Americas Crypto Daybook: Market Surges on Trump's Trade Hint as Fees Decline

By Omkar Godbole (All times ET unless stated otherwise) The cryptocurrency market is experiencing a significant upswing as traders overlook the specter of stagflation raised by the Fed on Wednesday, instead focusing on President Donald Trump's suggestion of a major trade deal announcement with a key trading partner. Bitcoin saw a 2.6% increase, nearing the $100,000 mark, despite the WSJ reporting that the announcement may be more of a framework for discussions rather than confirmation of an agreement. The broader market witnessed even greater gains, with XRP, ETH, ADA, DOGE, and several other coins rising between 4% and 6%. Tokens associated with memecoin projects, layer 1s, and DeFi are currently leading the market upward. In significant news, cumulative inflows into U.S.-listed spot bitcoin exchange-traded funds (ETFs) have reached an all-time high of $40.62 billion, indicating continued adoption by institutions. (Refer to Chart of the Day.) On Thursday, Arizona became the second U.S. state to pass a bitcoin reserve bill, allowing the state to claim abandoned coins if the owner ignores messages sent within three years and enabling the state to invest in BTC. An ether whale, an ICO participant, sold 5,200 ETH for $9.54 million, extending a recent series of liquidations. The whale still holds 8,300 ETH, valued at $15.28 million. Decentralized layer-1 blockchain Avalanche's C-Chain recorded the highest number of transactions in two years, with a median gas cost of just $0.00078. The AVAX token traded 7% higher at $21 at the time of writing. Stripe introduced a new feature called Stablecoin Financial Accounts, powered by Bridge, providing access to dollar-denominated services in over 100 countries. On the macro front, traders will be watching the first quarter U.S. unit labor cost data for signs of wage price inflation that could potentially delay Fed rate cuts. Remain vigilant! Key Events to Watch Token Events Conferences CoinDesk's Consensus will take place in Toronto on May 14-16. Use code DAYBOOK to receive a 15% discount on passes. Token Talk By Shaurya Malwa Derivatives Positioning Market Trends: Bitcoin Statistics: Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether