The crypto market reacted positively to President Donald Trump confirming that the U.S. will sign its first trade deal with the U.K. since the tariff escalations.
The crypto market cap stood at $3.2 trillion at the time of writing. Bitcoin is nearing the $100,000 price mark for the first time since early February.
As per Kraken's price feed, Bitcoin was trading at $99,563.23 at press time.
Trump wrote on Truth Social on May 8 that the U.S.-U.K. trade agreement is "full and comprehensive" that will cement the relationship between the two countries for many years to come.
This trade deal is the first announcement, Trump said and added more other deals, which are in serious stages of negotiation, will follow. There will be a press conference at the Oval Office soon.
On Apr. 25, the Treasury Secretary Scott Bessent met with the U.K.'s Exchequer Chancellor Rachel Reeves to discuss the need for progress on "fair and reciprocal trade" as Donald Trump pursues an "America First" economic agenda.
Trump first announced the tariff hikes on Apr. 2 and paused them for all countries except China for 90 days on Apr. 9. The Trump administration said it hoped to strike 90 trade deals over the freeze period.
However, no such deal has taken place so far. If confirmed, the US-UK trade deal would be the first one.
The representatives of the U.S. and China are also set to meet in Geneva later this week.
The tariff war sent shockwaves into the crypto market as its market cap dipped as low as $2.5 trillion.