In brief
- CME FedWatch data shows a 70% chance of a July rate cut, with 95% odds of easing by October, as markets front-run the Fed despite no move this week.
- Ethereum rallied 20% as altcoins broadly outperformed, while Bitcoin breached the $100K milestone, triggering fresh upside positioning.
- Trump’s U.K. trade pact boosted sentiment across risk assets, though economists called the agreement symbolic and economically limited.
Bitcoin rallied sharply on Thursday, alongside major altcoins and equities, as traders responded to growing expectations of interest rate cuts, early signs of renewed institutional demand, and a tentative U.S.-U.K. trade agreement that injected fresh optimism into global markets.
The move came despite the Federal Reserve’s decision Wednesday to leave interest rates unchanged.
While Fed Chair Jerome Powell declined to commit to a timeline for potential easing, futures markets are already pricing in a 70% chance of a rate cut in July, with CME’s FedWatch tool showing a 95% probability of at least one cut by October.
President Donald Trump intensified his criticism of Powell, calling him a “fool” on Thursday, claiming that cutting rates “would be like jet fuel” for the economy.
Bitcoin traded as high as $103,460 early Friday in Asia, rising more than 6% over 24 hours. Ethereum is leading altcoins, up 20%, after breaching $2,200 for the first time since March.
Trump Says Fed Chair 'Is Not in Love With Me' as Crypto Market Soars
Bitcoin and other cryptocurrencies soared Thursday along with other risk-on assets buoyed by a U.S.-U.K. trade deal, and despite President Donald Trump's latest attacks on Federal Reserve Chair Jerome Powell to cut interest rates. The largest cryptocurrency by market value cracked $100,000 for the first time since February on Thursday morning New York time. BTC was recently trading over $101,289 after jumping more than 5% over the past 24 hours, crypto markets data provider CoinGecko shows. On W...
Solana and Cardano each rose more than 10%, while gold fell over 2%, reflecting a rotation from traditional hedges into higher-risk assets.
“The flow indicates growing optimism as traders position for further upside,” QCP Capital wrote in a note, pointing to strong demand for call options expiring in May and June.
However, the firm cautioned that price confirmation was still needed: “Until Bitcoin can close above the $100,000 handle on the daily, we see limited reward in chasing momentum at current levels.”
With Bitcoin now firmly above that coveted milestone, traders are repositioning for further potential upside as optimism for more trade deals between the U.S. and its allies grows.
Dogecoin Leads Meme Coin Surge as Pepe, Fartcoin and Trump Solana Token Jump
Dogecoin (DOGE) is on a tear Thursday as the largest meme coin by market cap has jumped 14% in the last 24 hours, more than double Bitcoin’s daily percentage gain as BTC reclaimed $100,000 and has continued to rise above $103,000 as of this writing. The leading dog-token is now trading at $0.195, up 36% on the month. Predictors on Myriad Markets give it about a 55% chance of trading above $0.19 in the next two days, based on data from Myriad’s recent flash market. (Disclosure: Myriad is owned by...
On Thursday, President Trump announced what he described as a “major” trade deal with the U.K.—his first since returning to office.
The agreement includes minor tariff adjustments and quota relief for British auto and steel exports, but analysts were skeptical about its economic impact.
“The economic reality of this is basically… very, very small,” economist Justin Wolfers told Australia’s public broadcaster, the ABC.
Tapas Strickland, Head of Market Economics from one of the country’s big four banks, NAB, described the U.K.-U.S. trade pact as “only a framework.”
Coinbase Misses Q1 Revenue Forecasts Amid Drop in Trading Volume
Coinbase's total revenues fell 10% quarter-over-quarter and fell short of analyst expectations amid a decline in trading activity, the company said in its first quarter earnings for 2025. The crypto exchange booked $2 billion in total revenue on Thursday, below Wall Street analysts' estimates of $2.12 billion. Net income came in at $66 million, marking a 94% decrease from the fourth quarter of 2024. The company’s earnings per share shrank to $0.26 from $4.84 the previous year for the same thre...
Still, markets welcomed the prospect of easing trade tensions.
U.S. equity indexes posted solid gains, with the S&P 500 up 0.6% and the Nasdaq rising 1.1%. The FTSE 100 slipped 0.3%, reflecting more muted sentiment in London.
ARK Invest’s April report pointed to a strengthening base case for Bitcoin, citing 29,800 BTC in net inflows to U.S. spot ETFs—the highest since November—and a decline in exchange balances to 14%, the lowest level since 2018.
“This price action strengthens the view that Bitcoin should be considered a safe-haven asset amid global uncertainty,” the firm said.
