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Bitcoin is approaching a new all-time high, fueled by optimism over a finalized trade deal between the U.S. and China.
President Donald Trump announced on Truth Social that the deal is “done,” pending final approval from Chinese President Xi Jinping.
Trump claimed the U.S. will impose 55% in tariffs, while China will impose 10%, adding that relations are “excellent.”
Though the agreement appears to ease tensions—especially over rare earth exports—analysts caution that concrete policy changes remain unclear.
Read Also: No Final Decision On $5bn Oil-Backed Loan From Saudi Aramco – FG
Wall Street futures dipped slightly following the announcement.
Bitcoin (BTC) peaked near $110,300 before pulling back to $109,560 on Wednesday, according to TradingView.
China’s Vice Commerce Minister confirmed that the two nations reached an “in-principle” agreement during recent talks in London, signaling a shift toward cooperation.
The trade deal could provide relief to crypto markets, which were rattled by Trump’s April 2 tariff announcement.
Bitcoin had dropped to a 2025 low of $74,434 on April 7, and crypto VC deals fell to their lowest monthly count this year in May.
Analysts say recent recovery reflects improving sentiment after months of tariff-related uncertainty.
In other news, The Federal Government yesterday said no final decision has been taken on the reported plan to obtain a $5 billion oil-backed loan from Saudi Arabia’s Aramco.
The loan which is said to be part of the $21.5 billion borrowing plan submitted to the National Assembly last month by President Bola Tinubu was not publicly disclosed.
Reuters reported that negotiations on the facility have been delayed by the low price of oil in the international market.
The government in a statement by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, said the government was focused on deploying a variety of options to finance its plans.
