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Bitcoin is approaching $100K after a surge fueled by U.S. President Donald Trump’s hints of a major trade deal with China, boosting investor confidence.
Bitcoin climbed to $98,933 on May 8, marking a 2.6% rise in 24 hours, as markets cheered Trump’s announcement of an imminent trade agreement. The surge brings Bitcoin closer to $100K as Trump’s statement signaled potential relief for global markets rattled by trade tensions.
The rally followed Trump’s May 8 post on Truth Social, where he revealed plans to host a press conference to announce a “major trade deal” with a “highly respected” country. Though Trump did not specify which nation, The New York Times reported that insiders expect the United Kingdom to be the partner. Nevertheless, traders speculated broader global implications, especially regarding China, helping Bitcoin approach the crucial $100K mark.
How Trump’s Trade Policies Are Fueling Bitcoin’s Surge
Bitcoin last hit an all-time high of $109,000 on January 20, shortly before Trump’s inauguration. However, the cryptocurrency faced setbacks when the U.S. imposed additional tariffs on China in April, causing Bitcoin’s price to plunge from over $88,000 to a low of $74,500. Its steady rebound since then has been attributed to stronger ETF inflows, a weaker U.S. dollar, and rising investor optimism, pushing Bitcoin closer to $100K.
In related developments, Treasury Secretary Scott Bessent is set to meet Chinese officials in Switzerland this week. This move marks the first formal effort to ease the tariff disputes that previously pulled Bitcoin below $75,000. Optimism around these talks has provided further support for Bitcoin’s rally.
Macro factors also continue to play a role. The Federal Reserve’s decision on May 7 to keep interest rates steady between 4.25% and 4.50% added stability to financial markets. Fed Chair Jerome Powell cited “heightened uncertainty” from trade tensions but highlighted strong employment and economic resilience as reasons for holding rates unchanged.
With momentum building and external pressures easing, Bitcoin approaching $100K looks increasingly within reach. Traders and investors are closely monitoring the price action as Bitcoin tests a major psychological resistance level.
