Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Bitcoin experienced a sharp rise on Tuesday as investors reacted positively to the progress in ongoing U.S.-China trade talks, while also awaiting a key U.S. inflation report later this week.
As of 01:39 ET (05:39 GMT), Bitcoin surged 3.8% to $109,404.20, continuing its recovery from a recent range-bound phase. The cryptocurrency had reached a record high of $112,000 last month, fueled by optimism around growing legislative support and increasing institutional adoption. However, trade tensions had prompted a pullback, leading Bitcoin into a period of consolidation.
U.S.-China Trade Talks Boost Risk Appetite
The rally in Bitcoin was driven by hopes of a breakthrough in the trade negotiations between the U.S. and China. Senior U.S. officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, met with Chinese Vice Premier He Lifeng in London to discuss key issues such as tariff rollbacks, export controls, and broader trade concerns.
The talks are set to extend into a second day and follow a preliminary truce reached in Geneva in May. A constructive resolution to the discussions could lead to improved geopolitical stability, which in turn would likely boost investor appetite for alternative assets like Bitcoin.
Despite the optimism surrounding the trade talks, traders remained cautious ahead of Wednesday’s U.S. Consumer Price Index (CPI) report. The CPI data is expected to influence the U.S. dollar’s movement and impact interest rate expectations, keeping investors on edge.
Paraguay’s President’s X Account Hacked in Bitcoin Scam
In other news, the official X account of Paraguayan President Santiago Peña was likely hacked on Monday, according to the government. A false post circulated claiming that Paraguay had adopted Bitcoin as legal tender and launched a $5 million Bitcoin-backed reserve fund. The government issued a warning for citizens to ignore any content from the account until confirmation and said the national cybersecurity team is investigating the incident in collaboration with X.
Altcoins Surge Alongside Bitcoin
Other major cryptocurrencies also posted significant gains, following Bitcoin’s bullish move.
- Ethereum (the second-largest cryptocurrency) jumped 7.6%, reaching $2,668.82.
- XRP (the third-largest cryptocurrency) rose 2.5%, trading at $2.2836.
- Solana surged by 5.5%, while Cardano gained 6.2%, and Polygon increased by 3.1%.
Meme tokens also saw a rise, with Dogecoin climbing 5.6% and $TRUMP adding 3.5%.
Bitcoin and other cryptocurrencies are experiencing strong upward momentum, driven by positive developments in the U.S.-China trade talks and growing investor optimism. While Bitcoin surged above $109,000, most altcoins followed suit with impressive gains, continuing to capture the market’s attention. However, with the upcoming U.S. CPI report and the ongoing geopolitical dynamics, market sentiment remains fluid and investors are staying cautious.
