US Treasury Secretary Scott Bessent said on Sunday that the US and China had made “substantial” progress on a trade deal framework, fueling investor hopes to reignite the bull market.
The proposed trade framework would likely eliminate the need for 100% additional tariffs US President Donald Trump announced On October 10, Bessent said. He added:
“President Trump gave me a lot of talks on negotiating the threat of 100% tariffs on November 1, and I believe we’ve come to a tremendous framework that will avoid that and allow us to discuss many other things with the Chinese.”
Bessent’s comments followed weeks of avoiding trade tensions Between the two countries, the end to President Trump Confirmed the meeting with the president of China Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) Summit on October 31.
President Trump used to said There is no “excuse” to meet the representatives from China, which sparked investor fear anew Protracted War War between the two countries.
Investors, traders, and industry executives celebrated the news of the trade framework and the increased likelihood of a deal between the US and China, as crypto markets experienced a moderate rally on positive news on the trade deal.
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Crypto Markets Rally as traders and investors celebrate the trading framework
Crypto markets are Sensitive to trade war developments.
President Trump’s social media Post On October 11, the announcement of additional 100% tariffs on China, ignored a Crypto Market Meltdown This saw some crypto tokens lose up to 99% of their value in 24 hours.
Bitcoin (BTC) rallied by a modest 1.8%, ether (Eth) pumped by 3.6%, and sol (Sol) rose 3.7% following Bessent’s announcement on Sunday.
Jeff Park, an advisor at investment firm Bitwise, said the Positive Trade Deal News will send BTC and gold to new all-time highs.
“Asset prices will go crazy this week if the US-China trade deal is announced and interest rates are cut. said.
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