The United States and China have come to an agreement on reducing tariffs on each other's goods for a period of 90 days in an effort to ease the ongoing trade conflict between the two countries.

The announcement, which was made on May 12, involves the US decreasing tariffs on imports from China from 145% to 30%, while China will lower its tariffs on US products from 125% to 10% during the same timeframe.

This decision comes after a series of escalating trade disputes that have disrupted global markets and strained economic ties between the two nations. The cryptocurrency market also experienced fluctuations, with Bitcoin's value dropping below $80,000 following President Trump's tariff declarations on April 2.

Despite the initial setback, Bitcoin made a strong recovery from its April lows and has since been on an upward trend. Following the tariff reduction announcement, the biggest cryptocurrency surged by 1.3%, reaching its highest point since January 31.

As of the current moment, Bitcoin is trading at $105,251.