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**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.

Bitcoin price sells off after Trump’s US-China tariff deal — Here is why

James Toledano says bitcoin&#8217;s breakout to $110,000 is within reach, but he 
warns that the crypto asset&#8217;s rebound is currently driven more by sentiment 
than by strong fundamentals. Bitcoin Rebound Hollow U.S. President Donald 
Trump’s retreat from his aggressive tariff rhetoric, coupled with the thaw in 
U.S.-China trade relations, places bitcoin’s $110,000 breakout within reach, 
[…]

Analyst Warns Bitcoin Rally Fleeting, Needs More Than Trade Truce for $110K Breakout

SEC is working on new rules to tackle crypto securities, which Chair Atkins 
believes have great potential.

SEC chair Paul Atkins unveils plans to remake rules on crypto securities

Emerging technologies, including quantum computing, could potentially render 
the cryptography securing Bitcoin and other blockchain networks ineffective, 
asset manager BlackRock said in a regulatory filing.
On May 9, BlackRock updated the registration statement for its iShares Bitcoin 
ETF (IBIT). The revised version addressed potential risks to the integrity of 
the Bitcoin network posed by quantum computing, the filing shows.
&#8220;[I]f quantum computing technology is able to advance […] it could potentially 
undermine the viability of many of the cryptographic algorithms used across 
the world&#8217;s information technology infrastructure, including the cryptographic 
algorithms used for digital assets like bitcoin,&#8221; BlackRock said.
It is the first time the asset manager has explicitly flagged this risk in its 
IBIT disclosures. The IBIT ETF is the largest spot Bitcoin (BTC) ETF, with 
approximately $64 billion in net assets, according to its website.
Quantum computing is an emergent field that seeks to use the principles of 
quantum mechanics to greatly enhance computers&#8217; processing capabilities.
_Source:__James Seyffart/Bloomberg Intelligence_
 _**Related:**__**Quantum computing will bring lost Bitcoin &#8216;back in 
circulation &#8216; &#8212; Tether CEO**_
## Record-breaking inflows
James Seyffart, an analyst for Bloomberg Intelligence, cautioned that risk 
disclosures such as IBIT&#8217;s are required to highlight every possible risk to an 
asset, even those that are extremely unlikely.
&#8220;They are going to highlight any potential thing that can go wrong with any 
product they list or underlying asset that&#8217;s being invested in,&#8221; Seyffart said 
in a May 9 X post. &#8220;It&#8217;s completely standard. And honestly [it] makes complete 
sense.&#8221;
Since launching in January, Bitcoin ETFs have collectively attracted more than 
$41 billion in net inflows, according to data from Farside Investors.
_Bitcoin ETF inflows reached all-time highs on May 8. Source:__Eric 
Balchunas/Bloomberg Intelligence_
On May 8, Bitcoin ETF net inflows surpassed all-time highs of around $40 
billion, according to Bloomberg Intelligence.
&#8220;Lifetime net flows is #1 most imp metric to watch IMO, very hard to grow, 
pure truth, no bs,&#8221; Bloomberg Intelligence analyst Eric Balchunas said in a 
May 9 X post. &#8220;Impressive, they were able to make it to a new high water mark 
so soon after the world was supposed to end.&#8221;
In February, Tether CEO Paolo Ardoino predicted that quantum computing would 
eventually enable hackers to break into inactive Bitcoin wallets and recover 
the dormant coins.
&#8220;Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked 
and put back in circulation,&#8221; Ardoino said in a Feb. 8 X post.
_**Magazine: **__**Adam Back says Bitcoin price cycle &#8217;10x bigger&#8217; but will 
still decisively break above $100K**_