Bitcoin surpassed $111,000 on Friday, poised for a weekly gain. Confirmation of a meeting between U.S. President Trump and Chinese President Xi Jinping next week eased trade tensions, while investors awaited key inflation data later in the day.
As of 02:58 ET (14:58 GMT), Bitcoin, the world’s largest cryptocurrency, rose about 2% to $111,410.9.
After two weeks of sharp declines, Bitcoin was on track for a 3% gain this week.
Bitcoin prices rose on news that Trump will meet with Chinese President Xi Jinping next week.
Bitcoin prices recovered from lows earlier this week as investors welcomed signs of thaw in relations between Washington and Beijing. The White House confirmed Thursday that Trump and Chinese President Xi Jinping will meet during the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
The meeting follows weeks of tariff threats and retaliatory rhetoric from both China and the United States, which have roiled financial markets.
The announcement of the high-level meeting comes as trade talks between China and the United States continue in Malaysia. U.S. Treasury Secretary Scott Bessett and Trade Representative Jamison Greer are meeting with Chinese Vice Premier He Lifeng in Malaysia to ease tensions ahead of a summit.
The talks are aimed at headoffing a new round of tariffs, including Washington’s proposed 100% tariff on Chinese imports, and addressing Beijing’s recent export restrictions on rare earth minerals.
Easing trade friction concerns have boosted risk appetite, driving gains not only in stocks but also in cryptocurrencies, which are increasingly trading in sync with investor sentiment.
Investors are also awaiting U.S. Consumer Price Index (CPI) data for September, due later today after being delayed due to the recent government shutdown.
The inflation data is expected to provide fresh clues as to whether price pressures have cooled sufficiently to prompt an interest rate cut at the Federal Reserve’s policy meeting next week.
Trump Pardons Binance Founder Changpeng Zhao (CZ)
U.S. President Trump has issued a full pardon to Changpeng Zhao, founder of the cryptocurrency exchange Binance.
White House Press Secretary Carolyn Levitt confirmed the news on Thursday.
Billionaire Changpeng Zhao (CZ) pleaded guilty to one charge of failing to maintain an anti-money laundering program in late 2023 and served a four-month prison sentence after Binance paid a $4.3 billion fine.
In a post on the social media platform X, Zhao expressed his “deep gratitude” for the pardon and pledged to help “make America the capital of crypto.”
Crypto Prices Today: Most Altcoins Gain; Polygon Falls
Most altcoins also rose on Friday, but prices remained range-bound amid overall cautious sentiment.
Ether, the world’s second-largest cryptocurrency, rose 2.4% to $3,978.55.
Ripple (XRP), the world’s third-largest cryptocurrency, rose 1.1% to $2.44.
Solana rose 3.2%, Cardano gained 1.6%, while Polygon bucked the trend and fell 3.5%.
Among meme-related tokens, Dogecoin and $TRUMP both rose nearly 2%.
