Bitcoin crosses $100,000 as UK-US trade deal is announced
Bitcoin’s passed the $100,000 price point today, the first time it’s hit the symbolic mark since early February. While Federal Reserve Chair Jerome Powell’s comments yesterday didn’t make the price budge, President Donald Trump’s post teasing the impending UK-US trade deal and the subsequent announcement have done the trick.
Nic Puckrin, founder of Coin Bureau, said the market cares much more about the rhetoric around tariffs than anything else. “President Trump has just thrown risk assets a big lifeline,” he said.
Meanwhile, Geoff Kendrick, global head of digital assets research at Standard Chartered Bank, wrote that bitcoin is about to hit a fresh all-time high.
“My specific target of USD120k for Q2 looks very achievable,” Kendrick wrote today.
Kendrick attributes this to bitcoin’s changing narrative, from correlation to risk assets to “a way to position for strategic asset reallocation out of US assets” and now to being “all about flows.”
“Today’s announcement of US tariff concessions for the UK is great news for the crypto industry, which, like global markets, has been suffering from the uncertainty sweeping US trade tariffs have created,” Charles Wayn, cofounder of Web3 growth platform Galxe, said. “Indeed, this uncertainty halted a crypto bull market many thought would last until at least July, and has particularly impacted altcoins, which have not had the rally the industry and investors had hoped they would have this cycle.”
Bitcoin’s market cap, at $1.98 trillion, also flipped Alphabet’s market cap, at $1.88 trillion, today.
