Bitcoin Taps $97.9K as US-China Trade Chill Ignites Crypto and Stock Market Frenzy
Markets and Prices
Jamie Redman
Bitcoin Taps $97.9K as US-China Trade Chill Ignites Crypto and Stock Market Frenzy
Digital assets edged higher Friday in step with U.S. equities, buoyed by hints that Washington and Beijing are dialing back their trade spat. The sector’s total capitalization has touched $3.03 trillion, and bitcoin is fetching $97,938 per coin.
Bitcoin Taps $97.9K as US-China Trade Chill Ignites Crypto and Stock Market Frenzy
Fed in Trump’s Crosshairs Again—Markets Surge on Job Data and Trade Hopes
Wall Street is on a tear, with every major index chalking up healthy advances after April payrolls exceeded forecasts and traders sensed a thaw in tariff hostilities. The S&P 500 has added about 1.6%, and the Dow Jones Industrial Average has progressed roughly 1.5%. The Nasdaq 100 tops the table with a 1.8% lift, propelled by Microsoft and Meta earnings that keep the technology-and-artificial‑intelligence narrative humming.
That upbeat mood is coursing through digital tokens, sending bitcoin (BTC) to an intraday peak of $97,938. Across the past seven days, the coin has appreciated 2.5% against the dollar. Once more, the wider crypto economy has breached the $3 trillion threshold, printing $3.03 trillion—up 0.22% in 24 hours. Bitcoin claims 63.8% of that figure, while ethereum supplies 7.4% after modest weekly gains. As of 1 p.m. Eastern time, bitcoin trades at $97,452 and ethereum at $1,853.
Gold, by contrast, has slipped 0.32% on the day and 2.93% for the week. An ounce fetches $3,229 as of May 2, 2025. Traders appear livelier as cross‑Pacific friction cools. On Friday, President Trump declared that “billions of dollars” are flowing in from Tariffs. He also prodded Chair Jerome Powell and the Federal Reserve to trim the policy rate.
Moreover, the Wall Street Journal reports that Beijing is willing to confront the fentanyl scourge. The paper also says top security chief Wang Xiaohong may travel to meet the Trump camp for further trade dialogue. Whether this buoyancy endures is unclear, yet for the moment, equity and crypto desks are relishing firmer prices as the macro fog lifts.
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