Bitcoin surges to $108,000 when we meet with Chinese officials to discuss tariffs
Bitcoin jumped to $108,000 on Monday after hovering nearly $105,000 for most of the weekend. Trade Contract.
According to Bitcoin rose 2% on Monday Binancebriefly touch $108,900 before dropping slightly. The bump comes as investors are optimistic about possible solutions Trade Disputes The United States and one of its biggest trading partners. Treasury Secretary Scott Bescent and Vice Prime Minister of China for Economic Policy lead each delegation negotiation It is expected to start on Monday and continue until Tuesday. New York Times.
This week’s talks are part of President Donald Trump’s ongoing campaign to force US trading partners to grant various demands by threatening to impose heavy tariffs on foreign imports. After Trump announced Sweeping Customs Policy In April, it affected almost all US trading partners, and the president allowed a 90-day suspension to allow time for negotiations.
However, the suspension did not include China’s tariffs, which were raised to 145%. The policy led to retaliatory collections from China, leading many investors to flee the US market, fearing the outcome of a potential trade war. Bitcoin fell to a low of $75,000 a year as tensions between the nations escalated.
After a summit in Geneva last month, Trump reversed the course and announced on May 12 that the US and China had reached it. agreement The two countries will hold additional consultations to temporarily lower tariffs and reduce tensions. Bitcoin surged to an all-time high of $111,000 on May 22 following news of the deal.
However, the ceasefire did not last long. Trump accused China of rejecting the contract over a dispute over China’s rare earth magnet exports. Trump I wrote it On the True Social of May 30: “It’s probably not surprising, but it’s completely violated the agreement we have with us.
To save the fraying trade contract, Trump and Habit spoke on the phone for the first time in months last week. Following on to 90 minute phone callTrump has announced that the top officials of both countries will meet in London this week to resume negotiations.
Another factor that could be contributing to the surge in Bitcoin prices is the rise in crypto-related IPOs. Last week, Stablecoin Giant Circle was published on the New York Stock Exchange and saw its stock Over 168% popjumps from $31 to $69 on the first day of the transaction. Gemini, Crypto exchange founded by Winklevoss Twins, Submitted to the IPO On Friday, another example of the crypto industry being more entangled with traditional finance.
“While the IPO bump is likely to be short-term excitement, long-term institutional positioning has become bullish about Bitcoin’s continued performance in 2025,” said David Siemer, CEO of Crypto Asset Management Company Digital Assets. luck.
This story was originally introduced Fortune.com