Bitcoin rebounds on hopes for US-China deal

China's Ministry of Commerce: "Will Hold Talks with US Treasury Secretary Bessen
BTC, 2% Rise...Major Altcoins Rebound Over 1%
Experts: "BTC Rally to Resume Following ETF Capital Inflows"

Bitcoin (BTC) rose on the 7th amid expectations of an agreement between the United States and China.

On the 7th, China's Ministry of Commerce announced on its official website that "Vice Premier He Lifeng, as the Chinese representative for Sino-US economic and trade negotiations, will visit Switzerland and hold talks with Scott Bessen, the US representative."

The Ministry of Commerce explained that "the United States has recently expressed its negotiation intentions through various channels, and China has conducted a serious evaluation" and "based on global expectations, China's interests, and the response from the US industry, China has decided to agree to contact the United States."

With the announcement from China's Ministry of Commerce, expectations arose that the two giants belonging to the G1 and G2 economic scales would seek reconciliation, causing asset markets to rise. Bitcoin rose by about 2%, and multiple altcoins rose by over 1%.

◇Bitcoin = As of 4 PM on the 7th, the Bitcoin price on Upbit is 137,050,000 won. Bitcoin's dominance was 65.21%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 39.18% and 60.82%, respectively.

Opinions were mainly that Bitcoin would enter a rally again.

Greg Magadini, Head of Derivatives at Emberdada, emphasized, "At this point, just before Bitcoin breaks through $100,000, the trend of private companies incorporating more Bitcoin as assets is becoming prominent" and "currently, about 70 companies worldwide are adopting this strategy."

He added, "As capital inflows to Bitcoin ETFs resume in line with this trend, the possibility of setting a new all-time high is coming back into view."

◇Rising Coins = As of 4 PM on the 7th on Upbit, the cryptocurrency with the largest increase from the previous trading day was Kaito (KAITO), rising by about 20% in the past 24 hours.

Kaito is an AI-based data platform. Its goal is to build an Infofi network where the value of information is determined by participants, unlike existing centralized platforms with high profits and authority.

Kaito aims to establish a more fair, transparent, and efficient information distribution channel by creating an open market where creators and consumers, based on their own platform and point system, determine which brands or topics deserve attention and receive fair compensation according to their participation.

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

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 67 points, entering the 'Greed' stage. The greed stage is a period of increased price volatility and trading volume, indicating a price increase. There is a high possibility of forming a short-term peak, so caution is advised when selling.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit was recorded at 60.7, in a 'neutral' state. RSI measures the relative strength between upward and downward pressure on a specific asset price and indicates the scale of overbought and oversold conditions for a particular asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr