Bitcoin Rises to $97,000 Amid US-China Trade Talks

Bitcoin on Wednesday, May 7, increased to $97,000 (roughly Rs. 82.1 lakh) alongside Asian stocks and a strengthening dollar after the news broke out that the US and China plan to hold crucial trade talks amid a trade war between the two powerful nations. The cryptocurrency giant rose to about 3.20% in early trade, while Ether claimed nearly 4.2%. Meanwhile, on Indian exchanges, the asset price grew by 2.33% bringing it to trade at $94,875 (roughly Rs. 80.3 lakh).

The rise followed by the 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, reported Bloomberg. Meanwhile, India conducted a military attack on Pakistan under the 'Operation Sindoor' in the early hours of Wednesday. Pakistan vowed to give a 'befitting' reply.

Also Read | Operation Sindoor: Pakistan Stock Market Plunges 6% After Indian Army Strikes Back After Pahalgam Attack.

The overall crypto market cap rose by 1.50% in the last 24 hours to claim the valuation of $2.98 trillion (roughly Rs. 2,51,85,067 crore), according to CoinMarketCap. The cryptocurrency brokerage Falconx Ltd has seen a fresh for Bitcoin topside with the market appearing optimistic that the trade talks over the weekend will be positive, according to the derivatives trading lead of APAC at the company, Sean McNulty.