Bitcoin (BTC-USD) surged over $102,000 on Thursday, touching its highest level since late January.
After President Trump announced a trade deal with the UK, the world’s largest cryptocurrency rose along the market, showing tariff exclusion.
Earlier in the Coinbase (Coin)’s announcement date, the agreement to acquire Crypto Exchange’s Options Platform Deribit for $2.9 billion also helped to raise the sector’s sentiment.
Bitcoin rose 5%, up 5%, north of $102,147, near 4:45pm on Thursday, after Trump spoke at an oval office about the UK deal earlier that day, indicating that other countries also want to attack trade deals with the US.
Bitcoin fell low as $75,000 in a few days, known as Trump’s “mutual” tariff announcement, aka “liberation day.”
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Bitcoin sentiment has become increasingly bullish during the stock market recovery. Companies are taking clues from companies like Strategy (MSTR), and adding crypto to their balance sheets also shows that they are strengthening their sentiment towards the sector.
In a memo earlier this week, Bernstein analyst Gautam Chugani said that around 80 companies added Bitcoin Treasury exposure to the balance sheet, owning about 3.4% of the total BTC supply.
“Impact on Bitcoin – More resilient companies/institutional capital through the cycle slump will accelerate supply squeeze as public companies continue to buy Bitcoin,” added Chhugani.
Bitcoin is increasing by more than 8% each year.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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