Bitcoin Surges Past $102K on Trump US-UK Trade Deal

Bitcoin breached $100,000 for the first time since February, soaring to an intraday high of $102,851 following President Trump’s announcement of a US-UK trade agreement. The deal, which slashes tariffs on British steel and opens the door for further international pacts, jolted global markets and injected fresh momentum into crypto.

Ethereum followed with a 22% rally to reclaim $2,200, while altcoins like SUI, DOGE, and BCH also posted double-digit gains. “I think a fresh all-time high for Bitcoin is coming soon,” said Standard Chartered’s Geoffrey Kendrick, adding, “My specific target of USD120k for Q2 looks very achievable.”

The rally was fueled by over $3.5 billion in recent spot Bitcoin ETF inflows and continued institutional demand from pension funds and sovereign investors. ETF issuers reported $1.4 billion in inflows last week alone, while crypto-linked stocks like Coinbase and Riot Platforms jumped between 5% and 9%.

Nearly 145,000 traders were liquidated, with $500 million wiped from short positions as Bitcoin defied resistance levels and reignited bullish sentiment. With US-China trade talks also looming, markets are now eyeing BTC’s all-time high of $109,000 as the next battleground.

Coinbase Acquires Deribit for $2.9 Billion in Cash and Shares

Coinbase has agreed to buy Deribit for $2.9 billion, combining $700 million in cash and 11 million shares of its Class A stock, the companies confirmed on May 8. The acquisition positions Coinbase as the top global player in crypto derivatives, following Deribit’s record $1 trillion non-USA trading volume in 2024. Regulatory approval is pending, with the deal expected to close by the end of 2025.

Following the merger, Deribit's founders will exit while Coinbase plans to integrate futures, options, and spot trading into a single platform. CEO Luuk Strijers said the deal will create deeper liquidity and better execution across jurisdictions. The acquisition surpasses all prior crypto M&A activity and continues Coinbase’s aggressive expansion under a more favorable U.S. regulatory climate.

US Banks Cleared to Handle Cryptocurrency for Clients

The U.S. Office of the Comptroller of the Currency (OCC) said that national banks can buy and sell cryptocurrencies for customers without prior agency approval. The updated guidance also allows banks to outsource custody and trading to third-party providers, provided they meet risk management requirements. This replaces the OCC’s 2021 rule that had required a supervisory green light.

The decision is part of a broader rollback of restrictive crypto regulations under the Trump administration. Last month, the Federal Reserve and FDIC also rescinded similar guidance discouraging crypto activity. Banks can now participate more freely in the digital asset market, boosting access and legitimacy for the sector.

Senate’s GENIUS Act Fails Stalling Stablecoin Legislation

The Senate's GENIUS Act failed a procedural vote, stalling what had been the most promising stablecoin legislation to date. Several Democrats who originally supported the bill, including co-sponsors Kirsten Gillibrand and Angela Alsobrooks, voted against advancing it. They cited unfinished bill language and national security concerns as reasons for the reversal.

The vote’s failure casts doubt on other pending crypto bills and reflects growing partisan tension over President Trump’s crypto dealings. Crypto super PACs may now shift support to Republicans, threatening bipartisan cooperation. Industry leaders had hoped for a Rose Garden signing by August, but now see the agenda in jeopardy.

Data of the Day

According to a new Solidus Labs report, 98.6% of tokens launched on Solana-based platform PumpFun since 2024 have been scams or rug pulls. Of over 7 million tokens, only 97,000 maintained more than $1,000 in liquidity. The largest rug pull identified involved $1.9 million and a project called MToken.

The report also found that 93% of Raydium liquidity pools exhibited signs of soft rug pulls, with a median fraud size of $2.8K. Despite industry progress, scam tokens continue to flourish, fueled by low fees and viral memecoin hype. Regulators like the SEC have launched new units and lawsuits to crack down on the sector’s growing abuse.

More Breaking News

• Arizona has become the second U.S. state to approve a Bitcoin reserve fund, integrating digital assets into its unclaimed property laws.
• Alex Mashinsky, founder of cryptocurrency lender Celsius Network, has been sentenced to 12 years in prison for defrauding hundreds of clients.
• A pro-Ripple lobbyist reportedly tricked Trump into endorsing XRP for a national crypto reserve, sparking internal backlash.
• The Arbitrum DAO approved allocating 35 million ARB to tokenized Treasurys via Franklin Templeton, Spiko, and WisdomTree under STEP 2.
• Hackers leaked 60,000 Bitcoin addresses tied to the LockBit ransomware gang after breaching its dark web affiliate system.
• Sei developers proposed ending Cosmos support to simplify operations and fully align the network with Ethereum infrastructure.
• CZ, the former Binance CEO, confirmed applying for a presidential pardon from Trump, citing media speculation as the trigger.
• Stripe launched stablecoin-based accounts in over 100 countries, supporting USDC and USDB for cross-border crypto banking.
• Core Scientific posted $580 million in Q1 profit, generated largely by mark-to-market warrant adjustments amid falling revenues.

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