TechFlow, on May 7, QCP Capital reported that a wave of unwinding in the foreign exchange market sparked speculation about a potential easing of U.S.-China trade tensions, with rumors suggesting quiet negotiations are taking place in Switzerland. This narrative fueled a rebound in risk appetite during early Asian trading sessions, prompting Bitcoin to quickly surge 3% to $97,000, erasing its weekend losses.
However, the rally wasn't driven solely by forex movements. Another catalyst emerged from New Hampshire, USA. Governor Kelly Ayotte signed a landmark bill establishing the first legal framework at the state level for creating a Bitcoin reserve. She stated, "New Hampshire is once again leading the nation!" The legislation permits allocating up to 5% of public funds into cryptocurrencies and precious metals. Currently, Bitcoin is the only qualifying digital asset, given its market capitalization exceeding $500 billion.
