Bitcoin Gives Back Gains After U.S.-China Tariff Cuts. Why A New High Won't Come That Easy. — Barrons.com

By Elsa OhlenBitcoin should be surging early Monday, particularly as other risky assets are soaring after the U.S. and China agreed to slash tariffs in a major de-escalation — but it's not.While the cryptocurrency jumped sharply as Treasury Secretary Scott Bessent said the U.S. and China have agreed to cut tariffs for 90 days, Bitcoin quickly gave back its gains. By doing so, the world's largest crypto appeared to decouple with smaller coins and stocks which moved higher early Monday.Bitcoin briefly jumped to $105,500 early Monday before slipping back to trade at $101,295, down about 3% over the last 24 hours, according to CoinDesk data.Ether was also down about 3%, Solana sank nearly 2% while XRP was up 3.6%.Cryptos have rallied over the past week as global trade tensions appeared to ease. Bitcoin is up about 10% in the last seven days while Ether has surged more than 40%.At these levels, with Bitcoin eyeing its all-time high of $109,000, records are likely to be harder to come by.Profit-taking and traders getting nervous that the roughly 25% gain seen in the past 30 days may evaporate with Trump's next unexpected announcement, could mean resistance to big price moves upwards.Futures tracking the benchmark S&P 500 index however, were up 3%, as investors cheered the deal.At a press conference in Geneva early Monday Bessent said a trade agreement has been made with China, bringing U.S. tariffs on Chinese imports down to 30% from 145% for 90 days. Bitcoin jumped to about $105,500 from $104,500 as Bessent was speaking.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.