US-China trade war talks have ended in Geneva for the day and will continue tomorrow as both sides look to reach a deal.
The highly anticipated US-China trade war talks began today in Geneva, Switzerland. However, the two sides are yet to reach a deal, and talks will continue tomorrow.
Meanwhile, crypto market participants wait in hopes that the two largest economies will finally resolve the ongoing trade war, giving bitcoin and other crypto assets a big boost.
Talks on the ongoing US trade war will continue tomorrow.
Trade talks between U.S. and Chinese officials ended Saturday, the WSJ reports, and will continue tomorrow.
U.S. Treasury Secretary Scott Besant and U.S. Trade Rep. Jamison Greer led the talks for the U.S., which lasted at least eight hours but ended without an announced deal.
Before the meeting, US President Donald Trump had shown goodwill by suggesting to reduce tariffs on Chinese goods by 80%.
Trump started the ongoing US-China trade war when he imposed a 145 percent tariff on some Chinese goods. In retaliation, China imposed a 125 percent tariff on American goods.
This trade war has had a negative impact on the crypto market, with the price of Bitcoin already falling to $76,000 when it started in April.
Although BTC and the broader crypto market have since recovered, analysts like Fife have suggested that a settlement between the two parties could lift the crypto market.
The flagship crypto fell from an intraday high of $104,065 during the meeting between the US and China.
Market participants seem to be waiting on opportunity, as the outcome of tomorrow's US-China trade war negotiations could determine BTC's next move.
Crypto analyst Rekt Capital commented on Bitcoin's rejection of $104,000, indicating that it was all part of a plan to reach a new all-time high.
BTC needs to hold above the range between $97,000 and $99,000 as support, the analyst said. Rekt Capital predicts that the flagship crypto will reach new highs if it stays above this support.
