cryptomarket

🇺🇸🇨🇳 Trump-Xi Summit Day 2: Energy Deals in Focus
U.S. officials raised the prospect of China buying more American energy after Presidents Trump and Xi held talks in Beijing on Thursday.
Key developments:
· The White House said Xi expressed interest in buying more U.S. oil to reduce China's dependence on the Strait of Hormuz – through which roughly 30-40% of China's energy supplies flow.
· Treasury Secretary Scott Bessent told CNBC that Alaskan oil production would be a "natural" fit for Chinese purchases.
· However, there was no mention of energy purchases in Chinese state media summaries of the meeting.
Reality check: Even at its peak, the U.S. has never been a major crude supplier to China. Imports peaked at about 395,000 barrels per day in 2020 (under 4% of China's total imports), falling to 193,000 bpd in 2024 (worth $6 billion). China has not imported any U.S. oil since May 2025 due to 20% tariffs. Removing those duties would be a prerequisite for any large-scale resumption.
🗳️ CLARITY Act PASSES Senate Committee – Major Crypto Win
In a landmark development, the Digital Asset Market Clarity Act passed the Senate Banking Committee on Thursday in a 15-9 bipartisan vote.
The vote breakdown: Two Democrats – Senators Ruben Gallego and Alsobrooks – joined all Republicans in support. The bill now advances to a merger with the Agriculture Committee's version, then to the full Senate.
What's in the bill:
· Clear SEC vs. CFTC jurisdiction lines for digital assets.
· Stablecoin compromise: No yield for passive holding, but activity-based rewards (staking, trading) are permitted.
· Protections for non-custodial developers from being treated as money transmitters.
What's next: The bill must clear a 60-vote cloture hurdle in the full Senate. A final vote could come by June or July.
On the flip side: Senator Elizabeth Warren's three proposed amendments – including one targeting Jeffrey Epstein's reported $3M Coinbase investment – were all defeated along party lines (11-13).
📉 Crypto & Markets: Red Day as Inflation Bites
The crypto market moved sharply lower on Thursday as hotter-than-expected inflation data and heavy ETF outflows pressured sentiment.
The numbers (as of Friday evening):
· Bitcoin (BTC): ~$79,600 (-2.5%)
· Ethereum (ETH): ~$2,260 (-2%)
· Total crypto market cap: $2.58 trillion (-1.6%)
· Liquidations (24hr): $410M+ (mostly longs)
The catalyst: The U.S. Producer Price Index surged 6% year-over-year – significantly above expectations – reinforcing fears that the Fed will keep rates higher for longer.
ETF outflows: Spot Bitcoin ETFs recorded $635 million in net outflows – the largest single-day withdrawal in 105 days.
Where BTC stands: Support at $79,000 is the immediate line to hold. A break below opens the path toward $74,000-$75,000. Resistance remains at $85,000.
🛢️ Oil & Gold: Holding Steady
Oil prices remained elevated near $101/barrel (WTI), supported by tightening supply and strong demand despite macro volatility.
Gold consolidated near $4,695/oz – down slightly for the second consecutive day – as the strong dollar and higher rate expectations create short-term valuation pressure.
🔮 What to Watch This Weekend
· Trump-Xi summit concludes – any formal trade or energy announcements
· Iran diplomacy – watch for any movement on the Strait of Hormuz
· Crypto – whether BTC can hold $79,000 support
#TrumpXi #CLARITYAct #OilPrices #CryptoMarket $BTC