Bitcoin is trading at $96,927.40, as the United States is setting up the stage to start trade talks with China.
Crypto markets could potentially see a breather as US Treasury Secretary Scott Bessent revealed that negotiations with China are set to begin Saturday — a move that could ease macro uncertainty.
Top U.S. and Chinese officials will meet in Switzerland this weekend for trade talks, raising hopes of easing tensions, as per Yahoo Finance.
Bessent also projected as much as $2 trillion in the U.S. Treasuries demand coming from digital asset markets, citing broad investor support for government debt at recent auctions.
Bessent also said that it was time for “China to graduate from developing country status”.
This could push U.S.-China negotiations more toward rules-based. Markets could read this as reducing volatility and long-term trade uncertainty which often pushes investors to choose crypto as a macro hedge.
The digital currency market turned volatile after tariffs were announced in the US on April 2, 2025. Plummeting from $88,500 to $74,500 in five days, Bitcoin took a heavy blow, as per Fortune Crypto.
Bitcoin rallied to $97,014 and surged following a temporary 90-day tariff truce on April 9, 2025. A deal between the United States and China on trade and measures at the state level, including yesterday’s New Hampshire Bitcoin reserve might have helped drive this comeback.