Bitcoin Rises as ‘Magnificent 7’ Earnings Fuel Risk-Taking
Bitcoin's price rose above $97,000, reaching around $96,600, a 2.7% increase in 24 hours, following strong earnings from Microsoft and Meta. Ethereum and Dogecoin also saw gains of 3.5% and 5%, respectively. Microsoft and Meta's quarterly profits exceeded expectations, indicating resilience among major tech stocks despite trade war concerns. Nvidia's stock increased by 2.6% to $112, with the U.S. considering a bilateral chip deal to ease sales restrictions ahead of Trump's upcoming visit to the U.A.E. Bitcoin is experiencing a risk-on sentiment, benefiting from both economic turmoil and potential tariff resolutions. The U.S. economy contracted at an annualized rate of 0.3% in Q1, raising recession fears. The U.S. Chamber of Commerce warned that Trump's tariffs could cause "irreparable" harm to small businesses, urging for immediate relief. Investors are beginning to see through the tariff impacts as the economic situation evolves.
