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%.
BTC/USD, 1-month chart. Source: Cointelegraph/TradingView
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.
US President Donald Trump’s reciprocal tariffs were seen as the biggest macroeconomic threat to traditional equities and