Bitcoin Surpasses $100,000 Following Trump’s $6 Billion Trade Deal with UK
Bitcoin (BTC) has crossed the $100,000 threshold for the first time since February, driven by changes in President Trump's tariff policies that have renewed optimism in the crypto market.
Key Points
- Bitcoin dropped to $74,000, a 25% decline from its January high of $109,000.
- The recent pause in the "tariff war" and a $6 billion trade deal with the UK have contributed to Bitcoin's recovery.
- In the past 30 days, Bitcoin surged 31%, now only 6.7% below its all-time high.
- Other cryptocurrencies also rose: Ethereum (ETH) regained $2,000, up 12% in 24 hours; Dogecoin (DOGE) increased by 11%.
- Trenchev noted Bitcoin's performance is supported by pro-crypto policies and ETF investor interest.
Challenges Ahead
- Despite bullish sentiment, there are concerns about global instability, particularly tensions between India and Pakistan.
- The US Federal Reserve is cautious about interest rate cuts due to inflation and unemployment issues.
- Since early April, Bitcoin has gained over 16%, outperforming spot gold and the S&P 500.
- Analysts suggest Bitcoin needs to surpass its January high of $109,350 to confirm an upward trend.
- Trenchev predicts Bitcoin may fluctuate between $70,000 and $109,000 post-election.
