Bitcoin fell as much as 4.5% on Thursday, trading around $107,800 by mid-morning in New York. The price materialized despite the fact that U.S. President Donald Trump and Chinese President Xi Jinping had reached a basic consensus on a trade framework at the APEC summit in Busan. 

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The prospect of easing tariffs had initially lifted risk assets, but investors swung back into profit-taking mode in crypto amid uncertainty over the deal’s details and the potential for renewed market volatility. 

Blackrock’s iShares Bitcoin ETF (IBIT) opened on Thursday down 2.5% from Wednesday’s close. Bitcoin miners and Strategy (MSTR) also opened sharply lower. 

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