Bitcoin finally regained its $100,000 price mark on May 8th more than three months later.
Also, Ethereum regained its $2,000 mark after more than a month.
The price rally is among the latest developments on tariffs escalated by President Donald Trump.
Trump announced his “historic contract” with the UK on May 8th. This is the first trade deal the Trump administration has been struck since the president hiked tariffs in all countries on April 2.
According to the latest deal, the UK will reduce non-tariff barriers to US products such as beef, ethanol fuel, machinery and chemicals, the president said.
But while the 10% baseline tariffs imposed on dozens of countries remain, the UK vehicle tariffs will fall from 25% to 10% to match that baseline, Commerce’s Howard Lutnick said.
Trump also suggested that deals with the European Union are also on the cards. His administration will meet Chinese representatives in Geneva on May 10th.
The Asian superpower is the only country not exempt from the 90-day tariff suspension announced by Trump on April 9th. The United States collects 145% tariffs on Chinese imports, while China collects 125% tariffs on US imports.
The Crypto market suffered greatly in the aftermath of the tariff war, as its market capitalization fell to $2.5 trillion on April 9th. He has since recovered, at the time of writing it was $3.25 trillion.
According to Kraken’s price supply, Bitcoin was trading at $100,504 at the time of press. Meanwhile, it’s the highest score since February 4th. Meanwhile, Ethereum was trading at $2,015.73 at press time.