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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.
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Bitcoin sinks to $66,000, U.S. stocks lose steam as Fed minutes mention possible rate hike
Bitcoin is now on track for its fifth consecutive weekly decline, and losing this level could open the floor for a fresh leg lower.
What to know:
- Bitcoin fell back to $66,000 on Wednesday afternoon, testing the lower end of its recent trading range.
- Crypto-related stocks reversed early gains, with Coinbase swinging from a 3% morning rise to a 2% loss and Strategy slipping about 3%.
- Surprisingly hawkish Fed minutes had the U.S.dollar strengthening, putting pressure on risk assets.
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