Global Financial Market Volatility: Ethereum Soars 20%, Bitcoin Surges Back to $100,000, Futu Securities and Steak 'n Shake Adopt Cryptocurrency Payments

On May 9, 2025, U.S. President Donald Trump announced a framework for a trade agreement with the United Kingdom and expressed optimism regarding the U.S.-China talks, which boosted the U.S. stock market. The cryptocurrency market rebounded, with Bitcoin climbing back to $100,000 and Ethereum soaring 20% to $2,200 following the Pectra upgrade. Hong Kong's Futu Securities introduced deposit services for Bitcoin, Ethereum, and USDT, and U.S. chain Steak 'n Shake announced it would start accepting Bitcoin payments on May 16, highlighting the growing use of cryptocurrencies in the financial and retail sectors.

US-UK Trade Agreement and US-China Talks Boost Market Confidence

On May 8, President Trump announced that the United States and the United Kingdom have reached a new trade agreement framework. According to the agreement, the UK will reduce import tariffs on US goods from 5.1% to 1.8% and expand market access for US products, including beef and ethanol. The US will maintain a baseline tariff of 10% on UK goods. Trump, announced via speakerphone from the Oval Office with Prime Minister Starmer, outlined the agreement and stated, "This is just the beginning," with final details to be hammered out in the coming weeks.

Additionally, Trump revealed that US Treasury Secretary Besent and Trade Representative Greer will meet with Chinese officials in Switzerland this weekend to start a new round of trade negotiations. He mentioned that if the talks go well, he would consider lowering punitive tariffs on China. This series of announcements boosted major US stock indices, with the Dow Jones Industrial Average rising 254.48 points (0.62%) to 41,368.45, the S&P 500 increasing 32.66 points (0.58%) to 5,663.94, and the Nasdaq surging 189.98 points (1.07%) to 17,928.14.

Bitcoin Returns to $100,000, Ethereum Breaks Through $2,200

Amid a warming global market sentiment, the cryptocurrency market also strengthened. Bitcoin (BTC) broke through the $100,000 mark on May 8, reaching a new high since February, with a daily increase of over 6%. As of 3 PM on May 9, Bitcoin was quoted at $103,000, rising more than 4% intraday. According to CoinGecko data, Bitcoin reached a daily high of $100,880.

Meanwhile, Ethereum (ETH) also saw significant gains. Benefiting from the recent Pectra upgrade and overall market recovery, Ethereum surged over 20% in the past 24 hours, reaching a high of $2,244, reaching the $2,200 threshold again. According to Trading View data, the ETH/BTC exchange rate also rose to 0.021, with a 24-hour increase of 14%.

This rebound also lifted other cryptocurrencies, with multiple tokens, including Dogecoin (DOGE), recording double-digit gains. Nevertheless, Bitcoin's market dominance remained at 64.7%, the highest since 2021, indicating that funds are still concentrated in mainstream coins.

Futu Securities Launches Crypto Asset Storage Service

Amid the trend of integrating traditional finance with crypto assets, Hong Kong's renowned fintech company Futu Securities announced on May 7 that it has officially launched a storage service for Bitcoin (BTC), Ethereum (ETH), and USDT on its core trading platform "Futu NiuNiu." This move marks the entry of a licensed Hong Kong brokerage into the virtual asset sector.

Futu Securities International (Hong Kong) Limited holds Hong Kong SFC licenses No. 1, 4, and 9 and collaborates with the licensed virtual asset trading platform Hash Blockchain Limited (license number BPL992) to ensure compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

The storage service primarily targets two types of users: traditional stock investors, who can incorporate crypto assets into their investment portfolios for diversification, and professional investors, particularly those using the USDT storage service, who need to provide proof of HKD 8 million in assets as a fund transfer and hedging tool. Futu's move is seen as drawing on the experience of overseas brokers like Robinhood to further expand the young and high-net-worth user market.

Steak ‘n Shake Accepts Bitcoin Payments Nationwide

US fast-food chain Steak ‘n Shake will officially accept Bitcoin payments at all its locations nationwide starting May 16, becoming one of the few mainstream chain restaurants to fully implement crypto payments. The company has been conducting "crypto-curious" marketing on social media since March, leading to the official announcement of this new measure in May.

Steak ‘n Shake stated that one of the main considerations for accepting Bitcoin payments is to reduce traditional payment processing fees. Compared to credit card fees of 2% to 3%, Bitcoin transaction fees are typically below 1%, offering potential cost advantages for the fast-food industry, which relies on high transaction volumes and cash flow.

Although the company has not disclosed specific payment technology details, it is expected to partner with a crypto payment processor to integrate into the POS system and handle real-time exchange rate conversion and cybersecurity measures. This full implementation is also seen as a field test of Bitcoin's feasibility in retail applications.

References

• 川普宣布與英國達成貿易協議 道指漲逾250點 | 世界新聞網
• 美英達協議 川普喊快買股票 美股四大指數收紅
• 比特幣回來了！睽違3個月重回10萬美元 國際金價在3300美元關卡整理
• 富途證券開通比特幣、以太坊、USDT儲值：香港券商挾著加密走
• 速食連鎖巨頭 Steak 'n Shake 全美門市將接受比特幣支付