Bitcoin News Today: U.S.-China Trade Truce Averts Tariff Surge, Eases Global Market Anxiety

The U.S. and China reached a preliminary agreement to avert a 100% tariff hike on Chinese goods and suspend rare earth export restrictions, offering immediate relief to global supply chains and markets. The deal, negotiated in Malaysia, includes a one-year delay for China's rare earth curbs and a resumption of U.S. soybean purchases, easing pressure on American firms like Boeing and Tesla, according to a Bitget report. Treasury Secretary Scott Bessent highlighted the agreement as a step toward stabilizing bilateral trade ahead of a potential meeting between President Donald Trump and Chinese President Xi Jinping at the APEC summit, the Bitget report added.

The trade truce extends a temporary ceasefire that was set to expire on November 10, avoiding a sharp escalation in tensions. The U.S. agreed to cancel "fentanyl tariffs" and suspend reciprocal tariffs on Chinese goods, while China will pause export control measures and countermeasures against U.S. actions, reported by China Daily. Vice Premier He Lifeng emphasized the importance of "equality, respect, and mutual benefit" in resolving disputes, calling for continued dialogue to address broader economic challenges, according to the Asian News Network.

The agreement's timing is critical, as both nations face domestic political pressures. For the U.S., the deal softens the blow of Trump's threatened tariffs, which had rattled markets. In China, the suspension of rare earth restrictions—crucial for U.S. tech and defense sectors—avoids immediate supply chain disruptions. Analysts caution, however, that long-term success depends on resolving outstanding issues, including the detention of Hong Kong media figure Jimmy Lai and ongoing export control disputes, the Bitget report warned.

Meanwhile, the cryptocurrency market reacted to the trade news with mixed signals. A $11 billion Bitcoin whale opened a $235 million 10x leveraged short at $111,190, risking $2.6 million in losses if Bitcoin reaches $112,368. The whale's strategy—rotating $5 billion into Ethereum and re-entering BTC shorts—reflects macroeconomic caution amid tariff concerns and U.S. government shutdown risks, the Bitget piece said. The move triggered $600 million in liquidations, with Bitcoin accounting for over half the losses.

Bitcoin's price rose 1.8% to $68,500 as the trade deal bolstered safe-haven demand, the Bitget analysis noted. Institutional confidence in Bitcoin remains strong, with MicroStrategy's $72 billion holdings and technical indicators like MVRV ratios signaling long-term optimism. Analysts remain divided, with some warning of a downtrend and others viewing volatility as a buying opportunity.

The trade agreement also reignited discussions about broader economic cooperation. U.S.-China Business Council President Sean Stein urged both sides to extend the tariff truce and focus on long-term collaboration, noting their roles as the world's two largest economies, the Asian News Network reported. Former Treasury Secretary Robert E. Rubin advocated for an open trading system, emphasizing the benefits of joint efforts in artificial intelligence and technology innovation, that outlet added.

For now, the deal injects stability into markets but leaves unresolved tensions. As the Trump-Xi meeting looms and global supply chains remain fragile, the success of this framework will hinge on follow-through and the ability to navigate geopolitical complexities, the Bitget report concluded.