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

This incident reveals a fundamental weakness in Delta's stablecoin - the coupling point between the minting logic and off-chain signatures/oracles is the most vulnerable attack surface of the system. Any capital efficiency design of "1 dollar minted for 1 dollar" must be predicated on extremely rigo...

Crypto Market Sees Large Liquidations: $272 Million in Long Positions Affected

Key Takeaways In the last 24 hours, $272 million worth of contracts were liquidated across the entire crypto…

Whale Increases BTC Shorts and Bets on Crude Oil: A Strategic Crypto Move

Key Takeaways A prominent whale, known as “UnRektCapital,” has strategically escalated its short position in Bitcoin while simultaneously…

Hackers in Brazil Use Fake Google Play Store to Steal Cryptocurrency

Key Takeaways Hackers in Brazil are exploiting fake Google Play Store pages to spread Android malware. Infected devices…

Exchanging 200,000 for nearly 100 million, DeFi stablecoins face another attack

DeFi project teams cannot assume that the modules they control are necessarily secure.

The underlying business agreement of the trillion-dollar Agent economy: Understanding ERC-8183, it's not just about payments, but the future

This article systematically analyzes the technical principles and commercial value of the ERC-8183 protocol from the dimensions of technical architecture, core mechanisms, application scenarios, and ecological collaboration.

When Wall Street's ETH begins to "yield": Looking at the asset properties of Ethereum from BlackRock's ETHB

ETH is undergoing a paradigm shift from a "volatile asset" to a "yield-generating cash flow asset."

The Power of Agency: The Agentic Wallet and the Next Decade of Wallets

In 1984, Apple killed the command line with a mouse. In 2026, Agent is killing the mouse.

Understanding x402 and MPP in One Article: Two Routes for Agent Payments

x402 makes payments within the agreement, while MPP makes system-level payments.

Particle Founder: The entrepreneurial insights I have gained the most from in the past year

Stop lean startup, stop lightning entrepreneurship, and think carefully about what your product aspirations are.

Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence

The competition in the future is not just about whose model is larger or whose computing power is stronger, but also about who understands the industry better, who can embed AI more deeply into real processes, and who can organize these capabilities into a runnable and scalable system.

OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)

The existing infrastructure is hostile to the Agent economy. Agents can think and act independently at the "capability level," but at the "economic level," they are still locked into infrastructure designed for humans.

The migration of settlement rights: B18 and the institutional starting point of on-chain banks

In the traditional system, banks decide the settlement; in the on-chain system, code begins to take over this responsibility.

From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment

The AI narrative continues to ferment, but the recent performance of related stocks varies, with some in the midst of summer and others as if in winter.

The second half of stablecoins no longer belongs to the crypto circle

What Coinbase doesn't want, Mastercard is eager to buy.

Cursor "Shell" Kimi Controversy Reversed: From Copyright Infringement Allegations to Authorized Collaboration, China's Open Source Model Once Again Becomes a Global AI Foundation

Cursor was accused of being based on Kimi K2.5, which sparked controversy, and was later confirmed to be compliant through Fireworks AI due diligence.

The Real Reason Tokens Don't Sell: 90% of Crypto Projects Overlook Investor Relations

Provide an Investor Relations Best Practices Guide for Crypto Projects.