Mysterious trader buys $80 million ahead of Trump's return from China

U.S. President Donald Trump is en route back to Washington after concluding his two-day visit to meet his Chinese counterpart Xi Jinping in Beijing.

Trade and the Iran war remained the hottest talking points of the visit, with Trump touting "fantastic" trade deals without revealing any details.

Related: U.S. makes shocking move to counter China's de-dollarization push

He also said he discussed the Iran war with Jinping and both countries don't want the Asian country to have nuclear weapons and want the Strait of Hormuz to be open.

It was in April last year that Trump imposed what he called "reciprocal tariffs" on nearly every country but it soon turned out China was the main target of the aggressive trade policy.

Chinese businesses, including Bitcoin (BTC) mining equipment manufacturers like Bitmain , Canaan, and MicroBT, were hit badly due to the policy.

In fact, the total crypto market capitalization declined from $2.74 trillion on Apr. 2 to $2.42 trillion on Apr. 8. However, the market soon became resilient to such shocks, and Bitcoin even hit an all-time high of $126,080 on Oct. 6.

But Trump shocked the world on Oct. 10 by threatening to hike tariffs on China by 100%. The crypto market crashed again and is yet to recover.

At press time, Bitcoin is trading more than 35% lower than the record high price.

As far as the Iran war is concerned, the oil prices have surged, and the market is worried of a spike in inflation. The development further drains liquidity from the already struggling crypto market.

More on China:

• U.S. charges Chinese firms over alleged links to cartel operations

• Trump says he hopes to sign crypto bill very soon to beat China

• Trump-linked firm moves $12 million in assets ahead of China visit

Trader buys $80 million in Bitcoin

Though the crypto market might not be too enthusiastic about Bitcoin's near-term price action, a crypto trader opened a Bitcoin position worth nearly $80 million ahead of Trump's return from China.

The whale opened a 10-times-leveraged long position on 1,000 Bitcoin worth $79.5 million. 

The trader's bullish outlook reflects their high expectation from the advancement of the CLARITY Act during the Senate Banking Committee markup on May 14.

The legislation, which aims to create a comprehensive regulatory framework for digital assets, will now advance to the next phase.

However, the crypto market didn't react strongly to the development.

There is no indication of any major announcement from Trump either that could lift the crypto market.