Bitcoin surged past $112,000 for the first time, setting a fresh record alongside a broad rally in risk assets that has swept up technology stocks big and small. The original cryptocurrency rose as much as 3.1% to $112,009, pushing its gain this year close to 20%. The move underscores the speculative momentum gripping markets even as President Donald Trump unleashes a fresh barrage of tariff announcements. The crypto rally is far from isolated: Nvidia Corp.’s brush with a $4 trillion valuation in Wednesday trading helped push the S&P 500 within a whisker of its record, with fast-money investors joining the stock-market fray. We speak to Matthew Tuttle, CEO & CIO at Tuttle Capital Management.

Also - President Trump’s threat to impose 50% tariffs on Brazilian goods sent the country’s currency plunging as the US leader sharply escalated a dispute with Latin America’s largest nation and leftist leader Luiz Inacio Lula da Silva. In a letter posted to his social media account, Trump cited Jair Bolsonaro — the right-wing former president and Lula rival who is facing a trial on charges that he attempted a coup following his 2022 election defeat. For more insight, we heard from Deborah Elms, Head of trade policy at Hinrich Foundation.