Bitcoin Surges as U.S.–China Relations Strengthen Under Trump
Bitcoin Price Surges Following Trump's Remarks
The Bitcoin price saw a notable increase today, aiming to surpass the crucial $90,000 threshold. This upward movement follows U.S. President Donald Trump's announcement regarding the robust relationship between the U.S. and China after a call with Chinese President Xi Jinping.
BTC Climbs Over $88,000
According to TradingView data, Bitcoin's value rose above $88,000, peaking at an intraday high of approximately $88,400. The leading cryptocurrency is up nearly 2%, rebounding from an earlier low of $85,000.
Trump's post on Truth Social highlighted the "extremely strong" ties with China, following discussions with President Xi. The dialogue was a follow-up to their "highly successful" meeting in South Korea, showcasing significant progress in maintaining agreements.
Implications for the Crypto Market
This development is seen as a positive signal for Bitcoin and the broader crypto market, especially after the previous trade tensions that impacted prices. Earlier threats of tariffs up to 150% on China had led to market downturns. However, a recent trade truce between the U.S. and China, alongside the leaders' call, strengthens bilateral relations. Trump noted future state visits, emphasizing the importance of ongoing communication.
Is Bitcoin's Bottom Near?
With Bitcoin striving to reclaim the $90,000 mark, market observers like BitMEX co-founder Arthur Hayes predict the bottom might be close, following the cryptocurrency's dip below $100,000 earlier this month. Hayes cited improving liquidity as a positive indicator, with expectations of increased USD liquidity as the Federal Reserve concludes quantitative tightening on December 1.
Market analyst Julien Bittel suggests more liquidity could enter the market as the U.S. government increases debt to support GDP growth. Bittel believes Bitcoin will benefit in a climate of ongoing currency debasement, where governments pursue quantitative easing strategies.