$BTC

Over the past two weeks, bitcoin (BTC) has significantly outperformed gold (XAU), and the bullish trend could intensify further.

This outlook is supported by bullish developments in the bitcoin-to-gold ratio, which measures BTC's USD price against gold’s USD price per ounce and easing U.S.-China trade tensions.

The two nations agreed to lower tariffs on goods manufactured in both countries, according to a joint statement released in Geneva. China has proposed to reduce tariffs on U.S goods to 10% from 125% for 90 days. Meanwhile, the U.S. has proposed cutting tariffs on Chinese goods to 30% from 145%.

"The tariff reduction could see a broader return to risk-on positioning, with crypto and equities both likely to benefit from renewed investor confidence and global capital flows," Mena Theodorou, co-founder of crypto exchange Coinstash, told CoinDesk in an email.