Bitcoin (BTC-USD) surged above $100,000 on Thursday for the first time since February.
The world’s largest cryptocurrency rose alongside the overall market rose after President Trump unveiled a trade deal with the UK, signaling a de-escalation of tariffs.
A deal announced by Coinbase (COIN) earlier in the day also helped sentiment in the sector, with the crypto exchange announcing a deal to acquire options platform Deribit for $2.9 billion.
Bitcoin rose as much as 4% to trade north of $100,900 near 11:30 a.m. ET on Thursday as Trump spoke in the oval office about the UK agreement and indicated other countries also want to strike trade deals with the US.
Bitcoin fell as low as $75,000 in the days following Trump’s reciprocal tariff announcement on April 2, otherwise known as Liberation Day.
Bitcoin sentiment has grown increasingly bullish during the stock market’s recovery, and signs companies are taking a cue from firms like Strategy (MSTR) and adding crypto to their balance sheets have also bolstered sentiment towards the sector.
In a note earlier this week, Bernstein analyst Gautam Chhugani said around 80 companies have “adopted the ‘Bitcoin Standard,’ adding Bitcoin treasury exposure to their balance sheets, owning ~3.4% of the total BTC supply.”
“The implications for Bitcoin — more resilient corporate/institutional capital supporting through the cycle downturns and accelerated supply squeeze as public corporates continue buying Bitcoin,” Chhugani added.
Year to date, bitcoin is up more than 8%.
Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
