Sentiment on Wall Street was mixed ahead of the Trump administration’s meeting with China, but bitcoin has continued to surge, for now.
BTC Rises as Stock Markets Wobble
Traditional markets rallied on Thursday after U.S. President Donald Trump announced a trade deal with the United Kingdom. The agreement will reduce tariffs and spur trade between the two countries, but investors were much more cautious on Friday morning as Treasury Secretary Scott Bessent heads east for his trade meeting with China this weekend.
The Dow Jones Industrial Average was done slightly by 0.11%, while both the S&P 500 and Nasdaq edged up 0.08% at the time of reporting, according to Yahoo Finance. Bitcoin (BTC) continued its upward trajectory, breaking $103,000 before retreating slightly.
The Trump Administration Slashes Import Taxes for Chinese Goods
The Trump administration slashed import taxes for Chinese goods ahead of Bessent’s meeting, reducing them to 80%, down from the previous 145%. The gesture appears to be an attempt to ease tensions between the two nations and may help the treasury secretary secure a deal with the world’s second-largest economy.
“80% tariff on China seems right. Up to Scott B,” Trump posted on Truth Social. “China should open up its market to USA – would be so good for them. Closed markets don’t work anymore.”
The outcome of Bessent’s meeting will certainly impact stocks, but it will probably influence the price of bitcoin as well.
Overview of Market Metrics
BTC rose 1.67% over the past 24 hours and is currently trading at $102,729.19, according to Coinmarketcap. The cryptocurrency fluctuated between $100,815.72 and $104,297.49 during the period, marking another strong session that pushed its 7-day gain to 5.16%. The rally reflects sustained optimism as bitcoin maintains momentum above the key $100K psychological level.
Trading volume surged by 58.13% to $71.73 billion, reinforcing bullish interest across spot markets. Bitcoin’s total market capitalization rose 1.59% to $2.04 trillion, extending its dominance in absolute value. However, BTC’s share of the overall crypto market dipped to 63.89%, down 0.86 percentage points, signaling a potential reallocation of capital into altcoins as traders seek broader exposure.
Despite the price rise, derivatives data tells a more cautious story. BTC futures open interest fell 2.20% to $67.12 billion, suggesting some leveraged positions were closed amid the surge. Coinglass reported total liquidations of $717,990 over the past 24 hours, with long positions accounting for $589,520 compared to just $128,470 in shorts. Bulls bore the brunt of intraday volatility, indicating that not all traders timed the rally effectively.
