US-China trade talks end for the day in Geneva, set to resume tomorrow as both sides seek an agreement.
The highly anticipated trade war negotiations between the United States and China commenced today in Geneva, Switzerland. Nevertheless, negotiations will persist tomorrow, as neither party has reached a consensus. In the interim, crypto market participants remain on the sidelines, anticipating that the two largest economies will resolve this ongoing trade conflict, significantly enhancing the value of Bitcoin and other crypto assets.
Trade negotiations in the ongoing US trade war will continue tomorrow
The trade talks between US and Chinese officials concluded on Saturday, as the Wall Street Journal reported, and are scheduled to resume tomorrow. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer presided over the negotiations for the United States. They lasted for at least eight hours but concluded without an agreement being proclaimed.
US President Donald Trump had demonstrated good faith before the meeting by proposing a reduction in tariffs on Chinese products to 80%. The ongoing US-China trade conflict was initiated by Trump’s imposing a 145% tariff on certain Chinese goods. China responded by imposing a 125% tariff on US products.
The crypto market has been adversely affected by this trade war, as the Bitcoin price has already plummeted to as low as $76,000 since it commenced in April. Even though BTC and the broader crypto market have since recovered, analysts like Fefe have proposed that a settlement between both parties could drive the crypto market higher.
The flagship cryptocurrency experienced a decline from its intraday peak of $104,065 in response to the meeting between the United States and China. The next move of BTC may be determined by the outcome of the US-China trade conflict talks tomorrow, which is causing market participants to remain on the sidelines.
Crypto analyst Rekt Capital commented on Bitcoin’s rejection at $104,000, suggesting that it was all part of the strategy to achieve a new all-time high. According to the analyst, BTC must maintain a level of support above the $97,000 to $99,000 range. According to Rekt Capital, the premier crypto is expected to reach new highs if it maintains its position above this support.
