US Treasury Secretary Scott Bessent has provided a timeline for when talks will begin to settle the ongoing US China trade war, following yesterday’s reports of a restart of trade talks between the two largest economies. The BTC price is eyeing a breakout to $100,000 due to the optimism of a potential agreement between the two countries.
US China Trade War: Talks To Begin On Saturday
In a hearing before the House Financial Services Committee, US Treasury Secretary Scott Bessent revealed that negotiations with China will begin on May 10 in Switzerland. Contrary to earlier reports, Bessent noted that this is just the beginning of trade talks between both countries and not ‘advanced’ discussions.
As CoinGape reported, the Bitcoin price surged past $96,000 and even touched $97,000 following reports of a restart of trade talks between both countries. However, the BTC price quickly dropped below $97,000 following Bessent’s statement that the US-China trade talks haven’t advanced.
The US China trade war has been one of the highlights of Donald Trump’s tariffs and has continued to negatively impact the market. Both countries have raised tariffs to 145% and 125%, respectively.
Meanwhile, it is worth mentioning that the US Treasury Secretary revealed yesterday that they are close to reaching an agreement with 17 out of 18 key trading partners, with China being the exception.
During today’s hearing, Bessent declined to mention the exact countries, stating that doing so would be detrimental to US interests. However, he remarked that some trade negotiations are quite advanced towards agreements in principle.
Will BTC Price Break Above $100k Amid This Development
Crypto analyst Crypto Zeinab has predicted that the Bitcoin price could break above $100,000 amid the upcoming US China trade war talks. In an X post, the analyst noted that Bitcoin is now establishing the next leg of upside after a clean and clear retest of the support range.
Zeinab added that the Bitcoin price is aiming for $118,000, a new all-time high (ATH), followed by a rally to $130,000, which are the 1.272% and 1.618% Fibonacci levels.
With the BTC price holding above $93,500, crypto analyst Rekt Capital predicted that the flagship crypto could break above the $97,000 to $99,000 range and possibly touch $100,000. The analyst also remarked that Bitcoin’s downside deviation may be over.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee and read what experts say about Bitcoin (BTC), which is progressively emerging as a focal point for investors seeking asymmetric opportunities. Amid rising institutional adoption, we see a growing narrative that Bitcoin could offer unparalleled returns relative to the risks involved.
Crypto News of the Day: Bitcoin As The Asymmetric Bet to Redefine Investment Portfolios
Bitcoin has emerged as a focal point for investors seeking asymmetric opportunities. Lawrence Lepard, a prominent figure in the investment community, recently reiterated his stance on the pioneer crypto.
Lepard, famous for his staunch advocacy of sound money principles and author of The Big Print, described Bitcoin as the most asymmetric bet he has encountered in over four decades of investing.
“I’ve long contended that anybody who has zero Bitcoin is really really missing the most asymmetric bet that I have ever seen in forty-plus years of making,” TFTC reported, citing Lepard in an interview with KITCO News.
Lepard’s argument centers on the concept of an asymmetric bet, where the potential reward significantly outweighs the risk. Financial analyses support this perspective and highlight Bitcoin’s ability to diversify portfolios.
This assertion reflects the growing narrative that Bitcoin could offer unparalleled returns relative to the risks involved.
Lepard’s comments come after Bitcoin’s role as a hedge against inflation and economic instability is increasingly recognized. A recent US Crypto News publication cited Bitcoin’s role as a hedge against traditional finance (TradFi) and US treasury risk.
Bitcoin has demonstrated the potential for exponential growth, with early investors witnessing significant returns.
“By 2025, Bitcoin’s price has surged to over $105,000, a 1,400% increase from the $7,000 mark in 2017,” a user on X noted.
Despite its volatility, the pioneer crypto’s capped downside risk, limited to a 100% loss, contrasts sharply with its unlimited upside potential. According to Lepard, this makes it an attractive option for risk-tolerant investors.
“Every commodity in the world, if you increase its price, supply goes up. If gold went to ten thousand tomorrow, we’d mine more gold. If corn went up, if oil went to two, three hundred dollars a barrel, we drill for more oil. You would get a higher price. You would get more. No matter where the price of Bitcoin goes, the issuance schedule is set. There’s not going to be any more,” Lepard added.
Lepard’s endorsement of Bitcoin aligns with broader market trends. Once skeptical, institutional investors are increasingly integrating Bitcoin into their portfolios, driven by its decentralized nature and fixed supply of 21 million coins.
This shift is part of a larger conversation about Bitcoin’s role as a store of value, akin to gold, especially in the face of global economic uncertainties. With this, Lepard says owning a single Bitcoin (1 BTC) will not be easy in a few years.
“Being a wholecoiner is going to be an enormous deal in a few years,” he stated.
Pi Network’s community sentiment poll on CoinMarketCap fell dramatically today, leading to allegations of bot activity. Negative votes swarmed the site’s poll, while other community ratings stayed positive.
However, there is no clear proof either for or against these claims. Pi Network has suffered criticism and price setbacks recently, and its supporters have swayed polls, votes, and ratings on multiple occasions.
Did Bots Sabotage Pi Network’s Community Sentiment?
Today, however, Pi supporters raised concerns about bot activity on CoinMarketCap after the token’s community sentiment plummeted:
“It looks like somebody is using bots to vote against PI. I am 99% sure this is not an organic poll. Over 1.94 Million votes is even bigger than the BTC vote. 77% of the PI community is bullish on CoinGecko. Why is it so different on CoinMarketCap?” a Pioneer asked on social media.
Specifically, this user noted that Pi’s community sentiment plunged 90% in less than a day and that this poll had more participants than Bitcoin’s.
Other platforms with a similar voting mechanism kept Pi’s rating steady, leading him to conclude that bot activity was involved.
Pi Community Sentiment Plummets. Source: Moon Jeff
Additionally, it’s interesting that CoinMarketCap is the only platform involved in the Pi Network bot voting allegations. The firm refused to acknowledge Pi as one of the largest tokens by market cap, but it eventually relented.
Either the platform or its community could bear resentment towards Pi after these setbacks.
Ultimately, it seems very unlikely that disgruntled Pi supporters or committed haters spiked this poll without any bot activity. The negative votes came in absurdly fast, were isolated to one platform, and exceeded the votes for even the largest cryptoassets.
As of now, it remains challenging to find definitive proof either way.
