US President Donald Trump reduced tariffs on China after a meeting with President Xi Jinping, triggering a much-needed rebound in Bitcoin and the broader crypto market.
President Trump quoted his meeting with Chinese President Xi Jinping as “amazing,” as the United States and China signed a one-year trade deal on Thursday.
Trump’s Asia visit turned out to be historic for the global markets, including the crypto market, as it cooled panic among investors after recent Canada tariffs sparked renewed concerns. The United States signed trade deals with Japan and South Korea, signaling a deal with India soon.
The tariffs talk between Chinese President Xi Jinping and US President Donald Trump in South Korea lasted nearly 2 hours. Trump announced reaching a 1-year trade deal on rare earths and critical minerals. The countries agreed to negotiate the deal every year. Xi Jinping to visit the United States and Trump to visit China in April 2026.
Major developments regarding Trump tariffs included lowering a fentanyl-related tariff to 10% immediately, reducing overall U.S. tariffs on Chinese goods from 57% to 47%, and easing chip-export restrictions with Nvidia.
Both countries will also collaborate to ease geopolitical tensions surrounding the Russia-Ukraine conflict. Meanwhile, Russian President Vladimir Putin’s special envoy, Kirill Dmitriev, told an investment conference in Saudi Arabia that the war in Ukraine to end within a year.
Bitcoin made a V-shape rebound from below $118K to $110K as Trump announced a landmark trade deal with China. The broader crypto market also bounced back, with Ethereum, XRP, BNB, Solana, Dogecoin, and Cardano surging over 1% within an hour.
Currently, BTC price is trading near $110,250, but is still down 2% in the past 24 hours. The intraday low and high are $107,957 and $113,642, respectively.
However, the trading volume remained almost flat at 2% over the last 24 hours. Third BTC transfer by Elon Musk’s SpaceX and Fed Chair Jerome Powell’s hawkish comments kept traders away from the market.
Spot Bitcoin ETFs in the United States recorded a total net outflow of $471 million, according to SoSoValue data. Notably, no inflows were recorded across all 12 Bitcoin ETFs. BlackRock’s IBIT saw $88.1 million in outflow, with Fidelity’s BTC recording the highest outflow of $164.4 million.
Meanwhile, spot Ethereum ETFs saw total net outflows of $81.44 million, with BlackRock’s ETHA being the only fund to register net inflows.
Crypto analysts remain overall bullish on Bitcoin. Analyst Ali Martinez predicted that Bitcoin tends to cycle between high and low risk periods based on the Sharpe Ratio. “After reaching high-risk territory, a shift toward low risk now looks imminent,” he added.
Chinese President Xi Jinping agreeing to work with US President Donald Trump on various aspects will fuel further Bitcoin and crypto market recovery. As Trump tariffs jitters now subside, analysts expect BTC price hitting $120K again in November.
On May 17, Michael Saylor, after posting the famous orange-dot accumulation chart, brought back talks…
In its Bitcoin buying spree, Strategy continues to attract new funds via its STRC preferred…
U.S. President Donald Trump has now diversified his financial footprint into crypto stocks from real…
Bhutan’s Bitcoin movements have come into the spotlight again. The scrutiny comes due to the…
Grayscale Investments has advanced its plans to launch a spot BNB ETF available in the…
The crypto market continued plunging after unfavorable macroeconomic data. It erased the gains that came…