Crypto Market Gains as Trump Trade Deal Hint Boosts Sentiment
The crypto market is experiencing upward momentum, driven by positive sentiment following President Trump's trade deal hints. Key developments include:
- Bitcoin increased by 2.6%, approaching $100,000, while major altcoins like XRP, ETH, and others rose 4% to 6%.
- Cumulative inflows into U.S.-listed spot bitcoin ETFs reached an all-time high of $40.62 billion, indicating strong institutional interest.
- Arizona passed a bitcoin reserve bill, allowing the state to invest in BTC and claim abandoned coins after three years.
- An ether whale liquidated 5,200 ETH for $9.54 million but retains 8,300 ETH valued at $15.28 million.
- Avalanche's C-Chain hit two-year transaction highs with median gas costs at $0.00078; its token AVAX surged 7% to $21.
- Stripe introduced Stablecoin Financial Accounts, enabling dollar-denominated services globally.
- Upcoming macroeconomic indicators include U.S. labor cost data and unemployment claims, which may influence Federal Reserve policies.
Key Upcoming Events
- Sentencing of Celsius founder Alex Mashinsky on May 8.
- SEC Crypto Task Force Roundtable on May 12 discussing asset tokenization.
- Bank of England's interest rate decision and U.S. jobless claims data will be released on May 8.
Market Movements
- BTC up 3.49% at $99,620.26.
- ETH up 7.76% at $1,939.15.
- CoinDesk 20 index increased by 5.75% to 2,854.54.
Token Events
- Arbitrum DAO voting on investment strategies ends on May 8.
- Movement (MOVE) to unlock 2.04% of its supply on May 9.
- New token listings and delistings scheduled throughout May.
BTC dominance stands at 65.08%, with total fees recorded at 6.64 BTC. Interest in derivatives shows a bullish trend for both BTC and ETH.