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Bitcoin soared past $100,000 on Friday, reaching a three-month high of $103,885.4, as investor sentiment improved following U.S. President Donald Trump's trade deal announcement with the UK and hints of easing tariffs on China. The leading cryptocurrency climbed 5.1% to $102,721.8 by late evening, marking its third consecutive week of gains and extending its rally from late April.
The broader crypto market rallied in tandem with global risk assets. Trump's comments about potentially halving China tariffs—from 145% to 50%—ahead of upcoming U.S.-China trade talks in Switzerland significantly boosted investor confidence. Additionally, Commerce Secretary Howard Lutnick noted the U.S. will roll out dozens of trade deals soon, reinforcing bullish sentiment in financial markets.
Although Bitcoin isn’t directly impacted by trade policies, improved risk appetite tends to benefit speculative assets like cryptocurrencies.
Meanwhile, Coinbase (NASDAQ:COIN) reported weaker-than-expected Q1 earnings, with profits falling short of forecasts due to increased expenses. Its stock dropped nearly 3% in after-hours trading. However, a 17.3% rise in transaction revenue highlighted strength in its retail trading business. Coinbase also announced a $2.9 billion acquisition of crypto derivatives exchange Deribit, signaling a strategic expansion.
Altcoins followed Bitcoin’s rally. Ethereum jumped over 20% to $2,211.12 after the successful rollout of the Pectra upgrade—its biggest network improvement since the 2022 Merge. XRP, Solana, and Cardano gained between 8.7% and 13.5%, while Polygon surged 14%.
Meme coins also saw a jump, with Dogecoin climbing 13% and the $TRUMP token gaining 15.6%.
With strong momentum and easing macro uncertainty, crypto markets appear poised for continued upside in the near term.
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