Bitcoin Tumbles Below $110,000 Amid Persistent U.S.-China Geopolitical Tensions After Summit in Busan

Bitcoin (BTC) prices fell sharply on October 30, breaching the crucial $110,000 support level as political uncertainty overshadowed the outcomes of the U.S.-China leaders’ summit held in Busan. Despite outwardly cooperative remarks from U.S. President Donald Trump and Chinese President Xi Jinping during the high-profile meeting, unresolved disputes over technology security and strategic commodities continued to unnerve global markets.

BTC Suffers a 3.49% Decline Amid Summit-Driven Market Jitters

As tracked by CoinMarketCap, Bitcoin traded at $108,872 by late October 30, reflecting a 3.49% decline over the preceding 24 hours. Earlier, BTC had maintained a price above $112,550 but turned steeply downward as the summit commenced. Losses intensified around 11 a.m. local time when proceedings were underway, with Bitcoin struggling to find stability in the hours thereafter.

This downturn reinforced broader concerns regarding the cryptocurrency market’s susceptibility to geopolitical events. As the key asset teetered below critical resistance levels, many investors began pulling back amid signs of heightened volatility.

Post-Summit Announcements Fail to Restore Market Trust

President Trump sought to alleviate investor concerns with positive rhetoric following the Busan meeting, referring to it as “amazing” and “outstanding.” He pointed to key agreements on trade, including China restarting imports of U.S. soybeans and agricultural products. Tangible actions, such as China’s immediate reduction of tariffs on U.S.-made fentanyl to 10%, were ostensibly designed to foster goodwill.

However, tech-related discussions dampened optimism. Notably, while Trump announced plans for dialogue between China and Nvidia over chip sales, he disclosed that no conversation was held on Blackwell-related semiconductor transactions—an issue bearing significant implications for U.S. national security interests. Earlier statements had suggested Trump intended to broach the Blackwell matter, making its absence from the agenda a stark reminder of the entrenched standoff between the two nations over technological supremacy.

The omission of meaningful progress on cutting-edge tech and semiconductor issues further fueled market anxiety, solidifying investor sentiment that significant barriers remain unresolved.

Strategic Tech Disputes Hit Risk Assets Hard

The continued struggle for dominance in advanced technology between the U.S. and China cast a shadow over broader financial markets. Analysts highlighted how the lack of breakthroughs on critical tech security issues dampened confidence in risk-sensitive assets like Bitcoin.

Bearish investor sentiment was evident in derivative data from Coinglass. Bitcoin’s taker long-to-short ratio dropped to 0.63, signifying intensified selling activity. Short positions soared to $6.93 billion, compared to $6.41 billion in long positions, pointing to a decisive shift toward bearish bets. Such metrics underscored the fragility of market confidence amid geopolitical uncertainties.

Moreover, Bitcoin sentiment analysis revealed pessimism overwhelming optimism. Over 50% of respondents categorized their outlook as “pessimistic” or “very pessimistic,” while bullish sentiment remained scarce—exposing the psychological weight of ongoing U.S.-China tensions on crypto investors.

Geopolitical Symbolism Dominates the Summit

The Busan summit was framed by carefully curated diplomatic theater. Trump’s early arrival at Gimhae International Airport tactically placed him in a position to receive Xi, emphasizing perceived goodwill. Both leaders underscored camaraderie with references to “longtime friendship” and aspirations for “world peace,” yet tactically avoided sensitive topics such as Taiwan during their limited media engagements.

Despite the overt displays of diplomacy, underlying strategic rivalries remained evident. Trump’s remark branding Xi as a “tough negotiator” epitomized the delicate yet competitive relationship between the two superpowers, particularly against the backdrop of unresolved disputes on high-stakes issues like semiconductors.

Bitcoin Faces Continued Market Risks Amid Geopolitical Uncertainty

Bitcoin’s price volatility is likely to persist as markets grapple with the fallout from the summit and its mixed messaging on U.S.-China relations. The absence of breakthroughs on pivotal topics—particularly in technology—reiterates the fragility of global market sentiment, impacting risk-prone assets like cryptocurrencies.

Investors will closely monitor follow-up actions from the summit, including whether trade agreements, such as China’s resumed agricultural imports from the U.S., can foster a more stable macroeconomic environment. Until meaningful progress emerges, Bitcoin and similar assets may face heightened vulnerability, with traders bracing for further turbulence in the short term.