“The price jump comes on the heels of a trade agreement between the U.S. and U.K., as well as breaking news that U.S. and Chinese officials are preparing for renewed trade talks in Switzerland,” Nicholas Roberts-Huntley, cofounder and CEO of blockchain infrastructure Blueprint Finance, tells Fortune.
While the details of the U.K. deal have yet to be finalized, Trump said that he would roll back tariffs imposed on British automobiles, aluminum, and steel but leave a 10% baseline tariff in place. In return, the U.K will increase market access to billions of dollars’ worth of American exports including ethanol, beef, and soft drinks.
“With these deals, there is hope for more such concessions, and with more deals and concessions will come more certainty and better market conditions,” Charles Wayn, cofounder of crypto data company Galxe, told Fortune.
