Bitcoin reaches $100,000 threshold, fueled by growing anticipation surrounding an upcoming trade deal between the United States and the United Kingdom, which is expected to be announced by former President Donald Trump.
On May 7, Trump posted on Truth Social about an imminent “major trade deal” involving a “big, and highly respected, country.” According to sources cited by The New York Times, that country is the UK, and the announcement is expected to come on May 8.
Bitcoin Rally Gains Steam
At the time of Trump’s post, Bitcoin (BTC) was trading close to $97,759 and has steadily climbed since, hovering around $99,140 at the time of writing, per CoinMarketCap.
Speculation around the potential economic implications of the trade agreement appears to be driving Bitcoin’s momentum, with several analysts linking the price surge directly to the news.
Charlie Sherry, head of finance at Australian exchange BTC Markets, noted that the market may have bottomed just as many were calling for further decline. “When sentiment turns overly bearish, that’s often when new uptrends start to form,” he explained, suggesting the trade deal may already be reflected in Bitcoin’s valuation.
Sherry also mentioned that while $100,000 could present psychological resistance, reaching that level seems increasingly likely.
Neil Jacobs, co-founder of FOMO21, echoed similar sentiments on X (formerly Twitter), attributing the bullish move directly to Trump’s announcement.
Meanwhile, crypto investor Anthony Pompliano suggested the trade development could be the catalyst that propels Bitcoin to fresh all-time highs in 2025.
Market Responds to Momentum
Pandora CEO Sahib Anandsongvit highlighted how rapidly Bitcoin has risen, noting that just weeks ago it was priced around $80,000. He emphasized the pace of the rally, referencing Bitcoin’s recent break above $98,000 and Trump’s trade hint.
The timing of Trump’s statement coincided with the Federal Reserve’s decision to hold interest rates steady at 4.25%–4.50%, despite his calls for rate cuts. This broader macro backdrop could also be contributing to Bitcoin’s upward movement.
The last time Bitcoin crossed the $100,000 mark was on February 1, shortly after Trump floated new tariffs targeting China, Canada, and Mexico.
Sentiment in the broader crypto market is also improving, with the Crypto Fear & Greed Index currently showing a score of 65 — in “Greed” territory.
Over the past 24 hours, Bitcoin has gained roughly 3%, causing an estimated $96 million in short positions to be wiped out, according to data from CoinGlass.
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