Crypto news today: Bitcoin surges past $97K as US, China signal trade talk breakthrough

• Bitcoin
  surged
  ~3%
  to
  $97,200
  after
  US
  and
  China
  signaled
  upcoming
  trade
  talks
  in
  Switzerland.
• US
  Treasury
  Sec.
  Bessent
  &
  China’s
  Commerce
  Ministry
  confirmed
  willingness
  to
  engage
  on
  tariff
  issues.
• US
  stock
  futures
  (Nasdaq
  100,
  S&P
  500)
  jumped
  ~1%
  on
  the
  positive
  trade
  negotiation
  news.

A
significant
thaw
in
the
often-frosty
trade
relations
between
the
United
States
and
China
sent
a
jolt
of
optimism
through
global
financial
markets
late
Tuesday
and
into
Wednesday,
propelling
risk
assets,
including
Bitcoin,
sharply
higher.

The
positive
momentum
came
as
officials
from
both
nations
signaled
a
mutual
willingness
to
engage
in
substantive
discussions
aimed
at
de-escalating
the
ongoing
tariff
conflict.

The
renewed
hope
for
a
trade
resolution
was
sparked
by
key
statements
from
both
sides.

US
Treasury
Secretary
Scott
Bessent
announced
plans
to
travel
to
Switzerland
for
trade
talks
with
his
Chinese
counterparts
over
the
upcoming
weekend.

“The
current
tariffs
and
trade
barriers
are
unsustainable,
but
we
don’t
want
to
decouple,”
Bessent
stated,
signaling
a
potential
shift
in
the
US
approach.

Echoing
this
sentiment,
a
spokesperson
for
China’s
Ministry
of
Commerce
confirmed
Beijing’s
readiness
to
engage.

“Senior
US
officials
have
made
a
series
of
remarks
hinting
at
adjustments
to
tariffs
and
have
expressed,
through
various
channels,
a
desire
to
engage
with
the
Chinese
side
on
tariff-related
issues,”
the
spokesperson
said,
according
to
CoinDesk
report.

China
has
carefully
evaluated
these
messages
from
the
US
side
and,
after
fully
considering
global
expectations,
China’s
own
interests,
and
the
appeals
of
American
industries
and
consumers,
has
decided
to
agree
to
engage
with
the
US.

This
news
of
impending
high-level
dialogue
triggered
an
immediate
positive
reaction
in
markets.

Bitcoin
(BTC)
surged
approximately
3%,
climbing
to
around
$97,200.

Futures
contracts
for
major
US
stock
indices
also
jumped,
with
both
Nasdaq
100
and
S&P
500
futures
up
about
1%
in
the
hours
following
the
announcements.

Amidst
trade
hopes,
Trump’s
crypto
ventures
draw
senate
scrutiny

While
markets
cheered
the
trade
developments,
a
separate
undercurrent
of
political
and
regulatory
scrutiny
emerged
concerning
President
Donald
Trump’s
personal
and
business
ties
to
the
cryptocurrency
industry.

Senator
Richard
Blumenthal,
the
ranking
Democrat
on
the
Senate
Permanent
Subcommittee
on
Investigations,
initiated
a
preliminary
inquiry
into
potential
conflicts
of
interest
and
legal
violations
stemming
from
these
ventures.

On
Tuesday,
Senator
Blumenthal
dispatched
letters
to
executives
associated
with
Trump-affiliated
crypto
entities,
including
Bill
Zanker
of
Fight
Fight
Fight
LLC
(linked
to
the
TRUMP
memecoin)
and
Zach
Witkoff,
a
co-founder
of
World
Liberty
Financial
(associated
with
the
USD1
stablecoin).

The
letters
also
targeted
entities
like
CIC
Digital
LLC
(involved
in
Trump’s
NFTs)
and
DTTM
Operations
LLC
(manager
of
Trump’s
IP
rights).

“The
Permanent
Subcommittee
on
Investigations
is
conducting
a
preliminary
inquiry
into
potential
conflicts
of
interest
and
violations
of
the
law
from
President
Trump’s
cryptocurrency
ventures
…
and
associated
businesses’
financial
dealings
with
foreign
nationals,
foreign
governments
and
other
cryptocurrency
firms,”
both
letters
stated.

They
explicitly
questioned
whether
these
businesses
“may
be
enabling
the
violation
of
government
ethics
requirements.”

The
inquiries
seek
detailed
information
regarding
ownership
structures,
investment
sources
(particularly
concerning
foreign
governments),
revenue
generation,
and
protocols
for
identifying
or
blocking
participation
by
individuals
facing
prosecution
or
investigation.

Blumenthal
also
requested
records
tied
to
these
Trump-affiliated
crypto
businesses.

As
Democrats
are
in
the
Senate
minority,
Blumenthal
currently
lacks
subpoena
power
for
this
inquiry
unless
his
Republican
counterpart,
Senator
Ron
Johnson,
co-signs
the
effort.

Senator
Johnson’s
office
did
not
immediately
respond
to
a
request
for
comment.

This
Senate
probe
reflects
a
broader
unease
among
Democrats
regarding
Trump’s
crypto
activities.

Earlier
this
week,
Representative
Maxine
Waters,
the
leading
Democrat
on
the
House
Financial
Services
Committee,
objected
to
a
joint
hearing
on
crypto
market
structure
legislation,
opting
instead
to
host
a
separate
hearing
focused
specifically
on
these
crypto
tie-ups.

Furthermore,
a
recent
statement
from
Senator
Ruben
Gallego
and
several
other
Senate
Democrats,
indicating
they
would
not
support
the
current
iteration
of
the
Senate’s
stablecoin
bill,
also
appears
linked
to
these
concerns.

A
key
trigger
was
the
announcement
by
Eric
Trump
that
Abu
Dhabi-based
investment
firm
MGX
would
use
the
Trump-affiliated
USD1
stablecoin
for
a
$2
billion
investment
into
the
Binance
cryptocurrency
exchange.

Adding
to
the
legislative
pressure,
Senator
Chris
Murphy
introduced
a
bill
on
Tuesday
aimed
at
banning
the
US
president
and
other
senior
government
officials
from
issuing
memecoins
or
other
financial
assets.

While
financial
markets
reacted
positively
to
signs
of
a
potential
US-China
trade
détente,
the
unfolding
scrutiny
of
President
Trump’s
personal
crypto
dealings
introduces
a
new
layer
of
political
and
regulatory
complexity
for
the
digital
asset
industry
in
Washington.