Bitcoin continued its record-breaking rally, surging past the $105,000 mark amid renewed risk appetite in global markets. The surge followed the announcement of a temporary trade truce between the United States and China, which includes a mutual reduction in tariffs for 90 days — a move that injected optimism across financial markets.
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According to trading data, Bitcoin climbed over 1.4% in the last few hours to reach $105,330, extending gains that began after it crossed the $100,000 threshold earlier this week. Ethereum, the second-largest cryptocurrency by market cap, also rose 4.1% to $2,589.30.
Tariff Cuts Ignite Crypto Rally
Beijing and Washington agreed to slash tariffs in a surprise move aimed at easing trade tensions between the world’s two largest economies. Under the deal, China will reduce tariffs on U.S. goods from 125% to 10%, while the U.S. will lower tariffs on Chinese imports from 145% to 30% — both for an initial 90-day period, with a possible extension.
This easing of trade tensions has bolstered investor sentiment globally. U.S. equities posted strong gains, while high-risk assets, particularly cryptocurrencies, saw a renewed wave of buying as investors bet on improved liquidity and reduced geopolitical risk.
Bitcoin had previously crossed the $100,000 milestone for the first time since February earlier this week, driven by rising expectations of a Federal Reserve interest rate cut this summer and increased institutional buying through digital asset investment funds.
— (Agencies)
