Bitcoin tops $105K after U.S. and China agree to 90-day tariff cuts, boosting investor confidence and market momentum
The trade agreement breakthrough resulted from a weekend-long marathon of trade negotiations in Geneva, Switzerland, as stated in a joint statement. The United States has announced that it will temporarily reduce its tariffs on Chinese products from 145% to 30%.
Conversely, China has consented to reduce its tariffs on American-imported products from 125% to only 10%. Additionally, “a mechanism to continue discussions about economic and trade relations” has been agreed upon by two of the world’s largest economies.
U.S. Trade Representative Jamieson Greer, U.S. Treasury Secretary Scott Bessent, and Chinese Vice Premier He Lifeng will chair the discussions.
Amid economic recessionary concerns, this announcement was a refreshing change of pace. Since the joint statement, the Chinese yuan and the U.S. dollar have experienced an increase. It provided a much-needed lift to the crypto market, propelling Bitcoin to highs previously observed at the beginning of the year.
Bitcoin has surpassed the $100,000 threshold, according to data from Crypto.news. The largest cryptocurrency by market capitalization has experienced a 1.75% increase in the past 24 hours as of the time of this writing. It has reached its highest peak of the day thus far, trading at $105,505.
The market capitalization of Bitcoin has increased by approximately 1.76% over the past 24 hours, reaching $2.09 trillion. Following the price surge, BTC’s daily trading volume has also experienced a surge, increasing by 17.8% from the previous day. BTC has been experiencing an ongoing rally since the beginning of the month, with a 25% increase in the past 30 days.
News of the temporary tariff cuts between the U.S. and China have not only affected BTC, but other significant tokens like Ethereum, Ripple, and Solana have also been pulled along. To date, Ethereum has experienced a rise of over 2.7%, nearly reaching $2,600. In the interim, Solana experienced a 1.6% increase, and XRP rose by 2.17% to $2.41.