Bitcoin is edging closer to a new all-time high amid growing optimism that a long-anticipated trade deal between the U.S. and China is finally coming together.
In a post shared on June 11 via Truth Social, U.S. President Donald Trump announced that the two economic giants have nearly finalized their trade agreement.
“Our trade deal with China is completed, pending final sign-off between President Xi and myself,” Trump wrote. “We’ve secured a 55% tariff margin, while China has 10%. The relationship is in great shape.”
Although this breakthrough has calmed some concerns — particularly around rare earth export restrictions — analysts like Iliya Kalchev of Nexo noted that key policy adjustments still haven’t been fully clarified. U.S. markets reacted modestly, with Wall Street futures dipping slightly after the announcement.
Bitcoin (BTC), meanwhile, surged to a 24-hour peak just under $110,300 before pulling back to around $109,560 by 1:04 p.m. UTC, according to TradingView.
Raoul Pal, founder and CEO of Global Macro Investor, suggested that much of the ongoing trade rhetoric may simply be political maneuvering. “Most of the remaining discussions seem more like positioning rather than true negotiations,” he posted on April 8 via X.
Progress Confirmed by Chinese Officials
Further supporting the narrative, China’s Vice Commerce Minister Li Chenggang confirmed that the two nations have reached a preliminary agreement aimed at resolving trade tensions through collaboration. Chenggang said the parties engaged in “open and substantive dialogue” during meetings held in London, according to Chinese media outlet Chinadaily.
For cryptocurrency investors, this potential resolution could bring much-needed stability. Trump’s earlier announcement of reciprocal tariffs on April 2 had triggered significant market turbulence — Bitcoin dropped to a 2025 low of $74,434 on April 7, and the S&P 500 saw a historic $5 trillion loss in market value.
The uncertain trade climate also dampened crypto venture activity. According to Nansen analyst Aurelie Barthere, May recorded just 62 crypto VC investment rounds — the lowest count this year. She attributed the slowdown to a mix of weaker market sentiment and declining asset prices, both impacted by tariff-related anxieties.
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