Bitcoin recorded an immediate price surge on Thursday following comments from U.S. President Donald Trump indicating that the proposed tariffs on Chinese goods, set to begin on November 1, would not proceed.
The cryptocurrency, which had recently fallen to a multi-week low across several exchanges, jumped from below $104,000 to around $106,000 shortly after Trump’s remarks.
Last Friday, the U.S. president had threatened to impose new tariffs on Chinese imports—some exceeding 100%—triggering a sharp decline across the crypto market. Bitcoin, which had traded above $122,000, plunged below $117,000 within minutes and later dipped under $110,000, reaching as low as $101,000 on Binance. The sudden drop was worsened by a wave of liquidations in overleveraged positions.
Subsequent reports, however, suggested that the dispute between Washington and Beijing may have stemmed from a misunderstanding, with signs of easing tensions emerging.
When asked on Thursday if the 100% tariffs on China would still stand, Trump replied, “No,” adding, “I think we will be fine with China.” The presidents of both nations are expected to meet in two weeks to discuss trade relations.
Following the statement, Bitcoin swiftly recovered from its intraday lows, climbing back above $106,000 as of press time.
