Bitcoin surged almost 3% to approach $97k after China and the US announced plans to resume trade negotiations this week, boosting investor sentiment across risk assets ahead of today’s FOMC meeting.
“I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States,” US Treasury Secretary Scott Bessent said in a May 6 statement.
US And China Trade Officials To Meet In Switzerland
Trade officials from China and the US are set to meet in Switzerland later this week. The discussions aim to re-open dialogue between the two following weeks of growing tariff disputes.
Since Trump entered the White House for a second term in January, the US has imposed new tariffs totaling 145% on Chinese imports. In retaliation, China responded with its own 125% tariffs on US goods.
This triggered a steep plunge in markets initially as investors fled risk assets, before a rebound that came after Trump dialed back many tariffs on other nations and eased his rhetoric.
Thanks to @POTUS’ leadership, the world is renegotiating.
Tariffs and other trade barriers are coming down. We are bringing strategic industries back home — from steel to semiconductors to medicine – and Americans will get a better deal.@IngrahamAngle pic.twitter.com/mfa0LBDdH8
— Treasury Secretary Scott Bessent (@SecScottBessent) May 7, 2025
With trade talks now resuming between the world’s two biggest economies, crypto investor sentiment has turned more positive. The Crypto Fear and Greed Index stands at 67, signalling “Greed” in the market.
This marks an 8-point increase in the last 24 hours, and is a substantial improvement from the “Extreme Fear” reading of 23 just a month ago.
Bitcoin And Other Top 10 Cryptos Climb
BTC benefited from the improving sentiment, with its price reaching a 24-hour high above $97K. It has since pulled back to trade at $96,928 as of 4:04 a.m. EST. Despite the retracement, Bitcoin is still up almost 3% in the past 24 hours, according to CoinMarketCap.
Almost all of the top 10 cryptos followed Bitcoin’s lead. Altcoin leader Ethereum (ETH) and meme coin titan Dogecoin (DOGE) saw their prices rise over 1% and 2%, respectively.
XRP, BNB, Solana (SOL) and Cardano (ADA) all managed 24-hour gains as well, with TRON (TRX) posting a minor loss.
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