Bitcoin is closing in on $100,000 after US President Donald Trump teased a major trade deal

Bitcoin is trading at more than $99,500 as of 4:13 a.m. EST, the first time BTC has risen above $99K since Feb. 21

US President Donald Trump on Monday teased a "major trade deal," which is likely to be announced with the UK and could spark a new surge in crypto markets.

"BIG NEWS CONFERENCE in the OVAL OFFICE, at 10 a.m. E.S.T., to announce the MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY," Trump posted on his social media platform, Truth Social.

The post sparked a rise in crypto markets, with Bitcoin now trading at levels last seen in February. Trump's post comes after reports that US and Chinese trade negotiators will meet in Switzerland this week to discuss tariffs.

"We will be holding a BIG NEWS CONFERENCE in the OVAL OFFICE, at 10:00 A.M. E.S.T., to announce the MAJOR TRADE DEAL to be made with Representatives of a BIG, and HIGHLY RESPECTED, Country. THE FIRST OF MANY!"

The "big" trade deal will likely be announced with the UK, the New York Times reported. Meanwhile, the BBC reported that UK Prime Minister Kier Starmer will announce today a deal with the US on tariffs.

Bitcoin Breaks Above $99K For The First Time Since Mid-Feb

Bitcoin is trading at more than $99,500 for the first time since February 21, according to TradingView.

The rest of the top 10 largest cryptos by market cap followed Bitcoin's lead. Altcoin king Ethereum managed to break above $1,900 after a 5.1% surge, while Dogecoin was the top-performer on the list with a gain of 5.3%.

Earlier this year, Trump imposed tariffs on goods from the UK, threatening to escalate a trade dispute. However, the US president later said he was working to negotiate a trade deal with the UK that would "be a GREAT deal for both parties."

"I am pleased to announce that we have reached an agreement with the United Kingdom to eliminate tariffs on a significant portion of our bilateral trade," Trump said in January.

The tariffs were part of Trump's broader trade war, which saw him impose tariffs on goods from China, Canada, and Mexico. The president argued that the tariffs were necessary to protect American jobs and businesses.

However, the tariffs led to higher prices for consumers and businesses, and they damaged economic relations between the US and its trading partners.

The tariffs on goods from the UK were part of a broader trade dispute that arose after the UK's departure from the European Union. The UK government had imposed tariffs on goods from the EU in an effort to protect British farmers and food producers.

In response, the Trump administration imposed tariffs on goods from the UK, including Scotch whisky and cheese. The tariffs were set to take effect on March 1, but they were postponed several times as the two sides tried to negotiate a trade deal.

Ultimately, the tariffs were never imposed, and the two sides reached an agreement to eliminate tariffs on a significant portion of their bilateral trade. The agreement also covered issues such as digital trade and government procurement.

The agreement was announced by Trump and British Prime Minister Boris Johnson in January at the World Economic Forum in Davos, Switzerland.

"We are going to be making a major trade deal with the United Kingdom and other countries," Trump said at the time. "We have already started the process and we are going to be able to do some incredible things."

The tariffs on goods from the UK were a major point of contention between the two countries. The Trump administration had threatened to impose tariffs of 25% on cars and 10% on other goods from the UK if the two sides did not reach a trade deal by January 1.

The tariffs were part of Trump's broader trade war, which saw him impose tariffs on goods from China, Canada, and Mexico. The president argued that the tariffs were necessary to protect American jobs and businesses.

However, the tariffs led to higher prices for consumers and businesses, and they damaged economic relations between the US and its trading partners.

The tariffs on goods from the UK were a response to tariffs that the British government had imposed on goods from the EU following the UK's departure from the bloc. The UK government's tariffs were part of an effort to protect British farmers and food producers from competition from the EU.

In response to the UK's tariffs, the Trump administration threatened to impose tariffs of 25% on cars and 10% on other goods from the UK. The tariffs were set to take effect on March 1, but they were postponed several times as the two sides tried to negotiate a trade deal.

Ultimately, the tariffs were never imposed, and the two sides reached an agreement to eliminate tariffs on a significant portion of their bilateral trade. The agreement also covered issues such as digital trade and government procurement.

The agreement was announced by Trump and British Prime Minister Boris Johnson