Bitcoin soared past the $100,000 mark on Thursday for the first time since February, buoyed by renewed investor confidence in riskier assets.
The rally followed the announcement of a trade agreement between the United States and the United Kingdom, which calmed financial markets and encouraged speculation in cryptocurrencies.
“Now that the United States appears more reasonable and concludes agreements with other countries, cryptocurrencies are on the rise again,” said Stephane Ifrah, an analyst at crypto platform Coinhouse.
Bitcoin last crossed the $100,000 threshold in December, peaking at $109,241.11 on January 20, hours before Donald Trump’s presidential inauguration.
During his campaign for a second term, Trump pledged support for cryptocurrencies, offering a boost to the digital asset sector.
However, subsequent US tariffs disrupted global markets, triggering investor anxiety and a retreat from volatile assets like bitcoin to safer options such as gold.
The sector has also suffered setbacks, including the high-profile collapse of the $LIBRA token, once endorsed by Argentine President Javier Milei.
After early investors cashed out, the token’s value plummeted, leaving most holders with heavy losses and prompting a wider crypto sell-off.
Milei is now under investigation by Argentine prosecutors for possible fraud or misconduct linked to his public support of $LIBRA.
Adding to the turmoil, Dubai-based exchange Bybit reported a record $1.5 billion crypto heist in February, further shaking market confidence.
Bitcoin bottomed out at $75,000 in early April but began recovering alongside stock markets in recent weeks.
“The UK trade deal is one good reason to be bullish because many more trade deals are likely to follow,” said Charlie Morris of ByteTree.
Britain has since proposed legislation to regulate cryptocurrencies, following similar moves by the European Union.