Bitcoin’s price recently had a huge bullish move, surging above the $100,000 level for the first time since early February. This resurgence came just days after President Donald Trump paired his announcement of a new U.K. In addition to trade announcements, he focused on the optimistic long-term trade outlook. The cryptocurrency’s surge boosted the share prices of other related companies, showing how investor confidence has returned to the digital asset ecosystem.
The price of Bitcoin skyrocketed up to $101,000, up from an overnight low of around $96,000. That’s an increase of about 33% from its low of $76,000 in early April. That big increase is due to President Trump announcing a new trade agreement with the U.K. His sunny predictions for the next round of negotiations with China and new trade pacts all help stoke this fire too.
President Trump has signaled that a number of other trade agreements are in more developed stages of negotiation. He expressed optimism on the direction of talks between U.S. and Chinese officials. These pronouncements seem to have dramatically changed the mood in the market, which resulted in more investment into Bitcoin.
This general euphoria around Bitcoin had a wider positive effect on all stocks with significant connections to the cryptocurrency space. Coinbase shares were up by almost 6% in early-afternoon trading on Thursday. Bitcoin mining companies Riot Platforms and Mara Holdings both had their shares jump 7% and 8% respectively. Business intelligence software company MicroStrategy, now called Strategy, which is known for making large Bitcoin purchases, was up 7% in shares as well.
Bitcoin had already hit an all-time high of just under $109,000 prior to President Trump’s inauguration in January. But still, it met significant headwinds in the past few months, following the U.S. stock market’s downward trend. Concerns surrounding the potential effects of President Trump's trade policies had dampened risk appetite, contributing to Bitcoin's decline.
