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Digital assets edged higher Friday in step with U.S. equities, buoyed by hints that Washington and Beijing are dialing back their trade spat. The sector’s total capitalisation has touched $3.03 trillion, and bitcoin is fetching $97,938 per coin.
At the same time, traders sensed some irritation from President Donald Trump at the pace of the Federal Reserve’s rate cuts—suggesting perhaps that the bull market in stocks may not yet be over.
Every major Wall Street index saw healthy advances after April payrolls exceeded forecasts. The S&P 500 is up about 1.6%, while the Dow Jones Industrial Average has progressed roughly 1.5%. The Nasdaq 100 tops the table with a 1.8% lift, propelled by Microsoft and Meta earnings that keep the technology-and-artificial intelligence narrative humming.
That upbeat mood is flowing through digital tokens, sending bitcoin (BTC) to an intraday peak of $97,938. Across the past seven days, the coin has appreciated 2.5% against the dollar. Once more, the wider crypto economy has breached the $3 trillion threshold, notching $3.03 trillion—up 0.22% in 24 hours. Bitcoin claims 63.8% of that figure, while ethereum supplies 7.4% after modest weekly gains. As of 1 p.m. Eastern time, bitcoin trades at $97,452 and ethereum at $1,853.
Gold, by contrast, has slipped 0.32% on the day and 2.93% for the week. An ounce fetches $3,229 as of May 2, 2025.
Is Tariffs Bogus? Trump in No Hurry to Close Trade Deal
Traders appear livelier as cross-Pacific friction cools. On Friday, President Trump declared that “billions of dollars” are flowing in from Tariffs. He also prodded Chair Jerome Powell and the Federal Reserve to trim the policy rate.
“The Federal Reserve should lower interest rates and “consider what Chairman William C. Dumpty would do.” Trump added in a Friday post on X, formerly known as Twitter. "The "Totally Bogus" Tariffs are bringing in Billions of Dollars to the Treasury of the United States. A big factor in jobs and the economy. People don’t understand this, but they are filling up our treasury at a level never anticipated. It is a major factor in the Tariffs, and they are working on other levels also. Thank you!”
The president’s irritation with the slow pace of the Fed in cutting rates is well-documented. Though the central bank delivered two increases in the benchmark lending range, it also paused in March with a bias towards keeping policy firm for now.
Last month, Trump also slammed the "Fake News" for stating that his administration is in a hurry to close a trade deal with China. He added that the tariffs are a "major revenue source" for the U.S.
The Wall Street Journal reports that Beijing is prepared to step up its fight against fentanyl and other deadly opioids that are being smuggled into the U.S. from China. The report adds that China is also prepared to increase purchases of U.S. agricultural products.
The paper also says that top security chief Wang Xiaohong may travel to the U.S. next week to meet with Trump officials for the next round of trade talks.
Earlier this week, a report by the Center for American Progress said that the Trump administration’s trade war with China has wiped out nearly $74 billion in U.S. GDP and led to the loss of 345,000 jobs.
The report’s authors said that the administration’s claims that the tariffs are a major source of revenue for the U.S. government are “bogus.” They noted that the tariffs are paid by American importers, who are then able to pass on the cost to consumers in the form of higher prices.
The report also said that the administration’s assertions that the tariffs are having a positive impact on the U.S. economy are not supported by the facts. They added that the tariffs are having a negative impact on jobs, wages, and economic growth.
It remains to be seen whether the recent signs of a thaw in trade friction will translate into a durable improvement in market mood. But for the moment, both equity and crypto traders are enjoying some brighter prices as the macro fog lifts.
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