bitcoin News Today: Bitcoin Price Surges Past $101K as U.S. Legalizes Strategic BTC Reserves and Global Adoption Rises
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AI Summary
Bitcoin breaks $101,700 as bullish regulation, ETF inflows, and trade deals fuel fresh momentum
Bitcoin (BTC) has reclaimed six-figure territory, hitting $101,707 on May 8, 2025, marking a major milestone driven by accelerating global adoption and a series of bullish U.S. policy shifts. The top cryptocurrency has rallied over 4.5% in the past 24 hours, breaking past the key psychological level of $100,000, with traders now eyeing it as a potential new support zone.
Key Highlights:
BTC price hits $101,707, boosted by U.S. crypto policy and trade optimism
Legislation passed in two U.S. states to allow Bitcoin strategic reserves
Bitcoin ETFs and institutional inflows continue to climb
U.S. banks approved to trade and custody crypto assets
Positive momentum follows Trump’s trade deal announcement with the UK
Trump’s Trade Deal and Market Surge
Bitcoin’s latest rally aligns with a new trade agreement announcement by U.S. President Donald Trump involving the United Kingdom, possibly removing the 10% blanket tariff on imports. Trump’s Truth Social post hinted at multiple upcoming deals:
“Many other deals, which are in serious stages of negotiation, to follow!”
The traditional financial markets responded immediately:
Dow Jones: +500 points
S&P 500: +1.47%
BTC/USD: Trades near $101,600
Markets are now awaiting the outcome of U.S.-China talks scheduled for May 10 in Switzerland.
Strategic Bitcoin Reserves Now Legal in U.S. States
In a landmark move, two U.S. states passed bills allowing the formation of state-level Bitcoin reserves:
Missouri’s Bill 594, passed May 8, eliminates capital gains taxes on BTC.
Another state followed suit, indicating a growing trend of Bitcoin integration into public finance.
This shift comes amid increasing recognition of Bitcoin’s value as a strategic financial asset and inflation hedge.
Regulatory Green Light: Banks & Crypto Trading
In parallel with state legislation, the Office of the Comptroller of the Currency (OCC) announced that U.S. banks can now:
Trade crypto on behalf of customers
Outsource crypto custody to licensed third parties
