Bitcoin price has climbed sharply to $96,500

China's confirmation that it will resume formal trade talks with the United States this week has seen Bitcoin price surge sharply to $96,500.

The two nations' greatest economic officials will convene in Switzerland later this week for discussions that aim to reopen formal economic dialogue after months of mounting tariff disputes. Both governments have announced the meeting.

This will be the first direct engagement between both governments since President Donald Trump returned to office in January and imposed new tariffs on Chinese goods. In response, Beijing raised tariffs on US commodities, escalating the trade war that began in 2018.

The meeting will bring together US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer with officials from China's State Council.

China's Ministry of Foreign Affairs stated that Vice Premier He Lifeng will be attending the meeting. He is the leading official for China-US trade relations.

"The Vice-Premier will have a meeting with US Treasury Secretary Scott to discuss issues related to trade and economics," a spokesperson from China's Foreign Ministry said during a regular news briefing on Thursday.

"The US Trade Representative will also have a meeting with his Chinese counterpart to continue discussions on matters related to trade and economics," the USTR's office said in a statement on Wednesday.

The discussions are expected to focus on reducing the trade imbalance between the two nations and reaching a mutually beneficial economic agreement.

The announcement regarding the trade talks had an immediate impact on crypto markets. Bitcoin price rose by more than $1,700 within 10 minutes.

Bitcoin price today, Thursday, August 24, saw an increase of 1.5%, reaching $96,520. Meanwhile, XRP price went up by 1% to $2.15, Cardano price rose 3% to $0.679, and Dogecoin price climbed 1.5% to $0.1721.

Analysts attributed the rise to growing investor confidence that the two economic powers may be able to lessen tensions and reach a compromise.

"There are glimmers of hope that the two superpowers might be able to lessen the strain in their relationship and potentially forge some sort of agreement," said Ben Dullard, an analyst at CCIV, in a note to clients.