Bitcoin surged above $113,000 on Sunday, reaching its highest level in nearly two weeks, following positive developments in US-China trade negotiations. Top negotiators announced a preliminary consensus on key issues, easing fears of new tariffs. The broader cryptocurrency market rose 1.8%, reflecting improved risk appetite amid global market advances.
Bitcoin climbed above $113,000 during late Asian trading hours on Sunday, marking its highest price in nearly two weeks. This surge came amid signs of progress in US-China trade talks, which concluded in Kuala Lumpur, Malaysia, after two days of discussions. Top negotiators from both nations reached a “preliminary consensus” on several contentious issues, including export controls, fentanyl, shipping levies, rare earth materials, and increased Chinese imports of US soybeans and agricultural products.
US Treasury Secretary Scott Bessent stated on CBS that President Donald Trump’s threat of 100% tariffs on Chinese goods is “effectively off the table.” In exchange, the US agreed to review the relaxation of specific export controls and adjustments to port fees imposed on China. The talks pave the way for a planned face-to-face meeting between Trump and Chinese President Xi Jinping at the APEC summit in Korea this week.
The cryptocurrency market reacted positively, with the total market capitalization increasing 1.8% to $3.72 trillion, according to CoinGecko data. Ether added 2.6% to trade near $4,060, while Solana and BNB each gained roughly 4.5%, with Solana reaching $200.29. XRP jumped 2.3% to $2.64, extending its weekly rally of 11.22% tied to ETF optimism. Over the past week, Bitcoin rose 6.07%, Ethereum climbed 4.52%, and Solana gained 5.94%. Tron’s TRX was the exception, down 2.9%.
On-chain data showed large investors accumulating over 218,000 ETH, worth nearly $870 million, signaling renewed conviction. Analysts noted that the easing trade rhetoric provided relief after weeks of volatility. However, attention now turns to the Federal Reserve’s FOMC meeting on Wednesday, where a 0.25% rate cut is expected, along with the Trump-Xi summit on Thursday and key US corporate earnings, including Apple and Amazon.