Investing.com-- Bitcoin gave up gains on Monday, but remained above the $100k level after the U.S-China agreed truce on trade for 90 days.
The world’s largest cryptocurrency was down 1.7% at $102,552.7 by 5:11 p.m. ET (21:11 GMT). The token surged more than 9% last week, as it blew past the coveted $100k level on Thursday, reaching its highest level since late-January 2025.
Bitcoin gives up some gains after jump on US-China trade deal
Bitcoin gave up some gains following a surge in the wake of the U.S.-China trade deal.
After negotiations over the weekend in Geneva, the U.S. and China agreed to a pause tariffs placed on each other for a 90-day period. Washington moved to slash tariffs on China to 30% and Beijing’s duties on U.S. imports are being cut to 10%, the nations said in a rare joint statement following high-stakes trade talks over the weekend.
On the regulatory front, Chair of the Securities and Exchange Commission Paul Atkins detailed plans Monday to introduce to new rules for crypto tokens covering a myriad of factors including token distributions and exemptions.
"A key priority of my chairmanship will be to develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody and trading of crypto assets while continuing to discourage bad actors from violating the law," Atkins said.
Analysts believe that crypto markets appear to be riding a wave of macro optimism, though the lack of clarity around trade and fiscal policy is likely to keep volatility elevated in the near term.
MicroStrategy buys more BTC, total holdings worth nearly $60bn
Michael Saylor’s Strategy has added 13,390 Bitcoin to its holdings, spending roughly $1.34 billion at an average price of $99,856 per coin, according to a regulatory filing released Monday.
The latest purchase boosts the company’s total bitcoin stash to 568,840 BTC, now valued at over $59 billion.
The acquisition was financed through a mix of capital raises, including a $1.31 billion sale of Class A common stock and the issuance of 273,987 shares of Series STRK preferred stock between May 5 and May 11.
Following this latest purchase, Strategy’s average purchase price has risen to $69,287 per bitcoin.
Crypto price today: altcoins follow Bitcoin lower
Altcoins were largely lower on Monday, following the retracement in Bitcoin.
World no.2 crypto Ethereum fell 1.5% to $2,480.63.
World no. 3 crypto XRP jumped over 7% to $2.53.
Solana fell 0.6%, and Cardano advanced 0.3%, while Polygon fell 0.6%.
Among meme tokens, Dogecoin fell 2%, while $TRUMP fell 8.8%.
Ayushman Ojha contributed to this report.