Bitcoin (BTC) May Soon Reach a New All-Time High, Triggering Accelerated Growth in the Wider Altcoin Market

Bitcoin may soon reach a record high, triggering accelerated growth in the wider altcoin market, as easing trade tensions between the US and China may cause markets to react

The United States has made progress on a trade deal with China after two days of high-level talks in Geneva, US Treasury Secretary Scott Bessent and Trade Representative Jamison Greer announced on Sunday, reports CoinDesk.

Both countries are expected to issue a joint statement on trade talks in Geneva later on Monday.

The two officials met with Chinese Vice-Premier Liu He and officials from the State Administration of Foreign Exchange and the Bank of China on Friday and Saturday to discuss economic and financial issues.

Both countries are expected to issue a statement later on Monday on the latest round of high-level talks.

The two sides are also expected to discuss issues such as climate change and cybersecurity.

The talks come amid rising trade tensions between the two countries. The Trump administration imposed tariffs on billions of dollars worth of Chinese goods in 2018, prompting China to retaliate with tariffs of its own.

The two sides reached a “phase one” trade deal in December 2019, but they failed to reach a “phase two” deal before the COVID-19 pandemic struck earlier this year.

The two sides have also been engaged in a currency war, with the US Federal Reserve cutting interest rates to near zero and the People's Bank of China keeping the yuan relatively stable.

The US is also planning to impose new tariffs on a wide range of Chinese goods, including apparel, footwear, and furniture, as early as Monday, according to a report by The Wall Street Journal.

The new tariffs are part of a broader effort by the Trump administration to punish China for what it says are unfair trade practices.

China has repeatedly warned that it will retaliate if the US imposes new tariffs.

Earlier this month, the US and China discussed further cooperation on global macroeconomic issues, Ben Chappelle, senior advisor to the US Treasury Secretary, said.

The two countries are members of the G20, which is the group of the world’s largest economies.

The G20 nations are expected to discuss issues such as the global economic outlook, trade tensions, and climate change at their upcoming summit in Saudi Arabia in November.