Bitcoin pushed past the six-figure mark for the first time in over two months, coming within a hair of $104,000 in early Asian hours Saturday, as crypto markets staged a sharp rebound on improving macro sentiment and Ethereum’s latest network upgrade.

Dogecoin DOGE$0.23021 led the gains among majors with a 10% rally, while ether ETH$2,480.17 rose 3.5% following the successful implementation of its long-awaited Pectra upgrade, bringing weekly gains over 30%.

Other majors, including Solana SOL$171.62, Cardano ADA$0.79306, xrp XRP$2.36, and BNB Chain’s BNB$651.60, rose between 2% and 6%, driven by a shift in investor sentiment from caution to risk-on.

The move follows a string of pro-crypto developments in the U.S. this week. On Wednesday, New Hampshire passed a bill allowing the state to create a strategic Bitcoin reserve. Arizona followed suit a day later with its own legislation supporting a crypto reserve. The state-level momentum comes as political leaders lean further into digital asset policy ahead of the November election in some states.

President Donald Trump’s bullish remarks on upcoming U.S.-China trade talks also helped ease market jitters. The comments coincided with the U.S. and U.K. signing a fresh trade agreement that will remove reciprocal tariffs and lower duties on American goods, further lifting sentiment across equities and crypto alike.

“President Trump’s optimistic outlook on this weekend’s China trade talks is easing fears of an escalating trade war, encouraging traders to shift capital back into asset classes like cryptocurrencies,” said Jeff Mei, COO at BTSE, in a message to CoinDesk. “This could very well drive bitcoin back towards its all-time high and potentially surpass it.”

BTC trades about 5% below its January record high of over $108,700 as of European morning hours on Saturday.

Analysts say the recent moves mark a decisive break from the sluggish price action that plagued altcoins through much of March and April.

“Traders believe the crypto industry may have finally found its second wind as a hedge against market uncertainty,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram chat.

“Investors are changing their perspectives on crypto now that altcoins have departed from a negative trend and found buying pressure from a renewed risk-on sentiment,” Ruck added.

Ethereum’s 30% rally this week is also being attributed to growing institutional interest and the momentum behind its Pectra upgrade, which introduces long-anticipated execution layer reforms aimed at boosting efficiency and scalability.

“The upgrade provides reforms Ethereum desperately needs to cement its position as a leading chain amidst growing competition,” BTSE’s Mei said. “Given that Ethereum is trading well below its all-time high, we could see substantial upside in the coming weeks and months, especially as macro fears ease and institutions become more willing to allocate towards crypto and crypto ETFs.”

Still, traders are closely watching this weekend’s U.S.-China trade negotiations. Talks are set to begin later on Saturday in Switzerland, and any signs of stalemate or renewed tension could undercut the current rally.

Meta is exploring stablecoin-based payment infrastructure in a renewed effort to integrate blockchain technology into its platforms, Fortune reported on May 8, citing people familiar with the matter.

According to the report, the tech giant is in preliminary discussions with multiple crypto firms to evaluate stablecoins as a mechanism for managing cross-border payouts.

The discussions involve use cases like creator payouts through Instagram, where stablecoins could offer a low-fee alternative to fiat-based transfers. 

According to one executive from a crypto infrastructure firm, Meta is currently in “learn mode” and is not yet committed to a specific stablecoin provider.

The company declined to comment on the matter.

Previous attempt

Meta’s latest effort follows its high-profile but unsuccessful attempt to launch a stablecoin in 2019 under Project Libra, which was later renamed to Diem. The initiative was designed to support a global payments network backed by a basket of fiat currencies.

However, the project ended due to regulatory pressure from US lawmakers, and Silvergate Bank bought Diem’s assets. 

Ginger Baker, who joined the company in January as vice president of product, is reportedly leading Meta’s new stablecoin venture. Baker has previous experience in fintech through roles at Plaid and currently sits on the board of the Stellar Development Foundation, which oversees the Stellar blockchain.

The initiative comes amid renewed interest in stablecoins as the US looks to fully recognize and regulate them as digital representations of the dollar.

Fidelity recently revealed it is testing a stablecoin, while payments giant Visa is looking to launch a platform to tokenize fiat currencies. Bank of America has also hinted at plans to launch its own stablecoin once the regulatory environment is more certain.

Industry engagement and personnel moves

Sources say Meta has initiated outreach to crypto infrastructure firms throughout 2025, with early conversations centered on stablecoins as a tool to reduce international payment costs.

According to three people briefed on the meetings, the focus is on small-dollar payouts, especially for content creators and digital freelancers operating across multiple markets.

USDC’s issuer Circle has reportedly been in talks with Meta through Matt Cavin, a former executive at gaming blockchain startup Immutable who joined Circle in March. 

Meta CEO Mark Zuckerberg acknowledged Diem’s failure during an appearance at a Stripe conference earlier this week, where he said the project was dead. 

Zuckerberg added that while Meta often leads in adopting new technologies, it has also been forced to re-enter markets where it was previously too early or met resistance.

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