May 09, 2025
By Our Correspondent
Bitcoin experienced an increase in value alongside Asian equities and a strengthening dollar following the announcement of upcoming trade discussions between the United States and China. The leading cryptocurrency surged approximately 3.2 percent, surpassing US$97,500 on Wednesday morning in Singapore before slightly reducing its gains, while Ether, the second-largest digital currency, rose by as much as 4.2 percent. This upward movement was prompted by the news that US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with Chinese officials this week in Switzerland, fostering optimism that an agreement may be reached to alleviate trade tensions between the two largest global economies. Concurrently, India reported early Wednesday that it had executed targeted military operations against Pakistan, which subsequently claimed to have downed five Indian aircraft. Sean McNulty, the derivatives trading lead for APAC at digital-asset prime brokerage FalconX, noted a resurgence of interest in Bitcoin, indicating that the market seems hopeful regarding the potential positive outcomes of the trade discussions planned for the weekend. He also remarked that traders appear to be largely disregarding the ongoing conflict in Pakistan. Additionally, digital-asset investors are closely monitoring the Federal Reserve’s rate decision scheduled for Wednesday, with expectations that policymakers will maintain the current rates.
In January, Bitcoin reached an unprecedented value of US$109,241, fueled by optimism surrounding US President Donald Trump’s favorable stance on cryptocurrency. Initially a critic of the industry, Trump transformed into a strong advocate for digital assets during his campaign and has advocated for supportive legislation early in his presidency. However, his extensive tariff initiatives and the resulting market instability have led to a decline in cryptocurrency prices in recent months.
