Bitcoin and other altcoins experienced a surge on Wednesday, as market sentiment was buoyed by the upcoming US-China trade talks. The positive reaction also stemmed from falling oil prices ahead of the Federal Reserve’s interest rate decision. Specifically, Bitcoin (BTC) reached its highest point since February ($97,000), achieving a market cap exceeding $1.92 trillion. Top altcoins like Stacks (STX), Flare (FLR), JasmyCoin (JASMY), and Dogecoin (DOGE) rose by over 3%. This rally can be attributed to the anticipated meeting between US and Chinese officials in Switzerland, aiming to ease tensions that arose following the imposition of triple-digit tariffs earlier in April. Analysts suggest this meeting could signal a positive step towards de-escalating global trade disputes. The Wall Street Journal reports China’s consideration of measures to curtail the flow of chemicals utilized for fentanyl production in Mexico, while the US may decrease tariffs on Chinese goods from 145% to 50%. However, experts anticipate that any final agreement will take time, with Treasury Secretary Scott Bessent suggesting a timeframe of up to three years. The positive sentiment also stemmed from declining crude oil prices, as Brent and West Texas Intermediate dropped by 0.35% to $61 and $58 respectively. This fall in oil prices has the potential to alleviate inflationary pressures in the U.S., and might lessen the risk of a recession.