Bitcoin rises as key US-China trade talks commence in London
Key Takeaways
- Bitcoin’s price increased from $105,600 to $107,500 as markets anticipate high-level US-China trade talks in London.
- The talks aim to strengthen the Geneva framework on technology, manufacturing, critical minerals, and agriculture.
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Bitcoin rebounded early Monday, rising from around $105,600 to $107,800, as markets turned their focus to high-stakes trade talks between the US and China set to begin in London, TradingView data shows.
The leading crypto asset surged close to $112,000 late last month and established a new record high before sliding to $101,000 amid a wave of negative news, including stalled trade negotiations, Trump’s threat to double steel tariffs, and renewed ETF outflows.
The latest round of US-China trade talks comes on the heels of an agreement in mid-May, when both countries pledged to dramatically reduce reciprocal tariffs, from as high as 125% down to just 10%, for 90 days.
However, tensions flared almost immediately after the deal was struck, as both sides accused each other of breaching the Geneva agreement.
On May 30, President Donald Trump accused Beijing of “totally violating” the deal, particularly regarding China’s restrictions on rare earth exports.
In return, China’s Ministry of Commerce called these allegations “groundless” and “bogus,” claiming it had “seriously implemented and actively upheld the Geneva consensus.” Beijing countered by criticizing Washington’s new restrictions on AI chips, chip design software, and Chinese student visas.
The White House stated the London talks aim to strengthen the Geneva framework, focusing on technology, manufacturing, critical minerals, and agriculture. The talks were announced by President Trump on Friday after a phone conversation with Chinese President Xi Jinping.
Vice Premier He Lifeng will lead the Chinese delegation in meetings with US Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer.
Momentum has returned for now, but whether Bitcoin’s rebound turns into a sustained rally will likely depend on the outcome of the meeting, expected to span at least one day, according to AP.
Bitcoin was trading at around $107,700 at press time, up almost 2% in the last 24 hours.
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