- Bitcoin has surged past US$100k for the first time in months while Ethereum leads altcoins with a remarkable 22 per cent daily gain.
- Trump’s UK tariff agreement has sparked optimism across crypto and equity markets despite some economists dismissing it as merely a “framework”.
- The crypto rally coincides with broader market gains as the S&P 500 rose 0.6 per cent and Asian markets showed positive movement.
- All eyes are now on upcoming US-China trade talks in Switzerland this weekend, which could further reduce market tensions if successful.
Bitcoin (BTC) & Co. are surging today, with BTC making it past the US$100k mark again for the first time in several months.
At the time of writing, BTC is up almost 6 per cent in the past 24 hours, currently trading hands at US$102,613 (AU$160,579).
Other altcoins are also up, with Ethereum (ETH) finally enjoying a moment in the sun – the largest altcoin is up a whopping 22 per cent on the daily chart, currently commanding a price of US$2,200 (AU$3,443).
Other notable altcoin pumps include Solana (SOL), up 10 per cent, XRP (XRP) up 9 per cent and Dogecoin (DOGE) and Cardano (ADA) are each up 13 per cent.
Read more: Mark Cuban Calls Out Trump’s Crypto Gambit: ‘Memecoins Are a Bad Example’
FOMO Returns to Markets
Some potential catalysts for the rally are of course Trump’s deal with the United Kingdom, which has ignited hope that the tariff war is easing off a little. There are also tariff talks happening between China and the US this weekend, which has observers hopeful that a deal will be struck here too.
Additionally, the Arizona governor just signed into law a Bitcoin and Digital Assets Reserve Fund, and New Hampshire established a crypto reserve – both major bullish events.
Equity markets rallied too, with the S&P 500 up 0.6 per cent while the NASDAQ gained 1 per cent. In Australia, the ASX 200 has gained 0.16 per cent in the early hours of Friday, while the NIKKEI 225 rose 1.16 per cent.
Louis Navellier, chief investment officer at Navellier & Associates, told Bloomberg that tariffs are “steering the boat again”. He added:
We are seeing a risk-on sentiment. The fear of missing out on favorable agreements being reached has limited the number of sellers.
Louis Navellier, Navellier & AssociatesUS representatives are scheduled to meet with Chinese Vice Premier He Lifeng in Switzerland this weekend to discuss bilateral trade issues.
Related: Trump‑linked Crypto Windfall Triggers Democratic Mutiny, Puts GENIUS Act on the Brink
Trump said that, should those talks prove successful, he might consider reducing the tariffs currently imposed on many Chinese imports.
Yesterday, the US Fed left interest rates on hold, with some experts predicting we won’t see rate cuts at the June meeting either.
US-UK Deal a Framework “Not a Deal”, Says Economist
Trump and UK Prime Minister Starmer revealed their US-UK trade pact under which the US will eliminate its 25 per cent steel and aluminium tariffs on British exports and cut car tariffs on an annual 100,000-unit quota from 27.5 per cent to 10 per cent.
In return, the UK will lower its average tariffs from 5.1 per cent to 1.8 per cent and grant broader market access to American goods, while the 10 per cent baseline tariff on most US trading partners remains in place.
Not everyone thinks this is a big deal though. Justin Wolfers, Australian Economist and a public policy scholar, said on Twitter that the agreement feels like an “almost-deal”.
He told CNN that the “deal” was more of a photo op and has “little macroeconomic significance” due to the level of trade between the two nations, while also calling Trump a “showman”:
https://x.com/JustinWolfers/status/1920442315048403402
That said, all eyes will be on the Swiss Alps this weekend to see if Trump’s team can strike a “real” deal with China.
Related: Bitcoin Core Ditches OP_RETURN Byte Cap, Stirring Debate on Network Modernisation
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