Bitcoin Surges Past $100,000 Amid Renewed Trade Deal Hopes

Bitcoin surged beyond $100,000 on Thursday for the first time ever since early February, on the back of a wide-ranging deal between the United States and the United Kingdom.

This was also backed by the sign that the United States President Donald Trump's trade war with the rest of the world may be easing.

Bitcoin was trading at $101,402.19, a 4.8% gain on the day, by mid-day.

The world's biggest cryptocurrency has made its way back into positive territory for the year, though it still remains behind the all-time high of $109,000 which was achieved in January.

What Are The Macro Drivers Of This Rally?

Recently, the US Federal Reserve held its interest rates steady amidst uncertainty around tariff, as per Fed's announcement on Wednesday.

Additionally, important officials from the Trump administration are also going to meet Chinese officials in Switzerland later this week and market participants can expect that certain negotiations would occur.

Among other key developments driving the bitcoin rally is the announcement of the US-UK trade deal which reached earlier today and Bitcoin's rising correlation with gold.

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