Bitcoin

This stalemate prolongs the uncertainty that has suppressed capital expenditure and trade flows since 2018. For crypto, it means continued macro headwinds, but also potentially accelerates the narrative of Bitcoin as a non-sovereign hedge if trade wars spur de-dollarization efforts. The lack of a deal suggests both sides are digging in, raising the probability of further tariff escalation.

Trump and Xi held talks in Beijing but no trade deal was agreed.