Hassan Maishera
TL;DR
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BTC surged above $97,500, up 3% in the last 24 hours.
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The rally comes amid hopes for a U.S./China trade deal.
BTC Tops $97,500 on Positive Trade Talks
Bitcoin, the leading cryptocurrency by market cap, rallied by over 3% in the last 24 hours. The coin touched the $97,500 mark a few hours ago before retracing to currently trade above $96,500.
The rally comes amid positive trade talks between the United States and China. U.S. Treasury Secretary Scott Bessent disclosed plans to travel to Switzerland to meet with Chinese counterparts for trade talks this coming weekend. He stated that,
"The current tariffs and trade barriers are unsustainable, but we don’t want to decouple."
China Ministry of Commerce spokesperson added that,
"Senior U.S. officials have made a series of remarks hinting at adjustments to tariffs and have expressed, through various channels, a desire to engage with the Chinese side on tariff-related issues. China has carefully evaluated these messages from the U.S. side and, after fully considering global expectations, China’s own interests, and the appeals of American industries and consumers, has decided to agree to engage with the U.S."
In addition to Bitcoin, the news also sent Nasdaq 100 and S&P 500 futures rallying 1% each in the last 24 hours.
Ether, the second-largest cryptocurrency by market cap, is up 1% in the last 24 hours and now trades above $1,800. Thanks to Bitcoin’s rally, the total cryptocurrency market cap increased to $2.98 trillion.
