Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
More For You
Bitcoin volatile, but flat, while crypto stocks bounce amid cooling AI fears
Coinbase, Circle, Galaxy, IREN and Riot led the early morning rebound among crypto-related stocks as the battered software sector found some relief.
What to know:
- Despite a small handful of thousand-dollar swings, bitcoin remains in the $67,000 area in late-morning U.S. trade.
- Gold reclaimed $5,000, and oil jumped as Polymarket odds of U.S. strikes on Iran before mid-March topped 50%.
- Crypto stocks bounced, outperforming stagnant cryptocurrencies.
Top Stories
