Bitcoin was up $102,644.00—266%! This increase, in part, is driven by the recent announcement of a new United States – United Kingdom trade agreement. Cryptocurrency soars over 5.86% in the past 24 hours. This increase is a testament to the optimistic market sentiment created by news of the trade agreement made on Friday, November 10.
When US President Donald Trump first unveiled the trade deal, there were high expectations on all sides about its transformational impact. He hailed it as a historic deal with an important ally.
"Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day." - Donald Trump
The pact — called “Fair, Open, and Reciprocal” — is the first such deal since Liberation Day. It’s projected to create $5 billion worth of new export opportunities for American farmers, ranchers, and producers. There is more to this trade agreement than just economic prosperity. It aims to improve national security for both the United States and the United Kingdom.
The details of the trade agreement are scant, but one provision that caught my eye was the creation of an aluminum and steel trading zone. The deal seeks to establish a more resilient pharmaceutical supply chain between the countries.
This announcement follows almost two months of market turmoil caused by increased tariffs first enacted by Donald Trump back in early April. Those tariffs created a destabilizing impact on global markets. The new trade deal seems to be a good move in the direction of stabilizing economic relations and encouraging shared prosperity.
Investors need to be wary when it comes to Bitcoin and all cryptocurrencies entirely. Because these digital assets are extremely high risk investments, substantive due diligence must happen before any investment decision is made.
