{"id":23721,"date":"2025-05-07T10:36:34","date_gmt":"2025-05-07T07:36:34","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-tests-97000-amid-us-china-trade-talks\/"},"modified":"2025-05-07T10:36:34","modified_gmt":"2025-05-07T07:36:34","slug":"bitcoin-tests-97000-amid-us-china-trade-talks","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-tests-97000-amid-us-china-trade-talks\/","title":{"rendered":"Bitcoin Tests $97,000 Amid US-China Trade Talks"},"content":{"rendered":"<p>On the morning of May 7, the price of the leading cryptocurrency rose above $97,000. This surge was driven by signals of a potential easing in trade tensions between Beijing and Washington, alongside a policy shift by the People&#8217;s Bank of China (PBoC).<\/p>\n<p>The PBoC<a href=\"https:\/\/www.cnbc.com\/2025\/05\/07\/china-to-cut-key-lending-rates-by-10-points-bank-reserve-requirement-ratio-by-50-points-.html\"> announced<\/a> a reduction in the seven-day reverse repo rate from 1.5% to 1.4%, as well as a 50 basis point cut in the reserve requirement ratio effective May 15, which will release liquidity amounting to 1 trillion yuan (~$138.6 billion).<\/p>\n<p>Separately, official Beijing announced measures to support several key sectors, including technology and real estate.<\/p>\n<p>A meeting aimed at &#8220;easing trade tensions&#8221; between US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer with Chinese Vice Premier He Lifeng is scheduled to take place from May 9-12 in Switzerland. The information was<a href=\"https:\/\/x.com\/Jukanlosreve\/status\/1919884632230920629\"> confirmed<\/a> by China.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Thanks to <a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\">@POTUS<\/a>, the world has been coming to the US, and China has been the missing piece\u2014we will meet on Saturday and Sunday to discuss our shared interests.<\/p>\n<p>The current tariffs and trade barriers are unsustainable, but we don\u2019t want to decouple.<\/p>\n<p>What we want is fair trade. <a href=\"https:\/\/t.co\/MYc4XvqME8\">pic.twitter.com\/MYc4XvqME8<\/a><\/p>\n<p>\u2014 Treasury Secretary Scott Bessent (@SecScottBessent) <a href=\"https:\/\/twitter.com\/SecScottBessent\/status\/1919902482823586184?ref_src=twsrc%5Etfw\">May 6, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe current tariffs and trade barriers are unsustainable, but we don\u2019t want to decouple,\u201d<\/em> commented Bessent.<\/p>\n<\/blockquote>\n<p>At the time of writing, Bitcoin is trading at $96,500, with a daily growth rate of 2.1%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1545.webp\" alt=\"1-1545\" class=\"wp-image-258182\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Among the top 10 cryptocurrencies by market capitalization, there is a positive trend within 2%. TRON stands out with a decline of 0.8%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"653\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-1093-1024x653.png\" alt=\"2-1093\" class=\"wp-image-258183\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-1093-1024x653.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/2-1093-300x191.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-1093-768x490.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/2-1093.png 1118w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>Today at 21:00, a meeting of the <span data-descr=\"Federal Reserve System of the USA\" class=\"old_tooltip\">FOMC<\/span> will take place. Half an hour later, a press conference by Fed Chair Jerome Powell will begin.<\/p>\n<p>Volmex implied volatility indices suggest that fluctuations in key cryptocurrency prices will be moderate.<\/p>\n<p>Specifically, for Bitcoin, the expected range of change is within 2.56% or $2470 in either direction, according to<a href=\"https:\/\/www.coindesk.com\/markets\/2025\/05\/07\/forecasting-fomc-induced-price-swings-in-bitcoin-ether-solana-and-xrp\"> CoinDesk<\/a>.<\/p>\n<p>For Ethereum and Solana, these figures are 3.45% and 4.3% respectively.<\/p>\n<p>Back in April, Binance founder Changpeng Zhao suggested that the price of digital gold could reach<a href=\"https:\/\/forklog.com\/en\/news\/binance-founder-changpeng-zhao-predicts-bitcoin-surge-to-1-million\"> $500,000 and even $1 million<\/a> in the current market cycle.<\/p>\n<p>Earlier, Standard Chartered urged investors to buy the leading cryptocurrency and predicted its price could rise<a href=\"https:\/\/forklog.com\/en\/news\/standard-chartered-urges-bitcoin-investment\"> to $120,000<\/a> in the fourth quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the morning of May 7, the price of the leading cryptocurrency rose above $97,000. This surge was driven by signals of a potential easing in trade tensions between Beijing and Washington, alongside a policy shift by the People&#8217;s Bank of China (PBoC). The PBoC announced a reduction in the seven-day reverse repo rate from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,133,1249,1224],"class_list":["post-23721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-china","tag-federal-reserve-system","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23721"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23720"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}