Bitcoin has soared past the $97K mark during the Asian trading hours. The premier cryptocurrency’s new trading price spiked after news of a possible U.S.-China trade deal made rounds. The optimistic sentiment of the investors reached the crypto market, making the market alive once again. The new BTC rally comes during the reports that Washington has proactively engaged with Beijing to discuss easing tariffs, signaling a potential softening in trade tensions that had previously rattled global markets.

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A Surge in the Crypto Market

Chinese State media confirmed, stating that the USA is “hoping to hold discussions on the tariff issue.” This prompted a surge in the price of major cryptocurrencies. Leading the ranks is Dogecoin (DOGE) with a 4% increase, whereas Cardano’s ADA, Ethereum (ETH), BNB, and XRP experienced gains between 3% and 1%. The overall CoinDesk 20 Index rose by 2.2%.

While major cryptocurrencies and altcoins experienced a surge in price, betting markets such as Polymarket advised investors to remain cautious. Bettors assign only a 20% probability to a finalized trade deal by June, reflecting skepticism over the continued hot and cold signals from the White House.

However, the bullish sentiment has returned to the crypto space. Flowdesk analysts have highlighted growing activity in both spot and derivative markets with increased trading volume and strong liquidity. Bitcoin ETF inflows, totaling $1.5 billion, also underscore growing institutional demand.

Adding to the steady rise of BTC is Strategy’s announcement to raise $21 billion for additional purchases of the premier cryptocurrency. Led by Michael Saylor, the company continues to impress institutional investors with its advanced valuation models and commitment to integrating Bitcoin into traditional finance. With the overall positive attitude of the market and institutional involvement increasing, the market is waiting for the time when Bitcoin will pass the $100K threshold and march the industry upwards with it.