Bitcoin surged toward the $100,000 mark early Thursday after President Donald Trump teased a major trade deal with a “big, highly respected country,” adding to optimism in the market.
Trump is scheduled to announce the deal during a press conference at 10 a.m. ET, calling it the “first of many” agreements to come. While the identity of the country remains undisclosed, speculation points to the United Kingdom. If the deal involves easing tariffs, it could help reduce inflationary pressures and create a more favorable environment for investing in higher-risk assets, such as Bitcoin.
The cryptocurrency saw a more than 5% increase in the past 24 hours, continuing its upward trajectory over the last week. A mix of falling bond yields, a weakening dollar, and increasing institutional investments in spot Bitcoin ETFs have all contributed to the rise.
This trade deal announcement coincides with rising political pressure in the U.S. to counterbalance China’s growing influence and to revitalize the country’s manufacturing sector. Though the full details of the agreement are still under wraps, a reduction in tariffs could provide a quick boost to risk assets, including Bitcoin, as markets look for positive signals from global economic developments.
