What tariff shock? Bitcoin surges past $100k as market recovery continues

Bitcoin surged past $100,000 on Thursday, marking its first time back at six figures since February and signaling a strong recovery from its April crash. 

Crypto’s flagship cryptocurrency has now gained 33% in just a few weeks after plunging to under $75,000 in response to former President Donald Trump’s unexpected tariff announcements, according to crypto.news data.

The rally coincides with a broader market rebound, with crypto equities and altcoins also bouncing back from the early April sell-off. 

Investors appear to be pricing in optimism surrounding a U.S.–UK trade deal.

Earlier May 8, President Trump announced a new trade deal with the United Kingdom, marking his administration’s first since imposing broad tariffs. The agreement reduces non-tariff barriers on U.S. goods like beef and ethanol, while cutting tariffs on British vehicles from 25% to 10%. 

Trump also expressed interest in future trade deals with the EU and China, and the House passed a bill to rename the Gulf of Mexico as the Gulf of America. 

Bitcoin to $120,000?

According to Standard Chartered’s Geoff Kendrick, real capital is entering the market through spot bitcoin ETFs — unlike earlier rallies, where much of the volume was linked to hedge fund basis trades. 

Kendrick now believes his earlier Bitcoin ( BTC ) target of $120,000 for Q2 may be too conservative.

Bitcoin dominance has climbed to over 60%, a level not seen since early 2021, suggesting traders are consolidating around BTC amid ongoing geopolitical uncertainty and waning appetite for altcoins.

In previous $100K rallies, dominance was closer to 52–54%.

Ethereum ( ETH ), Solana ( SOL ), and other major tokens are rebounding sharply as well, though many remain down significantly from their peaks earlier this year.