Bitcoin soared close to the $100,000 mark early Thursday following an announcement from former President Donald Trump regarding a forthcoming tariff deal with a “big, highly respected country.” This statement has ignited speculation within the financial markets, particularly among cryptocurrency investors.
Trump is scheduled to hold a pivotal trade deal news conference at 10 a.m. ET, where he is expected to unveil what he describes as the “first of many” significant agreements. While the specific nation involved has not been formally disclosed, various reports suggest that the United Kingdom might be the subject of these discussions.
Should tariffs be eased, the potential softening of inflationary pressures could create a more favorable environment for investments in cryptocurrency, technology, and other high-beta assets. The positive sentiment surrounding these developments has already been reflected in Bitcoin’s market performance, with the cryptocurrency gaining over 5% in the past 24 hours alone, extending its rally throughout the week.
This surge can be attributed to a unique confluence of factors, including declining bond yields, a depreciating dollar, and renewed institutional interest in spot Bitcoin ETFs. These elements have collectively fueled upward momentum for Bitcoin, prompting a bullish outlook among investors.
The impending announcement also coincides with mounting political pressure on U.S. officials to address China’s expanding influence and to revitalize domestic manufacturing. While the specifics of this trade deal remain somewhat obscured, any indication of a rollback on tariffs could potentially stimulate a swift upsurge in the value of risk assets, including Bitcoin.
