TLDR
- Bitcoin price surged by nearly 2 percent to trade around $119,380 on Sunday.
- The rally came amid reports of a possible 90-day tariff truce between the United States and China.
- Bitcoin is now just 2.88 percent below its all-time high of $123,091 recorded on July 13.
- Daily trading volume dropped by 8.72 percent to settle at $50 billion.
- Bitcoin’s hashrate reached a record high of 932 EH/s while network difficulty climbed to 127.62T.
Bitcoin price surged on Sunday as news emerged of a potential 90-day tariff truce between the United States and China. The digital asset rose nearly 2% in the last 24 hours, trading around $119,380 amid declining trading volumes. This unexpected rally came despite Sunday’s typically low liquidity across major cryptocurrency exchanges.
Trading volume for Bitcoin dropped by 8.72% over the same period, settling at $50 billion according to CoinMarketCap data. However, momentum remained strong as the market responded to macroeconomic signals. A new round of tariff negotiations between the US and China will take place in Stockholm this week.
The Bitcoin price is now just 2.88% below its all-time high of $123,091, recorded on July 13, signaling strong market sentiment. Additionally, Bitcoin’s hashrate surged to a record 932 EH/s while network difficulty increased to 127.62T. The surge in network activity added further bullish signals for market participants.
Bitcoin Leads Market As Institutions Signal Accumulation
Bitcoin price received a fresh boost early Sunday after Strategy’s buy signal indicated renewed upward momentum in the market. This signal coincided with growing institutional interest, with several firms reportedly planning to increase exposure to the top cryptocurrency. Analysts pointed to this as a possible driver of the latest price uptick.
The Bitcoin price remains at the center of the market rally as broader macroeconomic developments continue to influence risk assets. The global cryptocurrency market capitalization reached $3.94 trillion, edging closer to the $4 trillion milestone. Bitcoin played a key role in this rise, contributing the largest share of the value increase.
Market observers linked the current rally to optimism surrounding US-China trade talks, with both countries considering a tariff pause. The South China Morning Post confirmed both nations may extend the current truce by another 90 days. This marks their third negotiation round, aimed at avoiding further escalation of the trade conflict.
Ethereum Gains Momentum Alongside Bitcoin Price Jump
Ethereum mirrored Bitcoin’s rally and climbed above $3,825, marking a notable upswing in recent trading sessions. The move came alongside rising institutional demand, with Ethereum CME futures open interest reaching $7.85 billion. This increase highlighted growing confidence in the second-largest cryptocurrency by market capitalization.
While the Bitcoin price drove broader sentiment, Ethereum’s strong fundamentals attracted capital inflows from both retail and institutional investors. Trading activity in Ethereum remained high despite overall market volume decline. Market data confirmed that Ethereum also experienced positive momentum across decentralized finance platforms.
Both Ethereum and Bitcoin moved in sync with the broader crypto market surge sparked by macroeconomic and geopolitical developments. Together, they reinforced investor expectations for a continued upward trend, supported by global events and capital shifts. Ethereum’s rise further validated bullish sentiment ignited by the jump in Bitcoin price.
