The cryptocurrency market rose sharply on May 10, with President Donald Trump claiming that the United States held a “very good meeting” with China.
Bitcoin almost hit $105,000 in the hour after Trump issued the statement. However, it retreated back to the previous area within a few hours.
Ethereum also brought the $2,600 score to close to $2,600 within an hour of its announcement.
According to Kraken's price feed, Bitcoin was trading at $103,927 at press time. According to Kraken, Ethereum trades at $2,539.07 when writing.
Trump wrote in “Society of Truth” that the two countries negotiated “all resets” in a “friendly but constructive” manner. He added that the United States hopes to see China open up its U.S. business. “Great progress has been made!!!”
However, the president did not disclose any specific details about the progress he claimed.
Trade talks between the two countries began this weekend in Geneva, Switzerland. Treasury Secretary Scott Bessent, trade representative from the United States, Jamieson Greer, his deputy prime minister from China is holding talks.
This is the first time since Trump imposed tariffs on April 2.
So far, the United States has imposed a 145% tariff on Chinese imports and China has imposed a 125% tariff on US imports. The escalation led to a near trade embargo.
China's official national news agency Xinhua said on May 10 that the high-level meeting began with the request of the United States, and the “stable and constructive” relationship is in line with the interests of the country and the whole world, adding: “The trade war and the war of tariffs are not won.”
