Bitcoin Tops $111K as Trump–Xi Meeting Eases Trade Fears; US CPI Data in Focus
Bitcoin surged above $111,000 on Friday, setting the stage for a strong weekly gain as investor sentiment improved following confirmation that U.S. President Donald Trump will meet Chinese President Xi Jinping next week. The news eased trade war tensions, while markets turned their attention to key U.S. inflation data due later in the day.
As of 02:58 ET (06:58 GMT), Bitcoin rose nearly 2% to $111,410.9, extending a rally that puts it on track for a 3% weekly gain after two straight weeks of declines.
Bitcoin Gains on Trade Thaw Between US and China
Bitcoin recovered from early-week lows after the White House confirmed the upcoming Trump–Xi meeting, scheduled to take place during the APEC Summit in South Korea. The announcement follows several weeks of tariff threats and retaliatory comments that had rattled global markets.
Parallel talks in Malaysia between U.S. Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng aimed to cool tensions ahead of the leaders’ discussions. Negotiations are reportedly focused on preventing another round of tariffs — including Washington’s proposed 100% levy on Chinese imports — and on addressing China’s export restrictions on rare earth minerals.
The easing of trade war fears boosted overall risk appetite, pushing global equities and cryptocurrencies higher as investors shifted back toward risk assets.
Investors Await US Inflation Data
Traders are now awaiting the release of the U.S. Consumer Price Index (CPI) report for September, delayed earlier this month due to the government shutdown. The data will provide crucial insight into whether price pressures are cooling enough to justify a potential Federal Reserve rate cut at next week’s policy meeting.
Trump Pardons Binance Founder ‘CZ’ Zhao
In a surprising move, President Donald Trump granted a full presidential pardon to Changpeng “CZ” Zhao, the founder of Binance and a well-known figure in the crypto industry.
White House Press Secretary Karoline Leavitt confirmed the decision on Thursday. Zhao, who served four months in prison after pleading guilty to failing to maintain an anti-money-laundering program, expressed gratitude on social media, saying he aimed to help “make America the Capital of Crypto.”
Altcoins Rise as Broader Crypto Market Gains
Most altcoins traded higher on Friday alongside Bitcoin.
- Ethereum (ETH) climbed 2.4% to $3,978.55.
- XRP added 1.1% to $2.44.
- Solana rose 3.2%, and Cardano gained 1.6%.
- Polygon (MATIC) was the only major altcoin in decline, falling 3.5%.
Among meme coins, both Dogecoin (DOGE) and $TRUMP gained nearly 2%, mirroring the positive market sentiment.
