Bitcoin (BTC-USD) surged above $100,000 on Thursday for the first time since February.
The world’s largest cryptocurrency rose alongside the overall market rose after President Trump unveiled a trade deal with the UK, signaling a de-escalation of tariffs.
A deal announced by Coinbase (COIN) earlier in the day also helped sentiment in the sector, with the crypto exchange announcing a deal to acquire options platform Deribit for $2.9 billion.
Bitcoin rose as much as 4% to trade north of $100,900 near 11:30 a.m. ET on Thursday as Trump spoke in the oval office about the UK agreement and indicated other countries also want to strike trade deals with the US.
Bitcoin fell as low as $75,000 in the days following Trump’s reciprocal tariff announcement on April 2, otherwise known as Liberation Day.
CCC - CoinMarketCap • USD # (BTC-USD)
Follow View Quote Details 100,842.92 - +(3.99%) As of 3:59:00 PM UTC. Market Open. Advanced Chart Bitcoin sentiment has grown increasingly bullish during the stock market's recovery, and signs companies are taking a cue from firms like Strategy (MSTR) and adding crypto to their balance sheets have also bolstered sentiment towards the sector.
In a note earlier this week, Bernstein analyst Gautam Chhugani said around 80 companies have “adopted the ‘Bitcoin Standard,’ adding Bitcoin treasury exposure to their balance sheets, owning ~3.4% of the total BTC supply.”
“The implications for Bitcoin — more resilient corporate/institutional capital supporting through the cycle downturns and accelerated supply squeeze as public corporates continue buying Bitcoin,” Chhugani added.
Year to date, bitcoin is up more than 8%.
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