Bitcoin Bounces Back on Expectations of U.S.-China Agreement

China Commerce Department "Will Talk with U.S."
BTC Rises 2%...Major altcoins rebound more than 1%
Experts "BTC Resumes Rally As ETF Inflow Funds Flow"

Bitcoin(BTC) rose on May. 7 amid expectations of an agreement between the U.S. and China.

China's Ministry of Commerce announced on its official website on May. 7 that Deputy Prime Minister Hur Li-feng will visit Switzerland as China's representative in China-U.S. economic and trade negotiations and hold talks with U.S. Treasury Secretary Scott Bessant.

"Recently, the U.S. expressed its intention to negotiate with China through various channels, and China conducted a serious evaluation," the Chinese Ministry of Commerce said. "China has decided to agree to hold contact with the U.S. based on global expectations, China's interests, and the response of the U.S. industry."

The Chinese Ministry of Commerce's announcement created expectations that the two giants in the G1 and G2 economies would reconcile, raising the asset market. The majority of altcoins rose more than 1%, including Bitcoin's rise of about 2%.

◇Bitcoin = Bitcoin price is $96,766 at 4:30 p.m. on May. 7, 2025. The Bitcoin share(dominance) was 65.21%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 39.18% and 60.82%, according to the on-chain analytics platform Sigbtc.

The main opinion was that Bitcoin would enter a rally again.

Greg Magadini, general manager of Amber Data derivatives, said, "At this point in time when Bitcoin is about to surpass $100,000 again, the trend of private companies incorporating more Bitcoin as assets is being highlighted. Currently, about 70 companies around the world are taking this strategy."

"As the inflow of funds into Bitcoin ETFs resumes in line with this trend, a new record high is coming back into view," he said.

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on May. 7 was Kaito(KAITO), up about 20% on the day alone.

Kaito is an artificial intelligence (AI)-based data platform. It aims to build an infofi network in which the value of information is determined by participants, rather than a structure with a lot of revenue and authority like the existing centralized platform.

Kaito aims to establish a fairer, transparent and efficient information distribution channel by providing an open market where creators and consumers based on their own platforms and points systems decide which brands or topics deserve attention and receive a fair share of rewards according to the degree of participation.

The cryptocurrency Kaito is the key currency of the Kaito ecosystem and is used for staking and governance.

◇Fear Greed Index = Digital asset fear-greed index provided by Alternative has entered the 'greed' phase with 67 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. The government should be cautious about selling products as it is highly likely to form a short-term high.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 60.7, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr