Bitcoin Peaks at $97K Amid Anticipated US-China High-Level Trade Discussions

Bitcoin value hit an intraday five-day peak of $97,650 in early trading in Asia on Wednesday, May 7, marking a nearly $4,000 increase in just 12 hours. However, it could not maintain this level and fell back to $96,500.

Despite this, Bitcoin's performance was positive, increasing by 2.3% on the day, even amidst the Federal Reserve's interest rate decision. This surge is believed to be influenced by the impending high-level trade talks between the US and China in Switzerland. Meanwhile, the crypto markets have also seen a boost due to a weakening US dollar. Despite Bitcoin's gains, the crypto market cap has remained steady at $3.08 trillion.

Other cryptocurrencies like Ethereum, Cardano, Chainlink, Bitcoin Cash, and Litecoin have also seen minor increases.