Bitcoin Breaks $98k as Trump Announces Major Trade Deal
Bitcoin price experiences a 2.6% surge, reaching $98,933, following Trump's hint at a potential UK trade agreement.
Here's the lowdown:
- Bitcoin soared to $98,933 on May 8, recording a 2.6% increase in 24 hours, in response to President Donald Trump's announcement about a significant trade deal.
- Trump teased a press conference with a "big" country (widely believed to be the UK) on May 9.
- This wasn't Bitcoin's first dance with the $100k mark. It had previously touched $109k in January before plummeting to $74,500 after the US-China tariff escalation.
- Treasury Secretary Scott Bessent will meet with Chinese officials in Switzerland, a move that could potentially ease US-China tensions and bolster global markets.
- Inflows into Bitcoin ETFs have exceeded $3 billion over the past two weeks, indicating strong institutional interest in the cryptocurrency.
Market Pulse
Though market sentiment is cautiously optimistic about the impact of Trump's announcement, some experts believe the recent price surge could be a prelude to a "sell-the-news" event after the announcement.
Bitcoin influencer Loma, however, questionably suggested that Trump was artificially inflating the markets. For Bitcoin to maintain a sustainable rally above $100k, buyers will have to fortify and sustain this level of resistance until Trump's formal announcement.
In summary, the recovery of Bitcoin's price is more attributable to the combined effects of macroeconomic factors, institutional adoption, and the cryptocurrency's own supply dynamics following the 2024 halving event. While Trump's trade deal announcement is a noteworthy event in a geopolitical context, it is merely one factor among many influencing Bitcoin's price.
As of the latest update, Bitcoin is trading at $98,914, with volatility expected around the time of Trump's press conference. With favorable macroeconomic conditions, robust institutional interest, and a strong post-halving cycle, a breakthrough above $100k seems plausible in the coming days. Traders keep a keen eye on Bitcoin as it tests this critical psychological threshold.
Note: This article offers an informal interpretation of the situation. For a more comprehensive understanding, we recommend consulting in-depth market analyses and financial advisors.
Bonus Fun Fact: Did you know that Bitcoin's total supply will be capped at 21 million? That's about as many coins as there are grains of sand on the planet's beaches, and about half the number of potential unique lipsticks color combinations! 🌊💄🌊
- As bitcoin tests the $100k mark again, some analysts are discussing the potential impact of inflation on its price, considering the limited supply of 21 million coins.
- Meanwhile, the surge in institutional interest in cryptocurrency, particularly Bitcoin ETFs, is causing a ripple effect in the market, with investors also showing increased interest in other digital currencies like Ethereum and Bitcoin.
- Amidst this crypto bull run, sports enthusiasts are also keeping a close eye on the overlap between the sports and crypto worlds, as a growing number of athletes and teams are beginning to accept cryptocurrency as a form of payment or sponsorship.
