Bitcoin Surges Above $97,000 Amidst Hope for US-China Trade Resumption

On Wednesday morning, May 7, 2025, Bitcoin briefly surpassed the $97,000 mark in Asian trading sessions. This surge was driven by positive developments in US-China trade relations, particularly following official announcements from Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer that they will meet with their Chinese counterparts in Switzerland. This meeting marks the first significant engagement since President Trump initiated a trade war against China. This renewed optimism for improved trade ties has been evident in the rapid increase of Bitcoin’s value, as illustrated by the chart provided.