Bitcoin surged past the $102,000 mark for the first time since January, supported by rising optimism over US trade negotiations, Coinbase’s acquisition of Coinderivit, and rising institutional interest. Bitcoin is up more than 7% in a week as Trump seeks trade deals.
The three figures are the WisdomTree Bitcoin Fund BTCW, the Coinshares Valkyrie Bitcoin Fund Brr, the Fidelity Wise Origin Bitcoin Fund FBTC, the Ishares Bitcoin Trust IBit, the Grayscale Bitcoin Trust ETF GBTC, and the Investco Galaxy Bitcoin ETF BTCO.
Let’s dig a little deeper.
President Trump’s announcement of his cheerful comments on a new trade deal with the UK and future negotiations with China spread cheers in the world of investment and risk-on sentiment.
Trump introduced a new US-UK trade agreement on Thursday, describing it as a key step towards increasing market access worth billions of dollars in American products, particularly agriculture. The agreement expands the export opportunities of US beef, ethanol and other agricultural products.
Secretary Bescent said future debates will focus on removing tensions. The news was enough to raise market sentiment across risky assets, including Bitcoin.
More optimistic, Coinbase Coin announced its $2.9 billion acquisition of Crypto Options Exchange Deribit. The agreement was considered a vote of trust in the crypto sector and helped push Bitcoin higher.
Meanwhile, Coinbase came up with a quarterly profit of $1.94 per share, beating Zacks Consensus’ estimate of $1.85. The company recorded revenue of $2.03 billion in quarter, with Zacks Consensus estimates missing 4.12%.
Bitcoin had previously fallen to $75,000, following Trump’s April 2nd “liberation day” tariff announcement. However, assets recovered sharply as risk-on sentiment improved and stock markets stabilized.
As quoted by CNBC, Geoff Kendrick of Standard Chartered, who previously predicted Bitcoin, which hit $120,000 in the quarter, citing a surge in facility influx and a spike in recapitalization from US assets, said the target could be too low.
Kendrick focused on the evolving stories around Bitcoin. When linked to dangerous assets and later considered a strategic hedge, Bitcoin is driven primarily by a massive influx. US spot Bitcoin ETFs alone have seen an influx of $5.3 billion over the past three weeks.
The story continues