NEW YORK: Bitcoin topped $100,000 on Thursday for the first time since early February, bolstered by a wide-ranging deal between the United States and the United Kingdom in a sign that perhaps President Donald Trump’s trade war with the rest of the world is easing.

By midday, bitcoin was trading at $101,329.97, a 4.7% gain on the day. The world’s biggest cryptocurrency has clawed its way back into positive territory for the year, although it remains below the record high of more than $109,000 reached in January.

Ether, the cryptocurrency for the Ethereum blockchain surged more than 14 per cent to $2,050.46 after earlier hitting its highest since late March.

“The retaking of $100,000 must go down as one of bitcoin’s more formidable feats and is a reminder that buying peak fear — just last month bitcoin was languishing around $74,000 — can be exceptionally lucrative,” Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment.

“The speed of the rebound to $100,000 amid a resumption of risk appetite sends a signal that $109,000 and above are in its sights, as buying from long-term holders — those holding for at least 155 days — more than offsets selling by short-term holders.”

Bitcoin and other crypto prices fell sharply between February and April, as traders fretted about Trump pushing through pro-crypto reforms more slowly than anticipated.

The US president’s announcement of widespread tariffs last month triggered a dash into safe havens, with bitcoin and other crypto prices tumbling in tandem with stocks and other higher risk assets.

Other cryptocurrencies have not recovered so strongly, with ether still 50pc off its late highs last year.

Joel Kruger, market strategist at fintech company LMAX Group, said institutional investor inflows into bitcoin exchange-traded funds, easing geopolitical tensions and Chinese measures to boost monetary stimulus had contributed to bitcoin’s surge.

Published in Dawn, May 9th, 2025