Gold and Bitcoin increased as investors waited for the Federal Reserve’s next move. At the same time, rising global tensions and trade worries kept markets on edge.
Spot gold rose 0.7% to $3,357 per ounce on Tuesday, driven by safe-haven demand. US gold futures added 1.3%, supported by fresh interest from Chinese investors. Central banks also continued moving away from the dollar, boosting gold’s appeal.
Bitcoin hovered near February highs, trading around $97,500. Markets remain sensitive to dovish signals that could lift Bitcoin closer to its previous peak near $100,000.
The Federal Reserve is expected to keep interest rates steady between 4.25% and 4.50%. Investors are closely watching for signs of whether persistent inflation and slowing consumer demand will delay potential rate cuts expected later this year.
Tensions flared after a Houthi missile landed near Tel Aviv, leading to Israeli strikes in Yemen. At the same time, Trump’s new tariff plans rattled trade nerves. Even so, Bitcoin stayed strong, fuelled by ETF demand and rate cut hopes.
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The service, called Bunq Crypto, is now live in six European countries, with further expansion planned.
CEO Ali Niknam said the decision was driven by customer demand and a more supportive regulatory environment. The feature is powered by Kraken, one of the largest crypto exchanges globally.
Bunq plans to expand the crypto service across the European Economic Area, as well as to the UK and the US. The move reflects a wider trend among financial firms to offer all-in-one platforms that integrate banking, saving and investing.
According to Bunq’s research, 65% of Europeans want a single app to manage traditional and digital finance.
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Bitcoin ticked up slightly on Tuesday as markets reacted to hints of trade progress from President Trump’s cabinet ahead of his rally in Michigan. Bitcoin climbed 0.5% to around $95,400, while Ethereum and Solana posted stronger gains of 3% and 2%, respectively.
The president is set to speak in Macomb County, Michigan, celebrating his administration’s first 100 days. Analysts say the event could impact crypto markets if Trump reinforces a pro-Bitcoin stance or hints at institutional integration of digital assets.
Trade optimism also played a role. US Commerce Secretary Howard Lutnick said a new deal had been reached with one country impacted by Trump’s tariffs, although full details remain under wraps. Trump echoed this optimism, noting progress in talks with India.
Markets are also watching for inflation updates, with the Federal Reserve’s preferred measure due Wednesday. Economists warn that Trump’s tariffs could fuel inflation and dampen growth, factors likely to influence crypto alongside broader risk assets.
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El Salvador continues quietly accumulating Bitcoin, even as it complies with conditions set by the International Monetary Fund (IMF). Although the government paused Bitcoin activity to secure a $1.4 billion loan, the Bitcoin Office kept buying. It added 32 BTC last month, now holding over 6,160 BTC worth $584 million.
The small daily purchases adhere to the country’s ‘one Bitcoin a day’ policy.
The IMF confirmed El Salvador’s fiscal sector is meeting its non-accumulation pledge, but the Bitcoin Office operates outside those fiscal definitions. The technical loophole has allowed the country to continue acquiring Bitcoin without breaching the agreement.
The reforms agreed with the IMF include scaling back the Chivo wallet initiative and removing Bitcoin’s mandatory status as legal tender.
Despite the pressure, President Nayib Bukele remains committed to the Bitcoin strategy. In January, El Salvador’s Legislative Assembly passed amendments removing Bitcoin as a compulsory payment method and tax payment option.
These changes, effective from 1 May, were necessary to unlock IMF funding. They also opened access to an additional $2 billion in development financing aimed at stabilising the economy and reducing debt, which recently reached 85% of GDP.
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A Bitcoin whale recently moved 50 BTC, worth approximately $4.67 million, after sitting dormant for 15 years. The transaction saw coins originally mined in July 2010, when Bitcoin was worth less than $0.10 per coin. At the time of the transfer, Bitcoin’s price stood at $93,455.
Address identified by code ’04ba30′ stayed inactive for more than 15 years after receiving coins in 2010. However, the transaction was first flagged on X by Bitcoin journalist and historian, Pete Rizzo.
The holder, whether an early miner or a long-term investor, achieved an unimaginable 93,460,500% return on their investment.
It is not the first time Bitcoin whales have resurfaced with remarkable returns. In November, another investor moved 2,000 BTC, initially purchased for a mere $120, now valued at a staggering $179 million.
Despite these extraordinary gains, the most prominent Bitcoin whale remains the pseudonymous creator, Satoshi Nakamoto, believed to hold 1.1 million BTC.
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Michael Saylor believes newly appointed SEC Chair Paul Atkins will benefit the crypto sector. Atkins, sworn in on 22 April, pledged to establish a clear and principled regulatory framework for digital assets, aiming to make the US a leading business hub.
Saylor’s firm, Strategy, recently purchased 6,556 BTC valued at over $555 million. The acquisition marked a return to its Bitcoin-buying strategy after a brief pause triggered by economic uncertainty following Trump’s ‘Liberation Day’ tariffs.
Bitcoin rose to around $93,000 as Atkins took office. The SEC has also softened its stance, dropping lawsuits against firms like Kraken and Coinbase, signalling a broader regulatory shift.
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Shoppers at a Spar supermarket in Zug, Switzerland, can now pay for groceries using Bitcoin, thanks to a new Lightning Network integration. The feature was introduced via BTC Map. It was supported by DFX Swiss and highlights the growing use of crypto in everyday transactions.
Customers can complete their purchases simply by scanning a static QR code at checkout, making Bitcoin payments seamless and accessible. Rahim Taghizadegan, a Swiss lecturer and crypto expert, praised the system’s ease of use and its potential for wider adoption.
With over 1,000 Swiss businesses already accepting Bitcoin, the country remains one of Europe’s strongest cryptocurrency supporters. As a global chain with nearly 14,000 stores worldwide, Spar’s participation signals greater trust in digital payments.
Meanwhile, Switzerland’s Crypto Valley continues to thrive, reaching a $593 billion valuation in 2024.
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Since Colorado began accepting cryptocurrency for tax payments in September 2022, the amount paid via crypto has been minimal. Out of the $11 billion in income tax collected since 2022, just 0.0005%, or roughly $57,000, has been paid using digital assets.
The state initially saw eight crypto payments totalling $16,426 in 2022, which rose to 22 payments amounting to $23,241 in 2023. However, the number declined again in 2024 to $17,544 across 48 payments.
Governor Jared Polis’ initiative allows taxpayers to use PayPal’s Crypto Hub, converting their crypto into US dollars. It means Colorado doesn’t directly receive crypto, undermining the notion that digital assets are widely used for tax payments.
Bitcoin, primarily a store of value, doesn’t lend itself to transactions like these, according to experts.
Although Colorado leads in this innovation, Utah is the only other state accepting cryptocurrency for taxes. Looking ahead, commentators suggest that stablecoins, rather than Bitcoin, will become the primary method for crypto-based transactions.
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Panama City has announced that it will accept Bitcoin, Ethereum, and stablecoins like USDC and Tether as payment for public services. The decision marks a significant step forward in the country’s growing acceptance of cryptocurrencies. Locals will be able to use these digital assets to pay for taxes, permits, fees, and tickets.
The city’s council approved the proposal this week, and Mayor Mayer Mizrachi confirmed the move on social media. Panama City will partner with banks to facilitate the conversion of cryptocurrencies into fiat currency. It will make payments easier and more accessible for residents.
While Panama City’s stance on crypto has evolved, lawmakers have not always been in favour of digital assets. In 2022, President Laurentino Cortizo vetoed a bill to regulate Bitcoin and decentralised organisations, citing the need for better alignment with Panama’s financial system.
However, Panama’s move mirrors the increasing global adoption of cryptocurrencies. Other nations like El Salvador and the Central African Republic have already recognised Bitcoin as legal tender. Some Swiss regions have also started accepting digital currencies for public services.
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A report from El Salvador’s central bank shows that only 11% of registered Bitcoin service providers are currently operational.
Out of 181 companies listed, just 20 meet the country’s legal standards set under its Bitcoin Law, according to local outlet El Mundo.
The law, which made Bitcoin legal tender, requires firms to implement anti-money laundering measures and record assets and liabilities accurately. It also mandates that companies establish cybersecurity programmes tailored to the nature of their services.
However, 89% of providers have failed to comply with these rules and remain non-operational. Some companies, including the government-backed Chivo Wallet, Crypto Trading & Investment, and Fintech Américas, have managed to meet the legal criteria.
President Nayib Bukele has insisted the government will continue buying Bitcoin despite the IMF’s request to halt public sector purchases.
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