TLDR
- Bitcoin surged to $98,933 on May 8, rising 2.6% in 24 hours following Trump’s trade deal announcement
- President Trump teased a “major trade deal” with a “big” country, expected to be the UK
- Bitcoin is approaching its all-time high of $109,000 reached in January
- Spot Bitcoin ETF inflows have exceeded $3 billion in the past two weeks
- Some analysts warn of a potential “sell-the-news” event after Trump’s official announcement
Bitcoin is nearing the $100,000 mark as markets react positively to President Donald Trump’s announcement of an upcoming trade deal. The cryptocurrency reached $98,933 on May 8, representing a 2.6% increase over 24 hours.
The price movement follows Trump’s May 8 post on Truth Social where he stated he would host a press conference in the Oval Office to announce a “major trade deal” with a “big” and “highly respected” country.
Trump described this as “the first of many,” hinting at more international agreements to come. Though Trump didn’t name the country, The New York Times reported it is likely the United Kingdom.
Traders have welcomed this news as a potential sign of easing global trade tensions. Tariffs have been a key concern for markets recently, with previous Trump administration actions causing volatility across both equities and crypto markets.
Bitcoin $BTC now trading at 99k after Trump teased a big trade deal with a “major” country on Truth Social💥
Big announcement today at 10am EST 🚀 pic.twitter.com/eX10PH5KgS
— Trader Edge (@Pro_Trader_Edge) May 8, 2025
Market Recovery After April Slump
Bitcoin has been on a recovery path since April when it dropped sharply after the U.S. raised tariffs on China. The cryptocurrency fell from over $88,000 to a low of $74,500 but has since rebounded.
This recovery has been fueled by renewed exchange-traded funds inflows, with spot Bitcoin ETFs seeing more than $3 billion in inflows over the past two weeks.
A weaker dollar and improving investor sentiment have also helped Bitcoin’s price climb back toward its all-time high of $109,000, which was reached on January 20, shortly before Trump’s inauguration.
Treasury Secretary Scott Bessent is scheduled to meet with Chinese officials in Switzerland this week. This marks the first formal attempt to ease the tariff stalemate between the U.S. and China.
The Federal Reserve’s May 7 decision to hold interest rates between 4.25% and 4.50% has provided additional support to markets. Fed Chair Jerome Powell noted “heightened uncertainty” due to Trump’s trade policy but cited the economy’s resilience as a reason to hold rates steady.
Will Bitcoin Reach $100,000?
Bitcoin’s price briefly touched $99,400 on May 8 before undergoing a slight correction. The cryptocurrency is currently trading at around $98,914 with increased volatility expected around Trump’s announcement.
Market analysts are divided on the impact of Trump’s upcoming announcement. Some suggest the rally could be market front-running the news, which might lead to a “sell-the-news” event.
Crypto influencer Loma suggested that Trump was “blatantly manipulating the markets higher” with the announcement.
For a sustained move above $100,000, buyers will need to defend this psychological level after any initial test. Until Trump’s official announcement, Bitcoin price predictions remain uncertain.
With growing momentum and stabilizing macro conditions, breaking above $100,000 appears achievable in the coming days. Traders are watching closely as Bitcoin tests this key psychological level ahead of Trump’s press conference.
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