Bitcoin’s price broke past the $100,000 threshold on Thursday, marking its first return to six figures since February and highlighting a promising recovery from April’s crash. Following former President Trump’s unexpected tariff announcements, Bitcoin has surged by nearly 33% in just a few weeks. This rally coincides with broader market rebound, as crypto equities and altcoins have also bounced back from the early April sell-off.
Positive sentiment surrounding a potential U.S.-UK trade agreement appears to be driving this recovery. President Trump’s recent announcement of a new trade deal with the UK marks his first after imposing broad tariffs. This agreement lowers non-tariff barriers on U.S. goods like beef and ethanol, while reducing tariffs on British vehicles from 25% to 10%.
Analysts suggest that investors are looking toward optimism surrounding these agreements. Additionally, Bitcoin dominance has climbed above 60%, a level not seen since early 2021, indicating traders are consolidating around BTC amidst current geopolitical uncertainty and waning appetite for altcoins. This surge is marked by increased real capital entering the market through spot bitcoin ETFs, unlike previous rallies where much of the volume was linked to hedge fund basis trades.
Ethereum (ETH), Solana (SOL), and other major tokens are rebounding as well. Despite this resurgence, many remain significantly down from their early-year peaks.