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Jun 2, 2025  |  
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Annabella Rosciglione


NextImg:Bitcoin reclaims $100,000 after wave of positive crypto news - Washington Examiner

The cryptocurrency industry received a wave of positive news this week, sending the price of Bitcoin over $100,000 for the first time since the beginning of February after it dropped to the $74,000 range last month.

Bitcoin reclaimed $100,000 shortly after President Donald Trump announced a trade deal between the U.S. and the U.K., and comes as the Trump administration has taken a welcoming approach to the crypto industry and states have begun looking into and approving crypto reserves.

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New Hampshire and Arizona became the first two states to create a state crypto reserve this week. Gov. Katie Hobbs (D-AZ) approved a measure Friday after originally vetoing a similar bill to create a state-managed Bitcoin and Digital Assets Reserve Fund, which will hold unclaimed digital assets and staking rewards.

Over a dozen other states, including Alaska, North Carolina, and Texas, are considering similar legislation.

In another piece of positive news for the industry, Coinbase announced it reached a $2.9 billion deal to acquire Deribit, the biggest trading platform for Bitcoin and Ether options in the world. Coinbase is currently the largest cryptocurrency exchange in the U.S. It has a market value of upwards of $50 billion.

Additionally, the Federal Reserve on Wednesday held interest rates again as Trump’s unpredictable tariff policies have sparked fears of an economic slowdown. The fact that the Fed did not raise interest rates, however, was seen as a positive sign for the markets.

The Trump administration has been the most supportive of the cryptocurrency industry in its history, with the president appointing a number of pro-crypto figures and signing several pro-crypto orders including one establishing a Bitcoin strategic reserve.

Trump launched his own NFT collectibles during the 2024 campaign, as well as memecoins $TRUMP and $MELANIA in January. His company is planning on launching its own Bitcoin ETF, and his sons, Donald Trump Jr. and Eric Trump, launched a stablecoin tied to the value of the U.S. dollar.

The total market cap of the crypto industry rose from $2.88 trillion to $3.25 trillion over the last several days, with other popular coins such as Ethereum, Ethereum Classic, Monero, Litecoin, and others similarly boosting in value.

Despite the positive news, the industry has received mixed signals from Congress lately.

The Senate killed a measure to regulate cryptocurrency, largely focused on stablecoins, after Senate Democrats, joined by two Republicans, Sens. Rand Paul (R-KY) and Josh Hawley (R-MO), voted down the legislation. 

There was originally bipartisan support for the measure, but key Senate Democrats walked away after their requested changes were not met. Senate Democrats have sounded the alarm on the potential for large-scale corruption with the Trumps’s crypto ventures, especially after Trump invited his top memecoin investors to an “intimate private dinner” with the president later this month at the White House. The White House later removed the event from its website.

“The bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements,” Senate Democrats wrote.

DOJ DIRECTS INVESTIGATORS AWAY FROM CRYPTOCURRENCY ENFORCEMENT

The administration is still showing a friendly tune to the industry despite any setbacks in the legislative branch. Vice President JD Vance announced he would deliver the keynote address at the 2025 Bitcoin Conference after Trump delivered the same address in 2024 on the campaign trail. 

“This is more than a headline moment — it’s a signal,” said David Bailey, CEO of BTC Inc. “Bitcoin is the most exciting financial innovation in the world. It’s at the forefront of the national conversation”