Bitcoin Tapped $97K as US and China Plan High-level Trade Talks
The post Bitcoin Tapped $97K as US and China Plan High-level Trade Talks appeared on BitcoinEthereumNews.com.
Bitcoin prices reached an intraday and five-day high of $97,650 during early trading in Asia on Wednesday, May 7. The move has returned the asset to the same level it reached on May 2, where it hit resistance and retreated back below $94,000. Today’s jump added almost $4,000 to BTC prices in around 12 hours, but the move could not be sustained as the asset fell back to $96,500 at the time of writing. Nevertheless, Bitcoin remains up 2.3% on the day, and sentiment appears to be improving despite the Federal Reserve’s interest rate decision on May 7. US-China Trade Talks The move appears to have been driven by the United States and China reportedly planning high-level trade talks in Switzerland over the weekend. Late Tuesday, May 6, China and the US announced plans for trade talks between Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng in Geneva, reported the Associated Press on May 7. “Thanks to POTUS, the world has been coming to the US, and China has been the missing piece—we will meet on Saturday and Sunday to discuss our shared interests,” said Bessent on X. He added that the current tariffs and trade barriers are “unsustainable,” but we don’t want to “decouple,” we want fair trade. Thanks to @POTUS, the world has been coming to the US, and China has been the missing piece—we will meet on Saturday and Sunday to discuss our shared interests. The current tariffs and trade barriers are unsustainable, but we don’t want to decouple. What we want is fair trade. pic.twitter.com/MYc4XvqME8 — Treasury Secretary Scott Bessent (@SecScottBessent) May 6, 2025 The Chinese Commerce Ministry confirmed the trade talks between its vice premier and Bessent in Switzerland. “The Chinese side carefully evaluated the information from the US side…
Filed under: News - @ May 7, 2025 5:24 am