#BTCBreaks110K $BTC

Bitcoin was largely muted on Wednesday after sharp gains in the previous session, as investors parsed a newly announced trade framework between the U.S. and China and awaited further clarity on the deal’s specifics.

The world’s largest cryptocurrency was unchanged at $109,559.20 as of 02:08 ET (06:08 GMT).

The token surged on Tuesday as hopes of a trade deal between the world’s two largest economies boosted risk appetite.

Bitcoin hovered slightly below a record high of $112,000, touched last month amid optimism around increased legislative support and institutional adoption.

U.S. and Chinese officials agreed on Tuesday on a broad framework deal, aiming to revive the Geneva tariff truce by lifting China’s rare earth export restrictions and easing U.S. export controls on semiconductors and related technologies.

U.S. Commerce Secretary Howard Lutnick described the issue of rare earths and magnets as “resolved” under the plan, saying the framework adds “meat on the bones” of previous Geneva agreements.