Bitcoin Nears $100k on Trade Deal Hopes, Crypto Market Surges

Bitcoin Surges Toward $100k on Trade Optimism

Bitcoin climbed 2.6% to $98,868.6, nearing the $100k mark, driven by hopes of a U.S. trade deal. The cryptocurrency reached as high as $99,381.2, extending gains from the previous session. Improved risk sentiment, fueled by President Trump's announcement of a "major" trade deal, boosted Bitcoin's upward momentum.

Trade Deal Hopes Boost Risk Appetite

Trump's potential trade deal with the UK, part of a broader strategy to secure agreements with Japan and the EU, has lifted optimism. While a Sino-U.S. trade deal remains unlikely, the positive sentiment has overshadowed concerns about the U.S. economy and trade disruptions.

Bitcoin's Speculative Nature Drives Gains

Bitcoin's price is heavily influenced by market sentiment, given its speculative nature. Recent gains have brought Bitcoin back into positive territory for the year, with focus on whether it can reclaim the $100k level last seen three months ago.

Broader Crypto Market Rallies

Altcoins also saw significant gains, tracking Bitcoin's rise. Ether rose 3.7% to $1,896.91, while XRP, Solana, and Cardano each saw increases over 2%. Dogecoin jumped 4.8%, and $TRUMP surged 10%, reflecting broader market enthusiasm.

Institutional Interest Grows

Steady capital flows into spot exchange-traded funds highlight growing institutional appetite for crypto, further supporting Bitcoin's rally. As risk appetite improves, Bitcoin's ability to breach the $100k level remains a key focus for investors.