Bitcoin rose alongside Asian stocks after reports that the United States and China plan to hold trade talks, according to Bloomberg.

The largest digital asset increased by more than 3% at the moment, surpassing the $97,500 level on Wednesday morning, but trimmed its gains thereafter. At the time of writing this report, the price of Bitcoin was trading around the $97,000 level after rising to an intraday peak of $97,840.

The morning rise came after news that U.S. Treasury Secretary Scott Piesen and Trade Representative Jamison Greer would meet with the Chinese government this week in Switzerland, raising hopes for an agreement between the world's two largest economies and easing trade tensions.

Meanwhile, India announced early Wednesday morning that it had carried out precision military strikes on Pakistan, which retaliated by reporting the downing of five Indian aircraft.

Sean McNulty, Head of Financial Derivatives for the Asia-Pacific region at Falcon X Brokerage, said: "We are seeing renewed interest in buying Bitcoin on the upside as the market is optimistic about a positive outcome from the weekend talks."