The first four months of the year have not been great for a host of global markets. However, this week saw the cryptocurrency sector undergo a massive shift. Indeed, for the first time since February, Bitcoin has retaken the $100k level, but why is BTC up so much today?
The leading cryptocurrency isn’t alone. Specifically, Ethereum—the second largest crypto by market cap—has also broken through the $2,000 level in a key move upward. The overall response by traders appears to be rooted in a growing bullish sentiment, supported by notable geopolitical developments.
JUST IN: $101,000 Bitcoin pic.twitter.com/CNPlYu7GCk
— Watcher.Guru (@WatcherGuru) May 8, 2025
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Bitcoin Retakes $100,000 For 1st Time In Nearly Three Months
On Thursday, Standard Chartered Bank digital asset head Geoffrey Kendrick made an interesting observation about his Bitcoin projection. Specifically, he apologized for his previous $120,000 Q2 target. Indeed, he noted that the forecast “may be too low.”
Since that statement was made, the leading cryptocurrency has been on a tear. Specifically, Bitcoin surged beyond the $100k level for the first time since February, but why is BTC up today? There are several reasons, but one key appears to be the recently announced trade deal between the US and the UK.
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Global markets have been down since the United States announced America-first tariff plans. It was renegotiating with nations as citizens feared the isolation that came with the protectionist approach. However, the UK trade deal quells those fears, showing new deals to balance trade to the administration’s liking are possible.
The announcement triggered a run for the entire sector. Ethereum jumped 12%, Solana increased 9%, and Dogecoin has skyrocketed 11% since the new deal was announced. Yet, Bitcoin appears to have been hardly harmed by the original tariff plan.
Since its announcement on April 3rd, the asset is up 16%. Moreover, it has outperformed nearly all global markets. If anything, its jump today proves that the crypto is among the most promising investments available in a down 2025.
