Bitcoin surged nearly 2% to $119,380 amid reports of a potential 90-day tariff truce between the US and China, positioning it just 2.88% below its all-time high of $123,091 recorded on July 13. The rally occurred despite an 8.72% drop in daily trading volume to $50 billion and typically low Sunday liquidity.
Ethereum mirrored the upward trend, climbing above $3,825 as institutional demand intensified, evidenced by CME futures open interest reaching $7.85 billion. The global cryptocurrency market capitalization approached $4 trillion at $3.94 trillion, with Bitcoin driving the largest share of gains.
Key negotiators including US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will hold talks in Stockholm this week. He Lifeng stated, "The latest trade negotiations could pave the way for a stronger economic partnership", fueling market optimism. Bitcoin's network strength simultaneously hit record levels with a hashrate of 932 EH/s and difficulty of 127.62T.
Analysts attribute the surge to shifting capital from safe-haven assets toward riskier investments like cryptocurrencies following geopolitical developments. Historical patterns show similar tariff negotiations triggering short-term price spikes in risk assets.