Bitcoin (BTC) traded above $97,000 during Asian morning hours as of Friday, fueled by optimism surrounding potential U.S.-China trade discussions. This news has provided some relief to the market. However, skepticism remains about a deal being reached this month.
Dogecoin (DOGE) led gains among major cryptocurrencies with a 4% increase in the past 24 hours. Other cryptocurrencies such as Cardano's ADA, XRP, ether (ETH), and BNB also saw gains between 1-3%. The CoinDesk 20 (CD20) index rose by 2.2%.
Flowdesk noted in a recent market analysis that momentum is building across the crypto space. They highlighted strong liquidity with rising volumes and surging weekend activity. Bitcoin ETF inflows reached $1.5 billion, indicating growing institutional demand.
The market is also reacting positively to Strategy's plans to increase its Bitcoin holdings. Michael Saylor recently announced that Strategy is raising $21 billion for further BTC purchases. Kava Labs' announcement of reaching 100,000 users on its decentralized AI platform also contributed to positive market sentiment on Friday.