A two-month high was reached by Bitcoin on Friday as Donald Trump’s reported advancements in trade talks with China were weighed by investors.
Bitcoin’s price was lifted above $95,000 on Friday—marking its first time at that level since February—as investors evaluated whether progress was being made by U.S. President Donald Trump in trade discussions with China, following a perceived softening in his stance earlier this week.
The leading cryptocurrency was reported to be trading at $95,310, reflecting an increase of nearly 2% over the previous 24 hours, according to data provided by CoinGecko. Mixed performances were recorded among altcoins, with Ethereum being pushed up by 2% to $1,800, while XRP was seen declining by 0.7% to $2.20.
It was stated by Trump on Friday morning that multiple conversations had been held with Chinese President Xi Jinping following the announcement of sweeping tariffs against America’s largest trading partner. However, it was indicated a day earlier by a spokesperson for China’s Commerce Ministry, according to the New York Times, that no trade negotiations had yet occurred, suggesting that a deal was not urrently being pursued.
On Friday, it was observed that retaliatory tariffs on certain U.S. semiconductors, previously subjected to a 125% duty, had been abandoned by Beijing, according to CNN.
Earlier this week, a surge in crypto prices was witnessed alongside gains in U.S. stocks, as signals were given by members of Trump’s administration, including U.S. Treasury Secretary Scott Bessent, that the president’s trade war with China was viewed as unsustainable for both nations.
It was suggested by Aurelie Bathere, principal research analyst at crypto analytics firm Nansen, that China’s move to roll back semiconductor tariffs, while considering exemptions on other goods such as medical equipment, could indicate that peak market uncertainty has been surpassed.
It was explained by her to Decrypt that China’s decision to initiate tariff exemptions on certain products stemmed from the impact on some of its industries. However, it was noted that markets would experience a gradual and cautious recovery, given the persistent lack of trust between the U.S. and China during negotiations.
A 0.74% climb was recorded by the S&P 500 on Wall Street, while a 1.26% advance was posted by the tech-focused Nasdaq, according to Yahoo Finance. Weekly gains of 4.6% and 6.7% were being approached by the indices, although levels seen on April 2 — when ‘reciprocal’ tariffs were announced by Trump against almost every country — had not yet been regained.
Although an upward revision was made to the University of Michigan’s consumer sentiment reading for April on Friday, it was still recorded lower for the fourth consecutive month and remained at its weakest level since July 2022. During that period, inflation had been pushed close to a four-decade peak of 9.1%, based on the Consumer Price Index.
The possibility of increased uncertainty was highlighted by Juan Leon, senior investment strategist at crypto asset manager Bitwise, who told Decrypt that plummeting consumer sentiment remains one of the contributing factors.
Trump’s shifting stance was pointed out by Juan Leon, who remarked that ‘wiffle-waffling’ continued, as it was indicated by Bloomberg that another delay in implementing reciprocal tariffs was deemed unlikely by Trump on Friday.
It was emphasized by him that true stability would not be achieved until formal agreements were signed between Trump and key export partners, particularly China.
