Bitcoin rose on Friday, nearing the $100,000 mark, as risk appetite strengthened following signals from China about readiness for trade talks with the United States.
The world's largest cryptocurrency also received support from major corporate holder Strategy (NASDAQ:MSTR), which announced a stock issuance worth $21 billion, although the company also posted its fifth consecutive quarterly loss.
Broader cryptocurrency prices also rose on Friday following China's comments, following gains in risk-oriented markets, especially in the stock markets. However, the scale of the cryptocurrency rise was limited, as a strong rally that continued until the end of April now appears to be fading.
Bitcoin rose by 1.7% to $96,806.4 by 08:22 Moscow time, having previously reached a session high of $97,226.1.
Bitcoin is rising amid signals from China about readiness for trade talks with the US.
Friday's bitcoin rise primarily occurred after China's Ministry of Commerce expressed readiness for trade talks with the US, following attempts at dialogue from Washington.
These comments have heightened hopes for trade talks between the world's largest economies after they became embroiled in a fierce trade war in April.
Nevertheless, China has called for sincerity from American officials and reiterated that any negotiations will still depend on the US reducing high trade tariffs against the country.
Bitcoin and cryptocurrencies are not directly affected by trade frictions between the US and China, unlike most stocks that have direct ties to supply chains. Instead, their speculative nature makes them more sensitive to changes in sentiment.