The Blockchain Bulletin, May 10: Bitcoin Soars Past $101K After US-UK Deal

Hey folks! Welcome to the latest edition of the Blockchain Bulletin, your roundup of the top headlines over the last 24 hours. Marking a remarkable progress, Bitcoin surged past $101,784 on May 8—its highest level in over two months. Analysts link the bullish momentum to two critical macroeconomic events: a fresh US-UK trade agreement and a surprise 25-basis-point rate cut by the Bank of England (BoE). The bilateral trade deal, unveiled by President Donald Trump during a White House press conference, includes significant tariff reductions, particularly slashing duties on UK-made cars to 10% and reducing beef tariffs to near zero. Trump hailed the agreement as “historic,” noting that negotiations had spanned several years. The market interpreted the deal, alongside the BoE’s dovish shift, as stimulative for risk assets like crypto.Meanwhile, Ethereum posted its most significant one-day rally since May 2021, jumping 20.02% within 24 hours to reach $2,294.40. The spike, fueled by the successful activation of the long-anticipated Pectra upgrade, signals Ethereum’s largest technical advancement since the 2022 Merge. According to CoinMarketCap data, Ethereum’s market cap surged to $277 billion, while daily trading volume ballooned by 126.49% to $40.68 billion. With the circulating supply steady at 120.73 million ETH, the 14.12% volume-to-market-cap ratio indicates heightened investor engagement and liquidity.Related: SEC Set to Decide on Litecoin ETF as Approval Odds SurgeOn the regulatory front, the U.S. Securities and Exchange Commission filed a motion in a Manhattan federal court seeking approval of a settlement with Ripple Labs. The deal, if approved, would lift the injunction on Ripple and release escrowed funds, concluding a legal battle that has defined crypto regulatory debate for years. Ripple has agreed to pay a $50 million civil penalty, while an additional $75 million of escrowed assets would return to the company. Though the SEC emphasized that the agreement does not alter the original claims’ merits, it suggests a pivot in the agency’s broader crypto enforcement strategy.Also, German authorities have dismantled crypto-swapping platform eXch, seizing €34 million in assets across Bitcoin, Ether, Litecoin, and Dash. Notably, the Federal Criminal Police Office (BKA), along with the Frankfurt Prosecutor’s Office, closed the platform’s infrastructure. Operating since 2014, eXch reportedly processed over $1.9 billion in transactions, often catering to anonymous users on both the Clearnet and Darknet.Further, the former CEO of Celsius, Alex Mashinsky, was sentenced to 12 years in a federal penitentiary for securities and commodities fraud. He pleaded guilty in December to price manipulation of CEL tokens and to making material misrepresentations to investors, say prosecutors, who attributed Celsius’s demise and massive investor losses to these acts.On the institutional side, Meta Platforms is reportedly exploring the integration of stablecoin payments across its ecosystem, signaling a possible return to crypto after shelving its Diem project. Sources close to the matter suggest Meta is in talks with leading blockchain infrastructure providers, with plans to support major stablecoins like Tether’s USDT and Circle’s USDC. Such a move could significantly lower cross-border transaction costs, particularly benefiting Instagram creators and platform-based commerce.Related: JUST Price Prediction 2025-35: Will It Hit $5 by 2035?In an interview, Cathie Wood, the CEO of Ark Invest, described the U.S. economy as emerging from a “three-year rolling recession,” during which disparate sectors saw uneven recovery. Wood, a long-time advocate for crypto and AI, suggested that current global economic turbulence may ultimately reduce tax levels globally, potentially benefiting innovation-focused sectors like digital assets.Meanwhile, Russia has tightened its reins on cryptocurrency mining. Deputy Energy Minister Yevgeny Grabchak announced the permanent extension of regional mining bans on Transbaikal and Buryatia, given the continuing shortage of energy supplies. Initially seasonal, these restrictions have now extended as the energy demand intensified.From surging crypto prices to pivotal policy shifts, the previous market events have reshaped the digital asset landscape. With Ethereum’s tech leap, Bitcoin’s rally, and global regulatory moves, the market stands at a thrilling crossroads. As institutions reenter and enforcement evolves, crypto’s next chapter may be its boldest yet—where innovation meets legitimacy on a global scale.The post The Blockchain Bulletin, May 10: Bitcoin Soars Past $101K After US-UK Deal appeared first on Cryptotale.