Bitcoin's price surged to a 71-day high, reaching $97,000 on May 1, 2025, after breaking through the $96,000 mark earlier in the day. This rally saw an intraday high of $97,470. The cryptocurrency had not reached these levels since February. The price increase was influenced by positive earnings results from major technology companies Microsoft and Meta, which boosted investor confidence and led to a broader market upswing. Ethereum and Dogecoin also saw gains, rising 3.5% to $1,850 and 5% to $0.18 respectively. Despite warnings about the potential negative impact of tariffs on small businesses from the U.S. Chamber of Commerce, the market sentiment remained positive. Nvidia's stock price increased by 2.6% to $112, amid news of potential U.S. chip deal negotiations with the U.A.E. The U.S. economy contracted at an annualized rate of 0.3% in the first quarter, adding to recession concerns.