Crypto Market Cap Surpasses $3 Trillion on Rally

The global cryptocurrency market capitalization surpassed $3 trillion as Bitcoin surged above $97,000, driven by increased stablecoin inflows—especially USDT and USDC—and a surge in risk appetite following the U.S. adding 177,000 jobs in April. Positive U.S. economic data, strong corporate earnings, and optimism over potential U.S.-China trade talks contributed to a broader rally in both crypto and equities. Major U.S. stock indices and tech stocks rebounded, further supporting Bitcoin's gains. Institutional interest remains robust, with Strategy (formerly MicroStrategy) announcing a significant equity offering to acquire more Bitcoin despite reporting substantial paper losses. Crypto trading volumes and open interest in Bitcoin futures spiked, reflecting heightened market activity. Bitcoin's performance continues to serve as a proxy for macroeconomic liquidity conditions amid ongoing Federal Reserve policy debates.