Bitcoin prices surged to $99,415 as market participants react to trade deals and the Fed’s steady interest rate. The crypto market cap is now over $3.10 trillion, with institutional buying on the rise and Coinbase acquiring Deribit in a $2.9 billion deal.
Today sees a noteworthy surge in Bitcoin and various altcoins, with Bitcoin (BTC) reaching $99,415. Traders are eyeing a push beyond the key $100,000 mark, which could set the stage for revisiting its all-time high of $109,300. This upward movement comes in the wake of a new trade agreement announced after Donald Trump’s notable Liberation Day speech, energising market participants.
Among the notable performers are Pudgy Penguins (PENGU), Virtuals Protocol (VIRTUAL), Brett (BRETT), and Pepe (PEPE). With this rally, the overall market cap for cryptocurrencies has soared past $3.10 trillion, demonstrating a robust interest in the crypto space.
The crypto rise follows a recent Federal Reserve meeting, during which policymakers decided to keep interest rates steady at 4.25%–4.50%. This decision was expected, allowing investors to breathe a sigh of relief, especially as many anticipate the first rate cut might happen later this year, possibly in September, according to ING estimates.
Despite a hawkish tone from the Fed, the congruence with market expectations contributed to the price increase of Bitcoin and altcoins. Simultaneously, a fresh trade pact between the U.S. and the UK has ignited optimism markets. As part of the agreement, the U.S. will reduce tariffs on UK steel and automobiles, while the UK would eliminate a hefty $800 million digital tax aimed at American tech firms.
This trade deal arrives as U.S. and Chinese officials are set to meet in Switzerland soon for negotiations aimed at easing trade tensions, which could further benefit crypto and equity markets and could assist in prompting potential Federal Reserve rate cuts.
There’s also buzz around Coinbase’s recent $2.9 billion acquisition of Deribit, a key player in the options market, contributing to the bullish sentiment. Spencer Young, co-founder of Fractal Bitcoin, pointed out this deal as a significant factor, highlighting that Deribit is crucial for global traders focusing on Bitcoin and Ethereum options. Young emphasised the strong performance history of Deribit, noting its unique standing among major players.
Adding to the positivity, continued institutional investment has been detected, with spot Bitcoin ETFs reporting an impressive $142 million in assets added over Wednesday alone. This brings the week’s inflow total to $482 million; importantly, these funds have collectively amassed over $5.7 billion in net inflows year-to-date.
In summary, a combination of positive economic signals—from interest rate steadiness to impactful trade agreements—paired with notable acquisitions and institutional buys, is fuelling the accelerating prices seen in Bitcoin and the broader cryptocurrency market today.
