Bitcoin Reclaims $100,000 Amid Improved Sentiment
The price of Bitcoin climbed above the $100,000 mark after US President Donald Trump revealed a “trade deal” with the UK, which might involve lifting the current 10% tariff on all imports.
Trump’s frequent posts on social media, along with comments from White House officials, have pointed to several ongoing trade negotiations with different countries, sparking positive reactions from the markets.
Alongside the agreement with the UK, US representatives are also scheduled to meet Chinese officials in Switzerland on May 10.
Following the announcement, the Dow rose by 500 points, the S&P 500 increased by 1.47%, and Bitcoin was trading near $101,600 at the time this article was written.
Trump shared on Truth Social:
“Many other deals, which are in serious stages of negotiation, to follow!”
The fact that Bitcoin has reclaimed the six-figure range after several months below that threshold has caught investors’ attention.
Market analyst Macroscope noted in a post on X that he was “watching closely now,” emphasizing that BTC needs to “hold” above the $100,000 support level rather than just briefly surpassing it.
Although the move past $100,000 seems to have been fueled by $241 million in futures liquidations, the broader backdrop for Bitcoin has improved significantly since it last reached such highs.
In the past week, two US state governors have approved legislation allowing their states to create strategic Bitcoin reserves.
On May 8, Missouri’s legislature sent Bill 594, which would eliminate capital gains taxes, to Governor Mike Kehoe for approval.
On May 7, the US Office of the Comptroller of the Currency (OCC) clarified that banks it oversees can “responsibly” trade cryptocurrencies for their clients and may also “outsource” crypto-related and custodial services to reliable third parties.
Furthermore, in March, the FDIC issued guidance permitting banks to hold crypto assets and offer a range of related services to their customers.
This growing legislative and regulatory backing for Bitcoin and the wider crypto market has also been reflected in higher inflows to spot Bitcoin ETFs and increased purchases by both US and international publicly listed companies adding Bitcoin to their treasuries.
Sources:
https://sosovalue.com/assets/etf/Total_Crypto_Spot_ETF_Fund_Flow?page=usBTC
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