Bitcoin hits new all-time high of $109K as trade war tensions ease
Bitcoin has set a new all-time high just nine days after the US and China closed a 90-day trade agreement, easing economic uncertainty and market jitters.
Bitcoin surged to a new all-time high after a temporary trade agreement between the United States and China eased macroeconomic fears and boosted investor confidence.
Bitcoin (BTC) set a new high of $109,400 on May 21, rising more than 26% in the past month, according to data from TradingView. This climb to a record high came nine days after the White House announced a 90-day trade agreement between the US and China on May 12, temporarily slashing import tariffs to 10%.
The 90-day tariff suspension and the cooperative tone in negotiations removed the risk of “sudden re-escalation,” which had a significant impact on risk appetite among traditional and cryptocurrency investors, Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen, told Cointelegraph.
