Bitcoin Soars Past $100,000 Then Plummets; Oil Prices Rise Amidst Russian Market Volatility
Key Takeaways
- Bitcoin surged above $100,000 but then dropped 30% from recent highs.
- Russia's oil prices fell for a fifth week until May 11, totaling $4.09 billion.
- Oil prices steadied after a four-day rally, fueled by trade optimism.
- UBS Taiwan clients diversify into commodities and gold amid US dollar concerns.
- Gold bull run potential until 2060, with a 7% upside.
Top Stories
Bitcoin surged above $100,000 then dropped 30%.
On May 13, 2025, Bitcoin price surged above $100,000, nearing a record high as trade tensions eased, but then experienced a drop of approximately 30% or more from its recent highs.
Russia's oil prices fell; oil prices are climbing.
On May 13, 2025, reports indicated that Russia's oil prices had fallen for a fifth week until May 11, 2025, with total flows in the four weeks to May 11 worth about $4.09 billion. Simultaneously, other reports indicated that oil prices were climbing due to a supply lull and renewed trade hopes.
Oil prices steadied after rally; crude climbs $1.60.
On May 13, 2025, oil prices steadied after a four-day rally, the largest since October, fueled by trade optimism and US comments on Iranian supply. On May 12, 2025, it was reported that crude oil climbed more than $1.60 a barrel due to tariff cuts and an improved economic outlook.
UBS Taiwan clients diversify into commodities and gold.
Published on May 13, 2025, reports indicate a growing trend among UBS clients in Taiwan to diversify portfolios away from the US dollar and into alternative assets like commodities and gold.
Gold bull run potential until 2060: 7% upside.
Published on May 13, 2025, an article discusses gold and its potential for a bull run until 2060, with a 7% upside, based on a 40-year rate cycle.
Bitcoin Watch
Coinbase to join S&P 500; shares up 13%.
On May 13, 2025, Coinbase Global Inc. will be added to the S&P 500 Index, replacing Discover Financial Services prior to the start of trading on May 19, 2025. Shares of Coinbase were up 13% in after-hours trading.
Family offices consider 5% crypto allocation.
On May 13, 2025, it was reported that traditional family offices are considering allocating around 5% of their investments to crypto, prompting traditional banks to prepare their platforms.
GFO-X crypto derivatives venue debuts in London.
On May 13, 2025, London-based crypto derivatives venue, GFO-X, backed by M&G Investments, debuted, aimed at large financial firms. Market makers Virtu Financial and IMC carried out their first trade on GFO-X's platform.
Commodity Corner
Industrial metals higher amid trade truce, inflation concerns.
On May 13, 2025, industrial metals, including copper, were higher as traders weighed the impact of the US-China trade truce against ongoing concerns about inflation and economic growth.
De Beers quietly selling rough diamonds at markdowns.
On May 13, 2025, it was reported that De Beers has been quietly selling rough diamonds at sharply marked-down prices to a small handful of customers, fueling tensions in the industry.
Oil Market Update
Oil futures lowered after surprise US crude jump.
On May 13, 2025, oil futures decreased following an API report indicating a surprise increase in weekly US crude inventories.
Eni drilling again, potential for oil and gas discovery.
Reported on May 13, 2025, Eni is drilling again, suggesting the potential discovery of significant oil and gas quantities.
Petrobras to tighten belts amid lower oil prices.
On May 13, 2025, Petrobras CEO Magda Chambriard announced the oil producer will tighten its belts to navigate lower oil prices, focusing on replenishing reserves and increasing deep-water production.
Ghana urges increased oil extraction at Africa CEO Forum.
On May 13, 2025, at the Africa CEO Forum in Abidjan, Ivory Coast, Ghana's President John Mahama urged investors to increase oil extraction to prevent assets from becoming stranded due to global decarbonization.