Bitcoin climbed to $98,933 on May 8, rising 2.6% in 24 hours, as markets reacted to President Donald Trump’s announcement of a coming trade agreement.
The surge follows a May 8 announcement on Truth Social by U.S. President Donald Trump, who said he would host a press conference in the Oval Office the following day to announce a “major trade deal” with a “big” and “highly respected” country. Trump described the deal as “the first of many,” suggesting more international agreements could follow.
Although Trump didn’t mention a specific country, The New York Times reported it is expected to be the United Kingdom, according to three sources familiar with the discussions. Traders welcomed the update as a potential step toward easing global trade pressures. Tariffs have been a key concern for markets in recent months, with earlier moves by the Trump administration leading to volatility across equities and crypto.
Bitcoin (BTC) last reached an all-time high of $109,000 on Jan. 20, shortly before Trump’s inauguration. The asset fell sharply after the U.S. raised tariffs on China in April, dropping from over $88,000 to a low of $74,500. It has since rebounded steadily, buoyed by renewed exchange-traded funds inflows, a weaker dollar, and improving investor sentiment.
In a separate but related development, Treasury Secretary Scott Bessent is also slated to meet with Chinese top officials in Switzerland this week. This is a significant development as U.S.-China relations have remained tense following mutual tariff hikes in April. The meeting marks the first formal attempt to ease the tariffs stalemate, which had dragged Bitcoin down below $75,000 before its current rebound.
Bitcoin’s recent recovery has also been supported by other macro tailwinds. The Federal Reserve’s May 7 decision to hold interest rates between 4.25% and 4.50% gave markets some relief, even as Fed Chair Jerome Powell cited “heightened uncertainty” due to Trump’s trade policy. Powell stressed the economy’s resilience and low unemployment as reasons to hold off on tightening further. He also acknowledged that inflation is still above target.
With momentum growing and macro conditions stabilizing, a break above $100,000 for Bitcoin now appears to be achievable in the coming days. Bulls are watching closely as the asset tests a key psychological level.
