US-China trade talks boost Bitcoin’s upside outloo

US-China trade talks boost Bitcoin’s upside outlook

BTC’s push above $108,000 came as traders monitored US-China trade talks unfolding in London.

Negotiations began on June 9 afternoon with signs of a diplomatic thaw: the US is reportedly willing to relax tech export restrictions in exchange for more access to China’s rare earth materials.

Talks may continue into Tuesday if needed, according to officials close to the matter. Like Bitcoin, US equities have responded positively to the news, indicating an overall positive sentiment among risk traders.

On June 6, strategists at JPMorgan and Citigroup raised their year-end targets for the S&P 500, pointing to easing US-China trade tensions and stronger-than-expected economic data.

Goldman’s David Kostin said markets are beginning to reflect an “optimistic growth outlook” — a sentiment that appears to be lifting crypto as well, with the digital asset market adding more than $190 billion in value since the revised forecasts.