Bitcoin climbed above $115,000 in late Asian trading hours Sunday, reaching its highest level in nearly two weeks as traders responded to progress in U.S.-China trade negotiations. Top negotiators from both nations announced they had reached a preliminary consensus on several contentious issues.
The breakthrough discussions covered export controls, fentanyl trafficking, and shipping levies, easing fears of escalating tariffs. U.S. Treasury Secretary Scott Bessent told CBS that President Trump's threat of imposing 100% tariffs on Chinese goods is effectively off the table.
The statements followed two days of negotiations in Malaysia and came ahead of a planned meeting between Trump and Chinese President Xi to finalize a broader agreement. Risk sentiment improved across global markets in response, with U.S. and Asian equity futures advancing while gold pulled back slightly from recent highs.
Altcoin Market Performance
Ethereum added 2.6% to trade near $4,060, while BNB and Solana each gained roughly 4.5%. XRP jumped 2.3% to $1.38, extending the previous week's rally tied to ETF optimism, while Tron's TRX traded at $0.3019.
The broader crypto market capitalization rose 1.8% to $3.72 trillion, reversing some losses that followed this month's liquidation cascade. Traders rotated back into risk assets as geopolitical tensions appeared to ease.
Market Sentiment and Future Outlook
Market observers noted that the easing trade rhetoric has provided breathing room after weeks of macro-driven volatility. The shift in sentiment allowed investors to move away from safe-haven assets and back into higher-risk positions across both traditional and digital asset markets.
The Federal Reserve's next policy meeting is scheduled for less than a week away, and analysts suggest any sustained breakout likely depends on the central bank's tone. A more dovish stance could provide additional fuel for continued gains across risk assets.
For now, the relief on the geopolitical front has been sufficient to support crypto markets and prevent Bitcoin's October from becoming its worst-performing October since 2015. The combination of improved trade relations and expectations around Fed policy has shifted market sentiment decisively positive heading into the final week of the month.