Bitcoin (BTC) crossed the $104,900 threshold on Saturday night, posting a 2% gain after U.S. President Donald Trump announced substantial progress in trade negotiations with China.
The cryptocurrency rally rippled across the broader digital asset space, as Ethereum jumped over 10% to $2,600, while Dogecoin surged 21% to nearly $0.25. The market’s swift reaction highlighted its sensitivity to macroeconomic developments and global diplomacy.
The breakthrough stemmed from high-level talks held at Villa Saladin in Geneva, where U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held 10 hours of intensive negotiations. Talks are expected to resume on Sunday, raising hopes of easing trade tensions between the two superpowers.
Trump shared an optimistic update on Truth Social, stating:
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly but constructive manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!”
The President’s statement marked the most promising development in months of heightened trade tensions, prompting a ripple effect across financial markets. The cryptocurrency sector, in particular, responded positively, as digital assets are often viewed as hedges in uncertain geopolitical climates.
The U.S.-China trade war had escalated significantly last month when President Trump raised tariffs on Chinese goods to 145%. China retaliated with a 125% tariff on U.S. products. The standoff has disrupted trade worth approximately $660 billion between the two economies.
Additionally, the U.S. imposed a 20% tariff specifically targeting China’s fentanyl exports, while the remainder of the 125% duties stemmed from longstanding trade grievances, including market access restrictions and industrial policy issues.
Amid this backdrop of volatility, Bitcoin and other major cryptocurrencies experienced renewed investor interest. Analysts attributed the price momentum to both geopolitical developments and growing institutional involvement in the crypto space.
Earlier this week, Bitcoin exchange-traded funds (ETFs) saw a reversal in capital flow, recording $142 million in inflows—bouncing back from $85 million in outflows the previous day. Ark Invest’s ARKB ETF emerged as a top performer, attracting $54.7 million, according to data from Farside Investors.
Investor sentiment also shifted decisively into bullish territory, with the Crypto Fear & Greed Index climbing to 65 (Greed), up from a neutral stance the week before.
Bitcoin’s milestone surge above $104,900 underscored its growing role as a barometer of financial market sentiment, particularly in times of geopolitical uncertainty and evolving global trade policies.
As the Geneva talks continue into Sunday, market participants are expected to keep a close watch on developments that could significantly impact financial markets in the week ahead.
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