Bitcoin’s new high, bonds go bananas, and Coinbase joins the S&P 500: Markets news roundup
May 24, 2025
The U.S. bond market sets the risk-free rate against which every other asset is measured, which is why Ray Dalio calls it “the backbone of all markets.” But this week it’s also become the biggest story in global finance.
Coinbase, the largest U.S. crypto exchange, officially joins the S&P 500 today (May 19), replacing Discover Financial Services (DFS) following its acquisition by Capital One (COF). The move marks a major moment of mainstream legitimacy for crypto, which until recently prided itself on being an alternative to the financial system.
For millions of Americans, “someday” is starting to look like “never” as home ownership moves further and further out of reach.
Mortgage rates briefly surged past 7% this week following Moody’s downgrade of U.S. debt — a symbolic blow already translating into everyday financial strain. The average 30-year fixed mortgage now stands at 6.99%, according to Mortgage News Daily.
Bitcoin rose to a new record high on Wednesday, surpassing the previous high it hit earlier this year.
The world’s leading cryptocurrency hit a peak of $109,359.59 Wednesday morning, according to Dow Jones Market Data. Its previous high-water mark came on President Donald Trump’s inauguration day in January.
On the surface, the picture looks bright – but dig a little deeper and you’ll uncover warning signs. On Tuesday, Home Depot posted Q1 sales rising 9% year-over-year to total nearly $40 billion. However, comparable sales – what existing stores actually brought in – fell 0.3% overall, with only a tiny 0.2% bump in the U.S.
Companies around the world are bracing for production delays and cost-cutting as a result of the Trump administration’s barrage of tariffs, dampening their confidence, per a new study published Tuesday.
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