Bitcoin surged to $98,933 on May 8, gaining 2.6% in just 24 hours after a major announcement by President Donald Trump. In a post on Truth Social, Trump revealed plans to hold a press conference in the Oval Office the next day to unveil a “major trade deal” with what he described as a “big” and “highly respected” country. He also hinted this would be the first of many similar deals to come.
While Trump didn’t name the country involved, The New York Times, citing three sources familiar with the matter, reported that the agreement is likely with the United Kingdom. Markets saw this as a positive development, especially as global trade tensions have weighed heavily on sentiment in recent months. Tariffs have been a major source of market volatility, particularly affecting both equities and crypto assets.
Bitcoin’s move higher is part of a broader rebound. After hitting a record high of $109,000 on January 20 — just before Trump’s inauguration — the digital asset fell sharply in April when the U.S. increased tariffs on China. It dropped from over $88,000 to a low of $74,500. Since then, it has been climbing back, helped by ETF inflows, a softer U.S. dollar, and improved investor confidence.
Adding to the optimism, Treasury Secretary Scott Bessent is scheduled to meet with top Chinese officials in Switzerland this week. This is the first formal step toward resolving the recent tariff standoff between the U.S. and China, which had contributed to Bitcoin’s earlier slump.
The Federal Reserve’s decision on May 7 to hold interest rates steady at 4.25–4.50% also gave markets some breathing room. Fed Chair Jerome Powell acknowledged ongoing uncertainty tied to Trump’s trade strategy but noted that strong employment and overall economic resilience supported the current rate stance — even as inflation remains above the Fed’s target.
With multiple positive factors aligning, Bitcoin now looks poised to break the $100,000 mark soon. Bulls are closely watching this key psychological level, and with momentum building, a new all-time high could be just around the corner.
