(Bloomberg) – Bitcoin rose along with Asian stocks and strengthened its amount after news that the US and China are planning to negotiate trade.
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The biggest digital assets rose by 4.2% before profiting after Wednesday morning in Singapore, rising about 3.2% to over $97,500.
The rally follows news that US Treasury Secretary Scott Bescent and trade representative Jamieson Greer will meet with the Chinese government in Switzerland this week, and hopes that the two largest economies in the world will reach an agreement that could ease trade tensions. Meanwhile, India said in a statement early on Wednesday that it had carried out a targeted military strike against Pakistan, which it had shot down five Indian jets.
Digital-Asset Prime Brakerage Falconx Ltd. “is expected to be optimistic that trade talks will be positive over the weekend,” said Sean McNulty of Derivatives Trading Lead, Derivatives, after seeing “renewed interest in Bitcoin topside.”
Data compiled by Deribit, the largest crypto derivatives exchange, shows that rising demand in the options market is increasing, focusing on call options and focusing on $100,000 call options.
So far, traders appear to be “completely ignoring” the Pakistan conflict, McNulty added. Digital asset investors are also looking at the Federal Reserve’s fee decision on Wednesday, with policymakers expected to be on hold.
“Today we see broad risk-based sentiment driven by the resumption of trade dialogue between the US and China: global stocks are rising and gold is retreating.
Bitcoin hit a record of $109,241 in January, riding a wave of optimism about President Donald Trump’s pro-crypto agenda. The industry once skeptical, circling to become avid supporters of the digital asset space on the campaign trail, pushing supportive laws in the early innings of the presidency. However, his sweeping customs program and subsequent market turmoil have knocked back crypto prices in recent months.
Bitcoin was trading at $96,387 as of 6:52am in London, and ether was trading at $1,828.