Bitcoin Jumps Amid Reports Of 90-Day US-China Tariff Truce

Bitcoin is undergoing an unlikely Sunday Pump amid low trading volumes, hurtling toward the $120,000 mark. The surge comes amid reports of an imminent 90-day tariff truce between the US and China.

Bitcoin Spikes To $119,000 As Global Crypto Market Cap Nears $4 Trillion

CoinMarketCap data reveals that the Bitcoin price is in the green zone, surging by nearly 2% over the last 24 hours to trade at $119,380. According to the price aggregator, the largest cryptocurrency has spiked with daily trading volumes settling at $50 billion, an 8.72% decline in 24 hours.

At current prices, Bitcoin is only 2.88% from its all-time high of $123,091 that it set on July 13. The latest price spurt comes as Bitcoin’s hashrate reached a new peak of 932 EH/s with network difficulty at 127.62T.

Early in the day, Strategy’s Bitcoin buy signal may have stoked optimism for an incoming rally as a stream of institutional investors expresses a keen intention to accumulate the largest cryptocurrency.

A glance at the charts reveals that Bitcoin’s price spurt is leaving a ripple effect across the cryptocurrency markets. BNB reached a new all-time high of $825 while Ethereum is trading well above the $3,825 mark.

Ethereum CME futures open interest hit a record high of $7.85 billion amid a barrage of institutional interest. Meanwhile, the global cryptocurrency market capitalization is pegged at $3.94 trillion and is within touching distance of the $4 trillion mark, driven by Bitcoin.

US-China Tariff Pause Fuels Price Hype

According to a report by the South China Morning Post (SCMP), the US and China are nearing an agreement to extend their tariff truce by an additional 90 days. Delegations from both countries are set to meet in Stockholm to iron out the details of a protracted trade negotiation.

SCMP reports that sources with knowledge of the matter say both nations will commit to not imposing additional tariffs on each other while pledging not to escalate the trade war with new policies. Back in May, both parties agreed to remove heavy tariffs on exports for 90 days while exploring a bilateral settlement to the trade wars.

The previous round of negotiations in June saw the Bitcoin price rebound with the broader cryptocurrency markets rallying. Parties have had two rounds of trade negotiations with the incoming Stockholm meeting making it the third attempt to iron out a deal.

Meanwhile, US President Donald Trump is confident of several trade deals being reached before the August 1 tariff deadline. The US is riding the wave of a trade deal with Japan as all eyes turn to the EU over an imminent deal.