Bitcoin surges to $119K as US and China extend 90-day tariff pause, boosting investor confidence in risk assets.
In the face of low trading volumes, Bitcoin is experiencing an improbable Sunday Pump, which is propelling it toward the $120,000 threshold. The increase coincides with indications of an imminent 90-day tariff truce between the United States and China.
Bitcoin’s value surges to $119,000 as the global cryptocurrency market capitalization approaches $4 trillion
The Bitcoin price has experienced a nearly 2% increase over the past 24 hours, reaching $119,380, according to CoinMarketCap data. The price aggregator reports that the most prominent cryptocurrency has experienced a surge in trading volumes, reaching $50 billion, representing an 8.72% decrease in the past 24 hours.
Bitcoin’s all-time peak of $123,091 was achieved on July 13, and it is currently priced at only 2.88% below that level. The most recent price increase occurred as Bitcoin’s hashrate reached a new high of 932 EH/s, with a network difficulty of 127.62T.
The Bitcoin purchase signal issued by Strategy earlier in the day may have contributed to the anticipation of an imminent rally, as several institutional investors have expressed a strong desire to accumulate the most prominent cryptocurrency.
The charts show that the cryptocurrency markets are experiencing a cascading effect due to Bitcoin’s price surge. Ethereum is trading at a significant premium to the $3,825 mark, while BNB has reached a new all-time high of $825.
The open interest in Ethereum CME futures reached a record high of $7.85 billion due to a surge in institutional interest. In the interim, the global cryptocurrency market capitalization is estimated at $3.94 trillion. It is on the brink of surpassing the $4 trillion threshold, with Bitcoin as the primary driver.
The price hype is fueled by the US-China tariff pause
The United States and China are rapidly approaching an agreement to extend their tariff truce by an additional 90 days, according to a report by the South China Morning Post (SCMP). Delegations from both nations are scheduled to convene in Stockholm to resolve the specifics of a protracted trade negotiation.
SCMP reports that sources with knowledge of the matter have stated that both nations will agree to refrain from imposing additional tariffs on each other and to refrain from escalating the trade conflict with new policies. In May, both parties reached an agreement to temporarily eliminate the high tariffs on exports for 90 days while they pursued a bilateral resolution to the trade conflicts.
The Bitcoin price experienced a rebound during the previous round of negotiations in June, which also led to a rally in the broader cryptocurrency markets. The upcoming Stockholm meeting will mark the third attempt to reach an agreement, following two rounds of trade negotiations between the parties.
In the interim, US President Donald Trump is optimistic about the possibility of concluding numerous trade agreements before the August 1 tariff deadline. The United States is experiencing the effects of a trade agreement with Japan. At the same time, the European Union is the focus of attention due to an imminent agreement.
