{"id":25501,"date":"2025-05-07T05:16:48","date_gmt":"2025-05-07T05:16:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=25501"},"modified":"2025-05-07T05:16:48","modified_gmt":"2025-05-07T05:16:48","slug":"bitcoin-tapped-97k-as-us-and-china-plan-high-level-trade-talks","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=25501","title":{"rendered":"Bitcoin Tapped $97K as US and China Plan High-level Trade Talks"},"content":{"rendered":"<div>\n<p>Bitcoin prices reached an intraday and five-day high of $97,650 during early trading in Asia on Wednesday, May 7.\u00a0The move has returned the asset to the same level it reached on May 2, where it hit resistance and retreated back below $94,000.<\/p>\n<p>Today\u2019s jump added almost $4,000 to BTC prices in around 12 hours, but the move could not be sustained as the asset fell back to $96,500 at the time of writing.<\/p>\n<p>Nevertheless, Bitcoin remains up 2.3% on the day, and sentiment appears to be improving despite the Federal Reserve\u2019s <a href=\"https:\/\/cryptopotato.com\/3-things-that-could-rattle-crypto-markets-this-week\/\" data-wpel-link=\"internal\">interest rate decision<\/a> on May 7.<\/p>\n<h2>US-China Trade Talks<\/h2>\n<p>The move appears to have been driven by the United States and China reportedly planning high-level trade talks in Switzerland over the weekend.<\/p>\n<p>Late Tuesday, May 6, China and the US announced plans for trade talks between Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng in Geneva, <a href=\"https:\/\/apnews.com\/article\/trump-china-trade-switzerland-bessent-2a3335ed92989dc4b3a74ea550b79b3f\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">reported<\/a> the Associated Press on May 7.<\/p>\n<blockquote>\n<p>\u201cThanks to POTUS, the world has been coming to the US, and China has been the missing piece\u2014we will meet on Saturday and Sunday to discuss our shared interests,\u201d said Bessent on X.<\/p>\n<\/blockquote>\n<p>He added that the current tariffs and trade barriers are \u201cunsustainable,\u201d but we don\u2019t want to \u201cdecouple,\u201d we want fair trade.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Thanks to <a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@POTUS<\/a>, the world has been coming to the US, and China has been the missing piece\u2014we will meet on Saturday and Sunday to discuss our shared interests.<\/p>\n<p>The current tariffs and trade barriers are unsustainable, but we don\u2019t want to decouple.<\/p>\n<p>What we want is fair trade. <a href=\"https:\/\/t.co\/MYc4XvqME8\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/MYc4XvqME8<\/a><\/p>\n<p>\u2014 Treasury Secretary Scott Bessent (@SecScottBessent) <a href=\"https:\/\/twitter.com\/SecScottBessent\/status\/1919902482823586184?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">May 6, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Chinese Commerce Ministry confirmed the trade talks between its vice premier and Bessent in Switzerland.<\/p>\n<blockquote>\n<p>\u201cThe Chinese side carefully evaluated the information from the US side and decided to agree to have contact with the US side after fully considering global expectations, Chinese interests, and calls from US businesses and consumers,\u201d said a ministry spokesperson.<\/p>\n<\/blockquote>\n<p>Wendy Cutler, a former US trade official, said it is an \u201cimportant opportunity to have initial talks on unwinding some tariffs, mapping out a path forward, as well as raising concerns,\u201d cautioning that the process will take time.<\/p>\n<p>The meeting comes amid growing US market concern over the impact of the trade tariffs on the prices and supply of consumer goods.<\/p>\n<p>Consumers are hurt the most when import tariffs are imposed as the price of goods escalates, adding to economic woes and recession fears.<\/p>\n<h2>Elsewhere on Crypto Markets<\/h2>\n<p><a href=\"https:\/\/cryptopotato.com\/5-signals-that-show-most-bullish-bitcoin-setup-since-2020\/\" data-wpel-link=\"internal\">Bitcoin<\/a> and crypto markets have also been boosted by a <a href=\"https:\/\/cryptopotato.com\/us-dollar-index-plunges-to-3-year-low-as-gold-hits-ath-btc-tops-87k\/\" data-wpel-link=\"internal\">weakening US dollar<\/a> as the currency devaluation has accelerated over the past week or so.\u00a0However, crypto market cap remains flat on the day at $3.08 trillion despite Bitcoin\u2019s gains.<\/p>\n<p><a href=\"https:\/\/cryptopotato.com\/eth-accumulation-spikes-as-holders-bet-on-short-term-price-gains-cq\/\" data-wpel-link=\"internal\">Ethereum<\/a> climbed to an intraday high of $1,845, but it still faces heavy resistance at this level that it has not been able to overcome in the past fortnight.<\/p>\n<p>The altcoins were seeing minor gains, with slightly better performance from Cardano, Chainlink, Bitcoin Cash, and <a href=\"https:\/\/cryptopotato.com\/litecoin-plunges-hard-after-ltc-etf-delay-bitcoin-stands-calm-at-94k-market-watch\/\" data-wpel-link=\"internal\">Litecoin<\/a>, which jumped 10%.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/bitcoin-tapped-97k-as-us-and-china-plan-high-level-trade-talks\/\" rel=\"nofollow\">Bitcoin Tapped $97K as US and China Plan High-level Trade Talks<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin prices reached an intraday and five-day high of $97,650 during early trading in Asia on Wednesday, May 7.\u00a0The move has returned the asset to the same level it reached on May 2, where it hit resistance and retreated back below $94,000. Today\u2019s jump added almost $4,000 to BTC prices in around 12 hours, but [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-25501","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25501"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25501\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}