Hours after the US announced trade agreement with China, Bitcoin surged and even briefly touched $104,980.
US-China Trade Begins, Bitcoin Rises!
BREAKING: U.S. Announces China Trade Deal in Geneva pic.twitter.com/JjgvYAvAGe
— The White House (@WhiteHouse) May 11, 2025
The White House announced that the United States has reached a trade agreement with China during negotiations held in Geneva. US Treasury Secretary Scott Bessent and US Trade Representative Ambassador Jamieson stated that the talks, which lasted two days, made “substantial progress.” Attendees included Bessent, Ambassador Jamieson, the Chinese Vice Premier, and two Deputy Ministers.
The United States is currently facing a $1.2 trillion trade deficit. In response, President Trump declared a national emergency and imposed tariffs, causing these negotiations aimed at resolving what the administration considers a “national emergency.”
Both the countries have expressed satisfaction with the outcome, noting that the differences were not as significant as initially thought. As a result, the agreement was reached swiftly. Specific details are expected to be announced on May 12. President Trump has already been briefed and will receive a full report the following morning.
This development comes as a major relief to the global economy, especially in the wake of Trump’s prolonged tariff war with China. However, the announcement is not entirely surprising, as Trump had previously hinted at a potential resolution, which had caused volatility in both stock and cryptocurrency markets.
Following the news, Bitcoin surged, briefly reaching $104,980 before a slight dip. At present, Bitcoin is trading at $104,045.66, down just 0.01% in the past 24 hours. With a market capitalization of $2.06 trillion, Bitcoin saw a 24-hour trading volume of $46.9 billion.
Bitcoin has now surpassed Amazon and Google in market capitalization and currently ranks fifth among the top 10 global companies and assets by market cap. The total global cryptocurrency market cap stands at $3.46 trillion, reflecting a 1.9% increase in the last 24 hours. Daily cryptocurrency trading volume is $130 billion. Bitcoin’s market dominance is 59.8%, while Ethereum’s stands at 8.78%. According to CoinGecko, there are currently 17,035 cryptocurrencies being tracked.
As for Bitcoin (BTC), its dominance has peaked during Trump’s time in office. In light of Bitcoin’s promising performance, MicroStrategy’s Michael Saylor proposed that Microsoft invest $75 billion in Bitcoin. At the Bitcoin for Corporations 2025 conference, Saylor spoke on Bitcoin’s significant economic potential. He also claimed that such an investment could generate $4 trillion in value for Microsoft.
