On Thursday, Bitcoin exceeded the $100,000 threshold for the first time since February, buoyed by encouraging developments in trade ties between the U.S. and major allies.
The rally came after U.S. President Donald Trump announced a trade deal with the United Kingdom, designed to reduce American duties on British goods including steel, aluminum, and cars.
According to Bloomberg, Bitcoin climbed 3.4%, with many other leading digital currencies also experiencing increases. It’s worth noting that Bitcoin’s highest value ever recorded was $109,000, which occurred on January 20 during President Trump’s second inauguration ceremony.
The initial terms of the agreement involve the UK expediting customs procedures for US products and decreasing tariffs on American exports in sectors such as agriculture, chemicals, energy, and industry.
This represents the initial significant trade agreement following the substantial tariffs levied by the U.S. against numerous trading allies, indicating a possible change in America’s trade approach and boosting confidence in international financial markets.
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Bitcoin rises above $100,000 amid optimism from U.S.-U.K. trade agreement
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