Bitcoin hits $104K as White House confirms US-China trade talks to end with a tariff deal to cut the trade deficit; details due Monday.
The price of bitcoin surpassed $104,000 due to the announcement of a breakthrough in U.S.-China trade negotiations conducted in Geneva, Switzerland, over two days. U.S. Treasury Secretary Scott Bessent characterized the discussions, which included senior officials from both countries, as productive, with “substantial progress” made.
The trade negotiations between the United States and China have concluded with an agreement
According to United States officials, the two-day discussions concluded with an agreement intended to decrease the U.S. trade deficit. Treasury Secretary Scott Bessent verified that the two delegations reached a consensus on numerous issues; however, the specifics will be disclosed on Monday.
Bessent declared, “We achieved significant progress in the highly significant trade negotiations between the United States and China.” The Swiss ambassador to the United Nations in Geneva hosted the US-China trade negotiations at his residence.
The agreement was also affirmed by United States Trade Representative Jamieson Greer, who described it as “a deal we struck with our Chinese partners.” He emphasized the rapidity with which both parties arrived at a resolution, implying fewer disagreements than had been anticipated.
Tariff Reduction Anticipated; However, Specifics Are Still Undetermined
The trade conflict was further exacerbated by President Donald Trump’s imposition of tariffs of 145% on Chinese imports. China implemented retaliatory tariffs at 125% in response. These measures impacted bilateral trade worth more than $600 billion.
Following the US-China trade negotiations, officials suggested that tariff reductions may be included in the new agreement. Nevertheless, Bessent declined to provide precise figures regarding the anticipated changes in tariff levels. Trump had previously proposed reducing tariffs to 80%; however, whether the Chinese delegation endorsed this figure is uncertain.
Kevin Hassett, the economic adviser for the White House, stated on Fox News that Beijing was “extremely enthusiastic” about repairing trade relations. He verified that the final terms reached in Geneva were thoroughly briefed and approved by President Trump.
Bitcoin Price Exceeds $104,000; is the ATH Ahead?
Cryptocurrency markets promptly responded to the news of the U.S.-China trade negotiations. Shortly after the announcement, the Bitcoin price breached the resistance level of $104,000. The Fear and Greed Index reached 70, which analysts attributed to the Bitcoin price surge, which was fuelled by the easing of global trade tensions and the subsequent increase in investor confidence.
At the time of publication, the price of Bitcoin was $104,354, which is 4% below its all-time high of $109,114, which was achieved in January.
The price of Ethereum also increased, regaining its value after a recent decline from a zenith of $2,500. Rekt Capital, a crypto trader, suggested on X that the Bitcoin price may be entering a price discovery phase, with the potential to reach new all-time highs above $110,000 shortly.
The BTC price pattern indicates the events that transpired after the announcement of the US-UK trade agreement last week. In the aftermath of that agreement, the price of bitcoin surged from $96,000 to $103,000 in less than 48 hours.
Trade Strategy signals increased Deals
The White House has indicated that additional trade agreements may be implemented. Hassett disclosed that Commerce Secretary Howard Lutnick and USTR Greer are currently discussing approximately twenty-two new trade agreements. He observed that these are custom agreements but adhere to the framework of the most recent trade agreement between the United Kingdom and the European Union.
The price of Bitcoin and other cryptocurrencies could be further fueled to an all-time high by these imminent agreements. Additional announcements of this nature may sustain the favorable momentum in digital assets, as traders are known to respond strongly to economic news.
Donald Trump also posted on Truth Social, describing the Geneva talks as “a total reset… in a friendly, but constructive, manner.” He concluded, “Excellent progress has been achieved!” without providing additional information.
U.S. officials anticipate releasing the complete agreement of the U.S.-China trade talks terms on Monday. This agreement will provide clarification on the trade volume targets and tariff changes.