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Bitcoin Jumps Above $100,000 for First Time Since February
Bitcoin hit its highest level since February during trading on Thursday, May 8, resurfacing above $100,000.
The leading cryptocurrency rose more than 4% over the past 24 hours to surpass $100,800, according to Coin Metrics.
The price action began overnight after US President Donald Trump first hinted at a US-UK trade announcement. Bitcoin surged as Trump announced the framework for the deal, along with stocks and other riskier assets.
“Not only has Bitcoin reclaimed $100,000 for the first time in three months, but it has also confirmed its position as a promising asset amid improving prospects for US trade deals,” said Anthony Trenchev, co-founder of Nexo cryptocurrency exchange.
However, Trenchev added, the currency will not survive the collapse before surpassing its January high of around $109,350, and may remain in its post-election trading range—between $70,000 and $109,000—for another two months.
“We expect Bitcoin’s resilience to be further tested in a volatile and uncertain global macro and geopolitical environment,” he said.
“Look at the escalating tensions between India and Pakistan, which could escalate into a full-blown conflict. Meanwhile, we have a Federal Reserve that is in no rush to cut interest rates and is concerned about unemployment and inflation,” he added.
Ethereum also jumped 12% in the last 24 hours, while the Solana-linked coin rose 9%, and Dogecoin rose 11%.
