Bitcoin soared above $113,000 late Sunday, its highest level in nearly two weeks, as traders welcomed signs of progress in U.S.-China trade talks that eased fears of a new tariff spiral.
The two countries’ top negotiators said they had reached a “preliminary consensus” on several contentious issues – including export controls, fentanyl and shipping taxes – while US Treasury Secretary Scott Bessent told CBS that President Donald Trump’s threat of 100% tariffs on Chinese goods was “effectively off the table”.
The comments come after two days of talks in Malaysia and ahead of a planned meeting between Trump and Xi to finalize a broader deal.
This feeling of risk in global markets. U.S. and Asian stock futures rose, and gold retreated slightly from recent highs as traders turned their attention back to risk assets.
Crypto Joined Uptrend, Along With Ether adding 2.6% to trade near $4,060, while BNB and Solana gained about 4.5% each. XRP jumped 2.3% to $2.64, extending last week’s rally driven by ETF optimism. Tron’s TRX was the only major token in red, down 2.9%.
The broader crypto market capitalization rose 1.8% to $3.72 trillion, according to CoinGecko data, reversing some of the declines that followed this month’s cascade of liquidations.
Analysts say the talk of trade easing has given traders breathing room after weeks of macroeconomic-driven volatility.
With less than a week until the Federal Reserve’s next policy meeting, a lasting breakout will likely depend on the central bank’s dovish stance. For now, the relief on the geopolitical front has been enough to let the crypto expire – and prevent Bitcoin’s October from ending in its worst since 2015.
