US-China Trade Deal Sparks Bitcoin Rebound
- Bitcoin rebounded from below $118K to $110K following the announcement of a one-year trade deal between the US and China.
- Overall US tariffs on Chinese goods were reduced from 57% to 47%, with specific tariffs on fentanyl-related products lowered to 10%.
- Spot Bitcoin ETFs in the US faced a total net outflow of $471 million, with BlackRock’s IBIT seeing an outflow of $88.1 million.
- Trading volume for Bitcoin remained flat at around a decrease of only about 2% over the last day.
- The broader crypto market also saw gains, with Ethereum, XRP, and Cardano rising over 1% within an hour after the deal was announced.
The recent trade agreement between US President Donald Trump and Chinese President Xi Jinping has alleviated investor concerns, contributing to a positive shift in the cryptocurrency market. Analysts expect this collaboration may further bolster recovery in Bitcoin and other cryptocurrencies.
Currently, Bitcoin is trading near $110,250, down slightly from earlier highs but showing signs of recovery following significant geopolitical developments.(Source)
