SoftBank and Tether Invest $4B in Bitcoin Startup; Coinbase to Acquire Deribit for $2.9B
Key Takeaways
- SoftBank, Tether invest $4B in Twenty One crypto, launching with Bitcoin.
- Coinbase to acquire Deribit, the largest Bitcoin and Ether options exchange, for $2.9B.
- Gold stalls; Trump's deals may trigger deeper slide amid 'paranormal' factors.
- Copper rises on UK trade deal; Trump hints at potential tariff cuts.
- Iron ore prices fall after China output curbs; futures fell as much as 2.3%.
Top Stories
SoftBank, Tether invest $4B in Twenty One crypto.
On May 8, 2025, SoftBank, Tether, and Cantor Fitzgerald announced a $4 billion investment in a new cryptocurrency initiative called Twenty One, launching with Bitcoin.
Coinbase to acquire Deribit for $2.9 billion.
On May 8, 2025, Coinbase announced its agreement to acquire Deribit, the largest Bitcoin and Ether options exchange, for $2.9 billion.
Gold stalls; Trump's deals may trigger deeper slide.
On May 8, 2025, reports indicated that gold prices are stalling at support levels, with President Trump's deal-making potentially leading to a deeper price decline. Fortuna Mining CFO Luis Ganoza suggested 'paranormal' factors are influencing gold prices amid global uncertainty.
Copper rises on UK trade deal; Trump hints tariff cuts.
On May 8, 2025, copper prices in London increased due to improved risk sentiment following President Trump's announcement of a trade deal with the UK. Trump also mentioned potential tariff reductions on China if trade talks progress.
Iron ore prices fall after China output curbs.
On May 8, 2025, iron ore prices experienced a decline following confirmation from China’s top steel association that output curbs were underway. Futures fell as much as 2.3% after the announcement.
Commodity Corner
US sanctions China refiner over Iran oil trade.
On May 8, 2025, the US Treasury Department sanctioned Hebei Xinhai Chemical Group, Ltd., a teapot refinery in Hebei Province, China, for facilitating the Iranian crude oil trade. Sources indicate that US sanctions on Chinese refiners over Iranian oil are disrupting operations.
Oil prices rise amid US-UK trade agreement talks.
On May 7, 2025, oil prices increased as the U.S. and U.K. neared a trade agreement, but concerns about oil demand persisted.
ConocoPhillips cuts spending 3.5% amid crude price drop.
On May 8, 2025, ConocoPhillips, based in Houston, announced a 3.5% reduction in its spending outlook, bringing it down to $12.45 billion, due to a drop in crude prices below $60 a barrel. The company's production forecast remained unchanged.
Kazakhstan maintains oil output at 277K tons/day.
On May 8, 2025, Kazakhstan's Energy Ministry announced that the country will maintain its oil production in May, averaging 277,000 metric tons of crude and condensate daily.
European natural gas prices rise on demand prospects.
On May 8, 2025, European natural gas prices increased, reversing earlier declines, driven by improved energy demand prospects and algorithmic fund buying.
Financial Markets Update
US Treasuries decline on job data, trade deal.
On May 8, 2025, US Treasuries experienced a decline as investors responded to job market data and a US-UK trade framework by shifting towards riskier assets and reducing expectations of interest-rate cuts. Yields on 2- to 10-year bonds increased by at least 10 basis points, while 30-year bond yields rose to 4.85%.
Gemstone Discoveries
Alrosa mines Russia's largest jewelry-quality diamond (468.30ct).
On May 8, 2025, Alrosa PJSC announced the discovery of Russia’s largest jewelry-quality diamond, weighing 468.30 carats, in Yakutia.
Global Trade Impact
Maersk lowers transport market forecast due to trade war.
On May 8, 2025, A.P. Moller-Maersk A/S lowered its forecast for the global transport market, citing the impact of Donald Trump’s trade war.