{"id":51999,"date":"2025-05-07T13:06:15","date_gmt":"2025-05-07T13:06:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-hits-97k-as-us-china-move-towards-trade-talks\/"},"modified":"2025-05-07T13:06:15","modified_gmt":"2025-05-07T13:06:15","slug":"bitcoin-hits-97k-as-us-china-move-towards-trade-talks","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-hits-97k-as-us-china-move-towards-trade-talks\/","title":{"rendered":"Bitcoin hits $97K as US &#038; China move towards trade talks"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/04\/digital-assets-bitcoin-inflows-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/04\/digital-assets-bitcoin-inflows-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/04\/digital-assets-bitcoin-inflows-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/04\/digital-assets-bitcoin-inflows-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>Bitcoin surged ~3% to $97,200 after US and China signaled upcoming trade talks in Switzerland.<\/li>\n<li>US Treasury Sec. Bessent &amp; China\u2019s Commerce Ministry confirmed willingness to engage on tariff issues.<\/li>\n<li>US stock futures (Nasdaq 100, S&amp;P 500) jumped ~1% on the positive trade negotiation news.<\/li>\n<\/ul>\n<p>A significant thaw in the often-frosty trade relations between the United States and China sent a jolt of optimism through global financial markets late Tuesday and into Wednesday, propelling risk assets, including Bitcoin, sharply higher.<\/p>\n<p>The positive momentum came as officials from both nations signaled a mutual willingness to engage in substantive discussions aimed at de-escalating the ongoing tariff conflict.<\/p>\n<p>The renewed hope for a trade resolution was sparked by key statements from both sides.<\/p>\n<p>US Treasury Secretary Scott Bessent announced plans to travel to Switzerland for trade talks with his Chinese counterparts over the upcoming weekend.<\/p>\n<p>\u201cThe current tariffs and trade barriers are unsustainable, but we don\u2019t want to decouple,\u201d Bessent stated, signaling a potential shift in the US approach.<\/p>\n<p>Echoing this sentiment, a spokesperson for China\u2019s Ministry of Commerce confirmed Beijing\u2019s readiness to engage.<\/p>\n<p>\u201cSenior US officials have made a series of remarks hinting at adjustments to tariffs and have expressed, through various channels, a desire to engage with the Chinese side on tariff-related issues,\u201d the spokesperson said, according to CoinDesk report.<\/p>\n<blockquote>\n<p>China has carefully evaluated these messages from the US side and, after fully considering global expectations, China\u2019s own interests, and the appeals of American industries and consumers, has decided to agree to engage with the US.<\/p>\n<\/blockquote>\n<p>This news of impending high-level dialogue triggered an immediate positive reaction in markets.<\/p>\n<p>Bitcoin (BTC) surged approximately 3%, climbing to around $97,200.<\/p>\n<p>Futures contracts for major US stock indices also jumped, with both Nasdaq 100 and S&amp;P 500 futures up about 1% in the hours following the announcements.<\/p>\n<h2>Amidst trade hopes, Trump\u2019s crypto ventures draw senate scrutiny<\/h2>\n<p>While markets cheered the trade developments, a separate undercurrent of political and regulatory scrutiny emerged concerning President Donald Trump\u2019s personal and business ties to the cryptocurrency industry.<\/p>\n<p>Senator Richard Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations, initiated a preliminary inquiry into potential conflicts of interest and legal violations stemming from these ventures.<\/p>\n<p>On Tuesday, Senator Blumenthal dispatched letters to executives associated with Trump-affiliated crypto entities, including Bill Zanker of Fight Fight Fight LLC (linked to the TRUMP memecoin) and Zach Witkoff, a co-founder of World Liberty Financial (associated with the USD1 stablecoin).<\/p>\n<p>The letters also targeted entities like CIC Digital LLC (involved in Trump\u2019s NFTs) and DTTM Operations LLC (manager of Trump\u2019s IP rights).<\/p>\n<p>\u201cThe Permanent Subcommittee on Investigations is conducting a preliminary inquiry into potential conflicts of interest and violations of the law from President Trump\u2019s cryptocurrency ventures \u2026 and associated businesses\u2019 financial dealings with foreign nationals, foreign governments and other cryptocurrency firms,\u201d both letters stated.<\/p>\n<p>They explicitly questioned whether these businesses \u201cmay be enabling the violation of government ethics requirements.\u201d<\/p>\n<p>The inquiries seek detailed information regarding ownership structures, investment sources (particularly concerning foreign governments), revenue generation, and protocols for identifying or blocking participation by individuals facing prosecution or investigation.<\/p>\n<p>Blumenthal also requested records tied to these Trump-affiliated crypto businesses.<\/p>\n<p>As Democrats are in the Senate minority, Blumenthal currently lacks subpoena power for this inquiry unless his Republican counterpart, Senator Ron Johnson, co-signs the effort.<\/p>\n<p>Senator Johnson\u2019s office did not immediately respond to a request for comment.<\/p>\n<p>This Senate probe reflects a broader unease among Democrats regarding Trump\u2019s crypto activities.<\/p>\n<p>Earlier this week, Representative Maxine Waters, the leading Democrat on the House Financial Services Committee, objected to a joint hearing on crypto market structure legislation, opting instead to host a separate hearing focused specifically on these crypto tie-ups.<\/p>\n<p>Furthermore, a recent statement from Senator Ruben Gallego and several other Senate Democrats, indicating they would not support the current iteration of the Senate\u2019s stablecoin bill, also appears linked to these concerns.<\/p>\n<p>A key trigger was the announcement by Eric Trump that Abu Dhabi-based investment firm MGX would use the Trump-affiliated USD1 stablecoin for a $2 billion investment into the Binance cryptocurrency exchange.<\/p>\n<p>Adding to the legislative pressure, Senator Chris Murphy introduced a bill on Tuesday aimed at banning the US president and other senior government officials from issuing memecoins or other financial assets.<\/p>\n<p>While financial markets reacted positively to signs of a potential US-China trade d\u00e9tente, the unfolding scrutiny of President Trump\u2019s personal crypto dealings introduces a new layer of political and regulatory complexity for the digital asset industry in Washington.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/crypto-news-today-bitcoin-surges-past-97k-as-us-china-signal-trade-talk-breakthrough\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin surged ~3% to $97,200 after US and China signaled upcoming trade talks in Switzerland. US Treasury Sec. Bessent &amp; China\u2019s Commerce Ministry confirmed willingness to engage on tariff issues. US stock futures (Nasdaq 100, S&amp;P 500) jumped ~1% on the [&hellip;]<\/p>\n","protected":false},"author":3947362378,"featured_media":52000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/51999"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=51999"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/51999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/52000"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=51999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=51999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=51999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}