Investing.com-- Bitcoin jumped on Friday, extending a recent rally above key levels as risk appetite was boosted by U.S. President Donald Trump announcing a trade deal with the UK and touting some hopes for a tariff deescalation with China.

The world’s largest cryptocurrency was primed for a strong weekly performance as it blew past the coveted $100k level on Thursday. The crypto was also headed for a third straight week of gains, as it extended a rally from late-April.

Bitcoin rose around 4% to $103,280.0 by 09:39 ET (13:39 GMT). The coin had risen as far as a three-month high of $103,885.4 earlier.

Bitcoin boosted by Trump trade optimism

Bitcoin moved largely in tandem with gains in broader risk-driven markets, after Trump announced a trade deal with the UK and said he could eventually lower trade tariffs against China.

While the economic implications of the UK trade deal are not expected to be vast, Trump’s comments on China boosted sentiment, especially as U.S. officials prepare to meet their Chinese counterparts in Switzerland this weekend.

Separately, Commerce Secretary Howard Lutnick said the U.S. planned to announce dozens of trade deals in the coming month. A New York Post report said that Trump could slash his China tariffs to 50% from 145%, representing a major deescalation in their ongoing trade war.

While Bitcoin is not directly impacted by global trade disruptions, improving risk appetite is likely to boost crypto prices, given their highly speculative nature.

Coinbase Q1 earnings disappoint, shares fall

Top U.S. crypto exchange Coinbase Global Inc (NASDAQ: COIN ) on Thursday reported a drop in first-quarter profit, which also missed Street expectations.

The miss sent the exchange’s shares down nearly 3% in aftermarket trade, especially as Coinbase logged substantially higher expenses in the quarter.

Still, a 17.3% rise in Coinbase’s transaction revenue indicated that the company’s core retail trading business remained robust.

The company said earlier Thursday that it will acquire crypto derivatives platform Deribit for $2.9 billion in cash and equity.

Crypto price today: altcoins surge, Ether soars on chain upgrade

Broader crypto prices advanced tracking strong gains in Bitcoin. World no.2 crypto Ether was an outperformer, rallying nearly 20% to $2,350.92 after Ethereum activated its Pectra upgrade- its most significant overhaul since the Merge in 2022.

XRP , Solana , and Cardano rose between 8% and 11%. Polygon surged 12%.

Among meme tokens, Dogecoin rose roughly 13%, while $TRUMP soared over 18%.

Ambar Warrick contributed to this report.