Bitcoin price today: jumps to $109.4k, nears record high on US-China talk optimism

Investing.com-- Bitcoin saw sharp gains on Tuesday as investors cheered progress in ongoing U.S.-China trade talks, while they cautiously awaited a key U.S. inflation reading due later this week. 

The world’s largest cryptocurrency jumped 3.8% to $109,404.20 as of 01:39 ET (05:39 GMT).

The token saw range-bound trading in recent sessions, but hopes of a trade deal between the world’s two largest economies boosted risk appetite.

Bitcoin surged to a record high of $112,000 last month, driven by optimism over growing legislative backing and rising institutional adoption. However, concerns over global trade tensions prompted a pullback, with the cryptocurrency subsequently entering a period of range-bound trading.

US-China trade talks progress; boosts risk appetite

Senior U.S. officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, met Chinese Vice Premier He Lifeng in London to discuss tariff rollbacks, export controls, and broader bilateral trade concerns.

The talks, set to extend into a second day, follow a preliminary truce struck in Geneva in May.

A constructive outcome from the talks could signal improved geopolitical stability and bolster appetite for alternative assets.

Still, many traders remained cautious ahead of Wednesday’s US consumer price index (CPI) report, which could influence dollar movement and interest-rate expectations.

Paraguay president’s X account likely hacked in Bitcoin scam

Paraguayan President Santiago Peña’s official X account was likely hacked on Monday, the government said, after a false post claimed the nation had adopted Bitcoin as legal tender and launched a $5 million Bitcoin‑backed reserve fund. 

The government warned citizens to ignore any content from the account until confirmation and said Paraguay’s national cybersecurity team is working with X to investigate.

Crypto price today: Most altcoins jump; Ethereum climbs 8%

Most altcoins also nursed steep gains, tracking the rise in the biggest cryptocurrency.

World no.2 crypto Ethereum jumped 7.6% to $2,668.82.

World no. 3 crypto XRP rose 2.5% to $2.2836.

Solana jumped 5.5%, while Cardano climbed 6.2%, and Polygon gained 3.1%.

Among meme tokens, Dogecoin rose 5.6%, while $TRUMP added 3.5%.