Americas Crypto Daybook: Bitcoin Surges Past $94,000 as Bulls Capitalize on Market Momentum

By Omkar Godbole (All times ET unless indicated otherwise) The bitcoin bulls are embracing a "win-win" scenario. The current risk-on environment is favoring BTC, which has broken through the $94,000 barrier, marking a more than 50% recovery from its previous lows of $74,000 after reaching record highs above $109,000. In the past 24 hours, the cryptocurrency has experienced a significant upswing, coinciding with President Donald Trump's statement that he does not plan to remove Fed Chair Jerome Powell and his conciliatory comments on trade tensions with China. However, BTC also rose on Monday, allegedly due to haven demand as traders sold the dollar, U.S. stocks, and bonds in response to the perceived threat to the Fed's independence. This paradox has led some analysts to conclude that the largest cryptocurrency is simultaneously a risk play, driven by its emerging tech appeal, and a safe-haven asset, akin to digital gold. The recent surge has also boosted sentiment in the broader crypto market, with SUI, BONK, ENA, NEAR, and AGLO climbing over 20% in the last 24 hours. IMX has surged over 40%, while ether, the largest altcoin, is trading about 10% higher at $2,818.98. Bitcoin's dominance rate has dropped slightly, indicating a renewed willingness among traders to take on risk. In traditional markets, traders are covering their USD short positions and placing outright bullish bets on the dollar, amid a decline in gold prices and a positive trend on Wall Street. Supporting the case for a continued upward move in BTC is the renewed optimism about institutional adoption. According to The FT, Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is collaborating with SoftBank, Tether, and Bitfinex to capitalize on the crypto revival under the Trump administration. "The $3 billion fund plans to raise an additional $350 million via convertible bonds, alongside a $200 million private equity round, with one clear objective: buy more Bitcoin, and buy it big," according to Singapore-based QCP Capital. This announcement follows a significant shift in the U.S. regulatory policy. On Tuesday, the newly appointed SEC Chairman Paul Atkins reiterated that his top priority is establishing a clear regulatory framework for digital assets. Elsewhere, DeFi Development Corp. has deepened its SOL bet with an $11.5 million token purchase. A crypto whale has accumulated ether, withdrawing $21.78 million worth of tokens from Binance. Stay alert! What to Watch Token Events Conferences: CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. Token Talk By Shaurya Malwa Make. Shib. Meme. Again.pic.twitter.com/OLephx3oij Derivatives Positioning Market Movements: Bitcoin Stats: 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