FX.co ★ Bitcoin Gains as US-China Talks Boost Sentiment

Bitcoin surged to approximately $116,000 on Monday, reaching a two-week peak, driven by progress in US-China trade discussions, which bolstered risk appetite and uplifted global markets. Investors are optimistic about a potential breakthrough at the forthcoming Trump-Xi meeting on Thursday, following a productive weekend where US and Chinese trade officials reportedly found common ground on several contentious matters. US Treasury Secretary Scott Bessent announced that President Trump's threat of a 100% tariff was no longer a consideration, and mentioned that Beijing has agreed to suspend its planned expansion of rare earth export controls for a year. In parallel, the US Federal Reserve is widely anticipated to implement a rate cut this week, following softer inflation data released last Friday. Enhancing the bullish outlook, on-chain analytics firm Glassnode noted that a potential trend reversal might be unfolding, as selling pressure and negative sentiment appear to have reached their zenith.