US and China Agree to Lower Tariffs, Bitcoin Price Surges to $105,000
Over the weekend, the White House confirmed a de-escalation in the US-China trade war, with both countries agreeing to lower tariffs temporarily. The US reduced tariffs on Chinese goods from 145% to 30%, while China cut tariffs on US goods from 125% to 10% for 90 days.
Impact on Bitcoin
- Investor optimism in Bitcoin and altcoins has risen due to the easing tensions.
- Crypto trader Daan Crypto noted that during previous trade war peaks, Bitcoin outperformed stocks.
- BTC rose 27% from $75,000 to $495,000 in April despite declining US stock indices.
- Daan Crypto suggests that if trade uncertainty was boosting BTC's performance, it may decline if the deal is finalized.
- He concluded that tariffs likely have minimal direct influence on BTC’s perception and use.
Bitcoin Price Movement
- Following the trade talk developments, BTC price jumped to $105,000.
- Analyst Rekt Capital indicated a potential all-time high is on the horizon.
- A weekly close above approximately $104,500 could trigger a significant price surge.
- This breakout would mark the start of "Price Discovery Uptrend 2," leading BTC into a new phase.