● Trade tensions ease, Bitcoin returns to the $100,000 mark
According to ChainCatcher, after Trump announced a trade agreement with the UK, trade tensions are expected to ease, and Bitcoin has broken through $100,000.
The details of the agreement will be negotiated in the coming weeks, the UK will expedite the customs clearance of US goods and reduce export barriers in agriculture, chemicals, energy, and industry. This is the first agreement following Trump's imposition of high tariffs on several trading partners.
● UK and US reach tariff trade agreement, UK makes concessions on US food imports
According to BlockBeats, on May 8, the UK and the US reached an agreement on the terms of the tariff trade agreement. The UK government agreed to make concessions on the import of US food and agricultural products in exchange for the US lowering tariffs on UK car exports.
● Real Vision founder: BTC dominance has peaked, altcoin season may be coming
According to Foresight News, Raoul Pal, former Goldman Sachs executive and founder of Real Vision, tweeted that BTC dominance has peaked today. Daily, weekly, and monthly DeMark top signals have appeared. He noted that the current peak level is lower than the 2021 high, which in turn was lower than the 2017 high. If this assessment holds, it will signal the arrival of the next phase of the 'banana zone'.
● Data: Stablecoin trading volume reached a historic high of $1.82 trillion last month
According to PANews, on May 8, unfold. data showed that the stablecoin trading volume reached $1.82 trillion last month, setting a historical high.
● Ripple reaches settlement agreement with SEC, pays $50 million fine
According to reports from Wu Shuo, Ripple and the US Securities and Exchange Commission (SEC) have reached a settlement agreement. Both parties requested the court to terminate the injunction against Ripple and release the $125 million civil fine in the escrow account. According to the agreement, Ripple will pay $50 million to the SEC, and the remaining funds will be returned to Ripple.
● Insiders: Meta restarts cryptocurrency business, plans to apply stablecoins on Instagram
According to Shen Chao TechFlow, Meta is restarting its cryptocurrency business and is negotiating stablecoin solutions with multiple cryptocurrency companies, primarily for cross-border payments. Meta hired former Plaid executive Ginger Baker as Vice President of Product earlier this year.
According to insiders, Meta plans to first apply stablecoins on the Instagram platform to handle small cross-border payments for creators, in order to reduce transaction fees. This is the first return to the cryptocurrency field since terminating the Diem project in 2022.
Discussions are still in the early stages, and Meta is open to stablecoin providers. Zuckerberg stated at the Stripe conference that the Diem project has ended.
● Oregon passes bill to include digital assets in the Uniform Commercial Code
According to ChainCatcher, Oregon passed Senate Bill 167, incorporating digital assets into the Uniform Commercial Code (UCC). The bill was signed into effect by Governor Tina Kotek on May 7. The new law introduces Article 12 of the UCC, clearly defining the legal definitions of cryptocurrency, tokenized records, and electronic money, and amends Article 9 to allow digital assets as collateral for transactions. The bill updates multiple UCC provisions, recognizing electronic records, electronic signatures, and hybrid trading forms, supporting digital business activities. Transitional provisions ensure the legality of transactions before the new regulations take effect and provide a one-year compliance adjustment period. Oregon has also proposed another blockchain-related House Bill 2071, which is currently in the early legislative stage.
According to Jin Ten Data, Seema Shah, Chief Global Strategist at Principal Asset Management, stated that the Federal Reserve is in a dilemma, and its dual mandate may be contradictory. Trump's tough stance on tariffs has exacerbated the Fed's awkward situation. In this context, the Fed can only choose to stand by. Rate cuts are necessary, but the Fed may need to wait until the end of the third quarter for an opportunity to open.
