Bitcoin Approaches Record High Amid US-China Trade Talks

Bitcoin surged to nearly $97,500, outperforming traditional equities as optimism grew around upcoming US-China trade talks in Switzerland, which investors hope will ease global trade tensions and boost risk appetite. This rally was mirrored by gains in Asian stock markets, such as the Hong Kong Hang Seng Index and China’s CSI 300, while US equity indices saw declines. The People’s Bank of China lowered its interest rate to stimulate economic momentum, further contributing to positive sentiment in the region. Institutional traders and research analysts noted renewed interest in Bitcoin and other digital assets, anticipating that economic recovery and trade breakthroughs could further support crypto and stocks. However, some analysts, such as Bloomberg’s Mike McGlone, cautioned that despite Bitcoin’s strength against stocks, its declining value relative to gold may signal underlying caution in the broader market sentiment. Investors are also closely watching the Federal Reserve’s rate decision for additional direction.