The world's largest cryptocurrency rose alongside the overall market after President Trump unveiled a trade deal with the UK, signaling a de-escalation of tariffs, according to Yahoo Finance. Bitcoin climbed as much as 5% to trade above $102,147 near 4:45 p.m. ET on Thursday following Trump's Oval Office announcement about the UK agreement, where he also indicated other countries are seeking similar trade arrangements with the United States.
Yahoo Finance reports that the cryptocurrency had previously fallen as low as $75,000 in the days after Trump's "reciprocal" tariff announcement on April 2, which he referred to as "Liberation Day." Adding to the positive market sentiment was Coinbase's announcement earlier in the day regarding the crypto exchange's deal to acquire options platform Deribit for $2.9 billion, information that Yahoo Finance indicates helped boost sentiment across the entire cryptocurrency sector. The recent price movement continues a trend of growing bullishness for Bitcoin during the broader stock market's recovery, with Yahoo Finance noting that signs of increased corporate adoption have further strengthened the market's positive outlook.
Bitcoin continued to rally Friday, though it was the smaller cryptocurrencies Ether and XRP that were seeing the biggest gains to end a week that has reignited investors' risk appetite for digital assets, as observed by Barrons. Bernstein analyst Gautam Chhugani noted in a report earlier this week that approximately 80 companies have "adopted the 'Bitcoin Standard,' adding Bitcoin treasury exposure to their balance sheets, owning ~3.4% of the total BTC supply," according to information shared by Barrons.
The analyst suggested this trend has significant implications for Bitcoin's market stability, noting: "The implications for Bitcoin — more resilient corporate/institutional capital supporting through the cycle downturns and accelerated supply squeeze as public corporates continue buying Bitcoin." Barrons highlights that this growing corporate adoption trend is following the model established by companies like Strategy (MSTR), which have led the way in adding cryptocurrency to their balance sheets. The cryptocurrency's year-to-date performance now stands at more than 8% gain, despite the various market fluctuations observed in recent months, as Barrons points out in their cryptocurrency market overview.
Bitcoin crossed the $100,000 threshold for the first time since February, fueled by expectations for an easing of global trade tensions, according to Bloomberg. The largest digital asset climbed as much as 4.9% to $101,519 on Thursday, as Bloomberg reports most other major tokens climbed even higher during the same trading period. Bloomberg notes that Bitcoin had previously risen to a record of around $109,000 on January 20, the day US President Donald Trump was inaugurated for a second time. However, it later slumped as much as 30% after Trump's embrace of tariffs spurred turmoil in global financial markets, according to Bloomberg's market analysis.
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