Bitcoin Surges Past $97K Amid U.S.-China Trade Talks
Finance/Markets

Bitcoin Surges Past $97K Amid U.S.-China Trade Talks

U.S. Treasury Secretary Scott Bessent travels to Switzerland to discuss trade issues with Chinese officials, boosting risk assets including Bitcoin.

Key Insights:

  • Riskier assets, including cryptocurrencies, are gaining traction as hopes for a U.S.-China trade resolution increase.
  • Bitcoin has experienced a rise of approximately 3% in a short span, surpassing $97,000.
  • “The current tariffs and trade barriers are unsustainable, but we don’t want to decouple,” stated U.S. Treasury Secretary Scott Bessent.

Recent trade discussions between the U.S. and China have positively influenced market sentiment, driving a rise in asset values after the stock markets closed on Wednesday evening. U.S. Treasury Secretary Scott Bessent announced plans to meet with Chinese officials in Switzerland for further negotiations.

“The current tariffs and trade barriers are unsustainable, but we don’t want to decouple,” Bessent revealed, indicating a shift in dialogue with Chinese representatives for upcoming trade talks this weekend.

According to a spokesperson from the China Ministry of Commerce, there has been a willingness from both sides to reconsider tariff adjustments, which has led to a favorable response from markets. Bitcoin’s price increased to around $97,200, with futures for Nasdaq 100 and S&P 500 also climbing about 1%.

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