Here’s a quick recap of the crypto landscape for Friday (May 2) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$96,638.92 as markets opened for the day, up 0.9 percent in 24 hours. The day’s range has seen a low of US$95,925.85 and a high of US$97,341.13.
Bitcoin performance, May 2, 2025.
Chart via TradingView
This movement comes amid a backdrop of mixed economic signals.Recent US economic data revealed a contraction in GDP for the first quarter and weaker-than-expected job growth, raising concerns about stagflation.These factors have contributed to increased volatility in the crypto market
Ethereum (ETH) ended the day at US$1,823.71, a 0.6 percent decrease over the past 24 hours. The cryptocurrency reached an intraday low of US$1,816.70 and reached its daily high of US$1,867.18.
Altcoin price update
- Solana (SOL) ended the day valued at US$149.96, down 0.9 percent over 24 hours. SOL experienced a low of US$148.67 and peaked at $153.32.
- XRP traded at US$2.21, reflecting a 0.9 percent decrease over 24 hours. The cryptocurrency recorded an intraday low of US$2.20 and reached its highest point at US$2.25.
- Sui (SUI) was priced at US$3.47, showing a decreaseof 5.6 percent over the past 24 hours. It achieved a daily low of US$3.43 and a high of US$3.75.
- Cardano (ADA) was trading at US$0.7041, up 0.3 percent over the past 24 hours. Its lowest price as of Friday was US$0.6974, with a high of US$0.7236.
Today’s crypto news to know
Trump-backed stablecoin triggers US$2 Billion UAE deal
A UAE investment firm, MGX, tied to Abu Dhabi’s sovereign wealth fund, has committed to a US$2 billion investment into Binance — and it’s doing so using “USD1,” a stablecoin controlled by the Trump family.
The coin was developed by World Liberty Financial, a company where Trump is listed as “chief crypto advocate” and his sons serve as “Web3 ambassadors.” The token, launched shortly after Trump’s re-election, has already sold over US$550 million worth of coins — much of it after November.
The deal was announced in Dubai by Zach Witkoff, son of Trump’s former envoy to the Middle East, appearing onstage with Eric Trump.
Democrats have accused the move of being a front for corruption, with Sen. Elizabeth Warren calling it “a shady deal backed by a foreign government.”
With Trump set to visit the UAE and Saudi Arabia in two weeks, critics say the overlap between his private interests and foreign diplomacy has never been more naked.
Bitcoin tops US$97,000 as US-China trade thaw lifts markets
Bitcoin broke through the US$97,000 mark during Asian trading hours as reports surfaced of renewed trade talks between the U.S. and China, giving the market a much-needed jolt of optimism.
Chinese state media confirmed that the US had “proactively reached out” to Beijing on tariffs, sparking hopes of de-escalation in a trade standoff that had hammered risk assets earlier this year.
Traders are now betting that a potential resolution could push BTC to new all-time highs — with US$100,000 increasingly in sight. Altcoins joined the rally, with Dogecoin up 4 percent and ETH, XRP, ADA, and BNB not far behind.
Still, Polymarket users remain cautious, giving the deal only a 20% chance of being signed by June, suggesting skepticism remains about political timelines. But for now, price momentum, ETF inflows, and improving liquidity paint a bullish short-term picture for crypto.
Strategy doubles down on Bitcoin with fresh US$21 billion raise despite US$5.9 billion loss
Michael Saylor’s Strategy reported a US$16.5 billion quarterly loss and a massive US$5.9 billion writedown on its Bitcoin stash — but that hasn’t slowed its hunger for more.
Instead, the firm announced a new US$21 billion stock offering, the proceeds of which will go toward purchasing even more BTC. As of April, Strategy holds 553,555 Bitcoin acquired at an average cost of US$68,459 — now worth around US$53 billion at current prices.
The company is targeting a 25 percent “BTC Yield” and a $15 billion gain by year-end, signaling a long-term vision despite short-term pain.
Morgan Stanley moves toward crypto trading on E*Trade
Morgan Stanley is reportedly gearing up to launch direct crypto trading for users of ETrade, its retail investment arm, in a major leap toward integrating digital assets with mainstream finance.
The bank, which acquired ETrade in 2020, currently only offers crypto ETF access — but new plans would allow clients to buy and sell actual tokens. Insiders say Morgan Stanley is in talks with multiple crypto-native firms to provide backend infrastructure, signaling a shift from hesitancy to full participation.
The move comes just days after the Federal Reserve scrapped prior crypto-related restrictions, effectively greenlighting banks to enter the space.
With more than 5 million active users, E*Trade could become one of the largest onramps into crypto for average investors if the plan moves forward.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.