Bitcoin zoomed close to $100,000

Bitcoin prices shot up close to the $100,000 mark early Thursday as President Donald Trump teased an imminent announcement of a tariff deal with a “big, highly respected country.”

Trump will host a “major” trade deal press conference at 10 a.m. ET, where he plans to unveil the tariff deal, which is said to be the “first of many.”

The country involved in the deal remains undisclosed. However, some reports suggest it could be the U.K., with rumors swirling about a potential trade deal to boost cooperation in technology, artificial intelligence, and other areas.

Easing tariffs could help reduce inflationary pressures and improve the environment for investing in crypto, tech, and other high-beta assets, which have been battered by the Fed’s interest rate hikes.

Bitcoin has risen more than 5% in the past 24 hours, continuing its weeklong rally amid improving macroeconomic conditions.

This rally is being driven by a combination of declining bond yields, a weaker dollar, and renewed institutional inflows into spot bitcoin ETFs.

The announcement also comes amid increasing pressure on U.S. leaders from both parties to counter China’s growing influence and reshore manufacturing.

While the full scope and implications of the tariff deal remain veiled, any reduction in tariffs could quickly provide a boost to risk asset prices.