Bitcoin eyes US$100k as the US Fed holds rates steady

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State of crypto

• Bitcoin eyes US$100k as Fed holds rates steady
• Fed's Powell warns of elevated uncertainty, eyes Trump’s trade policies
• Bitcoin ETFs see US$425M inflow to start the week, led by BlackRock
• Ethereum just got a major upgrade called ‘Pectra’

Bitcoin eyes US$100k as Fed holds rates steady

Bitcoin surged past US$99,000 this week, rebounding from a dip to US$93,000 earlier this past week, as the Federal Reserve maintained interest rates despite US President Trump's calls for cuts. The Fed cited concerns over rising inflation and unemployment risks, opting for a more cautious approach amid economic uncertainties.

Market sentiment remains optimistic, with traders anticipating potential rate cuts later in 2025. Bitcoin's strength and its apparent correlation with gold suggest that it continues to be viewed as a hedge against any ongoing macroeconomic volatility. Analysts are closely watching the US$100,000 price level as the next significant milestone.

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Fed's Powell warns of elevated uncertainty, eyes Trump’s trade policies

The US Federal Reserve has decided to keep interest rates unchanged at 4.25–4.50%, citing persistent inflation and rising risks of economic slowdown. Fed Chair Jerome Powell highlighted that economic uncertainty remains “extremely elevated,” pointing to potential employment impacts and the ongoing influence of US President Trump’s global trade negotiations. Their presently cautious stance reflects growing concerns over both inflationary pressures and tariff-driven volatility heading into the second half of 2025.

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Bitcoin ETFs see US$425M inflow to start the week, led by BlackRock

Bitcoin ETFs kicked off the week with a combined net inflow of US$425 million, driven entirely by BlackRock’s iShares Bitcoin Trust (IBIT). The strong inflow reflects sustained institutional demand for Bitcoin even as market volatility persists. In contrast, Ether ETFs saw no activity, highlighting the current investor preference for BTC exposure.

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Ethereum just got a major upgrade called ‘Pectra’

Ethereum has just rolled out its biggest upgrade since 2022, called Pectra. It includes 11 major changes designed to make using Ethereum easier, faster, and cheaper. One key feature lets wallets act more like smart contracts, meaning users could recover lost accounts or even use apps without holding any ETH for gas fees.

Another change allows big stakers to earn more rewards by combining their funds. There’s also an upgrade to help lower fees on popular layer-2 networks like Arbitrum and Optimism. While ETH’s price hasn’t moved much yet, the community hopes this upgrade will drive growth over time.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Cointelegraph: Industry calls for urgent crypto law reforms after Australian election

The Australian crypto industry has called on the newly reelected Labor government to urgently make digital asset legislation a top priority to ensure Australia doesn’t fall further behind global markets.

BTC Markets CEO Caroline Bowler said that “beyond the political implications, this result sets the stage for meaningful progress in Australia’s approach to digital asset regulation.”

Read the full article here.

InvestorDaily: Crypto industry urges immediate action following Labor’s re-election victory

“Labor’s re-election provides policy continuity and the stable governance necessary for implementing long-term economic reform. For the digital asset sector, it brings with it a legislative mandate and a timeline,” BTC Markets chief executive Caroline Bowler said.

“As the government prepares to legislate, the focus must remain on collaboration between regulators, industry, and consumer groups. If executed well, the benefits are broad: increased economic activity, new jobs, investment-grade infrastructure, and enhanced financial inclusion,” she noted.

Read the full article here.

CEO's Corner: A turning point for Australia’s digital asset industry

Australia’s election outcome signals long-awaited progress on digital asset regulation.

Read BTC Markets CEO Caroline Bowler’s full statement.

Crypto Corner: Is Bitcoin becoming the new global reserve asset?

In this episode, Jamie Coutts, Chief Crypto Analyst at Real Vision, joins BTC Markets’ Head of Finance Charlie Sherry to talk about the forces driving change in global finance, from the rise of stablecoins to Bitcoin’s increasing relevance as a strategic reserve asset.

Watch the full interview.

Announcements

Dollar Cost Averaging (DCA): More assets have been listed

We've expanded our list of supported assets for Dollar Cost Averaging (DCA), which makes it even easier for you to build your crypto portfolio over time. Whether you're just starting out or looking to automate your investments, DCA helps reduce the impact of market volatility by spreading out your buys.

Read our guide on how to DCA with BTC Markets.

Start stacking smarter today!

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The week ahead: economic events

Thursday, May 8th

• United States Fed Funds Interest Rate & Press Conference
• Germany Balance of Trade
• United Kingdom Interest Rate

Friday, May 9th

• China Balance of Trade, Exports YoY & Imports YoY
• Canada Unemployment Rate

Saturday, May 10th

• United States ISM Services PMI
• Canada Balance of Trade

Tuesday, May 13th

• Australia Consumer Confidence MoM & Business Confidence
• United Kingdom Unemployment Rate
• Germany ZEW Economic Sentiment Index
• United States Core Inflation Rate MoM, Core Inflation Rate YoY, Inflation Rate MoM & Inflation Rate YoY

Thursday, May 15th

• United Kingdom GDP Growth Rate, GDP Growth Rate & Monthly GDP MoM
• United States Producer Price Inflation MoM & Retail Sales

Source: Trading economics

Market reflections

• Australia: Markets steady as Labor win brings stability amid macro uncertainty
• United States: Trump downplays recession fears, calls US economy a "transition period”
• China: China pivots to consumption-led growth amid rising global tensions
• Japan: Tariff talks with US stall as negotiations hit early impasse
• Canada: Canada’s new PM vows economic overhaul to "stand up" to Trump

Australia: Markets steady as Labor win brings stability amid macro uncertainty

Australian markets responded calmly to the ruling Labor Party’s re-election, viewing the outcome as a source of political and fiscal stability in a time of rising global trade tensions. The Australian dollar climbed to a five-month high on a softer US dollar, while local equities saw mixed performance, with Westpac’s earnings miss weighing on the broader share market. Analysts say the government’s continuity gives it more flexibility to manage external risks - including tariff fallout from Trump’s trade policies.

United States: Trump downplays recession fears, calls US economy a "transition period”

US President Trump dismissed growing concerns over a potential US recession, saying the country is currently in a “transition period” and will “do fantastically” in the long run. In an interview with NBC’s Meet the Press, he expressed confidence in the economy’s resilience despite Wall Street warnings that his shifting tariff policies could tip the US into a downturn. Trump emphasized that even if a short-term recession occurs, he believes the long-term outlook remains strong.

China: China pivots to consumption-led growth amid rising global tensions

China is shifting away from its traditional export-driven model toward domestic consumption, supported by fiscal expansion, welfare reform, and market stabilisation. This strategic pivot reflects Beijing’s bid for greater structural autonomy amid intensifying US- China rivalry, while also reshaping its global economic diplomacy through a greener Belt and Road Initiative and deeper ties with the Global South. While the move could enhance long-term resilience, it introduces new risks tied to fiscal imbalance and geopolitical friction.

Japan: Tariff talks with US stall as negotiations hit early impasse

Trade negotiations between the US and Japan have reportedly reached a deadlock, with both sides failing to agree on a starting framework after two rounds of high-level talks. The impasse raises concerns about potential economic fallout for Japan, which is already navigating fragile growth conditions amid broader global trade tensions. Analysts warn that prolonged uncertainty could strain bilateral relations and disrupt key export sectors.

Canada: Canada’s new PM vows economic overhaul to ‘stand up’ to Trump

Newly elected Canadian Prime Minister Mark Carney has pledged a sweeping transformation of the nation’s economy to counter rising trade pressures from the US Speaking at his first post-election press conference, Carney promised bold reforms to ensure Canada can “stand up” to President Trump’s aggressive tariff agenda. The planned overhaul is being framed as the most ambitious economic shift since World War II.

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Learn more at scamwatch.gov.au

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