Bitcoin Hits Highest Level in Months as Market Eyes $100K Milestone
Bitcoin briefly surpassed $99,000, its highest price since February, driven by President Trump's announcement of a potential trade deal with the UK. The cryptocurrency is nearing its all-time high from March and is targeting $100,000. Following a Federal Reserve policy update, equities like the S&P 500 and Dow also rose. The anticipated trade agreement may alleviate tariffs on the UK, while the UK could reduce its digital services tax and tariffs on U.S. agricultural products. Analysts noted that recent statements from Trump and Treasury Secretary Scott Bessent suggested a less aggressive tariff escalation. However, concerns remain about the sustainability of the rally, with market sentiment potentially outpacing fundamentals. Bitcoin's correlation with traditional markets has varied, indicating it serves more as a diversifier than a safe haven. Nansen's outlook cautioned that traders might be underestimating downside risks amid ongoing economic uncertainties.
