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Bitcoin Challenges $105K on Positive Weekend Macro Headlines
"Many things discussed, much agreed to," said President Trump of today's trade negotiations with China.
Updated May 12, 2025, 2:55 p.m. Published May 11, 2025, 12:28 a.m.
What to know:
- Crypto prices popped higher during Saturday U.S. early evening hours.
- Among the positive macro headlines were an apparent ceasefire between India and Pakistan, progress in U.S/China trade talks and movement towards a Ukraine/Russia deal.
- Bitcoin jumped above $105,000, its highest level since late January.
They crypto bull move continued into the weekend thanks to a trio of positive macro developments.
Likely most responsible for the move was a President Trump Truth Social post regarding trade talks being held in Switzerland between the U.S. and China.
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"A very good meeting today," said Trump. "Many things discussed, much agreed to," he continued. "A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!"
Earlier Saturday, Trump also announced a "full and immediate" ceasefire in the brewing war between India and Pakistan.
Completing the trio of good news, Russian President Putin said he was "in the mood for serious talks with Ukraine," and suggested talks "without preconditions" in Turkey next week.
rose above $105,000 ahead 1.5% over the past 24 hours. Ether has continued its recent outperformance, up 7.7% over the same time frame.
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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