BTC Tops $99k as President Trump Announces Impending Trade Deal

TL;DR

• Bitcoin rallied late on Wednesday to touch the $99,400 level for the first time this month.

• The rally comes after President Trump teased a big trade deal in the coming days.

Bitcoin Trades Above $99k on Impending Big Trade Deal

Bitcoin, the leading cryptocurrency by market cap, rallied by nearly 3% in the last 24 hours to surpass the $99k level for the first time this month. BTC traded at $99,400 during the late hours of Wednesday but has slightly retraced and now trades at $98,875 per coin.

This was the first time Bitcoin had traded above $99k since February. The rally comes after President Donald Trump said a tariff deal with a “big, highly respected country” will soon be announced.

The president announced late on Wednesday that he will hold a “major” trade deal news conference at 10 a.m. ET, where the announcement is supposed to be the “first of many.”

While the identity of the country remains unclear at this point, some reports believe that it is the United Kingdom. Market analysts are optimistic that easing tariffs could soften inflationary pressures and improve the backdrop for investing in cryptocurrencies and other high-risk assets. 

Altcoins Also Rally Higher

With Bitcoin in the green, major altcoins are also performing excellently. Ether, the second-largest cryptocurrency by market cap, is up nearly 4% in the last 24 hours and now trades at $1,902 per coin.

XRP and BNB are up 1% each, while Solana and Dogecoin added 3% and 4% to their values, respectively. Bitcoin Cash (BCH) is the best performer among the top 20 cryptocurrencies by market cap, up 12% in the last 24 hours. Thanks to yesterday’s rally, the total crypto market cap now stands at $3.06 trillion.