Bitcoin rises above $113,000 as US Secretary refers to China trade deal

BTC is now expected to hit $114K after rising on Sunday.

Bitcoin’s unexpected Sunday pump continues as the value rose above $113,000 for the first time since Tuesday.

This comes after positive news from US Secretary Bessent, who noted that China is willing to make a deal that will abolish the 100% tariff imposed by the POTUS.

BREAKING: US Treasury Secretary Bessent says China is “ready” to strike a trade deal with the US after two days of negotiations.

Bessent says the agreement will eliminate President Trump’s 100% tariff, which was set to take effect on November 1.

— The Kobeissi Letter (@KobeissiLetter) October 26, 2025

Recall that on October 10, Donald Trump shocked financial markets when he claimed that China was deceitful in a number of sensitive economic areas and warned that the US would impose a 100% tariff on several products. He later confirmed the new tax, which would become official on November 1.

However, the leaders of the two superpowers have planned a meeting in Europe this week. In the meantime, delegations from both sides have met several times to discuss terms.

According to a Reuters report Earlier today, the POTUS said he was confident of reaching a deal with President Xi Jinping after top economic officials reached a tentative consensus in trade talks.

The Kobeissi letter noted that this is the tenth and final step of Trump’s tariff plan, which includes the announcement of a new deal and a subsequent rise in financial markets.

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Since most are closed on Sundays, the crypto industry is the only beneficiary for now. The leader, Bitcoin, has risen to a multi-day high of nearly $113,500 after topping $112,000 and $113,000 earlier in the day. The asset fell hard during the October 10 massacre, falling as low as $101,000 on some exchanges.