Bitcoin hits $101k to reclaim six-figures as Trump confirms US, UK trade deal

Bitcoin (BTC) reclaimed the $100,000 mark for the first time in over two months, driven by bullish market sentiment, rising institutional adoption, and renewed macroeconomic confidence after President Donald Trump announced a major trade deal with the UK on May 8.

Bitcoin hit an intraday high of $101,493, extending a broader rally that has gained momentum in recent weeks. The flagship crypto is now up more than 45% year-to-date, reclaiming ground after a steep pullback to $74,000 in the first quarter.

Based on CryptoSlate data, Bitcoin was trading at $100,633 as of press time, up nearly 4% over the past 24 hours.

The wider crypto market is also rallying, with most of the top 10 digital assets posting double-digit percentage gains over the past day.

Ethereum (ETH) climbed above $2000 for the first time since falling below it earlier in the year. The second-largest crypto was up 13.3% over the past 24 hours and trading at $2053 as of press time.

Solana (SOL) was similarly up over 10% and trading around $160 as of press time, while BNB was trading at $621 after more modest gains of roughly 3.5% over the past day.

XRP was up 6.4% over the past day and trading at $2.25, while Dogecoin (DOGE) was up over 10% and trading a little above $0.19 as of press time.

Trade deal eases tariff concerns

The announcement of a comprehensive trade deal between the US and the UK, aimed at reducing tariffs and boosting financial cooperation, provided a fresh tailwind to already-rising markets. Trump also hinted at upcoming deals with the EU and other major economies.

Equities, commodities, and risk assets, including crypto, saw a broad-based uptick as investors digested the news. The easing macroeconomic landscape, combined with the expectation of the Fed easing monetary policy in the coming months, has reignited risk-on sentiment among investors.

Capital inflows into Bitcoin exchange-traded products have continued to accelerate. Data from ETF issuers shows that several spot Bitcoin funds in the US collectively attracted over $1.4 billion in new assets last week alone.

Institutional portfolios, including pension funds and endowments, have been increasing exposure amid shifting inflation expectations and softening Federal Reserve rhetoric.

Shares of companies tied to the digital asset space also climbed on the news. Coinbase gained over 5.6% in early trading, while Strategy was up more than 7% as of press time.

Cautious optimism

Bitcoin’s new milestone follows a period of sideways consolidation that saw wild swings in price levels after reaching an all-time high of $110,000.

While momentum had stalled amid concerns over US regulatory uncertainty, recent comments from lawmakers signaling support for clearer market structure have reignited optimism across the sector.

Despite the enthusiasm, investors remain cautious that Bitcoin’s six-figure threshold is as much a psychological marker as a technical one. BTC would have to sustain itself above $102,000, which is currently a key resistance level.

Still, the milestone caps a remarkable run for Bitcoin, which was trading below $20,000 as recently as late 2022. The current rally is another showcase of how quickly sentiment can shift in digital asset markets and how deeply embedded crypto has become in the global financial system.

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