Gold dropped marginally in the opening trading hours of May 12, while bitcoin reacted positively to reports that the U.S. and China had agreed to slash trade tariffs by 15%. Data showed the precious metal fell by more than $100, or approximately 3%, from $3,323 per ounce to just under $3,215 per ounce around noon.

In contrast, bitcoin, which is touted as a digital version of the yellow metal, was seemingly unchanged, trading above $104,000. Bitcoin’s rise amid a thawing of trade relations between the world’s two largest economies again highlight investors’ evolving perception of the top crypto asset.

After appearing to be correlated with traditional markets and assets, bitcoin seemingly began to buck the trend from April 20 onward. The top crypto asset has rallied even as the U.S. and China trade war showed no signs of abating. Data from Coingecko showed bitcoin first broke past the $100,000 mark around May 8 and has continued to stay above this level.

Hours after the U.S. and China concluded talks in Geneva, Switzerland, Treasury Secretary Scott Bessent said the two had agreed to a 90-day pause to take effect on May 14. Under the agreement, the U.S. will reduce tariffs on Chinese imports to 30%, with China reducing duties on American products to 10%. In addition, the two countries said they agreed to establish a “mechanism to continue discussions about economic and trade relations.”

While the news brought relief to global markets, the agreement appeared to kickstart a decline for gold, which hitherto had been one of the biggest beneficiaries of the trade war. Gold proponent and bitcoin critic Peter Schiff admitted the agreement could douse investor enthusiasm toward the precious metal.

Schiff, a harsh opponent of the trade war, also insisted the Trump administration had lost the trade war because China had “agreed to nothing.” He added:

The ‘great’ China trade deal simply pauses Trump’s trade war for 90 days. The only deal is both sides roll back their escalated tariffs. This means we’re in the same position we were before Liberation Day, except Americans are paying 30% tariffs while the Chinese are paying 10%.

Meanwhile, global markets appeared to respond positively to the U.S. and China agreement, with key indices like the Hong Kong benchmark Hang Seng Index closing the day 3% higher. At the time of writing, European stock markets were reportedly higher, and there were indications the main U.S. stock markets would open up by more than 2%.

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