Bitcoiners expect Bitcoin to soon break past $100,000 and potentially hit a new all-time high as US President Donald Trump is set to announce a trade deal with the UK.

Trump said in a May 7 Truth Social post that a “major trade deal” with a “big, and highly respected, country” would be announced on May 8, which The New York Times reported would be the UK, citing three people familiar with the plans.

Bitcoin inches toward $100,000

When Trump published his post, Bitcoin (BTC) was trading at around $97,759 and has since crept up closer to the psychological $100,000 price level to trade at $99,140 at the time of publication, according to CoinMarketCap data.

Bitcoin is trading at $99,140 at the time of publication. Source: CoinMarketCap

Several Bitcoiners and analysts are crediting the rally toward $100,000 to speculation surrounding the trade deal.

Australian crypto exchange BTC Markets’ head of finance, Charlie Sherry, told Cointelegraph that “as everyone else was looking down and calling for lower,” Bitcoin’s price did the opposite.

“As is often the case in markets, just when consensus leans heavily bearish, price bottoms form and new market structures start to emerge.”

Sherry said it is possible that the trade deal is already getting priced into Bitcoin.

“While we may see psychological resistance at the $100k mark, it seems inevitable Bitcoin puts another zero on the board,” Sherry added.

FOMO21 co-founder Neil Jacobs said on X that the Bitcoin rally was primarily due to Trump’s announcement. 

Crypto entrepreneur Anthony Pompliano said the incoming trade deal “means odds are increasing we hit new all-time highs in 2025.” 

Bitcoin reached its current all-time high of $109,000 on Jan. 20, just hours before Trump’s inauguration.

Pandora CEO Sahib Anandsongvit said that he “can’t stop to think” how Bitcoin was $80,000 only a few weeks ago, pointing out Bitcoin’s $98,000 price at the time of the post and reiterating Trump’s looming trade deal. Bitcoin last traded at the $80,000 price level on April 11 and only reclaimed $90,000 on April 22.

Related: Bitcoin returns to $98K as Fed holds rates steady despite Trump’s demand

Trump’s post came just hours after the US Federal Reserve announced that it would keep interest rates at 4.25% to 4.50% despite mounting pressure from Trump to lower interest rates.

Bitcoin has not hit $100,000 since Feb. 1 after Trump proposed import tariffs on China, Canada and Mexico. Meanwhile, crypto market participants appear to be more bullish on the overall market, with the Crypto & Fear Index reading a “Greed” score of 65.

Bitcoin’s 3% increase over the past 24 hours has led to approximately $96 million in short positions liquidated, according to CoinGlass data.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Group of Seven (G7) leaders could discuss North Korea’s escalating cyberattacks and crypto thefts at an upcoming summit in Canada, mid-next month.

Conflicts in Ukraine and Gaza will dominate discussions, but North Korea’s increasing cyber threats and crypto hacks have become a major concern requiring a coordinated international response, Bloomberg reported on May 7, citing people familiar with the plans.

The people said North Korea’s nefarious cyber operations are alarming, as the stolen crypto has become a key funding source for the regime and its programs. 

North Korean-affiliated hacking groups such as the Lazarus Group have already stolen billions of dollars worth of crypto this year, including pulling off the $1.4 billion hack on Bybit in February, the largest ever for the crypto industry.

North Korean-linked hackers also stole more than $1.3 billion through 47 crypto heists during 2024, according to blockchain analytics firm Chainalysis. The US, Japan and South Korea warned in January that North Korea also deployed tech workers to infiltrate crypto companies as insider threats.

North Korea’s crypto-related hacking activity by year. Source: Chainalysis

North Korean “information technology (IT) workers also present an insider threat to private sector partners,” the statement read.

The illicit proceeds from these high-profile hacks have helped the hermit kingdom circumvent international sanctions and fund its weapons development programs, according to a US Treasury report in September.

Related: North Korean crypto attacks rising in sophistication, actors — Paradigm

In April, a group affiliated with Lazarus set up three shell companies, with two in the US, to deliver malware to unsuspecting users and scam crypto developers. 

Attempt to infiltrate crypto exchange

Earlier this month, crypto exchange Kraken detailed how it foiled an attempt by a North Korean hacker to infiltrate its organization.

Kraken’s chief security officer, Nick Percoco, conducted trap identity verification tests that the candidate failed, confirming the deception. 

Cyber threat intelligence expert at Telefónica and blockchain security researcher, Heiner Garcia, also uncovered how North Korean operatives secured freelance work online.

In February, Garcia invited Cointelegraph to take part in a dummy job interview he had set up with a suspected North Korean operative, who accidentally shared details that linked him to the nation’s crypto scams.

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The US Office of the Comptroller of the Currency (OCC) has confirmed banks under its jurisdiction can trade crypto on behalf of customers and outsource some crypto activities to third parties. 

Acting comptroller Rodney Hood said in a May 7 letter that banks and federal savings associations can buy and sell crypto they hold in custody at customers’ direction.

The OCC added in a press release that financial institutions can also outsource bank-permissible crypto activities, including custody and execution services, to third parties in compliance with applicable law.

“Additionally, these banks may provide other custody services, including record keeping, tax or reporting services for their customers,” Hood said in a May 7 video posted to X. 

OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL

— OCC (@USOCC) May 7, 2025

“OCC banks may use a sub-custodian to provide the same services subject to appropriate third-party risk management practices, while a range of cryptocurrency and digital asset activities may be performed by banks and their third parties,” he added. 

Previously, the OCC eased its stance on how banks can engage with crypto on March 7 by giving the green light for crypto-asset custody, some stablecoin activities, and participation in independent node verification networks such as distributed ledgers. 

“More than 50 million Americans hold some form of cryptocurrency. This digitalization of financial services is not a trend; it is a transformation,” Hood said. 

The OCC is an independent bureau within the US Department of the Treasury that regulates and supervises all national banks and also the federal branches of foreign banks.

Industry supports the OCC letters 

Katherine Kirkpatrick Bos, general counsel at ZK-rollup developer StarkWare, said the letters signal a “shift in the OCC’s approach,” which now appears to favor a focus on integrating crypto within banking frameworks. 

“More guidance will give further clarity [and] will allow banks to re-enter crypto [without] the fear of existential regulatory risk,” she said. 

She added the OCC’s “explicit permission today allowing banks to outsource bank-permissible crypto-assets is a boon to regulated crypto native service providers.” 

Source: Katherine Kirkpatrick Bos

Chief policy officer at crypto exchange Coinbase, Faryar Shirzad, also applauded the move, saying in a May 7 post to X, Hood’s commitment to “regulatory clarity, as well as his adherence to supervisory best practices and the letter of the law,” is appreciated. 

The Trump administration has taken a friendlier attitude toward crypto since coming into power in January. 

Related: The lessons learned at Operation Chokepoint 2.0 Congressional hearings

In April, the US Federal Reserve announced it was withdrawing guidance that was created to deter banks from engaging in crypto and stablecoin activities.

US President Donald Trump also signed a joint congressional resolution on April 11, overturning a Biden administration-era rule that would have required decentralized finance protocols to report transactions to the Internal Revenue Service.

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