Bitcoin surged past the $100,000 threshold on Thursday for the first time since early February, boosted by optimism following a landmark trade agreement between the United States and the United Kingdom — a development seen as a potential easing of President Donald Trump’s global trade confrontations.
The world’s leading cryptocurrency reached a high of $101,329.97 by midday, representing a 4.7 per cent increase on the day. While still below its January peak of over $109,000, this latest rally brings bitcoin back into positive territory for the year after a volatile spring.
Ether — the second-largest cryptocurrency associated with the Ethereum blockchain — also experienced significant gains, climbing more than 14pc to $2,050.46, its highest level since March.
This sharp rebound follows an announcement by President Trump and British Prime Minister Keir Starmer, who unveiled what they termed a “breakthrough deal” aimed at reshaping transatlantic trade relations. Under the terms of the agreement, the US will maintain a 10pc tariff on UK goods, while Britain will reduce its tariffs to 1.8pc from the previous 5.1pc and further open its market to American imports.
The accord marks the first significant diplomatic development since Trump’s return to the White House in January, a period during which he reignited trade tensions by imposing extensive tariffs on key trading partners, thereby unsettling global markets.
“The retaking of $100,000 must be recognized as one of bitcoin’s more remarkable achievements,” commented Antoni Trenchev, co-founder of the crypto trading platform Nexo. “It serves as a reminder that capitalizing on peak fear — just last month bitcoin was struggling around $74,000 — can be exceptionally profitable.”
Trenchev pointed out that long-term holders, defined as those holding bitcoin for at least 155 days, were continuing to accumulate the asset, offsetting recent profit-taking by short-term investors. “The speed of the rebound amid renewed risk appetite suggests that a retest of the $109,000 level may soon be a possibility,” he added.
Reserve Token Push and Institutional Inflows
Bitcoin’s advance has also been supported by other macroeconomic and policy developments. Earlier in the week, President Trump designated several digital assets as “strategic reserve tokens,” a move interpreted by analysts as a step toward greater integration of cryptocurrencies into the financial system — despite earlier delays in pro-crypto reforms this year.
Between February and April, bitcoin and other cryptocurrencies faced downward pressure as the administration’s policy direction remained unclear and investors shifted towards safer assets amid tariff-related volatility in global equity markets.
According to Joel Kruger, a market strategist at fintech firm LMAX Group, recent institutional inflows into bitcoin-focused exchange-traded funds (ETFs), along with easing geopolitical tensions and indications of further stimulus measures from China, have provided additional support to bitcoin’s upward trajectory.
“Risk sentiment has returned, and crypto is once again benefiting as a high-beta asset class,” Kruger stated.
While bitcoin has now increased by nearly 20pc since late April, ether and other altcoins continue to underperform. Ether, in particular, remains more than 50pc below its late-2024 highs, reflecting the uneven recovery across the digital asset landscape.
Traders and analysts are now closely observing whether bitcoin can sustain its current momentum and make another attempt at breaking the previous record set earlier this year.
