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Bitcoin surged above the $111,000 mark on Friday, securing a likely weekly gain as global risk appetite improved following the confirmation of an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping. The world’s largest cryptocurrency rose about 2% to trade at $111,410.9, recovering from sharp dips in prior weeks.
The broader lift in market sentiment, which has increasingly seen crypto assets trade in tandem with traditional equities, was a welcome relief following weeks of heightened trade war fears. Bitcoin is now poised for a roughly 3% weekly rise.
Geopolitical Thaw and Crypto’s Political Boost
Trump-Xi Meeting Confirmed: The White House confirmed that President Trump will meet President Xi next week during the APEC summit in South Korea. This signals a potential thaw in trade relations that had been strained by threats of a 100% U.S. tariff on Chinese goods and Beijing’s export curbs on rare earth minerals. The prospect of renewed dialogue boosted optimism across all risk assets, including cryptocurrencies. High-level discussions aimed at defusing tensions are already underway in Malaysia between senior U.S. and Chinese officials.
Presidential Pardon for CZ: In a dramatic, crypto-specific development, President Trump issued a full pardon to Changpeng “CZ” Zhao, the founder of the Binance cryptocurrency exchange. Zhao, who served four months in prison after pleading guilty to failing to maintain an effective anti-money laundering program, expressed his gratitude on social media, committing to help “make America the Capital of Crypto.” White House Press Secretary Karoline Leavitt characterized Zhao’s prosecution as “egregious oversentencing” by the previous administration, framing the pardon as a signal that the “war on crypto is over.”
Altcoins Follow Suit as Market Awaits CPI
Most major altcoins mirrored Bitcoin’s positive momentum, though trading remained somewhat rangebound ahead of key macroeconomic data:
- Ethereum rose 2.4% to $3,978.55.
- XRP gained 1.1% to $2.44.
- Solana advanced 3.2% and Cardano gained 1.6%.
- The upward trend was bucked by Polygon, which slipped 3.5%.
- Meme tokens also capitalized on the positive political news, with both Dogecoin and the politically-themed $TRUMP token rising by nearly 2%.
U.S. Inflation Data: The Next Critical Test
Investor caution remains focused on the imminent release of the U.S. Consumer Price Index (CPI) data for September, which was delayed due to the recent government shutdown. The inflation print is the last major economic indicator before the Federal Reserve’s policy meeting next week, where markets are widely anticipating a 25-basis-point rate cut. A softer-than-expected CPI reading would reinforce monetary easing bets, typically seen as bullish for non-yielding assets like cryptocurrencies due to increased liquidity expectations. The data will thus provide the next critical test for the stability of the current crypto rally.
