Key Takeaways
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Macro Environment: In early U.S. trading, Trump once again urged investors to "buy stocks," followed by the revelation of his pre-announced major news—the U.S. and U.K. reached a tariff agreement. Market risk appetite surged, leading to two consecutive days of gains in U.S. stocks, a plunge in U.S. Treasuries, and two straight days of declines for gold. In late trading, reports emerged that Trump plans to raise taxes on ultra-high-income earners, narrowing the gains of the three major indices.
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Crypto Market: Sentiment in the crypto market has picked up significantly, buoyed by macro news, with bitcoin hitting the $100,000 mark again after three months. Bitcoin's correlation with U.S. stocks has weakened significantly of late, suggesting that crypto market sentiment is starting to move away from traditional financial market influences after breaking through the psychological $100,000 mark. Meanwhile, the ETH/BTC exchange rate rallied back to 0.021, with Bitcoin's market dominance dropping by 1.38% YoY from yesterday, reflecting the start of capital rotation towards the torrents sector. The market showed a generalized upward pattern, with the AI Agent and meme sectors leading the way for the cottage coin market. However, the share of trading volume in the cottage coin sector remained at a nearly one-year low of 54.7%, indicating that market funds are still relatively cautious and the overall sentiment of the cottage coin sector is still to be further repaired.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,663.95 | +0.58% |
| NASDAQ | 17,928.14 | +1.07% |
| BTC | 103,259.20 | +6.43% |
| ETH | 2,207.46 | +21.88% |
Crypto Fear & Greed Index: 73 (65, 24 hours ago), level: Greed
Macro Economy
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The U.S.-U.K. trade agreement will retain 10% U.S. tariffs.
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Trump: Plans to hold trade talks with multiple countries, with final details to be finalized in the coming weeks.
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The Bank of England cut rates by 25 bps, in line with market expectations.
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Trump again criticized Powell as "Mr. Too Late" and "a fool."
Industry Highlights
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Texas Bitcoin Reserve Bill SB 21 passed the DOGE committee review, with final results to be announced within three weeks.
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Missouri may exempt capital gains taxes on cryptocurrencies and stocks.
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The U.S. SEC is considering allowing companies to issue, trade, and settle securities using distributed ledger technology (DLT).
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USD1 rose to become the 7th largest stablecoin globally, with a market cap of $2.2 billion.
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Meta is once again "exploring stablecoin integration" to reduce payment costs, having previously sold its Diem project.
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Coinbase Reports Q1 2025 Earnings, Revenue of $2.03 Billion, Misses Market Estimate of $2.2 Billion。
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Coinbase plans to acquire derivatives market Deribit for $2.9 billion.
Project Highlights
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Hot Tokens: SUI, DOGE, ADA
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The AI Agent and meme sectors led the altcoin rally, gaining 27% and 20%, respectively. Top gainers:
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Meme: MOODENG, NEIRO, PNUT
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AI Agent: VIRTUAL, GRIFFAIN, GOAT
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The ETH/BTC ratio rose 14.4% in a single day, driving gains across the Ethereum ecosystem: ENA (+26%), UNI (+25%), LDO (+21%), ENS (+21%).
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ARB: Arbitrum DAO approved investing 35 million ARB in tokenized U.S. Treasuries.
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IO/TIA: Upbit listed IO and TIA on BTC and USDT markets.
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XRP: Ripple reached a $50 million settlement with the SEC.
Weekly Outlook
- May 9: Speeches from multiple Federal Reserve officials.
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