Bitcoin is trading at $104,325, just 3.79% below its all-time high of $109,786, reached in January. The surge was initially triggered by renewed optimism surrounding a provisional trade deal between the U.S. and the U.K., announced on May 8 by President Donald Trump, which injected new confidence into global markets. Now, a new catalyst is emerging.
In an announcement on May 11, the White House revealed that trade negotiations between the U.S. and China had made "substantial progress," although no official agreement has been finalized. The update came through a joint statement from Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, raising expectations regarding market outlook.
"I am pleased to report that we have made substantial progress between the United States and China in the very important trade negotiations," Bessent stated. He noted that more details would be released soon, but did not confirm the existence of a finalized agreement. Notably, he did not use the word "agreement" at any point in his remarks.
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