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Why is Bitcoin price up today?

Coin Telegraph LogoCoin Telegraph1d ago

Why is Bitcoin price up today? - Coin Telegraph

Quick Summary:

Bitcoin rises on hopes of a US-China trade dealBitcoin briefly hit $97,700 during the early Asian trading hours on May 7, driven by optimism over potential US-China trade talks. Disclosing plans to travel to Switzerland to meet a team from China’s Ministry of Commerce, US Treasury Secretary Scott Bessent said:“The current tariffs and trade barriers are unsustainable, but we don’t want to decouple.”Source: Treasury Secretary Scott BessentChina's commerce ministry signaled openness to negotiations following US outreach.

Over $83 million in BTC shorts liquidatedBTC’s recovery on May 7 is accompanied by significant liquidations in the derivatives market, signaling strong upward momentum.Over $83.6 million of short Bitcoin positions have been liquidated over the last 24 hours, compared to $15 million in long liquidations.

BTC price rises with $83.6 million in short liquidations, with open interest up 26% to $64.4 billion, signaling strong bullish momentum.

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Article Details

Author / Journalist: Cointelegraph by Nancy Lubale

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-07 @ 10:57:22 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 569 words

Reading Time: 4 minutes read

Sentences: 29 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28466636

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About Coin Telegraph

Coin Telegraph Logo

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 53 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 7 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #11

Publisher Details

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