Bitcoin tops $100,000 for first time since February after Coinbase, tariff deals

2025-05-08 16:04:12

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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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