Bitcoin Soars to $98,933 Amid Trump's Trade Deal Tease

Surge Follows Trump's Cryptic Announcement on Truth Social

Hang onto your hats, crypto fans! Bitcoin just rocketed to a jaw-dropping $98,933 on May 8, skyrocketing 2.6% in just 24 hours. The crypto world is buzzing after President Donald Trump dropped a bombshell on Truth Social, hinting at a massive trade deal on the horizon.

Trump's May 8 post set the stage for a dramatic Oval Office press conference the next day, where he promised to unveil a "major trade deal" with a "big" and "highly respected" country. He teased that this is just the beginning, with more international agreements possibly in the pipeline. The crypto market is on the edge of its seat, waiting to see what unfolds.

While Trump kept the country's identity under wraps, whispers around town suggest it might be the United Kingdom. Traders are buzzing with excitement, seeing this as a potential game-changer for easing global trade tensions. Tariffs have been a thorn in the market's side lately, causing wild swings in both stocks and crypto.

Bitcoin hit its last peak at $109,000 on Jan. 20, right before Trump's big inauguration. But then, bam! The U.S. slapped tariffs on China in April, sending Bitcoin tumbling from over $88,000 to a gut-wrenching low of $74,500. Since then, it's been clawing its way back up, thanks to a surge in exchange-traded funds, a softer dollar, and a boost in investor confidence.

Hold onto your seats, because there's more! Treasury Secretary Scott Bessent is set to meet with Chinese bigwigs in Switzerland this week. This is huge, folks, especially since U.S.-China relations have been frosty ever since those April tariff hikes. This meeting could be the first real shot at breaking the tariff deadlock that sent Bitcoin crashing below $75,000 before its recent comeback.

Bitcoin's recovery isn't just about trade deals. The Federal Reserve's decision on May 7 to keep interest rates steady between 4.25% and 4.50% gave markets a sigh of relief. Fed Chair Jerome Powell admitted there's "heightened uncertainty" thanks to Trump's trade moves, but he's confident in the economy's resilience and low unemployment. He also noted that inflation is still a bit too high for comfort.

With all this momentum and the macro scene stabilizing, Bitcoin breaking the $100,000 barrier in the next few days seems more than just a dream. Bulls are watching with bated breath as the crypto king tests this crucial psychological threshold.