Share this article
Bitcoin Races Above $97K on U.S.-China Trade Deal Progress
Treasury Secretary Scott Bessent is headed to Switzerland for talks with Chinese representatives.
Updated May 7, 2025, 12:05 p.m. Published May 7, 2025, 12:57 a.m.
What to know:
- Risk assets — crypto among them — are moving higher Wednesday evening on hopes for a U.S./China trade deal.
- Bitcoin has jumped about 3% in the last two hours, rising above $97,000.
- "The current tariffs and trade barriers are unsustainable, but we don’t want to decouple," said U.S. Treasury Secretary Scott Bessent.
A thawing in the trade stance from both the U.S. and China has sent risk assets higher in the hours since the U.S. stock market closed on Wednesday.
"The current tariffs and trade barriers are unsustainable, but we don’t want to decouple," said U.S. Treasury Secretary Scott Bessent, disclosing plans to travel to Switzerland to meet with Chinese counterparts for trade talks this coming weekend.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Senior U.S. 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," said a China Ministry of Commerce spokesperson. "China has carefully evaluated these messages from the U.S. side and, after fully considering global expectations, China’s own interests, and the appeals of American industries and consumers, has decided to agree to engage with the U.S."
The news has quickly sent bitcoin higher by about 3% to $97,200. Nasdaq 100 and S&P 500 futures have jumped about 1%.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Higit pang Para sa Iyo
Dogecoin, PEPE rocket as much as 25% as 2026 starts with a bang for memecoins
The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
Ano ang dapat malaman:
- Dogecoin and Pepe led a significant meme coin rally, with Dogecoin rising 11% and Pepe surging 17% in a single day.
- The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
- Traders are speculating on meme coins as a high-risk, high-reward opportunity amid uneven liquidity and a lack of clear macroeconomic catalysts.
Top Stories
