US Treasury Secretary Bessent Eyes Thanksgiving for China Trade Deal — Could Bitcoin Feel the Heat?
Bitcoin slipped under $94,000 on Sunday, down over 2% in the final 24 hours, as merchants digested a contemporary wave of macroeconomic headlines. Most notably, Treasury Secretary Scott Bessent signaled {that a} US–China commerce deal may land by Thanksgiving.
The remarks injected new uncertainty into already fragile markets, establishing a doubtlessly risky stretch for crypto as political deadlines collide with thinning vacation liquidity.
Bitcoin Falls as Macro Tensions Re-Enter the Picture
Bitcoin was buying and selling for $93,987 as of this writing, down by 2.08% in the final 24 hours. Amidst the pullback, $100 million price of crypto longs have been liquidated in the previous 60 minutes.
Notably, the final time Bitcoin traded under $94,000 was on May 5, 2025, with analysts attributing the decline to extreme leverage. The fall is probably going attributed to a potential settlement in US-China commerce tensions, with Bessent setting a countdown.
“Bitcoin additionally dumped onerous after the final US authorities shutdown ended,” analyst Crypto Rover noted, highlighting the impression of how ending uncertainties can have an effect on the market.
The pullback and related liquidations adopted Bessent’s feedback, which have been delivered throughout an look on Fox News. The US Treasury Secretary mentioned the Trump administration goals to finalize its trade agreement with China by November 27.
He pushed again on a TradFi media report that prompt delays, calling it inaccurate and insisting the deal stays on monitor.
More importantly for crypto markets, Bessent expressed confidence that China will honor the settlement following the upcoming assembly between Trump and Xi.
Should Beijing fall in need of commitments, he warned that Washington nonetheless has “many levers” out there, language historically interpreted as tariff or enforcement pressure.
Why Thanksgiving Matters for Crypto Markets
The timing of a possible commerce settlement, proper earlier than a significant US vacation, issues for merchants who anticipate skinny liquidity and heightened volatility, components attribute of the vacation season.
Historically, Bitcoin has reacted sharply to sudden geopolitical headlines during times of low buying and selling quantity, thereby heightening volatility. Such cases embody weekends, when Trump’s sudden bulletins moved markets, with magnified worth swings catching merchants off guard.
The sentiment is that the timing of those developments could possibly be calculated to guard conventional markets from volatility. Oftentimes, this leaves crypto trades holding the ball, feeling the full impression of the information.
Any signal of progress in US–China negotiations may stabilize threat sentiment and help BTC’s restoration. Conversely, hints of delay, disagreement, or further tariff threats may gasoline one other spherical of promoting, particularly as leveraged positioning stays elevated.
“A US–China commerce deal is reportedly on monitor to be finalized earlier than Thanksgiving, centered round rare-earth and export licensing. If this holds up, markets will react,” remarked analyst Kyle Doops.
With Bitcoin already buying and selling decrease and market breadth weakening, the macro narrative is as soon as once more pulling crypto into the international coverage area.
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