OpenAI Rolls Out Advanced Account Security for ChatGPT Users
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Morning Minute: Bitcoin Falls After Powell's Likely Final FOMC
TL;DR
Bitcoin drops to $76k following the FOMC meeting, with crypto majors falling 2-3% as rate cut odds vanish. Big Tech earnings surpass expectations, while Meta introduces stablecoin payouts for creators.
Key points
- Bitcoin drops to $76k after FOMC meeting
- Crypto majors fall 2-3% as rate cut odds go to 0
- Big Tech earnings beat expectations
- Meta introduces stablecoin payouts for creators
- MegaETH debuts MEGA token with $2B+ FDV
Mentioned in this story
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Morning Minute is a daily newsletter written by*Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.* *And check out our new daily news show covering all of the top stories in 5 minutes or less, downloadable on Apple Pod or Spotify.*
GM!
Today’s top news:
- Crypto majors fall 2-3% after FOMC and rate cut odds go to 0; BTC at $76k
- Big Tech earnings beat, CapEx thesis pays off; GOOG +7%, AMZN +3%
- Meta launches stablecoin payouts for creators using USDC
- Sky posts its best quarter ever, token still falls
- MegaETH debuts its MEGA token, reaches $2B+ FDV on open
👋 Jerome Powell’s Final FOMC
Jerome Powell held what is likely to be his last press conference as Federal Reserve chair Wednesday after the FOMC voted 8-4 to hold rates steady at 3.50-3.75%. Notably there were four dissents—a pointed signal to incoming Chair Kevin Warsh: Don’t assume this committee will follow your lead.
The surprise from the meeting came from Powell, who announced he will remain on the Fed’s Board of Governors beyond May 15 for a period he described as “to be determined,” citing the Trump administration’s ongoing investigations into the Fed. “We’ve been having to resort to the courts. We’ve been successful so far. But that’s not over.”
As for the economy and the Fed’s next actions, Powell said the Fed faces an unusually difficult situation—four supply shocks in quick succession (pandemic, Ukraine invasion, tariffs, and Iran war), each capable of driving inflation and unemployment higher simultaneously. Odds of a rate cut in 2026 fell to 1% after his comments (down from ~25% last week).
💰 Big Tech Earnings Don’t Disappoint
Amazon, Alphabet, Microsoft, and Meta all reported Q1 2026 results Wednesday after the close. The broad summary is that AI capex is beginning to justify itself, cloud growth is accelerating, and the ROI debate that has hung over big tech all year is tilting constructive.
The one exception is Meta, whose stock fell 6-7% in after-hours trading despite beating on revenue after raising its already-enormous 2026 capex guidance by another $10 billion. Meta also missed on user growth and blamed “internet disruptions in Iran.”
Alphabet (Google) was the standout. Google Cloud grew 63% year-over-year to $20.1 billion, its fastest growth since 2022. CEO Sundar Pichai said enterprise AI solutions became the primary cloud growth driver “for the first time in Q1.” All four beat earnings, though the stocks of each had varying results.
Q&A
Why did Bitcoin fall after the FOMC meeting?
Bitcoin fell after the FOMC meeting due to the elimination of rate cut odds, leading to a 2-3% drop in major cryptocurrencies.
What is the current price of Bitcoin after the FOMC?
The current price of Bitcoin is $76,000 following the FOMC meeting.
What impact did the FOMC have on other cryptocurrencies?
Other major cryptocurrencies also experienced a decline of 2-3% after the FOMC meeting.
What new feature did Meta launch related to stablecoins?
Meta launched stablecoin payouts for creators using USDC, enhancing their payment options.
