Bitcoin finally reclaimed the price mark of $100,000 on May 8 after more than three months.
Ethereum also reclaimed the $2,000 mark after more than a month.
The price rally comes amidst the latest developments around the tariffs escalated by President Donald Trump.
Trump announced a “historic deal” with the U.K. on May 8. This is the first trade agreement Trump’s administration has struck since the president hiked tariffs on all countries on Apr. 2.
As per the latest deal, the U.K. will slash non-tariff barriers to U.S. products, including beef, ethanol fuel, machinery, and chemicals, the president said.
However, the 10% baseline tariff imposed on dozens of countries will remain in place, while tariffs on British vehicles will fall from 25% to 10% to match that baseline, Commerce Secretary Howard Lutnick said.
Trump also hinted that a deal with the European Union is also on the cards. His administration will meet the Chinese representatives in Geneva on May 10.
The Asian superpower is the only country that got no exemption from the 90-day tariff pause announced by Trump on Apr. 9. While the U.S. levies a 145% tariff on Chinese imports, China levies a 125% tariff on U.S. imports.
The crypto market suffered a great deal in the aftermath of the tariff war as its market cap fell as low as $2.5 trillion on Apr. 9. It has recovered since then and stood at $3.25 trillion at the time of writing.
As per Kraken’s price feed, Bitcoin was trading at $100,504 at press time — its highest point since Feb. 4. Meanwhile, Ethereum was trading at $2,015.73 at press time.
