By Elsa Ohlen
Bitcoin and other cryptocurrencies gained after the U.S. and China agreed to reduce tariffs for 90 days, de-escalating tensions between the world's two largest economies.
Bitcoin briefly jumped to $105,500 early Monday before slipping back to trade at $104,457, up 0.1% over the last 24 hours, according to CoinDesk data. The world's largest crypto reached a record high of over $109,000 in December.
Ether climbed 2.2%, Solana rose about 1% while XRP was up 2.2%.
Cryptos have rallied over the past week as global trade tensions appeared to ease. Bitcoin is up about 10% in the last seven days while Ether has surged more than 40%.
Digital coins followed the wider market early Monday. Futures tracking the benchmark S&P 500 index were up 2.7%.
At a press conference in Geneva early Monday Treasury Secretary Scott Bessent said a trade agreement has been made with China, bringing U.S. tariffs on Chinese imports down to 30% from 145% for 90 days. Bitcoin jumped to about $105,500 from $104,500 as Bessent was speaking.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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May 12, 2025 05:19 ET (09:19 GMT)
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