1141 GMT - Bitcoin trades steady on the day, reversing earlier gains when it surged to a three-and-a-half month high after news that the U.S. and China had agreed to reduce tariffs substantially for 90 days. The market reaction was "quick and spectacular," although investors might reflect that "significant trade damage has already been inflicted," Trade Nation analyst David Morrison says in a note. Bitcoin's gains have also been limited since it surged above $100,000 last week, he says. Bitcoin last trades at $104,345, having hit a high earlier of $105,716, LSEG data show. (jessica.fleetham@wsj.com)
(END) Dow Jones Newswires
May 12, 2025 07:41 ET (11:41 GMT)
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