Bitcoin climbed above $113,000 in late Asian hours Sunday, the highest in nearly two weeks, as traders cheered signs of progress in U.S.-China trade talks that eased fears of another tariff spiral.
Top negotiators from both nations said they had reached a “tentative consensus” on several contentious issues — including export controls, fentanyl and shipping taxes — while U.S. Treasury Secretary Scott Bessent told CBS that President Donald Trump’s threat of 100% tariffs on Chinese goods is “effectively off the table.”
The comments came after two days of talks in Malaysia and ahead of a planned Trump-Xi meeting to finalize a broader deal.
The risk sentiment across global markets. US and Asian stock futures rose and gold retreated slightly from recent highs as traders rotated back to risk assets.
Crypto joined moving higher, with ether adding 2.6% to trade near $4,060, while BNB and Solana increased around 4.5% each. XRP jumped 2.3% to $2.64, extending last week’s rally tied to ETF optimism. Tron’s TRX was the only major token in the red, down 2.9%.
The broader crypto market capitalization rose 1.8% to $3.72 trillion, CoinGecko data shows, reversing some of the declines that followed this month’s liquidation cascade.
Analysts say the easing trade rhetoric has given traders breathing room after weeks of macro-driven volatility.
With the Federal Reserve’s next policy meeting less than a week away, a sustained breakout likely depends on how dovish the central bank’s tone turns. So far, easing on the geopolitical front has been enough to let crypto breathe — and prevent bitcoin’s October from ending in its worst since 2015.
