Bitcoin $BTC optimistic as China signals openness to trade talks with the U.S.

Friday's gains for Bitcoin occurred largely after China's Ministry of Commerce said it was open to trade talks with the U.S., following attempts at dialogue from Washington.

The comments fueled hopes for trade negotiations between the world's largest economies, after they became embroiled in a bitter trade war in April.

Still, China called for sincerity from U.S. officials and reiterated that any conversation would depend on the U.S. reducing its high tariffs against the country.

Bitcoin and cryptocurrencies are not directly affected by the trade frictions between the U.S. and China, unlike most stocks, which have direct links to supply chains. Instead, their speculative nature makes them more sensitive to changes in confidence.