Global crypto market cap tops $3 trillion as White House prepares major trade deal reveal

By: fxstreet|2025/05/08 13:45:01

The cryptocurrency market trades in the green on Thursday, with Bitcoin breaking above $99,000. US President Donald Trump announced a major trade deal with major nations in the Oval Office on his Truth Social post. The total crypto market cap reaches $3 trillion, wiping out 71.4% of leverage short positions, according to Coinglass. The crypto markets trade in green on Thursday, with Bitcoin (BTC) breaking above $99,000. The Asian markets also followed suit, and traded higher. This rally was mostly triggered by US President Donald Trump announcing a major trade deal with major nations in the Oval Office on his Truth Social post. The total crypto market cap reaches $3 trillion, wiping out 71.4% of leverage short positions, according to Coinglass. Trump announces major trade deal US President Donald Trump announces on his Truth Social account that a “major trade deal” which would mark the first such agreement to be announced since he imposed tariffs on dozens of America's trading partners. Trump said on the Truth Social platform that he would hold a news conference at 10:00 in Washington, DC (15:00 BST), to announce an agreement with "representatives of a big, and highly respected, country." This news announcement had a positive reaction for the Asian equity markets, which traded green on Thursday. The tariff deals with major countries would ease the ongoing uncertainty in the global economy. The crypto market also reacted positively to this news as Bitcoin reached above $99,000 during the early Asian trading session. Asian Markets chart Crypto market cap reaches $3 trillion and wipes out 71% of short positions The total cryptocurrency market capitalization reached above $3 trillion on Thursday, as shown in the chart below. CoinGecko data shows that the top 10 cryptocurrencies trade in green during the early Asian session. Top 10 cryptocurrencies chart. Source: CoinGecko These gains in market value reflect a broader risk-on sentiment due to the ease of tariff uncertainty, which triggered a wave of liquidation. According to the CoinGlass Liquidation Map chart, in the last 24 hours,106,273 traders were liquidated, out of which 71.43% were leveraged short positions. The total liquidations came in at $291.90 million. The largest single liquidation order happened on Binance - BTCUSDC value $10.59 million. Liquidation Heatmap chart. Source: Coinglass Related news Arizona signs new law to secure unclaimed digital assets and establish Bitcoin Reserve Fund Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC rebounds as New Hampshire approves first US Bitcoin reserve Bitcoin Price Forecast: BTC jumps above $97K on optimism over US-China trade talks

-- Price

Claude Code founder's in-depth sharing at the Sequoia Conference: AI is downgrading "coding" to a basic skill, cross-domain product insights have become the new core barrier, traditional SaaS moats are completely collapsing, and the golden era of startups disrupting large companies has already begun...

The payment moment of AI agents: Who will become the Stripe of the machine economy?

Cryptographic infrastructure and card organizations are not mutually exclusive; the winner is the unified gateway that connects both tracks simultaneously.

Morning Report | MoonPay acquires Solana's execution layer DFlow; Strategy releases Q1 financial report; Manta Network announces the termination of Manta staking program

Overview of Important Market Events on May 6th

How MegaETH Achieved a TVL of 700m Within a Week of TGE? Analyzing the Packaging Strategy

MegaETH created a flywheel with USDm, aiming to attract a large number of users and funds in the short term.

Futures Trading Hours: Trade Cryptocurrency 24/7 and Earn Back Up to 45% in Trading Fees

Learn futures trading hours and the best time to trade crypto futures. Discover 24/7 market insights, peak trading sessions, and how to earn back up to 45% in fees.

Why is a16z Crypto raising another $2.2 billion to heavily invest in Web3?

This round of funding bets on the transition of cryptocurrency from the infrastructure development phase to the phase of real user adoption. Whether focusing on cryptocurrency or crossing over to AI, this real money will only flow to those places that can turn technology into products.

Polymarket Underlying Algorithm Explained

It may be the only article on Twitter that clearly explains all the underlying design of Polymarket in plain language.