In This Story
Bitcoin just went above the $100,000 mark for the first time since February, as an initial trade deal between the United States and the United Kingdom coincided with a broad surge across sectors.
The digital token spiked Thursday morning, trading as high as $101,879 before falling a little midday; it hit an all-time high in January ahead of President Donald Trump’s inauguration: $109,350 — before plunging to $84,299.60 by the end of February. Tariffs and other macroeconomic factors have effectively smothered Bitcoin in a wet blanket for much of the year to date, despite insiders’ hopes that the crypto sector would thrive under Trump, the self-proclaimed “crypto president.”
The rally comes amid news of a trade agreement between the U.S. and the U.K., which Trump called a “breakthrough.” While limited in scope, the deal is expected to boost U.S. exports of agricultural products such as ethanol, beef, and machinery, leading to increased optimism in global markets. U.K. Prime Minister Keir Starmer, however, cautioned amid the president’s announcement that not everything was set in stone. “We can finish ironing out some of the details,” he said.
Thursday’s surge could reflect renewed investor confidence and institutional adoption. The S&P 500 rose 1.4% on the trade-deal news, and other cryptocurrencies such as Ether and Solana also saw significant gains.
MicroStrategy (MSTR-0.77%), a major corporate holder of Bitcoin, has continued to expand its holdings, purchasing $101 million worth of the cryptocurrency last week.