Bitcoin Surges to $119,000 on US-China Tariff Truce News
Bitcoin experienced a surge, approaching the $120,000 mark amid reports of a possible 90-day tariff truce between the US and China.
Bitcoin Spikes as Global Crypto Market Cap Nears $4 Trillion
CoinMarketCap data indicates Bitcoin's price increased by nearly 2% over the last 24 hours, trading at $119,380. Daily trading volumes settled at $50 billion, an 8.72% decline.
At current prices, Bitcoin is just 2.88% away from its all-time high of $123,091, set on July 13. Bitcoin’s hashrate reached a new peak of 932 EH/s, with network difficulty at 127.62T.
Earlier, a Strategy Bitcoin buy signal may have increased optimism as institutional investors showed intentions to accumulate Bitcoin.
The surge is impacting the broader cryptocurrency markets. BNB reached a new all-time high of $825, and Ethereum is trading above $3,825.
Ethereum CME futures open interest hit a record high of $7.85 billion amid institutional interest. The global cryptocurrency market capitalization is nearing the $4 trillion mark, driven by Bitcoin.
US-China Tariff Pause Fuels Price Optimism
According to a report by the South China Morning Post (SCMP), the US and China may extend their tariff truce by 90 days. Delegations are expected to meet in Stockholm to discuss a trade negotiation.
SCMP reports that both nations will avoid imposing additional tariffs and escalating the trade war. In May, both parties agreed to remove tariffs on exports for 90 days while exploring a settlement to the trade wars.
Previous negotiations in June saw the Bitcoin price rebound and broader cryptocurrency markets rallying. The Stockholm meeting will be the third attempt to reach a deal.
US President Donald Trump is confident that trade deals will be reached before the August 1 tariff deadline. The US has a trade deal with Japan, and attention is turning to the EU for a potential deal.
Disclaimer: The information provided in this blog post is for general informational purposes only. Cryptocurrency investments are subject to market risks, and readers should conduct thorough research before making any investment decisions. For blockchain security and development needs, consider services offered by Codeum, including smart contract audits, KYC verification, and custom smart contract development.