Bitcoin Approaching $100K Amid Trump’s Upcoming Trade Deal with UK

Bitcoin is on the brink of surpassing $100,000 following President Trump’s announcement of a major trade deal with the UK. The cryptocurrency was valued at around $97,759 at Trump’s post, and has since climbed close to $99,000, driven by speculation surrounding this deal. Market sentiment appears bullish, with many anticipating new all-time highs by 2025, while recent economic decisions by the US Federal Reserve play a role in the cryptocurrency’s pricing dynamics.

As Bitcoin continues its ascent towards the $100,000 mark, all eyes are on an impending trade deal between the United States and the UK. President Donald Trump hinted at this deal in a post on Truth Social, stating a significant announcement would come on May 8, leading many to speculate that the UK is the country in question. Reports suggest that three insiders confirmed this trade deal relates to the UK, sparking excitement among Bitcoin investors.

Bitcoin’s recent surge saw it trading at around $97,759 when Trump made his announcement, and it has climbed to approximately $99,140, edging ever closer to that all-important psychological threshold of $100,000. The optimism in the market seems closely tied to Trump’s impending economic strategy, with many in the cryptocurrency community attributing the price rally directly to these trade discussions.

Neil Jacobs, co-founder of FOMO21, expressed his views on X, stating clearly that the buzz around the trade deal played a significant role in the Bitcoin rally. Meanwhile, crypto investor Anthony Pompliano has voiced a more optimistic outlook, suggesting that the likelihood of new all-time highs in 2025 is increasing due to this deal. Historically, Bitcoin reached its previous all-time high of $109,000 right before Trump’s inauguration back on January 20.

Sahib Anandsongvit, CEO of Pandora, commented on the rapid price changes, noting how just weeks before, Bitcoin had dipped to $80,000, only to surge now to around $98,000. His insights highlight the cryptocurrency’s volatility and the impact of influential figures like Trump. Bitcoin last floated around the $80,000 mark on April 11 and only managed to bounce back above $90,000 on April 22.

Adding to the context, Trump’s social media announcement came shortly after the US Federal Reserve decided to maintain interest rates between 4.25% and 4.50%, despite Trump’s calls to lower them. This decision has financial implications that could also affect Bitcoin’s trajectory. Interestingly, since a notable spike in prices earlier this year, the cryptocurrency has struggled to break through the $100,000 barrier, particularly after proposed import tariffs on key trading partners like China and Canada.

Currently, there’s a notable bullish sentiment among market players, as evidenced by the Crypto & Fear Index, which shows a “Greed” score of 65. Over the past 24 hours, Bitcoin has seen a 3% rise, resulting in around $96 million worth of short positions being liquidated, which could add further momentum to the bullish trend.

It’s important to remember that trading and investments always come with risks, no matter how bright the outlook may seem. Prospective investors should do their homework — staying informed and cautious is essential in the world of cryptocurrency.