Trump and Xi seal trade truce while Bitcoin attempts to break through $111.
- Bitcoin is trading at $110.313 with no gains for the day.
- US and China make progress on historic trade agreement.
- Altcoins retreat as investors await economic developments.
The Bitcoin (BTC) market remained relatively stable over the weekend, with the asset trading around $110.313, with no gains for the day. The cryptocurrency again attempted to break through the $111 barrier, but encountered firm resistance, reflecting investor caution amid global economic uncertainties.
Bitcoin's relative stability comes as traditional markets react to the new trade agreement signed between the United States and China, announced by the White House on Saturday night. The document details the terms of the truce negotiated between President Donald Trump and Chinese leader Xi Jinping during their meeting in South Korea, following months of tensions and tariff threats between the world's two largest economies.
Under the terms of the agreement, China will suspend additional controls on rare earth metal exports and end investigations against American semiconductor companies. In return, the US will suspend some reciprocal tariffs imposed by Trump and halt plans to apply a new 100% tariff on Chinese products. The understanding also includes reduced tariffs on fentanyl-related products, as well as a Chinese commitment to purchase large quantities of soybeans and energy from the United States.
The text also mentions that Washington will mediate negotiations between Beijing and Nvidia CEO Jensen Huang regarding the use of restricted chips in Chinese territory. Although the pact is seen as an important step forward, analysts say investors are still awaiting the final signing of the agreement and its concrete effects on global trade, especially in the technology and energy sectors.
Meanwhile, Bitcoin maintains its market capitalization at US$2,2 trillion, with a 58% dominance over altcoins. Among the cryptocurrencies with the largest market capitalization, BNB, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and TRON (TRX) registered slight declines. Ethereum (ETH), XRP, and Avalanche (AVAX), on the other hand, showed modest gains.
The cryptocurrency TRUMP, associated with the current US president, fell 6,5% in the last 24 hours, but still shows a weekly gain of 25%. The total cryptocurrency market capitalization remains above US$3,8 trillion, with investors attentive to the economic developments of the US-China trade agreement and its impact on digital assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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