Bitcoin Tops $113K, SOL, ADA, ETH Jump as US–China Trade Progress Lifts Risk Appetite
Bitcoin surged above $113,000 in late Asian trading on Sunday, reaching its highest level in almost two weeks. This spike in price was largely attributed to positive developments in the US-China trade talks, which alleviated concerns of escalating tariffs.
Key negotiators from both countries announced that they had come to a “preliminary consensus” on several contentious issues, such as export controls, fentanyl, and shipping levies. Additionally, US Treasury Secretary Scott Bessent indicated that President Donald Trump’s threat of imposing 100% tariffs on Chinese goods was now off the table. These statements followed two days of negotiations in Malaysia and preceded a planned meeting between Trump and Chinese President Xi Jinping to finalize a broader trade agreement.
The improved sentiment in global markets was evident as US and Asian equity futures advanced, and gold prices slightly retreated from recent highs. Investors seemed to rotate back into risk assets, including cryptocurrencies.
In the crypto space, ether (ETH) saw a 2.6% increase, trading near $4,060, while BNB and Solana (SOL) each gained roughly 4.5%. XRP also surged by 2.3% to $2.64, extending last week’s rally driven by optimism surrounding ETFs. However, Tron’s TRX was the only major token in the red, dropping by 2.9%.
The broader crypto market cap rose by 1.8% to $3.72 trillion, according to CoinGecko data, reversing some of the declines that followed a liquidation cascade earlier in the month.
Analysts believe that the calming trade rhetoric has provided traders with some relief after weeks of volatility driven by macroeconomic factors. As the Federal Reserve’s next policy meeting approaches, the likelihood of a sustained breakout in prices will depend on the central bank’s dovish tone. For now, the positive developments on the geopolitical front have allowed the crypto market to breathe a sigh of relief, preventing Bitcoin from ending October on its worst note since 2015.
