Bitcoin surged toward the $100,000 threshold early Thursday after President Donald Trump teased an imminent announcement regarding a major trade deal with a “big, highly respected country.”

Trump is set to hold a press conference at 10 a.m. ET to disclose details of the deal, which he suggested would be the “first of many.” While the identity of the country remains unclear, some sources speculate that it could involve the United Kingdom. The potential rollback of tariffs could help ease inflationary pressures, creating a more conducive environment for investments in risk assets, including cryptocurrencies.

Bitcoin saw a more than 5% increase in the past 24 hours, extending its rally as broader macroeconomic conditions improve. A combination of declining bond yields, a weakening U.S. dollar, and fresh institutional interest in spot bitcoin ETFs has fueled the recent upward momentum.

This announcement comes amid growing political pressure on U.S. policymakers to counter China’s expanding influence and to rejuvenate domestic manufacturing. While details of the trade deal are still under wraps, any tariff reductions could trigger an immediate boost to the prices of risk assets, such as Bitcoin.