Bitcoin surged past the $97,000 mark in Asian morning trading, buoyed by renewed hopes for a U.S.-China trade agreement. The cryptocurrency’s remarkable ascent comes amid reports of proactive dialogue between Washington and Beijing, although skepticism remains about a resolution within the current month. “The U.S. has proactively reached out to China through multiple channels, hoping to hold discussions on the tariff issue,” noted a post from a Chinese state media outlet on social media.
Cryptocurrency Market Riding High
While Bitcoin’s rally captured headlines, other cryptocurrencies joined the upward momentum. Dogecoin led gains among major digital assets, climbing 4% over the past 24 hours. Cardano’s ADA, XRP, Ether (ETH), and Binance Coin (BNB) also saw modest increases ranging from 1% to 3%. The CoinDesk 20 (CD20), a broad index of major cryptocurrencies, rose by 2.2%.
However, not all tokens shared in the gains. Movement’s MOVE token extended its losses to 21%, following the suspension of its founder Rushi Manche after allegations of token manipulation surfaced. “This exposé has certainly cast a shadow over MOVE, raising questions about governance within emerging crypto projects,” commented a market analyst.
Despite the current optimism, traders remain cautious. On Polymarket, betting odds suggest only a 20% chance of a trade deal being finalized by June, reflecting uncertainty tied to the hawkish stance from the White House. This cautious sentiment is echoed in derivative markets, where liquidity remains robust yet cautious.
Institutional Interest and AI Token Surge
The broader cryptocurrency market seems buoyed by institutional interest, with $1.5 billion in Bitcoin ETF inflows signaling a growing appetite among large investors. “Momentum continues to build across crypto with spot flows broadening, alt activity heating up and subtle but meaningful shifts in market structure,” noted Flowdesk, a trading and technology group, in a recent market update.
Meanwhile, artificial intelligence tokens have also seen a positive uptick. Kava Labs announced reaching 100,000 users on its decentralized AI platform, pushing AI token markets up by 3%. This outpaces the CoinDesk 20’s performance, which saw a more modest increase. “People are turning to Kava AI because it offers two things most platforms don’t, verifiability and privacy,” Kava Labs’ Scott Stuart explained, emphasizing the growing allure of decentralized and transparent AI solutions.
Historical Context and Future Projections
Bitcoin’s resurgence to near $100,000 is reminiscent of its bull run in previous years, driven by a complex mix of market dynamics and external economic factors. Earlier this year, the White House’s tariff announcements had sent shockwaves through financial markets, leading to a sharp decline in Bitcoin’s price. But with current talks hinting at a trade detente, the $100,000 mark is once again within reach.
Investors are also closely watching MicroStrategy, a key player in the institutional adoption of Bitcoin. CEO Michael Saylor recently announced plans to raise $21 billion for further Bitcoin acquisitions, underscoring the company’s commitment to digital assets. According to Presto Research, Strategy’s growing institutional sophistication, marked by innovative valuation frameworks like BTC Torque, is impressing investors.
As Bitcoin hovers above $90,000, the market is awash with speculation about what lies ahead. Will institutional interest and geopolitical developments continue to steer the market positively, or is another period of volatility on the horizon? While optimism is palpable, questions loom large over the sustainability of this rally and whether Bitcoin can sustain its momentum amid a complex global economic landscape.
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This article is based on: Bitcoin Jumps Above $97K as Traders Optimistic U.S.-China Trade Deal Possible
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
