Bitcoin Surges as Trade Deal Hopes Rise
Bitcoin reached $98,933 on may 8, marking a 2.6% increase in 24 hours. This rally was sparked by President Donald Trumpâs announcement of an upcoming trade deal.
On May 8, trump revealed on truth Social that he would hold a press conference in the Oval Office the next day.He promised to unveil a âmajor trade dealâ with a âhighly respectedâ country. Trump hinted that this deal could be the first of many, signaling a potential shift in international relations.
While Trump didnât specify the country, The New York Times reported that itâs likely the United Kingdom. Traders saw this as a positive step towards easing global trade tensions. Tariffs have been a major concern, causing market volatility in recent months.
Bitcoinâs price had previously peaked at $109,000 on January 20, just before Trumpâs inauguration. It then dropped sharply due to U.S. tariffs on China, falling from $88,000 to $74,500. however, it has since recovered, thanks to factors like renewed ETF inflows and a weaker dollar.
- treasury secretary Scott Bessent is set to meet Chinese officials in Switzerland this week.
- This meeting aims to ease the tariff stalemate between the U.S. and China.
- The federal Reserveâs decision to keep interest rates steady also provided market relief.
With these positive developments, Bitcoin could soon break above $100,000. Investors are closely watching as the asset approaches this key level.
