Bitcoin rose above $113,000 in late Asian hours on Sunday, its highest level in almost two weeks, as traders welcomed signs of progress in US-China trade talks that eased fears of another tariff spiral.
Top negotiators from both nations said they had reached a “preliminary consensus” on several contentious issues – including export controls, fentanyl and shipping taxes – while US Treasury Secretary Scott Bessent told CBS that President Donald Trump’s threat to impose 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 meeting between Trump and Xi to finalize a broader deal.
That feeling of risk in global markets. US and Asian stock futures advanced and gold retreated slightly from recent highs as traders returned to investing in risk assets.
Crypto joined the upward movement, with ether adding 2.6% to trade near $4,060, while BNB and Solana they gained approximately 4.5% each. XRP jumped 2.3% to $2.64, extending last week’s rally linked to ETF optimism. Tron’s TRX was the only major token in the red, down 2.9%.
The overall crypto market capitalization rose 1.8% to $3.72 trillion, CoinGecko data shows, reversing some of the declines that followed this month’s cascade of liquidations.
Analysts say the trade easing rhetoric has given traders some respite after weeks of macroeconomic-driven volatility.
With less than a week until the Federal Reserve’s next policy meeting, a sustained breakout will likely depend on how dovish the central bank’s tone becomes. For now, the relief on the geopolitical front has been enough to allow cryptocurrencies to exhale and prevent bitcoin’s October from ending at its worst since 2015.
