Bitcoin surged past the $100,000 mark on Thursday for the first time since February, fuelled by renewed optimism over global trade following a landmark agreement between the United States and the United Kingdom. The deal is being hailed as a potential sign that President Donald Trump may be softening his trade stance after months of aggressive tariffs.
By midday in New York, Bitcoin was trading at $101,329.97, marking a 4.7% gain on the day. Although still shy of its all-time high of over $109,000 reached in January, the world’s largest cryptocurrency has now returned to positive territory for 2025 after a volatile start to the year.
Ether, the second-largest cryptocurrency tied to the Ethereum blockchain, also saw a sharp rally. It jumped more than 14% to $2,050.46, hitting its highest level since late March.
The rebound in digital assets came on the heels of an announcement from President Trump and British Prime Minister Keir Starmer. The leaders unveiled what they described as a “breakthrough deal” that leaves a 10% tariff on UK exports to the US intact, while the UK agreed to reduce its tariffs from 5.1% to 1.8% and open its markets more widely to American goods.
This new agreement is the first major diplomatic development since Trump’s return to the White House in January, when he reignited a global trade war by imposing sweeping tariffs on U.S. trading partners.
“The retaking of US$100,000 must go down as one of bitcoin’s more formidable feats and is a reminder that buying peak fear – just last month bitcoin was languishing around US$74,000 – can be exceptionally lucrative,” said Antoni Trenchev, co-founder of digital asset trading platform Nexo, in an emailed comment.
“The speed of the rebound to US$100,000 amid a resumption of risk appetite sends a signal that US$109,000 and above are in its sights, as buying from long-term holders – those holding for at least 155 days – more than offsets selling by short-term holders,” he added.
Bitcoin and other digital currencies had taken a severe hit between February and April, as market sentiment soured on fears that Trump’s administration was moving too slowly on pro-crypto reforms. Investors had retreated into safer assets amid growing geopolitical tensions and the uncertainty surrounding Trump’s trade policies.
April’s sweeping tariff announcement initially sparked a selloff in both traditional and digital markets. Bitcoin plummeted alongside equities and other high-risk assets.
Despite Bitcoin’s impressive rebound, the broader cryptocurrency market remains under pressure. Ether is still trading nearly 50% below its late 2024 highs, reflecting the uneven pace of recovery across digital assets.
Joel Kruger, a market strategist at LMAX Group, attributed Bitcoin’s recent gains to several factors: increasing institutional investment in Bitcoin ETFs, reduced geopolitical tensions, and fresh economic stimulus measures out of China.
As Bitcoin claws its way back toward record territory, traders will be watching closely to see whether the current rally marks a sustained recovery — or another moment of fleeting euphoria in crypto’s unpredictable journey.
