Bitcoin hits $101k to reclaim six-figures as Trump confirms US, UK trade deal

Bitcoin (BTC) reclaimed the $100,000 mark for the primary time in over two months, pushed by bullish market sentiment, rising institutional adoption, and renewed macroeconomic confidence after President Donald Trump introduced a major trade deal with the UK on Could 8.

Bitcoin hit an intraday excessive of $101,493, extending a broader rally that has gained momentum in recent weeks. The flagship crypto is now up greater than 45% year-to-date, reclaiming floor after a steep pullback to $74,000 within the first quarter.

Primarily based on CryptoSlate information, Bitcoin was buying and selling at $100,633 as of press time, up practically 4% over the previous 24 hours.

The broader crypto market can be rallying, with many of the prime 10 digital belongings posting double-digit proportion features over the previous day.

Ethereum (ETH) climbed above $2000 for the primary time since falling beneath it earlier within the yr. The second-largest crypto was up 13.3% over the previous 24 hours and buying and selling at $2053 as of press time.

Solana (SOL) was equally up over 10% and buying and selling round $160 as of press time, whereas BNB was buying and selling at $621 after extra modest features of roughly 3.5% over the previous day.

XRP was up 6.4% over the previous day and buying and selling at $2.25, whereas Dogecoin (DOGE) was up over 10% and buying and selling a little bit above $0.19 as of press time.

Commerce deal eases tariff issues

The announcement of a complete commerce deal between the US and the UK, aimed toward lowering tariffs and boosting monetary cooperation, supplied a recent tailwind to already-rising markets. Trump additionally hinted at upcoming offers with the EU and different main economies.

Equities, commodities, and threat belongings, together with crypto, noticed a broad-based uptick as traders digested the information. The easing macroeconomic panorama, mixed with the expectation of the Fed easing monetary policy within the coming months, has reignited risk-on sentiment amongst traders.

Capital inflows into Bitcoin exchange-traded merchandise have continued to speed up. Knowledge from ETF issuers exhibits that a number of spot Bitcoin funds within the US collectively attracted over $1.4 billion in new belongings final week alone.

Institutional portfolios, together with pension funds and endowments, have been increasing exposure amid shifting inflation expectations and softening Federal Reserve rhetoric.

Shares of corporations tied to the digital asset house additionally climbed on the information. Coinbase gained over 5.6% in early buying and selling, whereas Strategy was up greater than 7% as of press time.

Cautious optimism

Bitcoin’s new milestone follows a period of sideways consolidation that noticed wild swings in worth ranges after reaching an all-time excessive of $110,000.

Whereas momentum had stalled amid concerns over US regulatory uncertainty, current feedback from lawmakers signaling assist for clearer market construction have reignited optimism throughout the sector.

Regardless of the keenness, traders stay cautious that Bitcoin’s six-figure threshold is as a lot a psychological marker as a technical one. BTC must maintain itself above $102,000, which is at present a key resistance degree.

Nonetheless, the milestone caps a outstanding run for Bitcoin, which was buying and selling below $20,000 as not too long ago as late 2022. The present rally is one other showcase of how shortly sentiment can shift in digital asset markets and the way deeply embedded crypto has turn into within the world monetary system.

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