Bitcoin exceeded $100,000 for the first time since Thursday in February as President Donald Trump announced a trade deal with the UK and is scheduled to meet President Xi Jinping in Geneva later this week.
The original cryptocurrency rose 5% in the last 24 hours, rising to a high of $101,500 on Thursday. The news of the transaction has also lifted the rest of the crypto market. Over the past 24 hours, Ethereum has increased by 13%, Solana has increased by 10%, and XRP has increased by 6%.
“The price rise comes shortly after the US-UK trade agreement and breaks news that US-China officials are preparing for an updated trade talk in Switzerland,” Nicholas Roberts Huntley, co-founder and CEO of Blockchain Infrastructure Blueprint Finance, tells Fortune.
Details of the UK deal have not yet been finalized, but Trump said he will roll back tariffs imposed on UK cars, aluminum and steel, but will place a 10% baseline tariff. In return, the UK will increase market access to billions of dollars worth of US exports, including ethanol, beef and soft drinks.
The UK contract is the first since Trump began negotiations with US trading partners by threatening to impose large tariffs on many imports. On April 2, Trump announced plans to impose basic collections and additional “mutual tariffs” on almost all US trading partners. The plan is expected to raise inflation and disrupt the global supply chain, causing a historic market meltdown in which the S&P 500 lost 12% and Bitcoin lost 11% in its lead-up until April 9th.
Financial markets temporarily recovered when Trump announced a 90-day suspension on mutual tariffs, except for China. In recent weeks, stock markets have remained volatile as Trump has been engaged in trade negotiations with many foreign countries. However, Bitcoin, which is usually considered a dangerous asset, continues to rise. Bitcoin has won 35% since falling to an annual low of $75,000 on April 8th.
The US trade agreement with the UK has reached a resolution, but US trade talks with other countries are ongoing. Trump and his team have been in negotiations with Canada, Japan, Italy, India and other trading partners since April 2. Trump and China’s XI will meet over the weekend to begin talks to end the escalating trade war between the two countries.
“These transactions provide hope for such concessions, and more transactions and concessions will result in a more certainty and better market situation,” Charles Wayn, co-founder of Crypto Data Company Galxe, told Fortune.
This story was originally featured on Fortune.com.