Key takeaways:
Bitcoin rallies to $101,707 against a backdrop of strong fundamentals in the regulatory and traditional finance space.
Traders are confident that $100,000 will hold as support.
Bitcoin (BTC) price rallied above $100,000 on the heels of US President Donald Trump’s announcement of a “trade deal” with the UK, which could possibly include the removal of the blanket 10% tariff on all imports.
Frequent social posts from President Trump and public comments from White House cabinet members have hinted at a handful of trade deals in negotiation with various countries, and markets have responded positively to the messaging. In addition to the UK trade deal, the US is set to meet with Chinese officials in Switzerland on May 10.
The Dow gained 500 points following the White House announcement, while the S&P 500 rose 1.47%, and Bitcoin trades near $101,600 at the time of writing.
In a Truth Social