Today there are three major pieces of news to discuss!

(1) Last night the Federal Reserve held a meeting, and Powell mentioned “let's wait and see” 11 times throughout the discussion. This clearly indicates that interest rates will remain unchanged in May, and it's highly unlikely there will be a rate cut in June. When this news broke, the crypto market went wild, with many people feeling anxious and selling their Bitcoin (BTC), causing the BTC price to drop to $95,800. But who would have thought that at around 4 a.m., the BTC price skyrocketed, soaring up like a rocket, thanks to two other major pieces of news pushing it forward.

(2) There is new progress on the Bitcoin reserve bill in Texas; the bill has passed one hurdle but has not been fully approved yet, as it still needs to be voted on by the entire Texas legislature. According to informed sources, we should know the result within three weeks, and the chances of it passing are quite high, at least a 70% probability. We previously discussed how New Hampshire has taken the lead, becoming the first state in the U.S. to treat Bitcoin as a strategic reserve. Now, it’s a matter of whether other states will follow suit. If five more states join in, the annual Bitcoin purchasing fund could expand to $5 billion. With that much money flowing in, it wouldn't be far-fetched for the BTC price to break through the $200,000 mark!

(3) Early this morning, there was also news that Trump is planning a major trade move with the UK, with the agreement seemingly about to be finalized. This news sounds like a great relief, but we should also be cautious; if the tariffs are set too absurdly, good news could quickly turn into bad news. Speaking of trade tariffs, negotiations are intensifying all around, and surprisingly, there is even good news coming out of the U.S.-China discussions, with both sides planning to sit down for a serious chat in Switzerland. Additionally, there are new developments regarding tax reductions domestically, with the White House and Congress starting to work together, aiming to finalize the new tax and spending bill by early July. This tax reduction move is a solid positive for the capital market and BTC; we just have to wait and see what the effects will be!