Bitcoin Surges Past $104K as US-China Trade Talks Progress and Coinbase Expands Trading
Bitcoin exceeded $104,000 on Sunday following President Donald Trump’s announcement of “substantial progress” in US-China trade negotiations. The cryptocurrency approached just 4% below its all-time high as investors responded positively to diplomatic developments between the world’s two largest economies.
The price surge comes amid a significant week for cryptocurrency markets, which also saw Coinbase launch 24/7 Bitcoin and Ethereum futures trading while a key stablecoin regulation bill failed to advance in the US Senate over concerns about presidential crypto ventures.
Trade Talks Fuel Bitcoin’s Rise
Bitcoin climbed to a peak of $104,900 on Saturday evening following President Trump’s statements on US-China trade talks, according to Crypto.news. Treasury Secretary Scott Bessent described the two-day discussions in Geneva as productive, with “substantial progress” made toward reducing the US trade deficit.
The cryptocurrency’s upward momentum began after Trump posted on Truth Social that the meeting was “very good” and conducted “in a friendly, but constructive, manner.” The statements suggesting closer collaboration between the US and China have bolstered optimism across global markets.
“We made substantial progress between the United States and China in the very important trade talks,” Bessent stated, with officials expected to release full details of the agreement on Monday. Market analysts have linked Bitcoin’s price surge directly to growing investor confidence fueled by easing global trade tensions.
Coinbase Launches Historic 24/7 Futures Trading
In a groundbreaking development for the US cryptocurrency market, Coinbase officially activated 24/7 trading for Bitcoin and Ethereum futures on May 9, becoming the first CFTC-regulated derivatives exchange to offer around-the-clock access to crypto futures contracts in the United States.
According to Coinbase, the move eliminates the limitations of traditional trading hours, giving traders the opportunity to manage risk and exploit opportunities in real time. The launch reflects the always-on nature of cryptocurrency markets, providing both retail and institutional investors with continuous access to regulated futures.
“The arrival of 24/7 CFTC-regulated markets is a game-changer for the industry,” said Andy Sears, Chief Executive Officer of Coinbase Financial Markets. The exchange has partnered with Nodal Clear for CFTC-regulated clearing and is already working to introduce perpetual-style futures, giving retail traders access to one of the most widely used derivatives products within a regulated environment.
Senate Blocks Stablecoin Regulation Amid Trump Controversy
The US Senate failed to advance key cryptocurrency legislation last week as the GENIUS Act, which sought to create a regulatory framework for stablecoins, fell short of the 60 votes needed to begin formal debate. The bill faced growing opposition from Democrats concerned about President Trump’s expanding cryptocurrency ventures.
According to AP News, Democrats blocked the legislation after raising concerns that it could benefit Trump’s business interests. The vote came shortly after World Liberty Financial, a Trump family-linked crypto firm, announced that its stablecoin would be used in a $2 billion investment in the cryptocurrency exchange Binance.
Senator Elizabeth Warren advocated for amendments that would bar elected officials and their families from owning, controlling, or promoting stablecoin business ventures. “The Senate should not pass a bill that facilitates Trump’s breathtaking corruption and lines his pockets,” Warren stated, highlighting concerns about potential conflicts of interest in cryptocurrency regulation.
Market Implications
The convergence of these events has created a complex landscape for cryptocurrency investors. While regulatory uncertainty persists with the stablecoin bill’s setback, the expansion of trading infrastructure and positive trade developments have bolstered market sentiment.
Analysts suggest Bitcoin could reach between $112,000 and $135,000 in the coming weeks, driven by institutional investor interest and the continued easing of global trade tensions. Technical analysis indicates a breakout above $105,000 could propel Bitcoin toward new all-time highs.
The cryptocurrency market’s reaction to these developments underscores its increasing integration with traditional financial markets and geopolitical factors. As regulatory frameworks continue to evolve and institutional adoption expands, market participants remain focused on the interplay between policy developments and technological innovation.
