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Bitcoin Nears $100K as Trump Teases ‘Big’ Trade Deal
Favorable tariff decisions can ease concerns around mounting costs, which may impede appetite for investing in risk assets.
Updated May 8, 2025, 12:23 p.m. Published May 8, 2025, 4:20 a.m.
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What to know:
- Bitcoin surged close to $100,000 following President Trump's announcement of an impending trade deal with a major country.
- The trade deal announcement is expected at a news conference, with speculation pointing to the U.K. as the involved country.
- Bitcoin's rally is supported by improving macroeconomic conditions, including falling bond yields and a weakening dollar.
In this article
Bitcoin zoomed close to $100,000 early Thursday as President Donald Trump said a tariff deal with a “big, highly respected country” is to be announced soon.
STORY CONTINUES BELOW
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Trump will hold a “major” trade deal news conference at 10 a.m. ET, where the announcement is supposed to be the “first of many.”
The identity of the country involved remains unclear. Still, some reports say it is believed to be the U.K. Easing tariffs could soften inflationary pressures and improve the backdrop for investing in crypto, tech, and other high-beta assets.
Bitcoin has gained more than 5% in the past 24 hours, extending its weeklong rally as macroeconomic conditions improve.
A combination of falling bond yields, a weakening dollar, and renewed institutional flows into spot bitcoin ETFs has fueled upward momentum.
The announcement also comes amid rising political pressure on U.S. leaders to counter China’s growing influence and revive domestic manufacturing. While full details remain under wraps, any rollback of tariffs could quickly buoy prices of risk assets.
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Lo que debes saber:
- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
- The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
