Bitcoin Nears $97K Amid U.S.-China Trade Talk Optimism and Asian Market Gains

Bitcoin briefly surged past $97,000 early Wednesday in Asia as markets responded to the upcoming diplomatic meeting between U.S. and Chinese trade officials, the first such encounter since the trade war began under former President Trump.

At last check, Bitcoin was trading at $96,858, up 2.8% in the previous 24 hours, after touching a high of $97,400. Ether followed with a modest 1.6% gain to $1,827.

The rally was sparked by the announcement that U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese delegates this weekend in Switzerland. Bessent characterized the talks as a step toward "rebalancing the international economic system."

Adding to market turbulence was renewed military tension between India and Pakistan. Reuters reported that Indian forces struck nine locations in Pakistan and disputed Kashmir, raising investor anxiety and fueling further volatility.

In broader Asian markets, sentiment was upbeat. Hong Kong’s Hang Seng Index jumped 1.7%, and China’s CSI 300 rose 0.57%, boosted by the People’s Bank of China’s decision to cut key lending rates. The central bank lowered the seven-day reverse repo rate from 1.5% to 1.4% and trimmed the reserve requirement ratio by 0.5%.

Elsewhere in Asia, Japan’s Topix climbed 0.27% while the Nikkei slipped 0.12%. South Korea’s Kospi edged up 0.36%.

In contrast, U.S. markets closed lower on Tuesday. The S&P 500 fell 0.77%, the Dow dropped 0.95%, and the Nasdaq lost 0.87% as investors weighed both global tensions and monetary policy uncertainty.