U.S.-China Tariff Talks Set for Weekend Triggers $97K BTC | COINDESK DAILY
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CoinDesk
4.8 • 689 Ratings
🗓️ 7 May 2025
⏱️ 2 minutes
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Summary
Host Christine Lee breaks down the latest news in the crypto industry as as optimism grows for a potential U.S.-China trade deal.
Bitcoin surging to about $97,000 along with the Nasdaq and S&P 500 as optimism grows for a potential U.S.-China trade deal as U.S. Treasury Secretary Scott Bessent announced plans to meet Chinese officials in Switzerland this weekend. Plus, Ethereum's Pectra upgrade goes live and the first U.S. crypto reserve is signed into law in New Hampshire. CoinDesk's Christine Lee hosts "CoinDesk Daily."
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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.
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Transcript
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| 0:00.0 | U.S. Treasury Secretary Scott Besant will meet with Chinese counterparts for trade talks in Switzerland. |
| 0:06.2 | It's Wednesday, May 7, 2025. I'm Christine Lee. This is CoinDest Daily. |
| 0:15.5 | Bitcoin surging to about $97,000 along with the NASDAQ and S&P 500 as optimism grows for potential U.S. |
| 0:23.2 | China trade deal. U.S. Treasury Secretary Scott Besson announced plans to meet Chinese officials |
| 0:28.3 | in Switzerland this weekend saying current tariffs are unsustainable. A China Commerce Ministry |
| 0:33.7 | spokesperson confirmed Beijing's willingness to engage, saying senior U.S. officials |
| 0:38.4 | have made a series of remarks hinting out adjustments to tariffs and have expressed, through various |
| 0:43.9 | channels, a desire to engage with the Chinese side on tariff-related issues. China has carefully |
| 0:49.5 | evaluated these messages from the U.S. side, and after fully considering global expectations, |
| 0:55.0 | China's own interests and the appeals of American industries and consumers has decided to agree |
| 1:00.4 | to engage with the U.S. Meanwhile, Ethereum successfully activated its Pectra upgrade on Tuesday, |
| 1:06.9 | increasing the maximum validator stake from 32Eth to 2048E. The upgrade aims to enhance |
| 1:14.3 | network efficiency by allowing larger stakes, reducing the number of validators needed, and lowering |
| 1:19.4 | operational costs. Ethereum developers said the change could improve decentralization by enabling |
| 1:24.8 | more solo stakers to participate profitably. Finally, New Hampshire is the first U.S. state to authorize a strategic crypto reserve, |
| 1:32.3 | with Governor Kelly Ayat signing House Bill 302 into law on Tuesday. |
| 1:36.3 | The legislation allows the state treasurer to invest up to 5% of public funds and digital assets, |
| 1:42.3 | with the market capitalization exceeding $500 billion, |
| 1:45.0 | currently limiting investments to Bitcoin. Bill's sponsor state rep Keith Amon saying it embraces |
| 1:51.0 | financial innovation and diversifies investments to counter inflation. The law goes into effect in 60 |
| 1:56.6 | days and beats out Arizona, which was the first state to get a similar measure onto the governor's |
| 2:01.7 | desk that was vetoed. Florida also has withdrawn its own effort, joining a number of other states |
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