Bitcoin and the Broader Crypto Market Are Poised to Maintain Their Upward Trend

Bitcoin and the broader crypto market are poised to maintain their upward trend amid favorable developments in ongoing trade talks between China and the U.S.

U.S. and Chinese officials engaged in closed-door talks over the weekend amid efforts to de-escalate the tariff war, which has seen both countries place tariffs of over 100% on goods.

The initial announcement of tariffs in April had a significant impact on financial markets, including crypto. However, a relief statement from President Trump later brought renewed optimism.

The biggest boost to the crypto market last week came with the news that the U.S. and China would be holding negotiations over the weekend.

The talks, which were initially in doubt, finally took place in Switzerland on Saturday, kicking off with largely positive early updates.

“Great Progress” in US-China Trade Talks

Specifically, U.S. President Donald Trump had good things to say about the trade discussions in Switzerland as they were a “total reset,” conducted in a friendly and constructive manner.

He claimed “great progress” was made, although he did not provide any specific details.

The high-stakes meeting in Geneva brought together top-level officials from the U.S. and China to try and ease a trade war that has been disrupting global markets for over a year.

While both sides agreed to keep most details of the talks confidential, they did agree to continue the negotiations.

China and the U.S. had different accounts of how the talks came about, with China pushing back against what it sees as the U.S.’s overreach and interference in internal affairs.

Despite the modest expectations for the talks and the significant obstacles that remain, the meeting was broadly seen as a positive step toward resolving the trade war.

Bitcoin, Ethereum, XRP Rally — More Gains Ahead?

The initial announcement of the trade talks saw Bitcoin (BTC) break the $100K price point. The flagship cryptocurrency surged to $104,961 before settling slightly lower.

The broader altcoin market also benefited from Bitcoin’s rally.

Ethereum (ETH) price reclaimed the $2,600 level after falling to $1,350 in April during the height of trade tensions. The second-largest crypto asset has now rebounded by 92.59%.

Relying on data from crypto exchange, CCXV, at the time of press on Sunday, XRP price is trading at $2.474. The crypto price is up 10.64 in 24-hour trades.

Its recent price movements have seen it dip to a 24-hour low of $2.24 and reach a high of $2.53.

The cryptocurrency has experienced a surge of 55% from the low it hit in April, during which it touched a low of $1.61.

With the positive momentum from the US-China trade developments, the crypto market is holding onto gains, and analysts project further explosive growth in the coming weeks.

Fresh Endorsement and Call for Irish Bitcoin Reserve

Another factor seen as a bullish signal is the recent Bitcoin endorsement by five-time world champion Conor McGregor.

In a Friday tweet, “Notorious” highlighted that crypto was originally founded to give the power back to the people, and that establishing an Irish Bitcoin strategic reserve would empower the nation’s financial sovereignty.

“Crypto was originally founded to give the power back to the PEOPLE. Let’s see this come to fruition in 2024 with an Irish Bitcoin strategic reserve, to put the financial sovereignty back in our own hands. And let’s siphon off some of the U.S. dollar holdings while we’re at it.

I’ll be opening up an X Space to discuss the changes I hope to see in 2024. We need a new vision for a better tomorrow. Victory to Ireland!”

McGregor’s statement comes as several countries are exploring national Bitcoin reserves, with the U.S. being a major voice in these discussions.