WASHINGTON / LONDON (IT BOLTWISE) – Bitcoin price has surpassed $111,000 on the back of an easing of trade tensions between the US and China. The upcoming meeting between President Trump and Xi Jinping has calmed markets as investors eagerly await the latest inflation data from the US.
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Bitcoin price crossed $111,000 on Friday and is heading for weekly gains. The development follows confirmation that US President Donald Trump will meet Chinese President Xi Jinping next week, easing worries about a trade war between the world’s two largest economies. Bitcoin, the world’s largest cryptocurrency, rose about 2% to $111,410.9.
After sharp declines in the previous two weeks, Bitcoin recorded a weekly increase of 3%. The announcement of the meeting between Trump and Xi, scheduled to take place on the sidelines of the APEC summit in South Korea, was received positively by markets. The news came after weeks of tariff threats and associated uncertainty that had weighed on financial markets.
Parallel to the preparations for the high-level meeting, talks between US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are taking place in Malaysia with Chinese Vice Premier He Lifeng. The aim of these negotiations is to prevent a new round of tariffs, including Washington’s proposed 100% levy on Chinese imports, as well as address Beijing’s recent export restrictions on rare earths.
The easing of trade tensions has boosted market risk appetite, boosting not only stocks but also cryptocurrencies, which are increasingly trading in line with broader investor sentiment. Investors are also awaiting U.S. inflation data for September, due to be released later in the day after a delay caused by the recent government shutdown. This data could provide clues as to whether price pressures are easing enough to justify a rate cut by the Federal Reserve at its next meeting.
In a surprising development, President Donald Trump has issued a full pardon to cryptocurrency exchange Binance founder Changpeng Zhao, also known as ‘CZ’. Zhao, a billionaire, pleaded guilty in late 2023 to violating the anti-money laundering program and served a four-month prison sentence following a settlement in which Binance paid a $4.3 billion penalty. Zhao expressed deep gratitude for the pardon on social media platform X and vowed to help make “America the capital of the crypto world.”
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