Bitcoin (BTC) surges to $99,686 after Trump teases a major US-UK trade deal, sparking bullish momentum and $83.6M in short liquidations.

Crypto market cap hits $3.07T as analysts debate if Bitcoin's rally is driven by real fundamentals or "buy the rumor" hype.

Cryptocurrency prices rose on Friday, with Bitcoin climbing to nearly $99,686, as U.S. President Donald Trump teased a major U.S.-U.K. trade deal, sparking bullish momentum and saw $83.6 million in shorts liquidated.

What Happened: Trump announced a press conference for 10 AM ET to announce a groundbreaking trade agreement with a "highly respected country," which The New York Times later identified as the United Kingdom.

The post has brought fresh optimism to global markets and fueled a broader crypto market rally.

Bitcoin's rise is backed by strong market activity, with $83.6 million in shorts liquidated and open interest jumping 26% to $64.4 billion, signaling bullish momentum. A key reversal pattern is still active, suggesting a potential push toward $100,000 and beyond.

While Bitcoin is now very close to the $100,000 mark, ongoing market fluctuations and a lack of concrete deal details keep some doubts in play.

"Could this be the classic case of ‘buy the rumor, sell the news’ with traders piling into the market anticipation of a U.S.-U.K. trade deal, only to be disappointed by the lack of detail in the joint statement?" Intertwined, some suggest this is Trump blatantly manipulating the markets to get the desired price action in stocks and crypto. As the saying goes, ‘don’t fight the Fed, but do fight Trump’ when it comes to market movements," influencer Loma said.

This is a developing story. Stay tuned to Benzinga for more coverage.