Bitcoin surged past $104,000 on Thursday following former President Donald Trump’s announcement of a "very good meeting" with China on May 10 in Switzerland. In a post on Truth Social, Trump mentioned that both sides discussed various topics and reached agreements in a "friendly, but constructive manner." He expressed a desire for China to open up to American businesses for mutual benefit.
Trade Talks Update
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The trade discussions between the U.S. and China will continue on May 11, after the first round concluded without an official agreement.
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Market expert Nate Geraci believes Bitcoin is pushing towards the $105k price level and could make another run at its all-time high. He tweeted:
"Bitcoin is pushing towards $105k as it continues to rally following news of trade talks between China and America."
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Another analyst, @TitanOfCrypto, suggested that if Bitcoin can break through current resistance levels, it could rally as high as $135k. A bullish crossover is occurring as market momentum shifts higher.
Market Sentiment
The price of Bitcoin has been volatile in recent weeks due to ongoing trade tensions between the U.S. and China. However, this latest development has sparked hope among investors for a potential deal.
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One Twitter user noted:
"If we get some kind of agreement out of these talks I think we’ll see Bitcoin go back up into new highs."
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Another user added:
"I’m not sure what’s going to happen with these trade talks but I do know one thing – if we get some kind of agreement out there then Bitcoin will go back up into new highs."
It remains uncertain whether an agreement will be reached between the U.S. and China or if Bitcoin will continue its upward trend.
Ethereum Update
In related news, Ethereum co-founder Vitalik Buterin announced plans for an upcoming hard fork called the Shanghai Upgrade. This upgrade aims to improve scalability by increasing block size limits from 128KB per block starting from the Shanghai upgrade phase 1 (Shapella) onwards. This change is expected to allow more transactions per second without significantly compromising security.
Other News
- The U.S. Treasury Department imposed sanctions against three individuals accused of involvement with North Korea’s nuclear weapons program last week.
- The U.S. Federal Reserve raised interest rates again during their regular meeting, although they slowed down the pace compared to previous hikes, indicating that inflation still requires attention before returning to normal levels.
- Oil prices fell sharply overnight after OPEC+ agreed to cut production targets by nearly half a million barrels per day starting next month, amid concerns over slowing global demand growth and increased competition from renewable energy sources.
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