Bitcoin surged past US$105k fueled by renewed bullish sentiment

Sign up to our weekly newsletter

Stay informed on the latest market updates – subscribe to our weekly newsletter today.

Check prices on the BTC Markets exchange

State of crypto

• Bitcoin surges past US$105k on renewed bullish sentiment
• Ethereum climbs after Pectra upgrade, marking biggest weekly gain since 2020
• JPMorgan completes first public tokenized treasury trade with Chainlink & Ondo
• US SEC chair Atkins to craft clear rules for crypto tokens
• Meta revisits stablecoins for global payouts after collapse of Diem

Bitcoin surges past US$105k on renewed bullish sentiment

Bitcoin surged to a high of US$105,819 earlier this week as the US and China reached a temporary agreement to reduce tariffs for 90 days, easing trade tensions and boosting market sentiment. Under the deal, US tariffs on Chinese goods will decrease from 145% to 30%, while China will lower its tariffs on US products from 125% to 10%. Markets responded positively, with the S&P 500 rising nearly 3%, bond yields climbing, and the US dollar strengthening. Although the agreement offers short-term relief, analysts remain cautious about its long-term impact, viewing it as a pause rather than a full resolution amid ongoing policy uncertainty and the potential for renewed conflict.

Meanwhile, the US-UK trade deal represents a diplomatic win for the Trump administration, signalling a move away from broad protectionism towards selective bilateral engagement. While the deal could boost investor sentiment and benefit sectors such as finance and pharmaceuticals, many details remain unclear. In contrast, US-EU relations have grown tense, with the EU threatening retaliatory tariffs, increasing the risk of a wider trade conflict. This fragmented approach to trade policy may heighten market volatility and supply chain disruptions.

Investor sentiment continues to be bullish, supported by strong inflows into spot Bitcoin ETFs and growing institutional interest. Altcoins like Solana and XRP have also seen gains amid the broader rally, but Bitcoin remains the dominant force, now eyeing new all-time highs.

Sources: Reuters, news.com.au, Yahoo Finance

Check BTC

Ethereum climbs after Pectra upgrade, marking the biggest weekly since 2020

Ethereum rose to a high of US$2,738 on Tuesday after posting is largest weekly gain of 39% since December 2020, driven by the recent Pectra network upgrade. Investors responded positively to enhancements in scalability, staking flexibility, and wallet usability.

Since the upgrade, Ethereum’s market capitalisation has increased by nearly 50%, briefly surpassing established blue-chip companies such as Alibaba and Coca-Cola.

Analysts are closely monitoring whether Ethereum can sustain its momentum above the US$2,500 level, with the current price holding above US$2,600. The coming weeks will be critical in determining if the cryptocurrency can maintain this strengthened position.

Check ETH

JPMorgan completes first public tokenised Treasury trade with Chainlink and Ondo

JPMorgan has completed its first public tokenised US Treasury trade, signalling a big step in using blockchain technology for traditional finance. Their blockchain division, Kinexys, carried out the transaction on the Ondo Chain test network, moving from private systems to public blockchain platforms.

The trade used Ondo Finance’s OUSG token to represent short-term US Treasury assets, with payments handled through Kinexys’s secure network and coordinated by Chainlink’s technology to ensure smooth communication across different blockchains. This successful transaction shows that real-world assets can be securely and efficiently traded on public blockchains, opening the door for more institutions to adopt tokenised finance.

Check ONDO

US SEC Chair Atkins to craft clear rules for crypto tokens

US Securities and Exchange Commission (SEC) Chair Paul Atkins announced plans to develop a rational regulatory framework for crypto assets. Focusing first on clear guidelines for token distributions deemed securities and considering exemptions for non‑securities like Bitcoin and Ethereum.

Speaking at the SEC’s crypto task force meeting, Atkins emphasized the importance of lawful issuance, custody, and trading rules to deter misconduct and bring consistency after years of piecemeal guidance. He also indicated the agency may adjust rules to allow registered broker‑dealers with an ATS to facilitate trading in non‑security digital assets.

Check LINK

Meta revisits stablecoins for global payouts after collapse of Diem

Meta is quietly exploring the use of stablecoins for cross-border creator payouts on platforms like Instagram. Marking a potential comeback to crypto after shelving its Diem project in 2022. According to insiders, Meta has held early talks with crypto infrastructure firms and hired a VP with fintech and blockchain experience to lead the initiative.

The company aims to streamline global microtransactions using stablecoins like USDC or USDT - motivated by rising interest across Big Tech, Stripe’s US$1.1B stablecoin acquisition, and a friendlier US regulatory climate under Trump.

Check XRP

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

AFR: Investors ramp up crypto spree as bitcoin nears record high

In Australia, crypto exchanges celebrated Prime Minister Anthony Albanese’s landslide election victory, which has set the stage for “meaningful progress in Australia’s approach to digital asset regulation”, according to Caroline Bowler, chief executive of local exchange BTC Markets.

“Labor’s re-election provides policy continuity and the stable governance necessary for implementing long-term economic reform,” she said.

Read the full article here.

Decrypt: Australia names new Assistant Minister for tech portfolio amid crypto regulation push

Caroline Bowler, CEO of crypto exchange BTC Markets, called the appointment "a clear commitment to collaboration and effective policy delivery."

"Charlton understands the digital economy is established and rapidly expanding," Bowler told Decrypt in a statement. "We're confident he'll support resilient, future-ready digital infrastructure."

Read the full article here.

The Block: Bitcoin trades near $104,000; analyst says new all-time high 'plausible'

"This doesn’t necessarily signal an immediate reversal, but it does raise the likelihood of some short-term cooling or sideways movement," BTC Markets Analyst Rachael Lucas said. "A retest and consolidation above the key psychological level of $100,000 would be a healthy development and could provide a base for further upside."

Read the full article here.

Crypto Corner: How the ATO taxes meme coins, DeFi, and staking

In this Crypto Corner episode, BTC Markets’ Head of Finance Charlie Sherry speaks with Patrick McGimpsey of Crypto Tax Calculator to break down the main tax considerations facing crypto investors ahead of 30 June.

Watch the full interview.

Announcements

We're celebrating Bitcoin Pizza Day!

On 22 May 2010, developer Laszlo Hanyecz made crypto history by spending 10,000 BTC on two pizzas, the first-ever real-world purchase using Bitcoin. At today’s value, that’s over AU$1.6 billion, turning a simple takeaway into one of the most iconic moments in Bitcoin’s journey from experiment to global digital asset.

To celebrate, we’re giving away Bitcoin!

How to enter: Leave a comment on X or Facebook stating what you think the Bitcoin price will be at 12pm AEST on May 22. Five closest guesses will each win AU$100 in BTC.

Terms and conditions apply.

OTC Desk

Experience seamless trading: Unlock personalised, secure, and efficient OTC crypto transactions.

When it comes to large-scale crypto transactions, trading over the counter (OTC) with us offers a streamlined, secure, and personalised experience that other exchanges simply can't match. Our OTC desk minimises slippage and ensures deep liquidity, so you can execute sizable trades without the worry.

With our expert traders by your side, we tailor each trade to meet your specific goals. We prioritise speed and compliance, meaning you can lock in optimal prices with the comfort of full regulatory assurance.

Book a call with your OTC expert today.

The week ahead: economic events

Thursday, May 15th

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

Friday, May 16th 

• Japan GDP Growth Rate
• United States Building Permits & Housing Starts

Saturday, May 17th

• United States Michigan Consumer Sentiment

Monday, May 19th

• China Industrial Production & Retail Sales YoY

Tuesday, May 20th

• Australia Interest Rate
• Canada Inflation Rate

Wednesday, May 21st

• Japan Balance of Trade
• United Kingdom Inflation Rate

Thursday, May 22nd

• Germany Manufacturing PMI & Ifo Business Climate Index
• United Kingdom Manufacturing PMI & Services PMI

Source: Trading economics

Market reflections

• Australia: Australian sentiment and AUD lift on rate‑cut hopes and softer global pressures
• United States: Fed awaits tariff impact as Treasury yields wobble
• China: Investment banks lift China growth forecasts after surprise trade truce
• Japan: Japan’s economy shows cracks as consumption stalls and tariffs bite
• Canada: Unemployment spikes to 6.9% as trade tariffs weigh on Canada’s job market

Australia: Australian sentiment and AUD lift on rate‑cut hopes and softer global pressure

Australian consumer confidence edged up 2.2% to 92.1 in May, recovering some of April’s losses as a truce in US-China tariffs eased uncertainty and voters welcomed political stability under Labor. With core inflation back within the RBA’s 2-3% target band and services inflation cooling, markets have fully priced in a 25-basis point rate cut at the May 20 meeting - boosting the Australian dollar to near 0.643 USD on the back of softer US inflation data.

Meanwhile, Australian business conditions remain subdued, with NAB’s survey showing business activity slipping to +2 and confidence at -1 in April, as trade‑war jitters and higher input costs held back investment and spending. The combination of slowly improving household sentiment and cautious corporates highlight the RBA’s delicate balancing act: a rate cut may provide relief to mortgage‑stressed consumers, but structural headwinds mean stimulus could have a muted impact without broader economic support.

United States: Fed awaits tariff impact as Treasury yields wobble

Chicago Fed President Austan Goolsbee emphasized that economic data remain “noisy,” with April’s modest 2.3% CPI rise and steady 2.8% core inflation failing to clarify the full effects of President Trump’s import tariffs—prompting the Fed to maintain its patient stance on interest rates. Meanwhile, US Treasury yields have been gyrating as investors weigh mixed signals: the 10‑year yield climbed toward 4.5% on renewed concerns over fiscal deficits and tariff-driven inflation, even as shorter‑term yields eased slightly on expectations that slowing growth may force eventual Fed rate cuts. Analysts caution that if tariff pressures persist, business investment could stall and the Fed may have to pivot sooner than officials anticipate. In the meantime, investors are keeping a close watch on upcoming trade negotiations and the Fed’s upcoming data releases.

China: Investment banks lift China growth forecasts after surprise trade truce

Following the 90‑day tariff pause agreed with the US, JPMorgan raised China’s 2025 GDP forecast to 4.8% from 4.1%, highlighting the removal of punitive reciprocal duties - cut from 125% down to just 10% - as a key driver of renewed export stability and business confidence. Goldman Sachs and other financial institutions have echoed this optimism, revising up their China outlooks and dialing back expectations for further fiscal stimulus this year now that trade pressures have eased.

Japan: Japan’s economy shows cracks as consumption stalls and tariffs bite

Japan’s economy likely contracted by 0.5% in March, with exports - including autos - falling amid rising US tariffs, as reported by JCER and corporate trends suggesting underlying weakness in Q1. Service‑sector sentiment also deteriorated in April, with a government survey’s diffusion index sliding to 42.6, its fourth straight monthly decline, as businesses grew wary of trade‑policy fallout and rising input costs. Prime Minister Shigeru Ishiba has signaled readiness to deploy targeted stimulus rather than broad tax cuts to support hard‑hit sectors, while ruling out consumption‑tax reductions due to fiscal constraints and an aging population.

Canada: Unemployment spikes to 6.9% as trade tariffs weigh on Canada’s job market

Canada’s unemployment rate jumped to 6.9% in April, matching an eight‑year high outside the pandemic era, as U.S. tariffs on steel, aluminum, and autos prompted manufacturers to cut 31,000 jobs and retailers another 27,000. The sudden rise in joblessness, coupled with only 7,400 net new positions overall and wage growth holding at 3.5%, highlights the pressure on an export‑dependent economy grappling with rising input costs and subdued consumer demand. Economists say these conditions bolster calls for a Bank of Canada rate cut in June, even as newly installed Prime Minister Mark Carney pledges sweeping economic reforms to strengthen Canada against external shocks.

Scam awareness

Website scams

Scammers can pretend to be anyone online to deceive you into trusting them. Scammers create fake websites to look like well-known brands. They impersonate famous people and make it look like they recommend the product or service. They use fake reviews to make you trust them.

Learn more at scamwatch.gov.au

Stay up to date on the latest news in the crypto space.

Sign up for free and join over 362,000 Australian traders who receive the BTC Markets Weekly Crypto Wrap.

Subscribe to our status page for live system updates or follow us on X.

Feedback

If you have any feedback on our newsletter or want to request specific content, please submit a support ticket and we will respond shortly.

Disclaimer: The information provided on this page is issued by BTC Markets Pty Ltd (BTC Markets, we, us, our). The information is general only and is not intended to constitute an opinion or recommendation with respect to its contents. Past performance is not a reliable indicator of future performance. Any reference to past performance is intended to be for general illustrative purposes only. The information cannot be relied upon for any purposes and is not intended to be a substitute for professional advice.

The information does not purport to be complete, accurate or contain all of the information that a person may require to make a decision. It may also contain forward looking statements, which are subject to known and unknown risks, uncertainties, and other factors. We recommend you obtain professional advice before making any decision with respect to the matters discussed in this document. To the maximum extent permitted by law, BTC Markets will have no liability for any loss or liability of any kind: (i) arising in respect of the information contained (or not contained) on this page; or (ii) arising from a person relying on any information or statement contained on this page. The information provided is only intended for recipients in Australia. This information cannot be reproduced without our prior written permission.