principal. This enables the platform to provide leveraged investment products, professionally managed portfolios, and customized wealth management services for high-net-worth individuals, all integrated into its mobile app alongside everyday banking and payment tools. Revolut also plans to introduce AI-driven portfolio recommendation tools as part of its ongoing transformation into a 'one-stop financial platform.' Earlier this year, Revolut obtained a full banking license in the UK. Analysts suggest that the FCA's approval indicates Revolut's growing maturity as a regulated financial institution and highlights the increasing competition between fintech companies and traditional banks and wealth management firms.

Strategy has announced a plan to repurchase $1.5 billion in principal of its zero-coupon convertible senior notes due in 2029. According to Foresight News, Michael Saylor tweeted about the buyback, which involves a private agreement with some noteholders. The company will use approximately $1.38 billion in cash for the repurchase, with the final price adjusted based on the volume-weighted average price of MSTR Class A common stock. The settlement is expected to be completed by May 19. Funding sources include existing cash reserves, proceeds from an ATM issuance program, and Bitcoin sales. Upon completion, Strategy will cancel the repurchased notes, leaving approximately $1.5 billion in outstanding principal for the 2029 notes.

Romania's central bank has decided to keep its benchmark interest rate steady at 6.50%, aligning with market expectations. According to Jin10, this decision reflects the bank's ongoing assessment of the economic landscape and its commitment to maintaining financial stability. The central bank's move comes amid a global environment of monetary policy adjustments, as central banks worldwide navigate economic challenges and inflationary pressures. The decision to hold the rate steady suggests a cautious approach in response to current economic conditions.

The Romanian Central Bank has reported that its latest assessment indicates the annual inflation rate for the second quarter will surpass earlier projections. According to Jin10, this increase is primarily driven by rising energy prices.

The ongoing conflict in Iran is expected to cause a significant disruption in oil supply, leading to a surge in prices. Bloomberg posted on X that this situation is anticipated to result in the most substantial impact on global demand growth since the Covid-19 pandemic. The oil market is closely monitoring the developments, as the geopolitical tensions could have far-reaching effects on the global economy. Analysts are concerned about the potential for prolonged instability in the region, which could exacerbate the supply constraints and further drive up prices. The international community is urged to address the situation to mitigate the economic repercussions.

The European Central Bank (ECB) Governing Council member Boris Vujcic stated that the decision on whether to raise interest rates in June will depend on the forthcoming economic data. According to Jin10, Vujcic emphasized the importance of analyzing the upcoming data to determine the appropriate monetary policy actions. The ECB has been closely monitoring economic indicators to assess the need for adjustments in interest rates.

Turkey's Finance Minister stated that if oil prices remain around $100 per barrel, the country's fiscal deficit could expand to approximately 4% of GDP in 2026, up from about 3% in 2025. According to Jin10, this projection highlights the potential impact of sustained high oil prices on Turkey's economic outlook.

Bank of America's Chief Investment Strategist, Michael Hartnett, has indicated that the market may experience a round of profit-taking in early June due to investors' excessive influx into the stock market and rising inflation risks. According to Jin10, Hartnett's team highlighted in their report that as the stock market continues to reach new historical highs, price pressures are broadly spreading across the U.S. economy, with increases in energy, transportation costs, and rent. They also noted that a series of key events next month could heighten market caution, including the next OPEC meeting, the opening of the World Cup, the G7 summit, and the first Federal Reserve FOMC meeting under Kevin Warsh's tenure, all of which could act as triggers. Hartnett stated, 'The behavior of funds chasing stocks and tech stocks may largely conclude in the coming weeks, making early June an opportune time for partial profit-taking.'