Bitcoin nears $100K as Trump set to reveal trade deal with UK

Bitcoiners expect Bitcoin to soon break past $100,000 and potentially hit a new all-time high as US President Donald Trump is set to announce a trade deal with the UK.

Trump said in a May 7 Truth Social post that a “major trade deal” with a “big, and highly respected, country” would be announced on May 8, which The New York Times reported would be the UK, citing three people familiar with the plans.

Bitcoin inches toward $100,000

When Trump published his post, Bitcoin (BTC) was trading at around $97,759 and has since crept up closer to the psychological $100,000 price level to trade at $99,140 at the time of publication, according to CoinMarketCap data.

Bitcoin is trading at $99,140 at the time of publication. Source: CoinMarketCap

Several Bitcoiners are crediting the rally toward $100,000 to speculation surrounding the trade deal.

FOMO21 co-founder Neil Jacobs said on X that the Bitcoin rally was primarily due to Trump’s announcement. 

Crypto entrepreneur Anthony Pompliano said the incoming trade deal “means odds are increasing we hit new all-time highs in 2025.” 

Bitcoin reached its current all-time high of $109,000 on Jan. 20, just hours before Trump’s inauguration.

Pandora CEO Sahib Anandsongvit said that he “can’t stop to think” how Bitcoin was $80,000 only a few weeks ago before pointing out Bitcoin’s $98,000 price at the time of the post and reiterating Trump’s looming trade deal. Bitcoin last traded at the $80,000 price level on April 11 and only reclaimed $90,000 on April 22.

Trump’s post came just hours after the US Federal Reserve announced that it would keep interest rates at 4.25% to 4.50% despite mounting pressure from Trump to lower interest rates.

Bitcoin has not hit $100,000 since Feb. 1 after Trump proposed import tariffs on China, Canada and Mexico. Meanwhile, crypto market participants appear to be more bullish on the overall market, with the Crypto & Fear Index reading a “Greed” score of 65.

Bitcoin’s 3% increase over the past 24 hours has led to approximately $96 million in short positions liquidated, according to CoinGlass data.