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Bitcoin Races Above $97K on U.S./China Trade Deal Progress

Treasury Secretary Scott Bessent is headed to Switzerland for talks with Chinese representatives.

By Stephen Alpher

May 6, 2025, 8:57 p.m.

Photo of U.S. Vice President JD Vance, Treasury Secretary Scott Bessent, Defense Secretary Pete Hegseth

[Center] Treasury Secretary Scott Bessent (Win McNamee/Getty Images)

What to know:

Risk assets — crypto among them — are moving higher Wednesday evening on hopes for a U.S./China trade deal.

Bitcoin has jumped about 3% in the last two hours, rising above $97,000.

"The current tariffs and trade barriers are unsustainable, but we don’t want to decouple," said U.S. Treasury Secretary Scott Bessent.

A thawing in the trade stance from both the U.S. and China has sent risk assets higher in the hours since the U.S. stock market closed on Wednesday.

"The current tariffs and trade barriers are unsustainable, but we don’t want to decouple," said U.S. Treasury Secretary Scott Bessent, disclosing plans to travel to Switzerland to meet with Chinese counterparts for trade talks this coming weekend.