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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.
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.
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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.
Di più per voi
Small investors are buying bitcoin. For a rally to succeed, the whales need to join in.
Small wallets have increased their BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%, Santiment data shows.
Cosa sapere:
- Bitcoin wallets holding less than 0.1 BTC have increased their share of supply to the highest since mid-2024 even as the price holds around the mid-$60,000s.
- Larger holders with 10 to 10,000 bitcoins — the whales and sharks that typically drive major moves — have reduced their positions since the October peak.
- The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.
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