Bitcoin (BTC) Jumps to 101,700 USD, Reflecting Positive Impact from Legislative Progress and Regulations in the US, Along with Broader Acceptance.
Bitcoin (BTC) has just crossed the important psychological threshold of 100,000 USD, reaching a peak of 101,700 USD in the latest trading session, reflecting the positive impact of legal and policy developments in the US, and showing an increasing level of global acceptance. At the time of writing, BTC is trading around 101,600 USD.
President Donald Trump announced a potential trade agreement with the United Kingdom, which may include removing the currently widespread 10% import tariff. The financial markets reacted strongly to this news: the Dow Jones index rose by over 500 points, while the S&P 500 recorded a 1.47% increase.
On the Truth Social platform, Trump stated: "Many other deals, currently in serious negotiation stages, will be announced soon!" – this statement, along with information about a high-level meeting between US and Chinese officials in Switzerland on May 10, helped reinforce positive market sentiment.
Bitcoin's return to six-digit prices since its last occurrence in February is significant both technically and psychologically. Independent analyst Macroscope noted on the X platform that he is "closely monitoring" price movements and emphasized the role of the 100,000 USD mark as a "support level to be maintained," rather than just a temporary breakthrough of a psychological resistance.
Although this increase was partly driven by the liquidation of around 241 million USD in Futures Contracts, the legal and investment landscape is becoming increasingly favorable for Bitcoin. Last week saw several important advances in cryptocurrency-related policies in the US:
On May 8, the Missouri legislative body transferred House Bill 594 (HB 594) to Governor Mike Kehoe's desk for approval, aiming to completely eliminate personal capital gains tax. If passed, this would be the first state-wide capital gains tax exemption law in the US.
A day earlier, the US Office of the Comptroller of the Currency (OCC) confirmed that licensed banks can trade cryptocurrencies on behalf of clients and are permitted to outsource cryptocurrency asset custody activities to reputable third-party entities.
At the end of March, the Federal Deposit Insurance Corporation (FDIC) also issued guidelines allowing banks to hold cryptocurrency assets and provide related services to individual and institutional clients.
These changes demonstrate a clear shift in the US government's approach to digital assets – from mere supervision to now supporting conditional development. Capital inflow into spot Bitcoin ETFs continues to increase strongly, and an growing number of public companies in the US and internationally are adding Bitcoin to their treasury reserves, signaling an accelerating wave of institutional acceptance.
