Before the Trump administration's meeting with China, Wall Street sentiment was mixed, but Bitcoin continues to surge.
Bitcoin Rises, Stock Market Fluctuates
Traditional markets rose on Thursday after US President Donald Trump announced a trade agreement with the UK. The agreement will lower tariffs and promote trade between the two countries, but investors were more cautious on Friday morning as Treasury Secretary Scott Bessent will travel east for trade talks with China this weekend.
According to Yahoo Finance data, as of the time of writing, the Dow Jones Industrial Average was down 0.11%, while the S&P 500 and Nasdaq indices were slightly up 0.08%. Bitcoin (BTC) continued its upward trend, breaking through $103,000 before slightly retreating.
Before Bessent's meeting, the Trump administration significantly reduced import taxes on Chinese goods from 145% to 80%. This move seems to ease tensions between the two countries and may help the Treasury Secretary reach an agreement with the world's second-largest economy.
"An 80% tariff on China seems appropriate. Decided by Scott B.," Trump wrote on Truth Social, "China should open its market to the US - which would be very beneficial to them. Closed markets no longer work."
The results of Bessent's talks will undoubtedly affect the stock market and may also impact Bitcoin prices.
Market Indicators Overview
According to Coinmarketcap, BTC rose 1.67% in the past 24 hours, currently trading at $102,729.19. The cryptocurrency fluctuated between $100,815.72 and $104,297.49 during this period, with its strong performance pushing a 7-day increase of 5.16%. This rally reflects continued optimism, as Bitcoin remains above the key psychological level of $100,000.
( BTC price / Tradingview)
Trading volume surged 58.13% to $71.73 billion, reinforcing bullish interest in the spot market. Bitcoin's total market cap rose 1.59% to $2.04 trillion, continuing to expand its absolute dominance. However, BTC's share in the entire crypto market decreased by 0.86 percentage points to 63.89%, indicating that funds may be reallocating to Altcoins as traders seek broader positioning.
Despite the price increase, derivatives data shows more cautious signals. BTC futures open interest decreased by 2.20% to $67.12 billion, suggesting some leveraged positions were closed during the rally. Coinglass reports a total liquidation of $717,990 in the past 24 hours, with long positions liquidating $589,520 and short positions only $128,470. Long positions bore the main impact of intraday volatility, indicating not all traders effectively captured this rally.
