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Bitcoin fell below $94,000 on Sunday, up more than 2% in the past 24 hours, as traders dealt with a new wave of macroeconomic headlines. In particular, Treasury Secretary Scott Besent indicated that a trade deal between the United States and China could happen by Thanksgiving.
The comments introduced new uncertainty into already fragile markets, setting up a potential phase of extreme volatility for cryptocurrencies as political terms collide with holiday liquidity dwindling.
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Bitcoin declines as macroeconomic tensions return to the picture
Bitcoin was trading at $93,987 at the time of writing, down 2.08% in the last 24 hours. After the drop, $100 million of long cryptocurrency contracts were liquidated in the last 60 minutes.
Notably, the last time Bitcoin traded below $94,000 was on May 5, 2025, with analysts attributing the decline to excessive leverage. The potential decline was attributed to a set of trade tensions between the United States and China, with Besant marking a countdown.
said analyst Crypto Rover what you do “Bitcoin also rallied hard after the last US government shutdown ended,” and highlights the impact of how uncertainty will end on the market.
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The retraction and release followed Besant’s comment, which was made during an appearance on Fox News. The US Treasury Secretary said the Trump administration aims to end… Trade agreement with China From November 27.
He responded to a traditional media report (TradFi) that suggested delays, describing it as inaccurate and insisting that the deal remains on track.
Most importantly for the cryptocurrency markets, Besant expressed confidence that China will fulfill the agreement after the next meeting between Trump and Xi.
If Beijing does not respect its commitments, he warned that Washington will always “Many tools” is available, a traditional language interpreted as Tariff or enforcement pressures.
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Why Thanksgiving is important for cryptocurrency markets
The timing of a potential trade deal, just before a major US holiday, is of interest to traders who expect low liquidity and high volatility, elements that characterize the holiday season.
Historically, Bitcoin has reacted sharply to unexpected geopolitical news during periods of low trading volume, increasing volatility. These cases include weekends, when Trump’s unexpected announcements moved the markets, with large price swings catching traders off guard.
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He believes that the timing of these developments could be calculated to protect traditional markets from volatility. This often leaves cryptocurrency traders holding the ball, feeling the full impact of the news.
Any sign of progress in the negotiations between the US and China could stabilize risk appetite and support BTC’s recovery. Conversely, signs of delay, disagreement, or threats of additional fees could trigger a new round of selling, especially as funded positions remain elevated.
Analyst Kyle Dobbs noted to “A trade agreement between the United States and China is on track, which is expected to be concluded before Thanksgiving, focusing on rare earth elements and export licenses. If this continues, the markets will react.”
Bitcoin is already trading at a low level and the market is weak, the general narrative is once again cryptocurrency in the global political arena.
