Bitcoin broke through $100,000 for the first time in three months, and cryptocurrency stocks rose in response

Key Points
Bitcoin price surged past $100,000 for the first time since early February, boosting stocks related to cryptocurrencies.
Shares of Coinbase rose, along with those of major Bitcoin buyer Strategy, and crypto miners Mara and Riot.
Bitcoin's rally coincided with President Donald Trump’s announcement of a trade agreement with the UK and hints at further deals, as well as his optimistic comments about upcoming talks with China scheduled for this weekend.
On Thursday, Bitcoin crossed the $100,000 mark for the first time since early February, triggering a rally in crypto-related stocks.

Bitcoin briefly reached $101,000, well above the overnight low of around $96,000, as investors welcomed the news of a US-UK trade agreement and the prospect of more deals to come. On Thursday, U.S. President Donald Trump said that “many other agreements” were in the “serious negotiation stage,” and expressed optimism about the upcoming weekend talks between U.S. and Chinese officials.

The latest developments on the trade front broadly lifted risk assets, with U.S. stocks posting strong gains. Investors had been looking for concrete progress in trade talks, amid concerns that tariffs proposed by the Trump administration could stall economic growth.

Crypto exchange Coinbase (COIN) saw its shares rise 6% in afternoon trading, while Bitcoin buyer Strategy (MSTR, formerly MicroStrategy) rose 7%. Bitcoin miners Riot Platforms (RIOT) and Mara Holdings (MARA) gained 7% and 8%, respectively.

Back in January, just ahead of Trump’s inauguration, Bitcoin briefly surged to around $109,000 on market optimism that the new administration would introduce crypto-friendly policies. Trump has made efforts to portray himself 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.

However, in recent months, concerns over the potential impact of Trump’s trade policies have weighed on risk appetite, pushing Bitcoin lower alongside U.S. equities. With today’s rally, Bitcoin is now up about 33% from its April low of $76,000.