Bitcoin Hits $119,700 on CME Exchange as Trade Hopes Fuel Institutional Rally

Bitcoin surged sharply over the weekend, briefly reaching $119,700 as trading volume jumped 17% to $56 billion. The rally follows renewed Optimism in US-China trade relations, with reports indicating a potential 90-day extension of tariff negotiations. Global risk assets, including cryptocurrencies, are benefiting from easing geopolitical tensions.

The flagship crypto now trades just 2.88% below its all-time high of $123,091 set on July 13. Institutional demand remains robust—MicroStrategy issued a buy signal Sunday, while Bitcoin's network fundamentals stay strong with a record 932 EH/s hashrate.

Ethereum mirrored Bitcoin's gains, breaking $3,825 as CME ETH futures open interest hit $7.85 billion. BNB reached a new ATH at $825, helping push total crypto market capitalization toward $4 trillion.