FX.co ★ Bitcoin Rebounds After Trump-Driven Rout

Bitcoin stabilized at approximately $115,000 on Monday following a pronounced decline last week. This shift occurred after U.S. President Donald Trump withdrew his previous threats to impose substantial tariffs on China, suggesting in a Truth Social post that trade relations with the country "will all be fine." Last Friday, Bitcoin fell by over 10%, dropping below $110,000 after Trump announced the potential for an additional 100% tariff on Chinese goods starting November 1. This announcement came in response to Beijing's newly enacted export controls on rare earth minerals, causing widespread selloffs in financial markets. Over the weekend, China retaliated by vowing countermeasures if the U.S. proceeded with these tariffs. However, tensions seemed to abate as officials from both nations made conciliatory remarks on Sunday, indicating a mutual interest in resuming trade negotiations ahead of a potential meeting between Trump and Chinese President Xi Jinping later this month.