Bitcoin Surges 7% to 104K as US-UK Trade Deal Eases Tensions

On May 9th, U.S. President Trump and UK Prime Minister Starmor announced the first trade agreement between their nations. This agreement involves the cancellation of some non-tariff barriers, including the elimination of UK steel and aluminum tariffs, a reduction in U.S. car tariffs to 10% for the UK, and the revocation of a 2% digital tax on U.S. e-commerce by the UK. The agreement aims to ease trade tensions and boost market confidence. However, the agreement remains framework-based, with no substantial concessions in sensitive areas and a 10% baseline tariff retained. The overall policy direction remains uncertain. Trump also mentioned that if U.S.-China negotiations progress smoothly, he will consider reducing tariffs.

In response to this positive news, Bitcoin experienced a significant surge, breaking through the 100K mark and reaching a high of 104K at one point, with an intraday increase of over 7%. The progress in U.S.-China and UK-U.S. negotiations has helped to reduce geopolitical risks, contributing to the bullish sentiment in the cryptocurrency market. However, analysts suggest that it is not advisable to chase high after Bitcoin breaks out of its range in the short term. It is recommended to wait for a pullback to position oneself, while also paying attention to next week's CPI, PPI, and negotiation progress. Prudently allocating assets to avoid risks is also advised.