$BTC Bitcoin will remain little changed on Friday, after a recent surge brought the cryptocurrency close to surpassing the $100,000 level again as risk appetite strengthened following China's indication of its willingness for trade talks with the United States.
Investor sentiment was also bolstered by the announcement from Strategy (NASDAQ:MSTR), the major Bitcoin holder, about a $21 billion share offering, despite the company recording losses for the fifth consecutive quarter.
Broader cryptocurrency prices rose on Friday following China's statements, tracking a rally in risk-driven markets, particularly stocks. However, the range of cryptocurrency gains was limited, as the strong rally in late April seemed to be fading now.
Bitcoin stabilized at $96,999.0000 by 5:20 PM Saudi time, after rising to a high of $97,226.1000 earlier in the session.
Bitcoin improves as China signals its openness to trade talks with the United States
Bitcoin's gains on Friday largely came after the Chinese Ministry of Commerce said it is open to trade talks with the United States, following attempts at dialogue from Washington.
The statements renewed hopes for trade negotiations between the world's two largest economies, after they were embroiled in a bitter trade war in April.
However, China called for honesty from US officials and reiterated that any talks would depend on the United States reducing sharp trade tariffs against the country.
Bitcoin and cryptocurrencies are not directly affected by US-China trade disruptions, unlike most stocks that have direct links to supply chains. Instead, their speculative nature makes them more sensitive to shifts in sentiment.$STO $BTC
