PancakeSwap partners with Brevis to use ZK-proofs for advanced features built directly into the blockchain.

PancakeSwap Infinity brings ZK-powered intelligent UX with Brevis

The Dow Jones Industrial Average surged more than 1,100 points on Monday. The 
S&amp;P 500 also jumped 3.25%, the Nasdaq Composite surged nearly 4.34%, and the 
Russell 2000 rose 3.56%. Tech and retail stocks, many of which arebeen heavily 
exposed…

Dow skyrockets 1,100 points a.s U.S. and China slash tariffs, BTC falls

Over the past three days, Bitcoin has hovered between $103,000 and $104,500, 
creating a narrow channel after a notable rally that saw it break above 
$100,000 last week. Technical analysis of the daily candlestick chart shows 
the formation of a minor impulsive wave from $103,000, which may mark the 
final end of the recent consolidation and the beginning of a fresh rally 
towards new highs. Notably, recent price action in the past 12 hours or so has 
seen the gradual end of the consolidation, and attention is now turning to the 
next psychological level at $110,000. Analyst Sees Breakout As Signal For 
Upside Continuation In a post shared on the social media platform X, crypto 
analyst CrediBULL explained the logic behind his current long trade setup, 
pointing out that Bitcoin has broken away from its three-day consolidation 
zone with an early impulse that started at the $103,000 level. His analysis 
predicted that this movement could be the start of a much larger leg upward, 
especially if the current price structure holds without falling back into a 
local demand zone between $101,000 and $102,000. Related Reading: Bitcoin 
6-Month Flight Plan To $188,000, Here’s The Roadmap According to CrediBULL, 
the current trade has a clean invalidation level just below the impulse 
origin, allowing for a tight stop loss. This setup yields a high reward-to- 
risk ratio exceeding 5:1, with an upside target of $110,660, as illustrated in 
the chart. If this breakout is genuine, it could be a signal that Bitcoin is 
preparing for an aggressive push toward new all-time highs. On the other hand, 
CrediBULL cautioned that if the current move proves to be a deviation and 
price falls below the impulse origin, focus should shift to the local demand 
zone around $101,800. The chart supports this with a clearly marked green area 
labeled “local demand.” This is the next major support if Bitcoin bulls fail 
to hold the current price levels. $110,000 Bitcoin Target In Sight With 
Increasing Market Momentum According to the crypto analyst, his prediction of 
the next move to $110,000 has at least a 20% chance of playing out. These odds 
are quite nice, considering the unpredictable nature of the crypto market. 
Related Reading: What’s Driving The Bitcoin Price Recovery Above $100,000 And 
Is It Sustainable? Notably, price action in the past 24 hours has seen the 
leading cryptocurrency break above $105,000 again, peaking at an intraday high 
of $105,503 before easing slightly. This move strengthens the case that the 
recent consolidation phase may have concluded, and a successful move above 
$110,000 before the end of the week is underway. At the time of writing, 
Bitcoin is trading at $104,428. A successful rally to the $110,660 target 
would represent a 6% gain from the current price, while downside risk is 
capped below the $103,000 level. Featured image from Getty Images, chart from 
Tradingview.com

Bitcoin Price Targets $110,000 All-Time High After Consolidation Trend Ends

Dubai Finance (DOF) has partnered with cryptocurrency platform Crypto.com to 
enable cryptocurrency payments for government service fees, marking the first 
such initiative by a government globally, officials announced Monday. Dubai 
Finance Signs MoU with Crypto.com for Digital Dirham Conversions Dubai Finance 
(DOF) signed a Memorandum of Understanding (MoU) with cryptocurrency exchange 
Crypto.com on May 12, […]

Crypto.com to Power Dubai’s First Government Crypto Payment Channel

Donald Trump’s meme coin is once again making headlines as the top 220 holders 
await news on whether they’ve secured an invitation to dine with the former 
president. Launched just days before Trump’s January inauguration, the Solana- 
based token initially surged…

Trump coin: Is another Trump-linked memecoin coming?

**Key takeaways:**
 * Bitcoin lags as investors shift toward stocks after the US and China strike a deal that could end the current trade war.
 * Macroeconomic conditions are swinging away from gold investing and back to stocks. 
Bitcoin (BTC) reached its highest price in over three months at $105,720 on 
May 12, but was unable to maintain its bullish momentum. Interestingly, the 
drop to $102,000 came after a temporary easing in the US-China tariff 
conflict. This has left traders puzzled as to why Bitcoin reacted negatively 
to what seemed like positive developments.
The 90-day truce reduced import tariffs, and US Treasury Secretary Scott 
Bessent noted that the agreement could be extended, provided there is a 
genuine effort and constructive dialogue. According to Yahoo Finance, the 
topics under discussion include &#8220;currency manipulation,&#8221; &#8220;steel price 
dumping,&#8221; and restrictions on semiconductor exports.
_Bitcoin/USD (orange) vs. S &amp;P 500 futures (red) and gold (blue). Source: 
TradingView / Cointelegraph_
Part of Bitcoin&#8217;s recent lack of momentum can be attributed to its 24% gains 
over the previous 30 days, during which S&amp;P 500 futures rose 7% and gold 
remained flat. Investors see little reason for further divergence between 
Bitcoin and traditional markets, especially since the 30-day correlation with 
the stock market remains high at 83%.
Additionally, Bitcoin has now surpassed the market capitalization of both 
silver and Google, making it the world&#8217;s sixth-largest tradable asset.
_World &#8216;s largest tradable assets, USD. Source: 8marketcap_
News that Strategy acquired another 13,390 BTC between May 5 and May 11 has 
also raised concerns among investors. With BlackRock and Strategy together 
holding 1.19 million BTC, about 6% of the circulating supply, some traders 
worry that Michael Saylor&#8217;s company is largely responsible for supporting the 
price.
Critics, such as Peter Schiff, predict that Strategy&#8217;s ever-increasing average 
purchase price could eventually lead to losses and force the company to sell 
some of its holdings to cover borrowing costs. However, this scenario seems 
unlikely, as the company has doubled its capital increase limit by $21 billion 
in stocks and another $21 billion in debt.
## Bitcoin stalls as macroeconomic events favor stocks over gold
While traders often focus on Bitcoin-specific events, the most likely reason 
for the weakness near $105,000 is broader macroeconomic conditions. Although 
the pause in tariffs directly benefits the stock market, the effect on scarce 
assets like Bitcoin is somewhat negative. For example, gold fell 3.4% on May 
12 as the demand for safe-haven assets declined.
_Gold/USD (left) vs. DXY US Dollar Index (right). Source: TradingView / 
Cointelegraph_
Gold has typically shown an inverse correlation with the US Dollar Index 
(DXY), which climbed to its highest level in 30 days on May 12. The 
strengthening US dollar signals investor confidence, despite a 0.3% decline in 
US first-quarter Gross Domestic Product and a 6.1% jump in pending home sales 
in March compared to the previous month.
_**Related:**____**Bitcoin short-term &#8216;technical sell-off&#8217; under $100K 
possible ahead of May 13 CPI print**_
The lack of conviction among Bitcoin investors when prices traded near 
$105,000 is at least partly due to reduced demand for scarce assets, as 
investors view the stock market as a more immediate and direct beneficiary of 
the US-China trade deal. Lower import duties suggest higher revenues and 
potentially improved profit margins for companies.
Given the impressive $2 billion in inflows into US spot Bitcoin exchange- 
traded funds (ETFs) between May 1 and May 9, the likelihood of a price drop 
below $100,000 remains low. The steady demand for Bitcoin following a 24% 
monthly gain points to institutional adoption rather than retail-driven FOMO, 
which is a very positive sign for the price.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.