The Blockchain Bulletin May 9: Bitcoin Reclaims $100K With Strong Rally
Hey folks! Welcome to the latest edition of the Blockchain Bulletin, your roundup of the top headlines over the last 24 hours. Bitcoin has officially reclaimed the $100,000 spot, marking a powerful comeback after months of market turbulence. The digital asset, which initially crossed $100K in December 2024, surged to $109,000 in January 2025, following Donald Trump taking over the office.
Trump’s market-friendly rhetoric and early policy signals briefly fueled optimism across the crypto space. With the ascent of BTC, it has secured the 5th spot among global assets. The move above $99,474 on May 8 is not just an extreme nerve response from the bulls. It had technical and on-chain backing. It is also worth noting that the Bitcoin price held and reversed at a key Fib level from the low of $74,588 and the high of $99,474. The levels of 0.382 at $89,968, 0.5 at $87,031, and 0.618 at $84,095 were valid pullback points in April.
Related: Bitcoin Jumps After Trump-UK Deal and BoE Rate Cut: Report
Arizona has officially become the second U.S. state to enact a cryptocurrency reserve law, following closely behind New Hampshire. On May 7, Governor Katie Hobbs signed House Bill 2749, which authorizes the establishment of a reserve fund for unclaimed virtual assets. Notably, the law permits such assets to be retained in their native form rather than being liquidated, a move aimed at preserving market value for rightful owners.
The bill, introduced by Representative Jeff Weninger, authorized qualified custodians to stake the reserve assets for network rewards and airdrops. These returns will be stored in the fund, subject to future legislative allocation. According to Weninger, this framework aligns Arizona’s unclaimed property regulations into alignment with the modern digital asset economy, reinforcing consumer protection while promoting technological relevance.
South Carolina is taking a stance on digital sovereignty with the Senate’s passage of Bill S.163 by an overwhelming 38-1 vote. This measure protects residents’ rights to use, mine, and transact with cryptocurrencies while explicitly prohibiting any state involvement in central bank digital currency (CBDC) pilot programs or payment mandates.
The bill classifies crypto mining and staking as non-security activities, thereby shielding them from excessive licensing and regulatory burdens. It also ensures that digital asset activities are not unfairly taxed or zoned and grants the state attorney general authority to pursue fraud cases within the crypto domain. This proactive legislative approach positions South Carolina as one of the most crypto-friendly states in the U.S., focusing on autonomy and decentralized innovation.
Meanwhile, the Federal Reserve, following its May 6–7 Federal Open Market Committee (FOMC) meeting, opted to maintain interest rates in the 4.25% to 4.5% range. Chair Jerome Powell emphasized that inflation, though lower than its 2022 peak, continues to exceed the 2% target.
Over the past year, the Personal Consumption Expenditures (PCE) price index increased by 2.3%, while the core PCE (excluding food and energy) climbed 2.6%. The labor market shows resilience, with the unemployment rate holding at 4.2% and average monthly job gains reaching 155,000.
On the other hand, Changpeng “CZ” Zhao, founder and former CEO of Binance, has submitted a presidential pardon application to Donald Trump. Speaking on the Farokh Radio podcast, Zhao confirmed the request was made two weeks prior, following heightened media scrutiny. Reportedly, Zhao was sentenced to four months in jail for failing to implement adequate anti-money laundering measures during his tenure at Binance.
Related: Coinbase Named Exclusive Crypto Partner for Riot Esports
Looking ahead, the U.S. Securities and Exchange Commission will convene its next roundtable on May 12 to examine the role of tokenization in bridging traditional finance and decentralized finance (DeFi). The event, titled “Tokenization: Moving Assets Onchain – Where TradFi and DeFi Meet,” will feature leading voices from BlackRock, Fidelity, Nasdaq, and Robinhood, among others. The discussion aims to clarify regulatory pathways for on-chain asset transformation and to support interoperability across financial sectors.
On the institutional side, Coinbase had acquired Deribit for a $2.9 billion cash-and-stock deal. The deal with the Dubai-based cryptocurrency derivatives exchange includes $700 million in cash and 11 million Class A shares. This strategic expansion marks Coinbase’s deep entry into the crypto futures and options market, where Deribit holds a full license from Dubai’s Virtual Assets Regulatory Authority and caters to institutional clients following its 2024 relocation from Panama.
Finally, the Office of the Comptroller of the Currency (OCC) released its Interpretive Letter 1184, affirming that national banks have the authority to provide crypto custody and trading services. The letter extends the guidelines under which crypto asset management may be performed in a fiduciary or non-fiduciary capacity, with the proper controls in place to manage the associated risk, and subject to all regulatory conditions.
Altogether, the past 24 hours mark a pivotal moment for crypto in the U.S., with state legislation, federal policy, and institutional moves aligning toward greater integration. As regulatory clarity improves and major players deepen their involvement, the foundations are being laid for a more robust, legitimized digital asset economy poised for sustained growth and mainstream adoption.
