Bitcoin, the leading cryptocurrency, has once again surpassed the $100,000 mark. This marks the first time since February and signals a strong recovery after the sharp decline in April.
Market Overview
According to crypto.news data, Bitcoin has gained 33% over the past few weeks after plunging below $75,000 due to former President Donald Trump's unexpected tariff announcements. The Bitcoin rally coincides with a broader market recovery, where altcoins are also showing positive changes in value.
Impact of Trade Agreements on Bitcoin
On May 8, President Trump announced a new trade deal with the United Kingdom, marking his administration's first since imposing broad tariffs. This agreement reduces non-tariff barriers on U.S. goods such as beef and ethanol while cutting tariffs on British vehicles from 25% to 10%. Investors appear optimistic about potential further positive developments in U.S.-UK trade relations.
Future Prospects for Bitcoin
Geoff Kendrick from Standard Chartered believes that real capital is entering the market through spot Bitcoin ETFs, which could support future growth. He suggests that his initial target of $120,000 for Bitcoin in Q2 may be too conservative. Bitcoin's dominance in the market has increased to over 60%, a level not seen since early 2021.
Bitcoin's rise to $100,000 reflects its recovery after April's decline. Future trade agreements and increased Bitcoin dominance may signal further price growth in the coming months.
