Bitcoin (BTC) Price: Rockets Past $97K as US and China Return to Negotiating Table

TLDRBitcoin jumped about 3% to $97,200 following US-China trade talk announcementsTreasury Secretary Scott Bessent will meet Chinese counterparts in Switzerland this weekendBitcoin price rose $1,700 in just 10 minutes after the news brokeBoth countries confirmed high-level meetings to discuss trade issuesThe talks come after months of escalating tariffs between the two economic powersBitcoin price surged above $97,000 on Wednesday as both the United States and China confirmed they will restart formal trade negotiations. The cryptocurrency jumped approximately 3% in a matter of hours following announcements from both countries about upcoming diplomatic meetings.Bitcoin (BTC) PriceThe price movement began after US Treasury Secretary Scott Bessent revealed plans to travel to Switzerland this weekend for talks with Chinese officials. “The current tariffs and trade barriers are unsustainable, but we don’t want to decouple,” Bessent stated.China’s Ministry of Commerce responded positively to the US overture. “Senior US officials have made a series of remarks hinting at adjustments to tariffs and have expressed a desire to engage with the Chinese side on tariff-related issues,” a spokesperson said.The market reaction was swift. Bitcoin price climbed from around $94,500 to $97,200 in just two hours. According to reports, the cryptocurrency rose by more than $1,700 within a 10-minute period alone.Bitcoin $BTC testing the upper trendline of this upsloping channelBig day ahead with FOMC later! pic.twitter.com/FQnp2B74jG— Trader Edge (@Pro_Trader_Edge) May 7, 2025High-Level Delegations Set to MeetThe upcoming talks will feature senior officials from both countries. The US delegation will be led by Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.China’s Foreign Ministry announced that Vice Premier He Lifeng, who serves as the lead official for China-US trade relations, will represent Beijing at the negotiations.“The Vice Premier will hold a meeting with US Treasury Secretary Scott Bessent to discuss trade issues,” confirmed a spokesperson from China’s Foreign Ministry.The US Trade Representative’s office also verified that Greer will meet his Chinese counterpart to continue discussions on trade-related matters.Months of Trade TensionsThe diplomatic breakthrough comes after several months of worsening trade relations between the world’s two largest economies. Since President Donald Trump returned to office in January, the US has imposed new tariffs totaling 145 percent on Chinese imports.These include extra duties on technology, steel, and agricultural products.China responded with countermeasures of its own, applying 125 percent tariffs on US goods entering its market. These restrictions targeted key US exports such as soybeans, semiconductors, and automobiles.The high trade barriers have disrupted commerce between the two nations, which had already been strained by previous rounds of tariffs.Other cryptocurrencies also experienced gains following the announcement. XRP rose 1% to $2.15, Cardano increased 3% to $0.679, and Dogecoin climbed 1.5% to $0.1721.Analysts attribute the price increases to growing investor confidence that tensions between the two economic powers may ease, boosting overall market sentiment for risk assets.In a parallel development, India and Malaysia have submitted proposals aimed at easing their own trade tensions with Washington. Both countries have offered zero tariffs on selected sectors, hoping to convince the Trump administration to relax its recent measures.The US Treasury has indicated that it remains open to resolving disputes if countries offer “fair and reciprocal terms.” A statement mentioned that trade teams are engaged with 17 countries as part of broader economic talks.The US administration has set a 90-day deadline for resolving several trade disagreements, a period that is now approaching its end.US stock market futures also responded positively to the news, with Nasdaq 100 and S&P 500 futures jumping about 1% in after-hours trading.The upcoming weekend meetings in Switzerland may prove crucial for global trade relations and could continue to influence Bitcoin price movements in the coming days.The post Bitcoin (BTC) Price: Rockets Past $97K as US and China Return to Negotiating Table appeared first on CoinCentral.