Bitcoin Surges 1.5% to $105,000 on U.S.-China Trade Deal Hopes

On a day when Bitcoin surged past the $105,000 mark, a significant transaction caught the attention of cryptocurrency enthusiasts. Whale Alert, a prominent cryptocurrency tracker, detected a large Bitcoin deposit made to Coinbase Institutional, the branch of the largest U.S.-based cryptocurrency exchange that caters to financial institutions. The deposit, valued at $52,933,217, consisted of 509 Bitcoins and was transferred from an anonymous wallet. This transaction likely constituted a sale, coinciding with a 1.5% price increase in Bitcoin, pushing it close to its January all-time high of $109,100 per coin.

The surge in Bitcoin's price was attributed to developments in the trade tariffs between the U.S. and China. According to an on-chain data aggregator, Bitcoin's price jump was fueled by the announcement of an agreement between the two nations, with more details expected to be revealed. This news also boosted altcoins, with Ethereum surpassing the $2,500 mark, and stock markets turning green as traders anticipated that Trump’s tariffs would no longer hinder their investments. However, it was noted that this could be just the framework of a deal discussed in Geneva over the weekend, and not a complete or executed agreement. Traders were urged to wait for an official announcement from U.S. President Trump on the matter.

Last week, Bitcoin had already shown significant growth, rising above $104,000 from the $96,140 level. This surge was driven by the Federal Reserve's decision to maintain the current level of interest rates, which was seen as a positive sign by traders and investors. The combination of these factors contributed to the overall bullish sentiment in the cryptocurrency market, with Bitcoin leading the charge.