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.
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CORRECT (May 12, 14:27 UTC): Corrects BTC-ETH ratio in Bitcoin Stats section for a misplaced decimal point.