Bitcoin rose alongside Asian stocks and a strengthening dollar after news that the US and China plan to hold trade talks.
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The largest digital asset rose about 3.2 per cent to top US$97,500 on Wednesday morning in Singapore before paring gains, while second-ranked Ether climbed as much as 4.2 per cent.
The rally followed news that US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with the Chinese government this week in Switzerland, raising hopes that the world’s two largest economies can reach an agreement that may ease trade tensions. Meanwhile, India said in a statement early Wednesday that it had conducted targeted military strikes against Pakistan, which in turn said it had shot down five Indian jets.
Digital-asset prime brokerage FalconX has seen “renewed interest for bitcoin topside” with the market “appearing optimistic that the trade talks over the weekend will be positive”, said Sean McNulty, derivatives trading lead of APAC at the company.
Traders so far appear to be “totally ignoring” the conflict in Pakistan, he added. Digital-asset investors will also have an eye on Wednesday’s rate decision by the Federal Reserve, with policymakers expected to stay on hold.
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Bitcoin hit a record of US$109,241 in January riding a wave of optimism about US President Donald Trump’s pro-crypto agenda. Once an industry sceptic, Trump pivoted to become an ardent supporter of the digital-assets space on the campaign trail and has pushed for supportive legislation in the early innings of his presidency. But his sweeping tariff programme and subsequent market turmoil have knocked backed crypto prices in recent months.
