Bitcoin Blasts Past $104K Mark

CRYPTO
Bitcoin Blasts Past $104K Mark

Bitcoin soared past $104,000 on May 9, liquidating nearly $400 million in bearish bets and signaling renewed bullish momentum. The surge followed the announcement of a major U.S.-U.K. trade agreement and record-breaking inflows into spot Bitcoin ETFs, which have now surpassed $40 billion. Within 24 hours, BTC rose over 3% to $102,500, briefly hitting its highest price since January.

The broader crypto market followed suit, with non-BTC assets gaining 10%, pushing total market cap to $1.14 trillion. According to Coinglass, this marked the largest single-day short liquidation since November, underscoring a heavy bearish bias among leveraged traders. Some $22 million in long positions were also wiped out. As traders scrambled to cover losses, the imbalance suggests there may be room for more upside ahead, especially if macro conditions like trade optimism and ETF inflows continue to align in crypto’s favor.

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CRYPTO
Coinbase Acquires Deribit for $2.9B

Coinbase has agreed to acquire crypto options exchange Deribit for $2.9 billion in cash and stock, signaling its aggressive entry into the U.S. crypto derivatives market. The deal includes $700 million in cash and 11 million shares of Coinbase Class A stock. Deribit, which processed $1.2 trillion in trading volume last year, is a dominant player in bitcoin and ether options. The acquisition follows a bidding war with Kraken, which instead acquired NinjaTrader for $1.5 billion.

This move positions Coinbase to capitalize on growing institutional demand for digital asset derivatives, as President Trump pushes to make the U.S. the "crypto capital of the world." Analysts say the acquisition gives Coinbase a powerful foothold in a high-growth sector. Deribit’s rapid growth—up 95% year-over-year—underscores the platform’s rising influence. The deal marks one of the largest in crypto history, reflecting a wave of consolidation and strategic investment in the evolving market.

ECONOMY
U.S. and U.K. Strike Deal

The United States and the United Kingdom have reached a new trade agreement focused on reducing tariffs and expanding bilateral market access. Key elements include lowering U.S. tariffs on up to 100,000 U.K.-made vehicles from 25% to 10% and eliminating duties on British steel and aluminum. In return, the U.K. will remove its 19% tariff on American ethanol and reduce barriers on U.S. beef exports. According to the White House, the deal will unlock $5 billion in new U.S. export opportunities and generate $6 billion in tariff revenue.

Financial markets responded positively. The Dow Jones Industrial Average rose over 250 points, and the Nasdaq gained 1.1%. In the U.K., the FTSE 100 edged higher, and the British pound strengthened against the U.S. dollar.

While not a comprehensive free trade agreement, the deal signals a step toward improved transatlantic trade relations and greater stability in international markets amid global economic uncertainty.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.