Oh scrappy day
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 2nd May 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Bitcoin Ekes Its Way To $97,000
Tariff concerns are growing but the skunk smell doesn't seem to bother Bitcoin. The largest crypto made it to $97K on a 1% gain in the past 24 hours, enjoying a kind of sweet spot as a trendy safe haven play relative to gold while also not immune to upside whims connected with risk assets.
Ethereum, ahead of a major upgrade next week, shed a tiny amount of value while staying green (+2%) on the week.
Wait, why is Dogecoin up 1.2% over the past day — shouldn't it be below 18 cents? Ah, it's that fickle mistress, spot ETF hope, springing eternal, fueling optimism, according to social data (CoinDesk).
What's down
So Much For Traditional Safe Havens
Scraps of hope that somehow the U.S. and China can work things out has dampened the allure of that most precious metal. Sure, spot gold remains up 22% on the year after hitting a record $3,500 per ounce last week. But prices have slipped to a two-week low; at one point yesterday afternoon, gold fell 2.4% lower to roughly $3,200 (Bloomberg).
What's next
Hardest Working Holders In Crypto
Spanning across two weeks of dramatically undulating markets cannonballed by tariffs, BTC rose 15%. As of 7:53 a.m. (EST), mostly up-all-night BTC sat in a roadside motel having a smoke, unshaven — with a mere thirty dollars standing between it and a mark of which it could be prouder if it could only get its act together.
Traders are optimistic that this time it's real, that the U.S. and China are having talks. Stakes are high. Some big companies, including Apple and GM, sounded a May Day alarm bell about production cost increases connected with the trade war. Trump for his part has conceded tariffs could make toys less affordable, while floating the idea of two dolls per child per annum as perhaps representing a reasonably recalibrated demand level.
Demand for BTC is seen as strengthening, and that is in large part due to Michael Saylor's firm, Strategy (MSTR). The firm formerly known as MicroStrategy and which previously had been a business intelligence software seller — but which reinvented as a publicly traded BTC-exposure vehicle — is raising another $21B earmarked for bulk purchases, this after using up the entirety of a previously garnered $21B kitty. "The injection of this fresh capital could ... trigger new firms to set their reserves in BTC," FXStreet said.
Strategy's Japanese protege, Metaplanet, meanwhile, issued $24.7M in zero-interest bonds — to buy more BTC. Metaplanet currently holds 5,000 BTC in its reserve.
