New York City Accelerates Crypto Strategy Under Adams as Bitcoin Holds Steady at $104K

April’s CPI rise below forecasts tempers inflation concerns, supporting BTC’s stability amid institutional accumulation trends.Bitcoin mirrors gold’s safe-haven role, gaining amid dollar weakness and trade tensions, signaling maturing market trust.New York City is reinforcing its role in the digital asset sector through partnerships aimed at attracting blockchain firms. Mayor Eric Adams announced advisory collaborations with industry figures, including June Ou of Figure and Richie Hecker of Traction and Scale, to shape the city’s crypto policies.“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends.”This aligns with Adams’ long-stated goal of establishing NYC as a global hub for blockchain innovation.Adams, who converted his early mayoral paychecks to Bitcoin, has balanced advocacy for crypto growth with calls for measured regulation. While criticizing New York’s restrictive BitLicense framework in the past, he now emphasizes “right-sized” rules to protect investors without stifling progress. His stance mirrors broader U.S. political trends, including former President Donald Trump’s support for digital assets.“If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business.”The mayor’s strategy coincides with a temporary easing of U.S.-China trade tensions. Recent tariff reductions—from 145% to 30% on Chinese imports and 125% to 10% on U.S. goods—have eased supply chain concerns, contributing to Bitcoin’s stability near $104,000.“Economic and trade cooperation between China and the U.S. has a deep foundation, great potential and broad space,” government-run broadcaster CCTV said in a commentary.Economic Data Supports Crypto Sentiment April’s U.S. Consumer Price Index (CPI) showed a 2.3% annual rise in core inflation, below March’s figure. Monthly core CPI increased 0.2%, under the 0.3% forecast. This moderation, paired with tariff relief, has bolstered risk assets like Bitcoin.Source: InvestingETHNews analysts note that companies’ use of existing inventories has delayed tariff-related price hikes, though supply chain disruptions could reignite inflationary pressures.“They’ve agreed to open China, fully open China, and I think it’s going to be fantastic for China, I think it’s going to be fantastic for us, and I think it’s going to be great for unification and peace,” Trump said at the White House.Bitcoin’s recovery from an April low of $74,000 reflects institutional inflows and its evolving role as a digital hedge. The asset’s correlation with gold strengthens as both gain during dollar weakness, signaling broader acceptance as stores of value.Adams’ push for crypto-friendly policies faces scrutiny over investor protections. His administration aims to avoid overregulation while addressing risks—a challenge echoed globally as jurisdictions compete for blockchain businesses. NYC’s approach could influence U.S. regulatory frameworks, particularly if federal crypto legislation advances.Bitcoin’s steadiness near $104,000 underscores market confidence in its maturity. Unlike past reactions to macroeconomic shifts, the asset’s measured response to CPI data suggests traders view it as less speculative.Source: BTC/TradingviewBitcoin (BTC) is currently trading at $104,342, marking a 1.50% daily gain and extending its strong uptrend through mid-May 2025. From a fundamental standpoint, BTC is being heavily accumulated by institutions, with corporations outpacing even U.S. spot Bitcoin ETFs in net purchases. Strategy made headlines today with the acquisition of 13,390 BTC for $1.34 billion, underscoring the ongoing institutional demand.Source: BTC/Tradingview ETHNews analysts now see $100,000 as a new psychological and technical support level, while the MVRV ratio places a long-term ceiling closer to $166,000, hinting that the bull cycle still has room to run.So far this year, $MSTR's 15.5% BTC Yield equates to a BTC $ Gain of $7.2 billion. pic.twitter.com/F2qKBtwmRM— Michael Saylor (@saylor) May 13, 2025Technically, Bitcoin is maintaining a bullish structure within an ascending channel. Support is clearly established around the $100,000 zone, with resistance now forming in the $106,000–$109,000 range—near the previous all-time high.Source: BTC/TradingviewIf BTC can close this week above $105,000 with strong volume, a move toward $108,900 is likely in the short term. The RSI remains in a healthy range, not yet signaling exhaustion, while 24-hour volume at $53.79 billion shows continued strong participation.The post New York City Accelerates Crypto Strategy Under Adams as Bitcoin Holds Steady at $104K appeared first on ETHNews.