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Bitcoin breaks $100K. Washington breaks everything else

PLUS: Global Web3 events to look out for

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Cryptopolitan News
May 09, 2025 • Estimated Reading Time: 9 minutes

📬 Today’s Byte

• Bitcoin hits $100K– again

• The GENIUS act fails — U.S. stablecoin hopes put on hold

• Ripple nears $50M settlement as XRP soars past $2.3

• Global Web3 events to look out for

🎉 Bitcoin hits $100K– again.

A fresh trade deal. A surging stock market. And Bitcoin — once again — breaks six figures.

Markets erupted on Thursday after President Trump confirmed a new trade agreement framework with the UK. The Dow jumped 523 points, the S&P 500 rose 1.3%, and tech stocks rallied across the board. But the real headline came from crypto: Bitcoin broke $100,000, reclaiming territory it hadn’t seen since February.

The move was swift — and contagious. Ethereum, Solana, and Dogecoin followed with double-digit gains. Even crypto stocks like Coinbase and Strategy saw notable spikes.

Analysts say the trigger was broader than just tariffs. Trump's declaration of an “economic boom” sparked speculation, but behind the scenes, investor behavior is shifting. According to BCA Research, foreign investors are quietly exiting U.S. assets, wary of escalating capital controls and unpredictable policy shifts.

In that vacuum, Bitcoin is rising — not just as a tech play, but as an alternative reserve asset.

Key takeaways:

  • The Russell 2000 surged 2.3%, outpacing other indexes, but remains down 8.7% YTD

  • Crypto flipped sentiment fast, with even cautious players like BCA Research moving Bitcoin from underweight to neutral

  • BTC needs to break $109K to fully escape its range-bound pattern, per Nexo's Antoni Trenchev

While some warn the rally is still technically fragile, the $100K breakout is psychologically massive. From $74K lows just weeks ago, Bitcoin’s recovery is one of the boldest moves in a year marked by macros and political stance.

📜 Regulation Watch: 

The GENIUS Act fails — U.S. Stablecoin hopes put on hold.

On May 8, the U.S. Senate failed to advance the GENIUS Act — legislation that would have created the country’s first regulatory framework for stablecoins. Only 49 senators supported moving the bill forward, well short of the 60 votes required. The fallout was immediate — and deeply political.

Democratic senators pulled their support after media reports linked former President Trump to a new stablecoin, USD1, launched by a firm believed to be tied to his family. That project had already raised $2 billion from the UAE, triggering conflict-of-interest concerns and allegations of financial opportunism.

Key reasons behind the collapse:

  • Democrats demanded stronger AML, national security, and corruption protections

  • Ten Democrats flipped their votes, citing fears of “crypto corruption” and foreign influence

  • Republican Senators Josh Hawley and Rand Paul also voted against advancing the bill

Republican backlash was fierce.

 Senator Tim Scott accused Democrats of blocking meaningful policy over what he called “Trump Derangement Syndrome.” Senator Bill Hagerty claimed the U.S. had just surrendered crypto leadership to the CCP, while Senator Cynthia Lummis called the outcome “deeply disappointing.”

Senate leadership has signaled a possible motion to reconsider the bill next week. But for now, the GENIUS Act — once hailed as a breakthrough for U.S. digital asset policy — is off the table.

What was at stake:

  • 1:1 stablecoin backing requirements

  • Clear rules for overseas stablecoin issuers

  • Government-level financial ethics oversight

  • A bipartisan framework with actual momentum

The takeaway: Crypto regulation in the U.S. is no longer just about policy — it’s about power. And that fight just left stablecoin innovation stranded on the Senate floor.

📊 Market Watch:

Ripple Labs and the U.S. Securities and Exchange Commission filed a joint motion seeking court approval for a $50 million payout — a reduced amount from the original $125 million settlement proposal. The remaining $75 million would be returned to Ripple, marking a final resolution in one of crypto’s longest-running legal battles.

The case, launched in 2020 under former SEC Chair Gary Gensler, accused Ripple of offering unregistered securities through XRP sales. Now, with a more favorable regulatory climate under the Trump administration, Ripple appears poised for expansion.

Ripple emerges stronger:

  • Acquired prime brokerage firm Hidden Road for $1.2 billion

  • Made a $5 billion acquisition attempt for Circle (declined)

  • Set to ramp up U.S. and international acquisitions post-settlement

The shift in tone around XRP is also opening doors on the ETF front. Bloomberg analysts now place the approval odds for spot XRP ETFs at 85%, citing changes in SEC leadership and clearer commodity treatment of XRP.

Markets responded immediately:

  • XRP surged over 10%, briefly topping $2.30

  • Polymarket odds for ETF approval by year-end jumped to 77%

  • Analysts now eye resistance at $2.50, with some suggesting a breakout to $3 or even $7, depending on macro and legal follow-through

For Ripple, this isn’t just a win — it’s a reset. With legal risk fading and political winds shifting in its favor, Ripple is stepping into 2025 with momentum, capital, and a story no longer overshadowed by litigation.

🌍 Global Web3 events to look out for

From Dubai to Toronto — here are the top events you should have on your radar.
Cryptopolitan brings you handpicked Web3 gatherings where innovation, policy, and capital meet.

  • Dubai FinTech Summit (May 12–13) — Global leaders meet to discuss the future of finance, regulation, and innovation

  • ETHWomen Toronto (May 13) — Women-led Web3 sessions covering DeFi, AI, and blockchain

  • Blockchain Futurist Conference (May 13) — Canada’s largest Web3 event returns with talks on AI, crypto, and decentralized tech

  • World AI Technology Expo (May 14–15) — Dubai’s deep dive into AI’s real-world use cases

  • AI Rush London (May 16) — Rapid-fire keynotes on artificial intelligence and its cross-industry impact

Want the full list of Web3 events happening this month?
Explore all upcoming events

Market-moving headlines 🔥

President Donald Trump is finally saying out loud what both Beijing and Wall Street have been waiting to hear. He told reporters Thursday that the 145% import tariffs slapped on China since his return to the White House are likely coming down.

On Thursday, the United Kingdom became the first country to seal a trade deal with the US, with the UK’s FTSE 100 closing lower following the announcement of the agreement. Wall Street investors were pumped after the three major US indexes had back-to-back winning sessions. 

The US Securities and Exchange Commission (SEC) Crypto Task Force is considering issuing an exemptive order to let companies deploy securities tokenization. SEC commissioner Hester Peirce disclosed this in a speech at the SEC’s 31st International Institute for Securities Market Growth and Development.

Missouri has obtained final approval for legislation that will suspend the personal capital gains tax this year. Missouri will become the first state in the United States to eliminate the capital gains tax on income from the sale of stocks, real estate, and crypto assets.

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