Bitcoin surged to $98,933 on May 8, gaining 2.6% in just 24 hours, as investor sentiment improved following President Donald Trump’s announcement of an impending trade deal.
This rally came shortly after Trump posted on Truth Social, revealing plans to hold a press conference in the Oval Office the following day to announce a “major trade deal” with a “big” and “highly respected” nation. He hinted that this deal could be the first of many, suggesting a series of upcoming international agreements.
Although Trump did not specify the country involved, sources close to the discussions told The New York Times that the deal is expected to be with the United Kingdom. Traders reacted positively to this news, viewing it as a potential relief from global trade tensions. Tariffs have been a major concern for markets in recent months, with previous actions by the Trump administration contributing to volatility in equities and cryptocurrencies.
Meanwhile, in a related development, Treasury Secretary Scott Bessent is scheduled to meet with senior Chinese officials in Switzerland this week. This meeting is seen as a critical step in addressing the ongoing tensions in U.S.-China relations, which were further strained by mutual tariff hikes in April. The talks are the first formal attempt to break the tariff deadlock, which had previously caused Bitcoin’s price to dip below $75,000 before its recent recovery.
Additionally, Bitcoin’s rebound has been supported by broader macroeconomic factors. On May 7, the Federal Reserve’s decision to hold interest rates between 4.25% and 4.50% relieved markets. While Fed Chair Jerome Powell acknowledged the “heightened uncertainty” linked to Trump’s trade policy, he highlighted the economy’s resilience and low unemployment as key reasons for pausing further rate hikes.
In another news development, Trump gave conflicting responses when NBC News’s Kristen Welker on Meet the Press asked whether he had profited from the crypto memecoin he launched in January, just days before re-entering the White House.
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