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Tick tock

World waits for Iran’s response to peace proposal ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. Whether Iran accepts the latest US peace proposal or not, Donald Trump is intent on winding down a conflict that’s proving increasingly problematic for him. His memorandum of understanding, which Iranian leaders are expected to respond to any day now, calls for Tehran to reopen the Strait of Hormuz in exchange for Washington ending a blockade of Iranian ports. The US would also lift some sanctions, while Iran would agree to a moratorium on enriching uranium. The sides would then negotiate a broader nuclear deal, finalizing how long that moratorium lasts and what happens to Iran’s stockpile of highly-enriched uranium. Trump can claim plenty of tactical successes in the war, which began with joint US-Israeli strikes in February. Bloomberg’s Joumanna Bercetche reports on the potential deal. The Iranian military has suffered huge losses and many senior politicians and commanders have been killed, among them Supreme Leader Ali Khamenei. Israel meanwhile continues to hammer Hezbollah in Lebanon, ceasefire or not. But any US strategic gains are harder to discern. Iran responded to the strikes by shutting the strait to virtually all shipping — an event essentially without precedent — and firing missiles and drones at Saudi Arabia, the United Arab Emirates and other US Gulf allies. The surge in energy costs is a major headache for Trump, with US gasoline pump prices now at their highest since 2022. American voters are increasingly against the war, while European, African and Asian nations are aghast at the unprovoked damage to their economies. Iran was in any case already subject to nuclear monitoring under a deal that Trump ripped up in his first term. Crucially for the president, he’s set to meet Xi Jinping in China next week and wants an agreement to reopen the strait by then to avoid distractions. Beijing may have given him a hand when it hosted Iran’s foreign minister this week and called for the waterway to be opened. Whether it’s enough should soon be clear. — Paul Wallace Iranian security forces stand guard under a large portrait of new Supreme Leader Mojtaba Khamenei. Photographer: Majid Saeedi/Getty Images Global Must Reads Russia told foreign governments and organizations to evacuate diplomatic staff and citizens from Kyiv, warning of a retaliatory strike if Ukraine tried to attack Moscow during May 9 World War II Victory Day celebrations. Meanwhile, President Volodymyr Zelenskiy is looking beyond the coming summer and asking Western allies to speed up deliveries of air-defense systems and missiles to prepare for another winter of intense bombing by Moscow, while Ukraine’s chief negotiator prepares to travel to Miami to meet with US special envoy Steve Witkoff. Russian servicemen during the 2025 Victory Day parade in Moscow. Source: AFP/Getty Images The Pentagon added Alibaba and Baidu to a list of companies that aid the Chinese military, but then declared the list “unpublished.” The episode highlights the Trump administration’s incoherence toward China, swinging between tough talk and offers of concessions, and leaving US officials to tread carefully to preserve a delicate truce with Beijing. The European Union failed to finalize a long-delayed US trade deal during overnight talks despite warnings from Trump that he would soon impose fresh tariffs on EU cars if the bloc delays ratifying the pact. The Trump administration has meanwhile begun paying out refunds for the $166 billion in global tariffs that the US Supreme Court declared unlawful earlier this year. The factors that make Taiwan an economic powerhouse — its world-leading tech industry and chipmaking exemplified by TSMC — are also hugely power hungry, making it vulnerable. As this deep dive explains, Taiwan currently imports around 96% of its energy, and with just an 11-day reserve of LNG, analysts estimate that any potential maritime blockade by China could exhaust the island’s energy supply within weeks. Over the course of his 16-year rule, Viktor Orbán rewired Hungary’s economy, turning it into a giant patronage machine. Read how a revolving cast of purported alien influences, from supermarket chains and utilities to the country’s biggest benefactor, the EU, were all cast as threats — a system which the new government now needs to unwind. Trash piled outside a Hungarian state-owned tobacco shop. Photographer: Getty Images The tension between Trump and Chancellor Friedrich Merz was a misunderstanding, German Foreign Minister Johann Wadephul said in an interview, adding that the government in Berlin supports the US aim to ensure Iran can’t obtain a nuclear weapon. Philippine President Ferdinand Marcos Jr. is facing the country’s worst economic crisis since the pandemic as the energy shock unleashed by the Iran war hollows out consumer spending and fans inflation. Argentine President Javier Milei’s senior ally in Congress urged the cabinet chief to disclose his finances and real estate assets, the first public sign of friction within the ruling coalition over a growing corruption scandal. Democratic Republic of Congo President Felix Tshisekedi said he’s willing to run for a third term, which is currently unconstitutional, if the Congolese people ask him to through a referendum.  On this week’s Trumponomics, host Stephanie Flanders is joined by Jennifer Welch, chief geoeconomics analyst for Bloomberg Economics, and executive editor Dan Ten Kate to unpack whether the high-stakes Trump-Xi talks will happen — and what’s at stake for the global economy if they do. Listen on Apple, Spotify or wherever you get your podcasts. Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day Britons head to the polls today for one of the most consequential rounds of local elections in memory, with control of the Scottish and Welsh parliaments and more than half of England’s councils at stake. The unusually broad vote will provide a verdict on Keir Starmer’s performance after less than two years as prime minister and with Labour’s popularity falling in the wake of policy missteps and questions about his judgment in appointing Peter Mandelson as ambassador to the US. And Finally A solar-energy boom in a narrow stretch of the Andes is marred by a wave of sophisticated theft as panels and associated copper cables disappear into black markets. Many in the industry in Chile privately confirm they’ve been hit, yet few are willing to say so publicly. While it follows a pattern in other places like California and the UK, the trend in the South American nation is turbocharged by more remote expanses and entrenched organized crime, posing risks for critical infrastructure and foreign investment. A security camera captures three introducers entering a solar farm at night in Til-Til, Chile. Photographer: Cristóbal Olivares/Bloomberg More from Bloomberg Check out our Bloomberg Investigates film series about untold stories and unraveled mysteries Next China for dispatches from Beijing on where China stands now — and where it’s going next Next Africa, a daily newsletter on where the continent stands now — and where it’s headed Economics Daily for what the changing landscape means for policymakers, investors and you Green Daily for the latest in climate news, zero-emission tech and green finance Explore more newsletters at Bloomberg.com We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Balance of Power newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |

🌴 Consensus Day 1 recap

Day 1 at Consensus Miami: JPMorgan processed $1T onchain. Oil crashed 6% on Iran peace hopes. And OKX just let you bet on SpaceX before the IPO. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wednesday, May 6, 2026 · Consensus Miami Consensus Day 1: tokenization, agentic payments, and digital security take the stage in Miami Tokenization, agentic payments and digital security took the stage Tuesday at Consensus as the first day of the Miami event kicked off. Thousands of people descended on the Miami Beach Convention Center, capped off by CFTC Chair Michael Selig defending his agency's oversight of digital assets and prediction markets. Consensys' Joe Lubin told attendees that the global economy is moving to be onchain, a sentiment echoed by panelists representing major banks in another session. "We're moving billions," Citi's Ryan Rugg said of the bank's tokenized deposit system. JPMorgan's Kinexys has processed over $1 trillion, Kara Kennedy said. On the AI front, over half of all internet traffic is now from AI tools, Cloudflare Chief Strategy Officer Stephanie Cohen said. She laid out how the internet tooling provider is looking at this issue, including a proposal to give websites more control over how they handle automated traffic. Catch up on all of the coverage here. Wednesday will see CoinDesk host its Global Bitcoin Summit, focusing on the world's first cryptocurrency's past and future. Bermuda Premier David Burt, Senator Kirsten Gillibrand, Reid Hoffman, Patrick Witt (White House), Frank La Salla (DTCC), Kevin O'Leary, Eric Trump and so many others will take the stage. We'll discuss the industry's relationship with lawmakers in Washington D.C., institutional trading, privacy and other key issues for the industry. Aspiring entrepreneurs will participate in the annual PitchFest, continuing the CoinDesk tradition. For a full agenda, click here. Consensus preview sponsored by GoMining Discover GoBTC Pay by GoMining — a simple way to pay for everyday shopping with Bitcoin: on-chain, instant, secure. At Consensus, you can try it yourself and buy coffee and snacks with Bitcoin at the GoBTC Pay outlet. We'll give everyone who wants to test the solution the equivalent of $20 in sats, so your first coffee paid in BTC is on us! Learn more at the GoMining booth or the GoBTC Pay outlet. Markets Bitcoin, Nasdaq futures rally as oil crashes 6% on Iran peace deal hopes Reports of progress toward a U.S.–Iran memorandum of understanding sent WTI crude futures down roughly 6% to $95.28 a barrel Wednesday morning, triggering a broad risk-on rally. Bitcoin climbed toward $82,000 while Nasdaq futures rose over 1%. The move echoes the April 7 pattern when Trump's two-week ceasefire announcement sent oil down 10% and bitcoin up 5% in a single session. Analysts caution the move may be fragile — Iran has a track record of contradicting peace reports through state media, as it did last month when a false Fars agency missile strike claim briefly whipsawed bitcoin from $80,594 down to $79,000 in minutes before recovering. Read more → Markets OKX joins crypto's pre-IPO frenzy with OpenAI, SpaceX perpetual futures OKX is launching perpetual futures tied to OpenAI, SpaceX, and Anthropic — synthetic price exposure to three of the most anticipated IPOs in history, without conferring any actual equity. The products join a rapidly crowding field: Bitget launched its "IPO Prime" SpaceX token in April, Injective has offered pre-IPO perps since late 2025, and Binance is reportedly preparing its own lineup. With SpaceX targeting a June IPO at a $1.75 trillion valuation, OpenAI eyeing Q4, and Anthropic planning an October debut, crypto exchanges are racing to capture speculative demand before the public listings arrive — and the liquidity they're expected to absorb from the same risk-on pool that's been lifting bitcoin. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.