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Crypto Daybook Americas: Tariff Cut Lifts Bitcoin as Market Readies for Further Gains

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13 часов ago

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By James Van Straten (All times ET unless indicated otherwise)

Tariff developments remain at the forefront of global economic news, with bitcoin (BTC) surging past $105,000 for a while following the surprise announcement that the U.S. will reduce tariffs on Chinese goods to 30% from 145% for 90 days. In return, China will lower tariffs on U.S. goods to 10% from 125% over the same period.

Ether (ETH), for its part, is experiencing its strongest monthly performance since November, having added over 40% since the start of May. The ETH/BTC ratio has climbed to 0.02440, its highest in nearly three months, highlighting renewed appetite for risk-on assets. Meanwhile, Nasdaq futures jumped more than 3% on the tariff news, further reinforcing the positive market sentiment.

The U.S. Dollar Index (DXY) has pushed above 101, while WTI crude oil also rallied. Conversely, gold has declined by more than 3%, approaching a 10% drop from its all-time high. Investors are now turning their attention to Tuesday’s inflation report, with expectations that headline year-over-year inflation for April will remain steady at 2.4%.

Strategy (MSTR) held its annual meeting last week, showcasing updates on its Business and Artificial Intelligence (BI/AI) software initiatives and reaffirming its commitment to corporate bitcoin adoption. Executive Chairman Michael Saylor underscored Strategy’s leadership as the foremost public bitcoin treasury, currently holding over 555,555 BTC.

Saylor reiterated the company’s unwavering commitment to further bitcoin accumulation. Strategy plans to continue leveraging AI to enhance operational efficiency and explore innovative strategies for expanding its BTC holdings.

What to Watch

  • Crypto:
  • Macro
    • Day 4 of 4: Chinese Vice Premier He Lifeng will hold trade talks with U.S. Treasury Secretary Scott Bessent during his visit to Switzerland.
    • May 12, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases March industrial production data.
      • Industrial Production MoM Prev. 2.5%
      • Industrial Production YoY Prev. -1.3%
    • May 13, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases April consumer price inflation data.
      • Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.1%
      • Core Inflation Rate YoY Prev. 2.8%
      • Inflation Rate MoM Est. 0.3% vs. Prev. -0.1%
      • Inflation Rate YoY Est. 2.4% vs. Prev. 2.4%
    • May 14, 3 p.m.: Argentina’s National Institute of Statistics and Census releases April inflation data.
      • Inflation Rate MoM Prev. 3.7%
      • Inflation Rate YoY Prev. 55.9%
    • Earnings (Estimates based on FactSet data)
      • May 12: Exodus Movement (EXOD), post-market
      • May 13: Semler Scientific (SMLR), post-market
      • May 14: Bitfarms (BITF), pre-market
      • May 14: IREN (IREN), post-market
      • May 15: Bit Digital (BTBT), post-market
      • May 15: Bitdeer Technologies Group (BTDR), pre-market
      • May 15: KULR Technology Group (KULR), post-market

Token Events

  • Governance votes & calls
    • A Sei Network developer proposed ending support for Cosmos to simplify the blockchain and align more closely with Ethereum to reduce complexity and infrastructure overhead and boost Sei’s adoption.
    • May 12: Helium (HNT) proposal HIP 144 voting ends on authorizing Nova Labs to introduce a 30-day delay, or Rewards Escrow period, to the process of claiming rewards for Helium Mobile.
    • May 15, 10 a.m.: Moca Network to host a Discord townhall session discussing network updates.
  • Unlocks
    • May 12: Aptos (APT) to unlock 1.82% of its circulating supply worth $68.54 million.
    • May 13: WhiteBIT Coin (WBT) to unlock 27.41% of its circulating supply worth $1.2 billion.
    • May 15: Starknet (STRK) to unlock 4.09% of its circulating supply worth $23.87 million.
    • May 15: Sei (SEI) to unlock 1.09% of its circulating supply worth $14.91 million.
  • Token Launches
    • May 12: Jerry The Turtle (JYAI) to be listed on LBank with JYAI/USDT pair.
    • May 12: Space and Time (SXT) to be listed on Bitrue with SXT/USDT pair.
    • May 16: Galxe (GAL), Litentry (LIT), Mines of Dalarnia (DAR), Orion Protocol (ORN), and PARSIQ (PRQ) to be delisted from Coinbase.

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

  • Animal-themed memecoins are surging.
  • A speculative frenzy has gripped popular memecoins from 2024, with prices for tokens like cat-themed MICHI, hippo-themed MOODENG and squirrel-themed PNUT all more than doubling since Saturday.
  • That has helped alleviate some losses for the tokens. which took a 90% drawdown from peak prices in 2024, mainly around October and November.
  • Talk of a «Cat Coin Supercycle” narrative has gained steam among some crypto circles on X. This suggests renewed retail investor enthusiasm, likely fueled by viral social media activity.
  • Cat token mog (MOG) appears to have put the frenzy into gear, jumping over 130% last week as technology entrepreneurs from Ycombinator’s Garry Tan to Elon Musk changing their profile pictures on X to one referencing the token.
  • Traders looking for short-term speculative bets may keep an eye on the animal and cat memecoin sectors, especially as the price moves bring more eyeballs — and demand — to these tokens.

Derivatives Positioning

  • While BTC has largely traded between $104K-$106K in the past 24 hours, perpetual futures open interest on offshore exchanges has increased to nearly $20 billion from $18 billion.
  • The growth shows the market is building energy during the consolidation and an eventual breakout could be a violent one.
  • Global aggregated funding rates remain positive for BTC and ETH, pointing to bullish sentiment.
  • TRX, XMR, TAO, BTC and HYPE have seen net positive cumulative volume delta for the past 24 hours, a sign of net buying pressure in the market.
  • In Deribit’s options market, SOL traders chased upside with the $200 call option expiring on June 27.
  • BTC traders bought the $120K call expiring at the end of June and sold higher strike calls in longer duration expiries.

Market Movements

  • BTC is up 1.21% from 4 p.m. ET Friday at $104,445.95 (24hrs: -0.16%)
  • ETH is up 8.81% at $2,546.56 (24hrs: +1.43%)
  • CoinDesk 20 is up 4.27% at 3,265.29 (24hrs: +1.18%)
  • Ether CESR Composite Staking Rate is up 10 bps at 3.23%
  • BTC funding rate is at 0.0072% (7.8687% annualized) on Binance

CD20 May 12 20205 (CoinDesk)

  • DXY is up 1.14% at 101.48
  • Gold is down 3.22% at $3,219.31/oz
  • Silver is down 1.54% at $32.23/oz
  • Nikkei 225 closed +0.38% at 37,644.26
  • Hang Seng closed +2.98% at 23,549.46
  • FTSE is up 0.48% at 8,595.81
  • Euro Stoxx 50 is up 2.01% at 5,416.72
  • DJIA closed on Friday -0.29% at 41,249.38
  • S&P 500 closed unchanged at 5,659.91
  • Nasdaq closed unchanged at 17,928.92
  • S&P/TSX Composite Index closed +0.41% at 25,357.74
  • S&P 40 Latin America closed +0.83% at 2,578.58
  • U.S. 10-year Treasury rate is up 5 bps at 4.44%
  • E-mini S&P 500 futures are up 2.82% at 5838.25
  • E-mini Nasdaq-100 futures are up 3.81% at 20,904.00
  • E-mini Dow Jones Industrial Average Index futures are up 2.16% at 42,216.00

Bitcoin Stats

  • BTC Dominance: 62.77 (-0.60%)
  • Ethereum to bitcoin ratio: 0.2448 (+1.39%)
  • Hashrate (seven-day moving average): 897 EH/s
  • Hashprice (spot): $55.70
  • Total Fees: 3.43 BTC / $357,259
  • CME Futures Open Interest: 149,160 BTC
  • BTC priced in gold: 31.9 oz
  • BTC vs gold market cap: 9.04%

Technical Analysis

Total crypto market excluding BTC and ETH. (TradingView/CoinDesk)

  • The total market cap of all cryptocurrencies, excluding BTC and ETH, has topped the 200-day simple moving average (SMA).
  • The breakout indicates positive outlook for altcoins, in general.

Crypto Equities

  • Strategy (MSTR): closed on Friday at $416.03 (+0.4%), up 2.59% at $426.80 in pre-market
  • Coinbase Global (COIN): closed at $199.32 (-3.48%), up 4.96% at $209.20
  • Galaxy Digital Holdings (GLXY): closed at $0.03 (0%)
  • MARA Holdings (MARA): closed at $15.76 (+10.29%), up 4.44% at $16.46
  • Riot Platforms (RIOT): closed at $8.48 (+0.47%), up 4.83% at $8.89
  • Core Scientific (CORZ): closed at $9.32 (-1.38%), up 5.69% at $9.85
  • CleanSpark (CLSK): closed at $9.2 (+5.99%), up 5.11% at $9.67
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $15.55 (+0.13%), up 5.98% at $16.48
  • Semler Scientific (SMLR): closed at $34.79 (-1.28%), up 9.95% at $38.25
  • Exodus Movement (EXOD): closed at $50.13 (+17.98%), up 3.73% at $52

ETF Flows

Spot BTC ETFs:

  • Daily net flows: $321.4 million
  • Cumulative net flows: $41.2 billion
  • Total BTC holdings ~ 1.17 million

Spot ETH ETFs

  • Daily net flows: $17.6 million
  • Cumulative net flows: $2.49 billion
  • Total ETH holdings ~ 3.46 million

Source: Farside Investors

Overnight Flows

Overnight flows, May 12 2025 (CoinDesk)

Chart of the Day

Diverging trends in market caps for USDC and USDT. (TradingView/CoinDesk)

  • The chart shows the market cap for USDC, the world’s second-largest dollar-pegged stablecoin, has declined from $62.28 billion to $60.68 billion.
  • Meanwhile, the market cap for Tether’s USDT, its larger rival, has risen further, greasing the crypto market rally.

While You Were Sleeping

In the Ether

ITE May 12 2025 (Uniswap Labs/X)ITE May 12 2025 (Will Clementell/X)ITE May 12 2025 (Raoul Pal/X)ITE May 12 2025 (Alex Kruger/X)

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Coinbase Shares Jump 8% on S&P 500 Inclusion

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2 часа ago

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12 мая, 2025

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Crypto exchange Coinbase (COIN) surged over 8% on Monday after market closing on news that the stock will be included in the broad-market S&P 500 stock index.

The company would replace Discover Financial starting on May 19, according to an S&P press release. Discover Financial is being acquired by Capital One.

The S&P 500 tracks 500 of the largest publicly traded companies in the U.S. across several sectors, including tech, healthcare, finance and more. Prominent names in the index include Apple, Microsoft, Amazon and Google. COIN, at a market cap of nearly $53 billion, currently trades on the Nasdaq exchange.

The inclusion would be a significant milestone for the digital asset industry, giving millions of average investors and model portfolios exposure to a crypto-focused company.

«COIN about to be in every portfolio in America,» Juan Leon, senior investment strategist at asset manager Bitwise, said in an X post. «The S&P 500 inclusion is going to force 7x the daily trading volume into [the] stock.»

Shares of the company jumped to as high as $225 following the reports, up 8.6% in post-market hours and adding to the nearly 4% gain on Monday.

UPDATE (May 12, 21:50 UTC): Adds analyst comment, detail about Capital One acquiring Discover Financial.

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Penny Stocks Attempt to Ride Crypto’s Coattails

Published

4 часа ago

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12 мая, 2025

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Education tech firm Classover Holdings (KIDZ) said in early May that it would sell $400 million worth of shares to buy solana. Its stock exploded higher. Shares of the thinly traded company, then with a market cap well shy of $50 million soared from $1.15 to more than $7 in just two sessions before settling back to the current $3.69. .

Classover wasn’t the first company to experience the crypto surge, and it won’t be the last.

A growing number of obscure, microcap and nanocap companies are embracing cryptocurrency — not as a business line or payment method, but as a headline-grabbing balance sheet item. They often follow the same script: an announcement of a shift in strategy to hold digital assets like bitcoin or solana, followed by a pop in the stock price.

Today, GD Culture Group (GDC), a company with a market cap of around $30 million, announced plans to sell up to $300 million in shares to buy bitcoin and TrumpCoin (TRUMP), a meme token themed around U.S. President Donald Trump. The company declared that this purchase was part of its new “crypto asset treasury strategy.” The stock rose 13% on the news.

Also today, Amber International Holdings (AMBR), valued at just under $900 million, said it would allocate $100 million to a basket of cryptocurrencies, including bitcoin, ethereum ETH, solana, XRP, Binance Coin BNB and sui SUI.

All are attempting to mimic the original corporate crypto evangelist: Strategy (MSTR). In August 2020, the enterprise-software company pivoted to using bitcoin as its primary treasury reserve asset. Since then, its stock has soared more than 3,000%, fueled not by software sales or product innovation, but the price of bitcoin. Many retail investors now treat the stock as a proxy for bitcoin exposure.

But while Strategy had a longstanding business and a consistent, transparent strategy — in addition to its chairman, Michael Saylor, emerging early as a bitcoin proponent — these newer companies appear to be leveraging the crypto hype machine with little track record or follow-through.

Take Worksport, a Nasdaq-listed manufacturer of truck bed covers. Last year, the company announced plans to invest its cash reserves into bitcoin and XRP. Its stock, which had been sliding for years, jumped after the announcement. But the rally didn’t last, and the stock has since returned to pre-announcement levels. The company said in April that it had made a six figure initial purchase.

“We are still bullish on our initial positions and have been holding. We will consider adding in the future as appropriate,” a spokesperson told CoinDesk at the time.

The playbook seems straightforward: Find a buzzy crypto token, announce a purchase or strategic allocation, then ride the temporary surge in retail investor attention. In many cases, the amount the company plans to invest vastly exceeds its own market capitalization. That was true for Classover and GD Culture, both of which proposed multi-hundred-million-dollar allocations despite being worth a fraction of that.

It’s unclear whether these companies will actually make their proposed purchases or how they plan to raise the funds. But the market’s reaction points to a pattern: Microcap firms are using crypto as a megaphone.

Still, the tactic is proving effective in the short term. As long as the market rewards crypto-related headlines with stock rallies, small companies are likely to continue jumping on the bandwagon.

Whether any of them become long-term crypto believers like Strategy remains to be seen.

There are, however, some firms that appear to be taking the Strategy route more seriously — and seeing results. Japanese investment firm Metaplanet has steadily grown its bitcoin holdings to 6,796 since launching its Bitcoin Treasury Operations in April 2024, positioning itself as one of the more committed corporate holders in Asia.

Similarly, U.S.-based medical device company Semler Scientific has been buying bitcoin consistently since adopting it as a reserve asset. It now holds 3,634 BTC on its balance sheet, reflecting a strategy that mirrors MicroStrategy’s playbook rather than simply borrowing its headlines.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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New York Mayor Eric Adams to Crypto Industry: Come Build an Empire in NYC

Published

4 часа ago

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12 мая, 2025

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NEW YORK, NY — New York Mayor Eric Adams is making a pitch to crypto companies returning to the U.S. or expanding their presence in the country: set up shop in New York City.

“This is the Empire State,” Adams said at a press briefing at Gracie Mansion on Monday. “We should be looking forward to building empires, particularly in the crypto space.”

Adams, who is running for reelection, reiterated his commitment to making New York City a crypto hub, telling reporters that he would work with tech and crypto companies, both big and small, to create a friendly environment to attract them and help them succeed.

“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams said. His remarks echo similar pledges from President Donald Trump, who has repeatedly said he wants to make the U.S. the “crypto capital of the planet.”

Adams is also taking inspiration from Trump in another way: next week, he’s hosting New York City’s first-ever Crypto Summit, which he said will bring together city officials and representatives from the crypto industry to discuss ways the city can benefit from crypto — and vice versa. In an April press release announcing the summit, Adam’s administration described the event as “com[ing] on the heels of the White House Digital Asset Summit in March.”

“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams said. “We are focused on the long term values of these technologies for our city and its people, not chasing memes or trends.”

Earlier this year, Trump’s appointed officials at the Department of Justice directed prosecutors in the Southern District of New York to drop corruption charges against Adams, leading to an exodus of career prosecutors. The charges were dismissed with prejudice by a judge.

New York’s crypto industry — as well as its banking and insurance industries — is regulated by the New York Department of Financial Services (NYDFS), which has a reputation as a tough regulator. NYDFS issues the notoriously difficult-to-get Bitlicense, a special license required to do business as a crypto company in New York. In the past, Adams has been critical of the Bitlicense, claiming that it stifled regulation and advocating for scrapping it shortly after taking office as mayor in 2022.

When asked about New York’s regulatory environment on Monday, however, Adams seemed to strike a more conciliatory tone towards NYDFS, saying that “it’s good to know that the city is going to have safe regulations in place for those who are investing, and there’s not going to be any abuses.”

“But at the same time, we can overregulate and prevent growth,” Adams added. “There’s a level of safety that comes with the right regulations, but overregulations can hurt this industry and we don’t want that to happen.”

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