Bitcoin's value surged to $98,933 on May 8, marking a 2.6% increase within 24 hours. This uptick follows President Donald Trump's announcement of an impending "major trade deal" with a "big" and "highly respected" country, fueling market optimism. While the specific nation remains unnamed, reports suggest the United Kingdom is the likely partner.

The Federal Reserve's decision to keep interest rates steady between 4.25% and 4.50% further bolstered investor sentiment. Fed Chair Jerome Powell cited the economy's resilience and low unemployment as reasons for maintaining current rates, despite acknowledging ongoing inflation.

The combination of anticipated international trade agreements and stable monetary policy has contributed to Bitcoin's recent price rally, reflecting increased confidence in the cryptocurrency market.