Bitcoin Exceeded $ 100,000 in the first time since February on Thursday while President Donald Trump announced a trade Agreement with the United Kingdom and plans to meet Chinese president Xi Jinping in Geneva later this week.
The original cryptocurrency rose 5% in the last 24 hours, climbed to a high $ 101,500 on Thursday, following the announcement of the deal as investors rushed back to dangerous possession after weeks of economic uncertainty. Deal news also raised the remaining crypto market. In the last 24 hours, Ethereum reached 13%, Solana reached 10%and XRP reached 6%.
“The price of the jump came to the heel of a trade agreement between the US and the UK, as well as the news that US and Chinese officials were preparing for modified trade conversations in Switzerland,” Nicholas Roberts-huntyley, co-founder and CEO blockchain infrastructure blueprint, Tells Fate.
While deals details in the UK have not yet been confined, Trump said he will return tariffs imposed on British vehicles, aluminum and steel but will leave a 10% baseline tariff in the area. In return, the UK will increase market access to billions of dollars worth of American exports including ethanol, beef and soft drinks.
Dealing with the UK has been the first such deal since Trump started negotiating negotiations with US trading partners by threatening to impose heavy tariffs on a number of imports. On April 2, Trump announced a plan to impose a base levy and additional “reward tariffs” from almost all US trading partners. The plan, expected to raise inflation and disrupt global supply chains, caused a historical meltdown in the market where S&P 500 lost 12% and lost Bitcoin by 11% on the lead until April 9 – when the plan was set to take place.
Financial markets were awarded briefly when Trump announced a 90-day pause in reward tariffs, except China. In recent weeks, the stock market has remained a change of mind as Trump is involved in trade negotiations with many foreign countries. However, Bitcoin, commonly seen as a dangerous possession, continues to climb. Since falling to an annual low of $ 75,000 on April 8, Bitcoin gained 35%.
The US trade deal with the UK is over, but the American trade communication with other countries is ongoing. Trump and his team have been negotiating in Canada, Japan, Italy, India, and other trading partners since April 2. Scheduled To meet on the weekend to start conversations to end the rising trade war between the two countries.
“With these deals, there is hope for more concessions, and with more deals and concessions will come more certainty and better market conditions,” Charles Wayn, Crypto Data Company Co-Founder Galxe said, said Galxe, Fate.
This story was originally featured on Fortune.com
