Bitcoin rose on Thursday, coming near key levels of $100,000 as risk appetite was boosted by hopes of a deescalation in U.S. President Donald Trump’s tariffs agenda, after he flagged a major trade deal.
The world’s largest cryptocurrency extended strong gains from the prior session, which were spurred by the U.S. and China confirming that some trade talks will take place this week.
This momentum also helped carry Bitcoin past concerns over a slowing U.S. economy and trade-related disruptions raised by the Federal Reserve.
Bitcoin rose 2.6% to $98,868.6 by 01:28 ET (05:28 GMT), and had risen as high as $99,381.2.
Bitcoin buoyed by trade deal hopes Bitcoin’s latest leg of gains came in tandem with broader risk-driven markets, after Trump said he will announce a “major” trade deal on Thursday.
A New York Times (NYSE:NYT) report said the deal will be with the UK- a country that is not subject to Trump’s reciprocal tariffs, and has a trade deficit with the United States.
Still, Trump said the trade deal was the “first of many,” pushing up hopes that the U.S. will reach agreements with several other major economies, such as Japan and the European Union. Such a move could lessen the economic fallout from Trump’s tariff agenda.
U.S. and Chinese officials are also set to speak later this week over trade and other economic matters. But the chance of a Sino-U.S. trade deal appeared unlikely, especially given that both Washington and Beijing have maintained a harsh rhetoric over their bitter trade war.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. $100k Bitcoin in focus as sentiment improves While tariffs and disruptions in global trade stand to have a limited, direct impact on crypto markets, fluctuations in sentiment factor heavily into the sector, given its largely speculative nature.
Some recent improvements in risk appetite helped Bitcoin return to positive territory for the year, with focus squarely on whether the crypto can retake the coveted $100,000 level- which was last seen in about three months ago.
Bitcoin was also buoyed by steady capital flows into spot exchange-traded funds, reflecting increased institutional appetite.
Crypto price today: altcoins rise tracking Bitcoin Broader crypto prices all advanced on Thursday, tracking gains in Bitcoin as risk appetite improved. But most altcoins had largely lagged Bitcoin in the past month.
World no.2 crypto Ether rose 3.7% to $1,896.91, while XRP rose 2.1% to $2.1769.
Solana and Cardano added over 3%, while Polygon rose 4.3%.
Dogecoin rose 4.8%, while $TRUMP jumped 10%.
