Amid interest rate decisions and corporate earnings, investors’ attention has shifted to the new trade agreement between the U.S. and China.
Initially, reports of a failed deal sent Bitcoin plunging to $108,300. However, a long-awaited agreement between U.S. President Donald Trump and Chinese President Xi Jinping was soon confirmed.
Under the one-year agreement, the two nations will cooperate on the trade of rare earth elements and critical minerals. In return, the U.S. will lower tariffs on Chinese goods from 57% to 47%, with annual renegotiations. Tariffs on fentanyl have been reduced to 10%.
The U.S. will also mediate talks between Beijing and Nvidia CEO Jensen Huang regarding China’s use of American chips. According to Trump, China will “buy massive amounts of soybeans,” calling his meeting with Xi “a 12 out of 10.”
U.S. stock futures rose modestly following the announcement. Investors are also digesting the Federal Reserve’s decision to end quantitative tightening (QT) on December 1 and the quarterly results of tech giants Alphabet, Meta, and Microsoft, with Apple and Amazon next in line.
After the trade deal news, Bitcoin climbed back above $111,000. Ethereum also gained ground, holding near $3,900. Earlier, the sale of ETH by a treasury firm had sparked fears of a market-wide sell-off.
Among the top performers, Zcash surged over 10%, while HBAR rose 7% after its ETF debut. Aerodrome gained 6%, supported by optimism around the Base ecosystem.
Analysts suggest that easing macroeconomic uncertainty and the end of the recent correction could pave the way for a broader recovery across Bitcoin and altcoins.
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