Bitcoin rallied on Monday to a four-month high amid a positive sentiment in the crypto market after major corporations announced new purchases.
The US and China also reached a trade deal that includes tariff pauses for 90 days in a step aimed at calming tensions.
The Price
Bitcoin rose 1.5% at Bitstamp to $105,706, the highest since January 31, with a session-low at $103,940.
On Sunday, bitcoin fell 0.65%, the second daily loss in three days on profit-taking.
Bitcoin rallied 10.5% last week, the fifth weekly profit in a row, and the longest such streak of weekly gains since 2023.
Crypto Market Value
The market value of cryptocurrencies rose by over $40 billion on Monday to a total of $3.495 trillion, the highest since January.
MicroStrategy
Through the X platform, MicroStrategy’s Chairman and Co-Founder Micheal Saylor announced a new round of bitcoin purchases amounting to 13,390 units, raising the company’s total holdings to a new record high.
The purchase occurred between May 5 and May 11, with the company spending $1.34 billion, averaging $99,856 per unit.
After the new Acquisition, the company’s total bitcoin holdings now amount to 568,840 units, averaging $69,345 per unit, with a total value of $39.45 billion.
MetaPlanet
Japan’s MetaPlanet also expanded its bitcoin holdings with the purchase of 1241 new units between May 7 and 11, paying $127.73 million in total, averaging $102,119 per unit.
Now the company holds 6,796 units in total, worth $608.17 million, averaging $89,490 per unit.
US-China Trade Deal
The US and China agreed on suspending most tariffs on each other for 90 days after negotiations in Switzerland, in a huge step towards relaxing trade tensions between the world’s top two countries.
According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.
US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.
Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.
Both sides vowed to carry on economic and trade negotiations in upcoming weeks.
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