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Highlights
- Commerce Secretary Lutnick reveals progress in the US-China trade discussions.
- The BTC and ETH prices soar driven by the optimsim surrounding the US-China deal.
- US & China have reached a mutual understanding on export controls, easing tensions between them.
The crypto market is witnessing a remarkable resurgence as US Commerce Secretary Howard Lutnick confirms progress in the US-China trade talks after a second day of meetings. As both countries are working towards an agreement, Bitcoin (BTC) and Ethereum (ETH) prices soar to new highs.
US-China Trade Deal Shows Promise, Says Lutnick
Earlier today, US Commerce Secretary Howard Lutnick expressed optimism about US-China trade talks. As Reuters reported, Lutnick stated the discussion is showing promise after a productive second day of meetings in London. He cited,
“(Talks went on) all day yesterday, and I expect (them) all day today. They’re going well, and we’re spending lots of time together.”
Significantly, the meeting in London sparks optimism as both sides work to find common ground on export controls that have strained relations between the superpowers. The talks were led by top officials, including Lutnick, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer, while the Chinese delegation is headed by Vice Premier He Lifeng. After a marathon seven-hour session on Monday, the negotiations resumed on Tuesday, with updates expected later in the day.
Notably, Lutnick’s presence underscores the critical role of rare earths, given his agency’s oversight of US export controls. His participation marks a shift, as he wasn’t involved in the Geneva talks where a temporary tariff rollback was agreed upon. He noted, “I’m talking about possible export controls on other semiconductors which are also very important to them.”
Bitcoin & Ethereum Prices See Major Upticks
Driven by the optimism surrounding the US-China trade deal, the crypto market has seen a major uptrend. Key tokens like Bitcoin and Ethereum have marked significant gains.
BTC price, for instance, surged to nearly $111,000 earlier today, hitting $110,000 and coming close to its all-time high. At press time, BTC is trading at $109,650, up by 1.66% over the past 24 hours. Marking notable upticks of 4.6% and 4.7% over the past week and month, respectively, Bitcoin is currently trading in green. This positive momentum is broadly reflected in the coin’s trading volume, which is now up by 25%, at $56.4 billion.
At the same time, Ethereum has seen a remarkable growth of 8.76% over the last day, currently trading at $2,764. ETH has also surged by 5.6% and 9.3% over the past week and month. The trading volume surged by a staggering 109%, currently at $29.97 billion.
Moreover, the overall crypto market has also experienced a positive move, with the total market cap hitting $3.45 trillion, up 2.66%. It is noteworthy that the crypto market showed signs of resurgence following Trump’s last week announcement on the US-China trade talks this week.
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