Tariff Reduction Boosts Bitcoin as Market Anticipates Future Gains
Bitcoin surged past $105,000 following the U.S. announcement to reduce tariffs on Chinese goods from 145% to 30% for 90 days, while China will lower its tariffs on U.S. goods from 125% to 10%.
Key highlights include:
- Ether experienced over 40% growth since May, achieving its strongest monthly performance since November.
- Nasdaq futures rose by more than 3%, reflecting positive market sentiment.
- The U.S. Dollar Index (DXY) surpassed 101; WTI crude oil prices increased, whereas gold fell by over 3%.
- Strategy's Executive Chairman Michael Saylor reaffirmed commitment to bitcoin accumulation and corporate adoption at the annual meeting.
What to Watch
- May 12: SEC Crypto Task Force Roundtable on Tokenization at SEC headquarters.
- May 13: Singapore High Court hearing on WazirX exchange restart.
- May 14: Neo's mainnet hard fork upgrade.
- May 14: Expected launch of VanEck Onchain Economy ETF.
- May 16: Galaxy Digital Inc.’s Class A shares begin trading on Nasdaq.
- May 19: CME Group expected to launch cash-settled XRP futures.
Market Movements
- BTC is at $104,445.95, up 1.21% from Friday.
- ETH is at $2,546.56, a rise of 8.81%.
- CoinDesk 20 index is at 3,265.29, gaining 4.27%.
- DXY is up 1.14% at 101.48; gold down 3.22% at $3,219.31/oz.
Bitcoin Stats
- BTC Dominance: 62.77%
- Ethereum to Bitcoin ratio: 0.2448
- Total BTC holdings in ETFs around 1.17 million.
Market indicators suggest bullish sentiment as perpetual futures open interest increases, indicating potential for significant price movements ahead.