Bitcoin price today: falls to 110k after Trump-Xi meeting, Fed caution weighs

Investing.com-- Bitcoin fell on Thursday as traders digested the outcome of a meeting between U.S. and Chinese leaders, while cautious comments from the Federal Reserve also weighed. 

The world’s largest crypto fell 2.5% to $110,225.3 by 01:52 ET (05:52 GMT), having largely wiped out a rebound from last week. Bitcoin was also nursing losses for October, having struggled to recover from a flash crash at the beginning of the month. 

Trump flags positive meeting with Xi, but details unclear

Trump on Thursday said he had an “amazing, outstanding” meeting with Xi in South Korea.

Speaking to reporters after the meeting, Trump said a trade deal with China was “pretty close,” and that Beijing had agreed to deals on rare earth supplies and agricultural goods purchases– both contentious topics for the two economic giants. 

Trump also said he will halve his fentanyl tariffs on China, bringing overall U.S. tariffs against the country to 47% from 57%. 

But while Trump’s positive rhetoric with China did point towards some cooling trade tensions, markets were still awaiting more details on the timing and nature of a U.S.-China trade deal. 

U.S.-China trade ructions have little direct impact on the crypto industry. But a shift in market sentiment tends to drag prices along, with Bitcoin’s flash crash in early-October stemming chiefly from resurgent U.S.-China trade tensions. 

Mastercard in talks to buy crypto startup Zerohash- report 

Global payments giant Mastercard Inc (NYSE:MA) is in late-stage talks to acquire crypto and stablecoin infrastructure firm Zerohash for between $1.5 and $2 billion, Fortune reported on Wednesday. 

The deal stands to be one of Mastercard’s biggest acquisitions to date, and could represent even more mainstream adoption of blockchain technology. 

Stablecoins have become a major point of interest for traditional financial institutions, especially after the U.S. established clear regulatory oversight of the sector this year. 

Crypto price today: altcoins muted after Fed cautions on Dec rate cut

Broader crypto prices largely retreated on Thursday, tracking Bitcoin lower as cautious comments from the Federal Reserve also weighed on sentiment. 

World no.2 crypto Ether fell 2.7% to $3,915.69, while BNB fell 0.8% to $1,112.40.

XRP shed 2.5%, while Solana and Cardano lost 0.3% and 1.1%, respectively. 

Among memecoins, Dogecoin fell 1.7%, while $TRUMP continued to outperform, rising nearly 5%. $TRUMP was boosted by a Bloomberg report that Fight Fight Fight LLC, the company behind the token, is in talks to acquire the U.S. operations of the crowdfunding site Republic.com. 

Sentiment towards crypto remained weak, especially after the Fed on Wednesday warned that a December interest rate cut was not a given. 

The Fed cut interest rates by 25 basis points as expected, its second rate cut this year.

But the central bank flagged caution over sticky inflation and a prolonged government shutdown, which it said was denying it of insight into the U.S. economy. 

Lower rates usually bode well for crypto, given that they free up more liquidity to be deployed into speculative assets.