Harun Ozalp | Anadolu | Getty Images
Bitcoin on Thursday hit its highest level since February, climbing back above the key $100,000 level.
The price of the flagship cryptocurrency was last higher by more than 4% at $100,801.04, according to Coin Metrics.
The move began overnight after President Donald Trump first teased an announcement between the U.S. and the United Kingdom on trade. Bitcoin continued its climb and touched $100,000 as Trump revealed a broad outline of the agreement on Thursday morning. Stocks also rallied.
“Bitcoin has not only reclaimed $100,000 for the first time in three months but it’s also reaffirmed its status as the ultimate bouncebackability asset as the prospects for U.S. trade deals brighten,” said Antoni Trenchev, co-founder of crypto exchange Nexo.
The recent market uncertainty has been a boon for bitcoin and could continue to be, with investors beginning to doubt the safe haven status of the U.S., and although the Trump administration has walked back some of its aggressive rhetoric on tariffs, they’re still looking for clarity on what trade policy will be.
“Bitcoin remains buttressed by a pro-crypto Trump administration along with hungry buying from spot-ETF investors … while its outperformance versus U.S. equity benchmarks in 2025 highlights its resilience and safe haven status,” Trenchev said.
“Expect bitcoin’s resilience to be tested further in an uncertain and volatile global macro and geopolitical environment,” he added. “Look no further than rising tensions between India and Pakistan, which risk escalating into a full blown conflict. Meanwhile we have a Federal Reserve in no rush to cut rates and equally concerned about unemployment and inflation.”
Bitcoin, YTD
Stocks rose broadly, with the Dow Jones Industrial Average up almost 400 points. Coinbase and Strategy gained about 5% each.
Other cryptocurrencies, which have struggled to keep pace with bitcoin this year, rallied. Ether jumped 12%, while the token tied to Solana gained 9% and dogecoin rose 11%.
Since April 3, the day after President Donald Trump introduced the initial tariff policy that rocked markets for several weeks, bitcoin is up about 16%. In the same period, spot gold has gained more than 6% while the S&P 500 is flat.
Bitcoin isn’t out of the woods, however, until it tops its January high of about $109,350, and the cryptocurrency could languish in its post-election trading range — between $70,000 and $109,000 — for another two months, Trenchev said.
Still, he added, “the retaking of $100,000 must go down as one of bitcoin’s more formidable feats and is a reminder that buying peak fear — just last month Bitcoin was languishing around $74,000 — can be exceptionally lucrative.”