Bitcoin Jumps Above $100,000 for the First Time Since Early February

The price of bitcoin rose above $100,000 for the first time since early February on Thursday, providing a jolt to crypto stocks.

Bitcoin was trading at $101,000, up from an overnight low of around $96,000, as investors welcomed news of a trade agreement between the U.S. and U.K. and the prospect of more deals. President Donald Trump said Thursday that "many other deals" are in "serious stages of negotiations," and expressed optimism that progress would be made in talks between U.S. and Chinese officials over the weekend.

The latest developments on trade provided a boost to risk assets broadly, as U.S. stocks also surged. Investors have been looking for concrete signs of progress on trade talks amid concerns that the tariffs the Trump administration has proposed will cause economic growth to stall.

Shares of cryptocurrency exchange Coinbase COIN rose 6% in early-afternoon trading, while bitcoin buyer Strategy MSTR added 7%. Bitcoin miners Riot Platforms R IOT and Mara Holdings MARA climbed 7% and 8%, respectively.

Bitcoin hit a record high of around $109,000 ahead of Trump's inauguration in January amid optimism that the new administration would adopt policies to benefit the crypto industry. Trump has made efforts to be seen as a pro-crypto president, including signing an executive order in March that laid the groundwork for a strategic bitcoin reserve and a broader U.S. digital asset stockpile.

But bitcoin stumbled in recent months, along with the U.S. stock market, as concerns about the potential impact of Trump's trade policy soured risk appetite. With Thursday's rally, bitcoin has now risen about 33% from its early-April low of $76,000.