Surges Past $97K Amid Hopes for Tariff Relief

A shift in trade relations between the U.S. and China has resulted in increased gains for risk assets following the closure of the U.S. stock market on Wednesday.

U.S. Treasury Secretary Scott Bessent remarked, “Current tariffs and trade restrictions are not viable, yet we aim to maintain connections rather than sever them,” as he announced his plans to visit Switzerland for discussions with Chinese officials regarding trade this weekend.

A spokesperson from China’s Ministry of Commerce indicated that U.S. officials have recently suggested potential changes to tariffs and expressed an eagerness to communicate on related matters with China. “China has taken these hints into consideration, weighing international expectations alongside its own interests and those of American industries and consumers, leading to the decision to enter talks,” the spokesperson noted.

This unfolding situation has prompted a surge in bitcoin (BTC), which has risen roughly 3% to $97,200. Additionally, futures for the Nasdaq 100 and S&P 500 indices have increased by around 1%.