Bitcoin rallies above $101,000 as US state level strategic reserves and mass adoption accelerate
Bitcoin (BTC) price surpassed $100,000 following US President Donald Trump's announcement of a potential trade deal with the UK, which may eliminate a 10% tariff on imports. The Dow rose by 500 points and the S&P 500 increased by 1.47%. Trump indicated more trade deals are in negotiation. Bitcoin's rise was partly fueled by $241 million in futures market liquidations, with analysts emphasizing the importance of maintaining the $100,000 level as support. Recent legislative actions in two US states allow for strategic Bitcoin reserves, and Missouri's Bill 594 aims to eliminate capital gains taxes. The US Office of the Comptroller of the Currency confirmed that banks can trade crypto for customers and outsource related activities. Additionally, the FDIC has permitted banks to hold crypto assets. Spot Bitcoin ETF inflows have increased, reflecting growing institutional interest.
