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Bitcoin (BTC) is trading with a bullish bias, driven by renewed optimism surrounding US–China trade negotiations and signs of détente between Donald Trump and Elon Musk, two of the world’s most powerful men.
The momentum shift in geopolitical and social dynamics helped push global markets higher. While Chinese stocks in Hong Kong enter a bull market and the S&P 500 approaches its February highs, Bitcoin may be poised for a new all-time high (ATH).
Trade Diplomacy Reignites Risk Appetite
BeInCrypto data shows Bitcoin surged nearly 4% in the last 24 hours and was approaching the $110,000 threshold. As of this writing, BTC was trading for $109,275, steadily approaching its $111,814 ATH recorded on May 22, 2025.
The surge follows a high-level trade discussion between the US and China, which resumed on Monday, June 9, at London’s historic Lancaster House.
“I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal. The meeting should go very well,” Trump said in a Truth Social post on June 6.
According to a Bloomberg report, the meeting stretched more than six hours and will continue into Tuesday, June 10.
Treasury Secretary Scott Bessent leads the US delegation alongside Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. They attempt to strike a deal with China’s Vice Premier He Lifeng over technology export controls and rare earth shipments.
Expectations are that the US may ease export restrictions on chip design software and advanced materials. In return, they would get increased access to China’s rare earth supply.
The Trump administration remains firm on protecting high-end semiconductor technologies like Nvidia’s H2O AI chips. However, Reuters reported that officials hinted at a broader willingness to compromise.
Bitcoin’s strong recovery highlights its increasing sensitivity to global macro winds. Controversial trader James Wynn anticipated market optimism in a June 6 post on X (Twitter).
“Once this trade deal is cleared up, another green light for crypto to start rallying,” Wynn wrote in a Friday post.
The softening of Musk and Trump’s hostilities coincides with a sharp shift in investor mood. Bitcoin’s rebound pushed the Crypto Fear & Greed Index into “Greed” territory. The change in sentiment came as traders interpreted the Musk–Trump rapport as a stabilizing force amid broader volatility.
Nevertheless, speculation is that the conflict may have been engineered or orchestrated.
“The Trump-Musk Feud: A Staged Manipulation… They’re orchestrating the drop – but not joining in themselves… The abrupt emergence of the Musk-Trump clash is not accidental… Collaboratively, they unsettle retail, paving the way for fresh market surges,” wrote DeFi researcher Qmo.
Blockchain data supports the claim, showing large BTC accumulations by whale wallets during the feud’s peak.
BTC and ETH accumulations amid the Musk-Trump feud. Source: Qmo on X
Bitcoin’s recovery highlights how tightly the crypto market is tethered to high-level diplomacy and narratives surrounding influential actors like Trump and Musk.
With talks between the US and China set to continue today, and Musk’s perceived realignment with Trump, traders are watching for confirmation of de-escalation and potential policy clarity.
Bitcoin and altcoins’ price performance. Source: CoinGecko
At the time of writing, Bitcoin is trading at $109,406, with altcoins also beginning to move. CoinGecko data shows Ethereum is up by over 7% in the last 24 hours, while Solana (SOL) and Dogecoin (DOGE) surged by over 5%.
If Tuesday’s session in London yields concrete progress, Bitcoin could rally further, potentially establishing a new all-time high, especially with altseason narratives gaining traction.
Avraham “Avi” Eisenberg, the individual responsible for the $110 million exploit of the decentralized finance (DeFi) platform Mango Markets in 2022, has been sentenced to 52 months in prison. The sentencing was for his guilty plea to charges related to the possession of child sexual abuse material (CSAM).
This conviction comes despite his earlier conviction on crypto theft charges. A federal judge, however, has indicated that a retrial for the Mango Markets-related charges may be considered in the future.
Mango Markets Hacker Sentenced to 52 months
Avraham “Avi” Eisenberg sentence comes after a year-long legal battle concerning his role in the Mango Markets attack. Although the $110 million crypto theft was a big deal, it was the CSAM charges that ultimately drove his sentence. Amid this crisis, recently, an elderly victim in the US also fell for a Bitcoin theft scam worth around $330M.
In 2024, Eisenberg pleaded guilty to possession of more than 1,200 images and videos of child sexual abuse.
As well, the content included depictions of minors, including infants. The judge said these offenses were serious enough to require a prison sentence to deter the distribution of such material. During the sentencing, U.S. District Judge Arun Subramanian noted Eisenberg’s efforts to come to terms with the pain caused by his actions.
Nevertheless, the judge argued that prison time was necessary. After his release, Eisenberg is also expected to serve five years of probation. He will also have to install monitoring software on his electronic devices and follow outpatient drug treatment programs as part of his probation condition.
Criminal History and Legal Arguments
Previously, Avraham “Avi” Eisenberg’s legal team argued the fraud charges concerning Mango Market exploit warranted a retrial. They argued the case should not be tried in the Southern District of New York.
The defense also questioned whether the MNGO Perpetual product that Eisenberg tampered with was categorized as the government maintained. However, the arguments did not matter to the court, which had already convicted him on wire fraud, commodities fraud and commodities manipulation for the 2022 hack of Mango Markets.
In a courtroom hearing in Manhattan, Judge Subramanian revealed that there is a “non-zero chance” of granting a motion for a retrial. However, the focus of the current sentencing was primarily on the CSAM charges. Eisenberg’s actions in the crypto theft, while serious, have not yet led to final sentencing.
Potential Retrial on Crypto Theft Charges
Despite his CSAM sentencing Eisenberg continues to receive legal support for his Mango Markets theft conviction appeal. Eisenberg’s defense argues that authorities failed to demonstrate their case sufficiently especially in establishing his deliberate actions.
A defense statement argues that Eisenberg followed Mango Markets protocol rules without personal financial gain and maintained control over the market. Their legal team demands either a dismissal of fraud charges or a new court hearing for relief.
The prosecution asserts Eisenberg intentionally participated in fraudulent schemes despite being fully aware of his criminal activities. The lawsuit Avraham “Avi” Eisenberg filed against another party for market manipulation occurred before his attack on Mango Markets. After his name became linked to the exploit attributing him with responsibility for the breach Eisenberg left the United States to settle in Israel. The government interprets his actions as indicating that Eisenberg recognized his activities were criminal.
Mark Uyeda, Acting Chair of the US Securities and Exchange Commission (SEC), has encouraged crypto industry participants to offer input on a proposed framework. The initiative is designed to ease regulatory pressure on digital asset trading.
Speaking at the SEC’s April 11 Crypto Task Force roundtable, Uyeda highlighted the growing disconnect between current regulations and the realities of blockchain innovation.
SEC Considers Federal Licensing Model to Streamline Crypto Compliance
Uyeda likened the evolution of crypto markets to the early days of US securities trading, which began under a buttonwood tree in New York City.
He argued that early brokers created rules that suited the needs of their time. In the same way, modern regulators must now consider frameworks that align with the distinct structure of crypto platforms.
Unlike traditional exchanges, crypto trading systems often combine custody, execution, and clearing into one platform. Blockchain technology makes this integration possible.
Uyeda pointed out that this setup can improve transparency, efficiency, and trading speed. He also highlighted benefits like 24/7 trading through smart contracts and streamlined collateral management via tokenization.
“Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes,” Uyeda said.
Still, Uyeda acknowledged that the architects of US securities laws never anticipated blockchain technology or decentralized systems. As a result, compliance challenges have emerged as many tokenized securities remain unregistered and ineligible for national exchanges.
Besides that, existing rules, such as the order protection rule, are also difficult to apply in hybrid trading environments where assets move between on-chain and off-chain systems.
Uyeda also criticized the current patchwork of state-by-state licensing requirements, which create barriers for crypto firms aiming to operate nationwide.
To address these gaps, Uyeda proposed a conditional relief framework that could support experimentation while maintaining investor protections. He also suggested that a unified federal licensing model under the SEC could simplify compliance and enhance market consistency.
“Under an accommodating federal regulatory framework, some market participants would likely prefer to offer trading in both tokenized securities and non-security crypto assets under a single SEC license rather than offer trading solely in non-security crypto assets under fifty different state licenses,” Uyeda said.
Nonetheless, he invited industry experts to recommend specific areas where such relief would unlock practical use cases without undermining market integrity.
Uyeda’s remarks signal the SEC’s growing awareness that digital asset regulation must evolve. While long-term reform may take time, the proposed relief framework could create room for innovation without compromising market safeguards
